You can customize your policy to suit your requirement in the following manner: Step 1: Choose your plan variant: Super or Life Step 2: Choose your Sum Assured Step 3:
Choose your Policy Term Step 4: Choose your Premium Payment Frequency Plan varient chosen at inception can not be changed during the policy term.
Policy Benefit Period: The policyholder will be protected for a term of 10 to 62 years depending
upon chosen policy term.
I have recently bought tata aia life's Smart growth plus plan which offers flexibility
in choosing policy term, has good policy returns and tax benefits u / s 80C & 10 (10D).
The flexibility of
choosing your policy term along with various other benefits, like availability of riders, option to increase sum assure, tax benefit, etc., makes term plan one of the best life insurance policies in the market.
Assuming Mr.
Verma chose a Policy Term of 18 years with Limited Pay variant, his Premium Payment Term will be 15 years with a Sum Assured equal to INR 16,85,772.
You can customize your policy to suit your requirement in the following manner: Step 1:
Choose your Policy Term Step 2: Choose your Premium Paying Term Step 3: Choose your Premium Payment Frequency Step 4: Choose your Guaranteed Maturity Benefit Your premium will be based on Guaranteed Maturity Benefit, age, policy term, premium payment term and premium payment frequency.
TATA AIA Life Insurance Smart Growth Plans: This is a non-linked with profit endowment plan that gives you flexibility to
chose policy terms depending on your short term or long term saving needs.
All you need to do is
choose a policy term as per your convenience and get 10 % annualized premium at the beginning of each policy year till the premium paying term.
BSLI Savings Plan is designed to cater to the changing needs across customer segments with the flexibility it offers
in choosing the policy term and the premium paying term with guaranteed additions.»
Keep in mind, there's no penalty to cancel a term policy early, and you don't have to
choose your policy term length when you apply for coverage, only when you're eventually approved and have an assigned «risk class».
Three Policy Term Options: You have the flexibility to
choose your Policy Term from 3 options.
A plan that gives you the flexibility to
choose your Policy Term and Premium Payment Term from 3 options.
He chooses a policy term of 10 years with a single premium payment for a Sum Assured of «3,75,000.
He chooses a policy term of 10 years with a premium payment term of 5 years for a Sum Assured of «5,00,000.
He chooses a policy term of 10 years with a single premium payment of Rs. 20,00,000.
He chooses a policy term of 23 years and premium payment term of 12 years.
Limited Pay Options: You have the flexibility to
choose your Policy term from 3 options.
Where, Sum Assured = Multiple * Annualized Premium (or Single Premium, as applicable) Multiple is defined as below: Single Pay: 1.25 Other pay options: 10 or (0.5 *
chosen policy term) whichever is higher
It allows loyalty additions of 3 % of the single premium depending on the single premium amount and
chosen policy term.
Choose the policy term to meet the exact period.
Nevertheless, the policyholder can
choose the policy terms and the frequency of premium payment.
Depending on the policyholders» age and
chosen policy term, this policy offers a protection of anywhere between seven to thirty times the annualized premium.
If you choose the «Return of Balance Premium» option, you will receive the sum of all premiums, less critical illness claims already paid, at the end of
chosen policy term.
Under this option, you choose a Life cover under Classic variant for which you pay an annual premium over
the chosen policy term.
The option of regular, limited or single premiums and to
choose policy term.
Option to
choose Policy Term and Premium Payment Term as per your convenience — Pay premiums for a limited period (one year or five years) or entire Policy Term; with Policy Term options available from 10 years to 20 years (for single pay policies only 10 year Policy Term is available).