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Non-Linked, Participating, Individual Life Insurance Savings Plan (UIN: 110N119V02)
Tata AIA Life InsuranceMoney Back Plus
The Tata AIA Life Insurance Money Back Plus offers you the flexibility of three plan options with their policy terms so that you can decide how you can best secure your dreams/goals for yourself and for your family. The plan provides various benefits in different ways apart from a protective life insurance cover that can aid your family in your absence.
Benefits of Tata AIA Life Insurance Money Back Plus
Life Insurance Coverage
Life Insurance Coverage
Select any one of the three insurance plan options as per your choice to get a corresponding life insurance coverage to protect your loved ones. The life cover on this money-back savings plan acts as a comprehensive safety net to keep your family safe from future financial emergencies in your absence.
Steady Savings Policy
Steady Savings Policy
Make the most of the premium payment term and policy term to accumulate and grow your savings in this life insurance money-back plan. Then, with the steady growth of your savings over the years, you can make use of the guaranteed money-back benefits to realise your dreams and goals.
Survival Benefit
Survival Benefit
Receive Guaranteed benefits (3 installments of 20% of the Sum Assured each) at regular intervals during the policy term. The commencement and intervals for the survival benefit payout will be determined as per your chosen money-back policy term.
Financial Security
Financial Security
In case of the insurance policyholder’s unfortunate demise during the policy term, the sum assured on death, which can either be 10 times the annualised premium or the basic sum assured plus any declared Compound Reversionary Bonus* and Terminal Bonus if any, will be paid out to the policyholder’s family or the nominee.
Maturity Benefit
Maturity Benefit
The maturity benefit is a guaranteed sum assured benefit under this money-back insurance policy, which is a percentage of the basic sum assured. Additionally Compound Reversionary Bonus* and Terminal Bonus, if any will be paid out on maturity as per the plan option selected, subject to the policyholder surviving the policy term.
Tax Benefits
Tax Benefits
The tax# benefits on this money-back savings plan will be applicable as per the prevailing tax laws.
Highlights of Tata AIA Life Insurance Money Back Plus
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Flexible Plan Options
There are three plan options under this savings policy with separate policy terms and corresponding premium payment terms. This money-back insurance policy helps you choose a plan option that is best suited for the financial needs of your family and you.
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Inbuilt Accident Cover
The inbuilt accidental death cover that comes with each of the plan options will pay out an additional benefit equal to the basic sum assured. This benefit is payable only if the policyholder is 18 years or older and only in case of death due to an accident.
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Premium Payment Options
The money-back savings policy lets you pay the premiums as a Limited Pay for a limited period equal to half of your policy term.You can also choose a premium mode – annual, semi-annual or monthly – to ease out your premium payments.
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Optional Riders
Enhance your protection with our optional Riders^ that protect you from events such as Hospitalization, Critical Illnesses like Cancer, Heart conditions, accidental disability etc. The insurance rider incurs an extra but nominal premium charge and offers additional coverage when added to your life insurance savings policy.
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Bonus on Savings
The policy comprises a Compound Reversionary Bonus (CRB)* and a Terminal Bonus, both of which are subject to declaration. While the former starts accruing from the first policy anniversary providing the policy is in force and will be payable on death/maturity/surrender, the latter is a percentage of the CRB and is payable on death if the policy is in force for 10 years or on maturity.
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Grace Period
If you cannot pay your premium on the due date, a grace period of 15 days for the monthly mode and 30 days for all other modes will be offered to start from the date of the unpaid premium’s due date. To ensure that your insurance policy does not lapse, you can pay the premium any time before the last date of the grace period.
Eligibility
Plan Options |
Option 1 |
Option 2 |
Option 3 |
Policy Term |
16 years
|
20 years
|
24 years
|
Premium Payment Term |
8 years
|
10 years
|
12 years
|
Minimum Entry Age (Age as on last birthday) |
2 years
|
0 years |
0 years (30 days) |
Max. Entry Age (Age as on last birthday) |
51 years |
||
Min. Maturity Age |
18 years |
||
Max. Maturity Age |
75 years |
||
Payment Mode |
Annual/Semi-Annual/Monthly |
||
Minimum Basic Sum Assured |
₹2,00,000 (in multiples of 1000) |
||
Maximum Basic Sum Assured |
The maximum limit is subject to financial underwriting guidelines. |
||
Documents Required
PAN card
Aadhar Card
Bank statement
(for the previous 6 months)
Salary Slip
Income Tax Receipt
How Does The Tata AIA Life Insurance Money Back Plan Work?
Step 1 - Choose a Plan Option
The Tata AIA Life Insurance Money Back Plus plan offers three plan options with distinct policy terms and premium paying terms that you can choose from insurance plans. Each of the limited premium paying terms corresponds to their respective policy terms.
Step 2 - Select a Premium Payment Mode
Next, select a premium payment mode at your convenience so that you can continue receiving the benefits by making timely premiums towards the insurance policy. The premium payment modes offered under this plan are – annual, semi-annual or monthly.
Step 3 - Add an Optional Rider
This policy offers multiple benefits through optional riders^. Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN:110B033V02 or any other later version) and Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V02 or any other later version) are available under this plan that cover multiple risks like Hospitalization; Critical Illnesses like Cancer, Heart conditions; accidental disability etc
Step 4 - Choose Easy Payment Options
Choose your preferred mode of payment to make the premium payment once you finish selecting and customising your money-back policy. Once the premium payment has been securely made, the policy purchase process will be complete.
