| Plan Parameters | Minimum | Maximum |
|---|---|---|
| Age at Entry (years)* | 5 pay: 6 12 pay: 3 |
5 pay: 65 12 pay: 55 |
| Age at Maturity (years)* | 18 | 5 pay: 77 12 pay: 70 |
| Policy Term (PT) (years) | 12/ 15 | |
| Premium Payment Term (PPT) (years) | 5 for PT 12/ 12 for PT 15 | |
| Basic Sum Assured | “Basic Sum Assured” shall be equal to the Annualised Premium x Basic Sum Assured Multiple | |
| Premium^ (Rs.) (Premium in multiples of 1000) | 5 Pay: 50,000 p.a. 12 Pay: 36,000 p.a. |
No Limit, subject to underwriting |
| Premium Payment Mode | Annual/ Half-yearly/ Quarterly/ Monthly | |
All You Need To Know
Features
Guaranteed Maturity Benefit1 at the end of policy term followed by Guaranteed Income1
Flexibility to choose income for 10 or 15 years
Receive guaranteed increasing income1 starting at 12% of the Basic Sum Assured
Enjoy increasing income with Income Boosters* of 5% to 10% on guaranteed income1
Get higher guaranteed income1 with higher annual premium payment
Pay for 5/12 years for policy term of 12/15 years, respectively
Enhance your protection with optional riders
Benefits:
Maturity Benefit:
On Maturity of the policy, 100% of the Basic Sum Assured is paid as lump sum. Additionally, a Guaranteed Income1 of 12% of Basic Sum Assured shall commence from the end of the year following Maturity, which increases annually (compounding increase) by an Income Booster. Guaranteed Income1 will be payable at the end of every year.
Where, Income booster is an additional percentage of benefit which increases the guaranteed income1 every year. Income Booster percentage will depend on premium amount, premium paying term and income term chosen by the Policyholder at inception of the policy.
Death Benefit:
The Sum Assured on Death as defined below shall be payable:
The ‘Sum Assured on Death’ shall be the highest of the following:
11 times Annualised Premium
105% of the all the premiums paid, (excluding the underwriting extra premiums and modal loading if any), as on the date of death
Guaranteed Sum Assured on Maturity1 on Maturity
Absolute amount assured to be paid on death
“Guaranteed Sum Assured on Maturity” shall be equal to 100% of the Basic Sum Assured plus the commuted value of all future Guaranteed Income1 payable during the Income Term, discounted at 7.5% p.a.
Please refer to the Product Brochure for complete details of the product.
Eligibility:
*All reference to age is as on last birthday.
^This premium is exclusive of applicable taxes, cesses and levies or any other extra premium
Commission:
As per RBI circular: RBI/2009-10/225 dated November 16, 2009, following are the details of the comparative commission earned by HDFC Bank from Insurance (Life), whose products are being distributed:
Commission, Brokerage and trail from Life Insurance
| Category | First Year Commission | 2nd year Renewal Commission | ||
|---|---|---|---|---|
| Min | Max | Min | Max | |
| Health | 2% | 35% | 0% | 7.50% |
| Pension | 0.50% | 7.50% | 0% | 2% |
| Protection | 2% | 35% | 0% | 2% |
| Savings & Investment | 0.50% | 30% | 0% | 3% |
| Group Product* | 5% | 5% | 0% | 0% |
Note: The commission varies depending upon the Product in each category, tenure, amount of premium and premium paying term
*For Group Products commission payable is 5% of the premium with a ceiling on the maximum payout as defined by Insurance Regulatory and Development Authority of India (IRDAI) from time to time.
Important Disclaimer:
This product is underwritten by Tata AIA Life Insurance Company Limited. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. All applicable taxes, duties, surcharge, cesses or levies, as may be imposed by Government, any statutory or administrative authority from time to time, on the premiums payable and benefits secured under Policy, shall be borne and paid by the Policyholder. Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. 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.
1Guaranteed Returns are defined as Guaranteed Maturity Benefit equal to 100% of the Basic Sum Assured and Guaranteed Income is equal to 12% of Basic Sum Assured, shall commence from the end of year following Maturity which increases annually (compounding increase) by an Income Booster. Income Booster percentage will depend on premium amount, premium paying term and income term chosen by the Policyholder at inception of the policy.
Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider and (UIN:110B028V01) and Tata AIA Life Insurance Waiver of Premium Plus (WOPP) Rider (UIN:110B029V01) are not mandatory and are available for a nominal extra cost. For more details on benefits, premiums and exclusions under the Riders, please contact your nearest HDFC Bank branch. Buying a Life Insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the Surrender Value payable may be less than the all the Premiums Paid. This plan is not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance. In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines. Insurance cover is available under this product.
