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Everything You Need to Know about Guaranteed1 Return Plans

13-06-2022 |

Insurance is the lifeline for financial protection that you can ensure for your family in your absence. You also need to consider saving enough to continue with a decent lifestyle especially in the current uncertain global conditions.

Is there a way to combine insurance and savings benefits in a comprehensive life insurance savings plan? Yes, a guaranteed1 return insurance plan can certainly do it! It is an affordable plan with varied features. Moreover, you can customize it based on your financial needs to ensure maximum protection and savings. So let’s look at the guaranteed1 savings plan in more detail.

What is a TATA AIA Life Insurance Guaranteed Return Insurance Plan(Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan (UIN: 110N152V09) ?

A TATA AIA Life Insurance guaranteed return insurance plan(Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan (UIN: 110N152V09)  or a savings insurance policy is a life insurance policy that provides life cover and guaranteed1 returns. The life cover will serve as financial protection to your family members in your absence. The sum assured will be provided as the death benefit to your nominee in case of your unexpected death during the policy term. In addition, guaranteed1 benefits are provided on maturity or death. You can also include guaranteed1 additions that can be accrued every year as part of the plan.


What are the Features of a Savings Insurance Policy?

Insurance providers offer different types of features that you can modify as per your financial requirements. The common features of a savings policy are given here:

  1. Guaranteed1 returns: The plan provides guaranteed1 returns as the maturity benefit. Insurers provide different payout options to benefit your personal needs. For example, you can receive it as a lump sum benefit if you are planning for your higher education five years from now. You can use the regular monthly income plan if you are planning for your retirement. For the regular income plan, you can choose the income period and set it for a specific number of years or the whole of your life.

  2. Life cover: Life coverage is a primary feature of the savings insurance policy. You can decide on the sum assured based on your current financial commitments and the long-term financial goals such as your child's marriage, higher education etc. Based on the sum assured and your steady flow income, you can decide on the premium amount.

What are the Benefits of Guaranteed1 Return Plans?



A guaranteed1 return insurance plan can be beneficial to your financial goals in different ways. Here are a few benefits that you can consider:

  1. Long-term investment: The plan allows you to invest in the long term for returns. If you start investing early, you can choose a longer policy term. The longer you stay invested, the better your returns are. Also, when you start investing at a younger age, you will have a higher proportion of the amount to invest as the family commitments are less. You will also develop the discipline of saving regularly.

  2. Secure option: As the returns are guaranteed1, the savings insurance plan is extremely safe to invest in for long-term benefits. It is an ideal option for conservative investors seeking a traditional savings plan. The added advantage is of course the life cover protection. Unlike investments in securities and market-linked returns, there is no element of risk involved.

  3. Rider# options: The insurance providers have enhanced the monetary benefits of the savings plan with life cover by providing the add-on rider# benefits such as the TATA AIA Life Insurance waiver of premium rider(Linked, Individual, Health Insurance Rider,(UIN: 110A026V02))#etc. For example, with the waiver of premium rider#, you can waive off the future premium payments if you meet with an accident and suffer total and permanent disability.

  4. Flexibility: The assured savings insurance plan provides different flexible features.

    • You can pay the premium amount for the plan monthly, quarterly, half-yearly, annually or as a lump sum.

    • You can choose the policy term by limiting the premium payment term.

  5. Tax* benefits: The premium payments and the guaranteed1 returns qualify for tax* deduction under Section 80C and tax* exemption under Section 10(10D), respectively of the Income Tax Act.

Who Should Consider purchasing a Guaranteed1 Return Insurance Plan?

The savings insurance plan is an absolute necessity for the following scenarios:

  1. Higher family responsibilities - Suppose you are the sole earning member in the family and have different financial commitments to accomplish in the future. In that case, the savings insurance plan will ensure financial protection to your family in your absence and help you fulfil the commitments as well.

  2. Retirement - If you are looking for a retirement solution that can give you regular income, purchasing the guaranteed1 return income plan is an advisable choice.

    For example, the TATA AIA guaranteed1 income plan provides extensive features to ensure financial protection and regular income based on your preferences. You can also cover your spouse under the same plan if you opt for the whole life income option.

  3. Long term plans - If you have long-term financial goals such as purchasing a house, going on a vacation abroad, starting a new business etc., you can purchase the savings insurance plan for the lump sum benefit. It will provide the necessary financial assistance based on your requirement.

Conclusion

Life insurance guaranteed1 return is a comprehensive insurance policy that can provide insurance and savings benefits. You can invest for a long policy term by paying regular monthly premiums to get higher guaranteed1 returns on maturity. The guaranteed1 returns are available as a lump sum or as regular income. You can choose the income period for the regular income plan based on your financial needs.

The TATA AIA Life Insurance guaranteed return insurance plans(Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan (UIN: 110N152V09)  are also safe for long term purchases providing considerable tax* benefits. So, if you are looking for a secure and comfortable financial instrument for your insurance and savings needs, then the savings insurance plan is certainly the best option!


L&C/Advt/2022/Jun/1184

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TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.

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+91

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA), Tata AIA Life Insurance is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

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Disclaimer
  • Insurance cover is available under the product.
  • The products are underwritten by Tata AIA Life Insurance Company Ltd.
  • The plans are not guaranteed issuance plans, and they will be subject to Company’s underwriting and acceptance.
  • For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.
  • *Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility for tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
  • #Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch
  • 1Guaranteed Returns/Payouts depend on Plan Option, Policy Term, Premium Payment Term and Age at entry

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TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.

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TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.