Downloads
Frequently Asked Questions
Is term insurance the same as a money-back plan?
No, term insurance is a type of life insurance plan that offers pure life insurance coverage for a fixed term and, in case of the policyholder’s demise during the policy term, provides financial coverage to their nominee/family.
On the other hand, a money-back plan offers not only life cover but also payout benefits during the policy term. Once the policy reaches maturity, the maturity benefits will also be payable, provided the policyholder survives the policy term.
Does Tata AIA Life Insurance Money Back Plus offer a life cover option?
Yes, the Tata AIA Life Insurance Money Back Plus offers life insurance coverage, and you can choose a policy term from three options as per the extent of coverage needed for your family.
How does the survival benefit under this savings policy work?
Receive Survival benefits (3 installments of 20% of the Sum Assured each) at regular intervals during the policy term. The commencement and intervals for the survival benefit payout will be determined as per your chosen policy term.
Is the maturity benefit and survival benefit under this plan the same?
No, the survival benefit under this plan is paid out at regular intervals during the policy tenure, while the maturity benefit will be paid out on policy maturity. Also, the percentage of the survival benefit and the maturity benefit paid out will differ as per the chosen policy term.
How will my maturity benefit under the Tata AIA Life Insurance Money Back Plus be determined?
The maturity benefit, paid out at the end of the policy term on maturity, is calculated as 50%, 60% or 70% of the Basic Sum Assured + Bonuses, if any, depending on the policy term of the money back savings plan.
Does this savings plan come with an inbuilt accident cover?
Yes, the Tata AIA Life Insurance Money Back Plus comes with an inbuilt Accidental Death Benefit that is applicable only for the entry age of 18 years or more. The benefit pays out an additional amount equal to the basic sum assured in case of accidental death.
Do I need the rider under the Tata AIA Life Insurance Money Back Plus?
The money back savings policy has an optional Rider Benefits that help you enhance your coverage when added to your policy coverage, depending on your needs. You can opt for coverage from events such as Hospitalization, Critical Illnesses like Cancer, Heart conditions, accidental disability etc. The rider incurs an extra but nominal premium charge and offers additional coverage when added to your life insurance savings policy.
Under what conditions will the inbuilt accident cover not offer coverage?
The inbuilt Accidental Death Benefit will not offer any benefits if the death is not caused due to or is not a result of an accident, as defined in the policy brochure. Moreover, once the benefit has been paid out as applicable, the policy will be terminated, and no further benefits will be payable. This benefit is applicable only for entry age of 18 years or more.
Can I avail of tax benefits on the premiums of the savings policy?
This money-back savings plan is eligible for tax# benefits as per the prevailing tax laws, as per applicable terms and conditions but can be subject to changes. The premium payments made towards the policy are eligible for tax deductions under Section 80C of the Income Tax Act.
How do I get in touch with Tata AIA Life Insurance to file a claim?
Here is how you can get in touch with us to file a claim:
Click here to upload your documents and register your claim online
Type CLAIM on WhatsApp and send it to 7045669966
Call us to have your documents picked up from your location.
Contact us at customer.care@tataaia.com or 1860-266-9966/+91-80-67603700 (NRI)
Visit any of our Tata AIA Life Insurance branch offices.
Write directly to us at
The Claims Department,
Tata AIA Life Insurance Company Limited
B- Wing, 9th Floor,
I-Think Techno Campus,
Behind TCS, Pokhran Road No.2,
Close to Eastern Express Highway,
Thane (West) 400 607.
IRDA Regn. No. 110
From which branch can I file a claim on my Tata AIA Life Insurance Money Back Plus plan?
You can file your claim from any Tata AIA Life Insurance branch office even if you have not purchased your Tata AIA Life Insurance Money Back Plus plan from the same branch.
How many days does it take to complete and settle the claim?
As per the regulatory turn-around-time (TAT), it takes up to 30 days to settle the claim, as long as all the information and documents provided are correct. In case a claim needs to be investigated before the settlement, the process can take up to 90 days as per the regulatory TAT.
Disclaimer
- *Compound Reversionary Bonus and Terminal Bonus will be based on Company’s performance and are not guaranteed.
- ^Riders are not mandatory and are 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/Intermediary/ branch. Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN:110B033V02 or any other later version) and Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V02 or any other later version) are available under this plan
- #Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment 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 on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
- Past performance is not indicative of future performance.
- All Premiums are subject to applicable taxes, cesses & levies which will entirely be borne by the Policyholder along with the payment of Premium. If any imposition (tax or otherwise) is levied by any statutory or administrative body under the Policy, Tata AIA Life Insurance Company Limited reserves the right to claim the same from the Policyholder. Alternatively, Tata AIA Life Insurance Company Limited has the right to deduct the amount from the benefits payable by Us under the Policy.
- This product is underwritten by Tata AIA Life Insurance Company Limited.
- This plan is not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance
- Insurance cover is available under this product
- For more details on risk factors, terms and conditions, please read Sales Literature carefully before concluding a sale
- L&C/Advt/2022/Jul/1607
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