UIN: 110N131V01 | L&C/Advt/2017/Jul/225
HDFC Bank Limited (4621612) (IRDAI Registration No: CA0010) is the Corporate Agent of Tata AIA Life Insurance Company Limited and does not underwrite the risk or act as an insurer. HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. Participation by the Bank’s clients in the insurance products is purely on a voluntary basis. The contract of insurance is between Tata AIA Life and the insured and not between HDFC Bank and the insured.
For any information including cancellation, claims and complaints, please contact our Insurance advisor or visit Tata AIA Life’s nearest branch office or call 1-860-266-9966 (local charges apply) or write to us at customercare@tataaia.com. Visit us at: www.tataaia.com or SMS 'LIFE’ to 58888.
Tata AIA Life Insurance Company Limited (IRDAI Regn. No.110) CIN - U66010MH2000PLC128403
Registered & Corporate Office: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg,
Lower Parel, Mumbai – 400013
Frequently Asked Questions
This plan provides a flexibility to choose a Limited Premium Payment term of 5 years and 12 years for policy term of 12 years and 15 years respectively.
Tata AIA Life Insurance Gold Income Plan is a limited pay income plan that meets tomorrow's requirements along with protecting your loved ones and dreams as it ensures you of Guaranteed returns for the money invested. This plan not only offers Guaranteed Lump Sum benefit on Maturity but also gives Guaranteed Income during the income term that increases every year.
This is a non-linked, non-participating, endowment assurance plan.
Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961 and are subject to modifications made thereto from time to time. Moreover, life insurance proceeds enjoy tax benefits as per Section 10(10D) of the said Act. Tax benefits and liabilities under the Policy are subject to prevailing tax laws. Tax laws and the benefits arising thereunder are subject to change. The Policyholder is advised to seek an opinion of tax advisor in relation to the tax benefits and liabilities applicable.
The Sum Assured on Death as defined below shall be payable
The ‘Sum Assured on Death’ shall be the highest of the following:
11 times Annualised Premium
105% of the all the premiums paid, (excluding the underwriting extra premiums and modal loading if any), as on the date of death
Guaranteed1 Sum Assured on Maturity
Absolute amount assured to be paid on death
Where,
“Annualised Premium” shall be the premium payable in a year chosen by the policyholder, excluding the underwriting extra premiums and loadings for modal premiums, if any.
“Guaranteed Sum Assured on Maturity” shall be equal to 100% of the Basic Sum Assured plus the commuted value of all future Guaranteed Income payable during the Income Term, discounted at 7.5% p.a.
Absolute amount assured to be paid on death is the “Basic Sum Assured”. “Basic Sum Assured” shall be equal to the Annualised Premium x Basic Sum Assured Multiple.
The policy will terminate upon the death of the insured and no other benefit under the policy shall be payable.
Note: If a claim is payable under this Policy, any amount of due premium/s will be deducted from the amount of death benefit payable to the Nominee/Legal heir.
Minimum premium for premium payment term of 5 years is Rs. 50,000 p.a. and for premium payment term of 12 year is Rs. 36,000 p.a.
Guaranteed Maturity Benefit at the end of policy term followed by Guaranteed Income
Flexibility to choose income for 10 or 15 years
Receive guaranteed increasing income starting at 12% of the Basic Sum Assured
Enjoy increasing income with Income Boosters of 5% to 10% on guaranteed income
Get higher guaranteed income with higher annual premium payment
Pay for 5/12 years for policy term of 12/15 years, respectively
Enhance your protection with optional riders
All ages are as on last birthday.
Gold Income Plan provides a Policy Term of 12 years or 15 years.
On Maturity of the policy, 100% of the Basic Sum Assured is paid as lump sum, additionally a Guaranteed Income of 12% of Basic Sum Assured, shall commence from the end of the year following Maturity, which increases annually (compounding increase) by an Income Booster.
In case of death due to suicide by the Insured, whether sane or insane, within 12 months from the date of commencement (which is same as date of inception of the policy), the nominee shall be entitled to all the Premiums Paid (excluding the underwriting extra premiums and modal loading), provided the Policy is in-force. In case of death due to suicide by the Insured, whether sane or insane, within 12 months from the date of revival, the nominee shall be entitled to higher of all the Premiums Paid (excluding the underwriting extra premiums and modal loading) or the acquired Surrender Value as on the date of death, provided the Policy is in-force.