All About Tata AIA Life Insurance Money Back Plus
Table of Contents
The Tata AIA Life Insurance Money Back Plus is a non linked participating and individual life insurance savings plan. As money back, it provides policyholders with regular instalments that help sustain their financial condition while directing their savings towards an effective plan. The regular instalments of the money back plan help provide for the milestones in your, as well as your family's lives. This plan helps you look towards the future and gather your goals beforehand to avert any crises that might crop up later.
Benefits of the Tata AIA Life Insurance Money Back Plus
The following are the benefits that are available with the Tata AIA Life Insurance Money Back Plus:
1. Survival Benefit
The regular payouts under the Tata AIA Life Insurance Money Back Plus comprise its survival benefits. The payouts are equal to a percentage of the Basic Sum Assured under the plan. It also depends on the policy term that the policyholder has chosen for his plan.
2. Maturity Benefit
The Tata AIA Life Insurance Money Back Plus pays out a maturity benefit at the end of the policy term. The guaranteed sum assured on maturity, the compound reversionary bonus, as well as any terminal bonuses, are all paid out as a part of this benefit. The guaranteed sum assured is calculated as a percentage of the basic sum assured depending on the option choslusien.
3. Death Benefit
The death benefit is provided to the nominees of the plan on the death of the policyholder, regardless of the survival benefits that have been paid earlier. The death benefit must be at least 105% of all the premiums that have been paid towards the plan. It includes the sum assured at the time of death and all bonuses that are payable. The sum assured at death must also be ten times the annual premium as well as the basic sum assured.
4. Accidental Death Benefit
The Accidental Death Rider is the low-cost add-on or rider that is available under the Tata AIA Life Insurance Money Back Plus. In case the policyholder dies by an accident before the end of the policy term, this rider provides them with an additional benefit besides the basic sum assured. This rider is available at the minimum entry age of 18 years.
5. Bonus Benefits
The Tata AIA Life Insurance Money Back Plus also provides bonuses to its policyholders. There are two kinds of bonuses that are available, Compound Reversionary Bonus (CRB) and Terminal Bonus. The CRB is provided at the policy anniversary and declared by the insurance provider every financial year. The terminal bonus is provided at the time of death if the policy has been kept active for at least ten years or when the plan matures.
Conclusion
The Tata AIA Life Insurance Money Back Plus is a beneficial plan that will help you gather your finances efficiently. It works well for a money back plan which is itself a financially sustainable option. By investing your earnings currently, this plan will make sure you have a financially secure future.
You may also like to read:- Money Back Life Insurance V/S Term Life Insurance
