Common Exclusions Under Endowment Insurance Plans Offered By Tata Aia Life Insurance
Updated On Jun 30, 2021
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Tata AIA Life Insurance is a Non-Linked Endowment Assurance Plan that meets future requirements along with protecting your family from unfortunate contingency as it ensures you of guaranteed returns for the money invested.
This plan ensures guaranteed payouts and elevates the promise of protection by adding optional riders. In this article, we have listed the sailent features and exclusions under the above mentioned plan that the investors should be familiar with.
Primary Benefits of Tata AIA Endowment Plan
Following are the key features of an endowment plan under Tata AIA:
The company has the option of announcing the Cash Bonus rate in advance each year. From the second policy year to the conclusion of the Policy Term, a Cash Bonus, expressed as a percentage of the Basic Sum Assured, may be declared each year. If declared, it will be paid, provided all outstanding premiums have been paid.
The survival benefit in the above mentioned plan is declared yearly in the form of cash bonuses.
In the event that the Insured passes away before the policy matures, the Sum Assured on Death is paid to the nominee / beneficiary of the policy, provided all the premiums have been paid.
The 'sum assured on death' under the Tata AIA endowment plan will be the highest sum of
- 10 times the Annualised Premium
- 105% of the All Premiums Paid
- Basic Sum Assured
- Guaranteed Maturity Sum
The company is liable to pay you a certain percentage of the Basic Sum Assured at maturity. This benefit can be availed if the policy is active, all due premiums have been paid, and the insured has lived to maturity.
Endowment plans are known for providing maturity benefits to the policyholder if and when they outlive the maturity period.
Exclusions Under TATA AIA Endowment Insurance Plans
Death Proved By Means of Suicide
This clause states that if there should be an occurrence of death by mean of suicide by the insured, whether sane or insane, within a year from the date of commencement of the policy, the nominee/ beneficary will be qualified for "Total Premiums Paid" given that the policy is intact at the time.
Endowment plans are considered a doorway to future financial security. Endowment plans offered by Tata AIA provide the necessary benefits along with the additional benefits in the form of riders to enhance the experience of the investor. It is crucial for the investor to understand the exclusions and benefits of this policy to aid the process of availing applied benefits in the future.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.