Tata AIA Life Insurance I Systematic Insurance Plan (Non-Participating, Unit Linked, Individual Life Insurance Savings plan).UIN 110L164V05
In this policy, the investment risk in investment portfolio is borne by the policyholder.
THE LINKED INSURANCE PRODUCT DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICY HOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF THE FIFTH YEAR

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FAQ’s

Tata AIA I Systematic Insurance Plan is a Zero charge ULIP (Zero Premium Allocation and Policy Administration Charge) that shall help grow your savings through market linked~  funds and shall provide your family financial protection at the same time. 

 

Key benefits of investing in Tata AIA iSIP are:

  • Zero premium allocation & policy administration charges.
  • Extra allocation for women with first year premium
  • Wealth boosters
  • Return of mortality charges.
  • Unlimited free fund switching.
  • Flexibility to choose premium payment mode & frequency.
  • Flexibility to compare multiple funds before buying. 

 

  • To buy this plan online, follow 4 simple steps – Know the funds, Add, Fill & Pay.

  • Please click here to know the list of documents needed for the claim intimation and settlement process.

  • The Minimum amount you can invest under this plan is ₹ 12,000/ P.A.

  • The Maximum amount you can invest under this plan is ₹ 2.5lacs/ P.A.

  • You have an option of choosing from any or All applicable funds or such funds which are available at the time of allocation, based on your preferred asset allocation. You can click here to download the Fund fact sheet to know more about the funds.

  • No, you cannot buy this for your child.

 

  • The minimum age for this plan is 18 years.

  • The payment options that are available with us are Single, Annual, Semi-Annual, Quarterly, & Monthly.

  • There are no hidden charges in this plan. Tata AIA iSIP is a Zero charge plan (Zero premium allocation and Policy administration charge). The Mortality charges in the plan are returned to the customer over the years and FMC shall be applicable basis fund value.

  • You have an option of choosing from any or All applicable funds or such funds which are available at the time of allocation, based on your preferred asset allocation. You can click here to download the Fund fact sheet to know more about the funds.

 

TATA AIA ISIP offers 2 types of tax-benefits to our customers-

  1. Tax Deduction of premiums paid u/s 80C of Income Tax Act, 1961.
  2. Tax benefit* on maturity or death proceeds subject to Section 10(10D) of Income Tax Act 1961.

 

  • We will highly recommend staying invested in the plan for the entire policy term to avail the maximum benefits. However, if for some immediate needs you wish to withdraw the money, you can choose partial withdrawal or surrender the policy. Partial withdrawal is only applicable post the lock-in period of 5 years.
  • If you surrender the policy within the lock-in period, the fund value at the time of surrender shall be moved to discontinuance policy fund and the proceeds of the discontinuance fund will be paid to you post the lock-in/ revival period and the policy will terminate.
  • If you surrender the policy post the lock-in period, the fund value at the time of surrender shall be paid to you and the policy will terminate.

 

  • The professional Fund Managers associated with the TATA AIA Life Insurance Company manage policyholders investment on their behalf. This means fund managers make investment decisions based on fund selection.

  • Yes, you can use the partial withdrawal facility to withdraw money basis your requirement post the lock-in period. Please refer the brochure and policy document for more details click here.

  • Yes, you can get to know the current information pertaining to this fund via customer portal, where ULIP statement can be downloaded to check the current fund value. You can also get this information by calling on our inbound number 08069542333

If you are a female life assured, you will be eligible for extra allocation of units under the Smart Lady benefit with the first-year premium.

Also, on staying invested in the policy for the entire term you shall be eligible for certain fund additions:

1) Refund of Mortality charges from 121st month

2) Wealth boosters every 5th year starting from the end of 10th policy year

Please refer to brochure and policy documents for more details.

 

  • For Female lives, 0.50% of the Annualised Premium or 0.25% of Single Premium shall be added to the Fund Value at the time of allocation of ¬first year’s or Single premium respectively.

  • You can view the past year's fund performance on Tata AIA's website itself. A fund fact sheet is published each month displYou can view the past year's fund performance on Tata AIA's website itself. A fund fact sheet is published each month displaying the fund performancesaying the fund performances. Please click here to check the performance.

  • Yes.

To calculate the returns from a ULIP, you need to know the current Net Asset Value (NAV) of the ULIP plan along with its initial NAV (value at the time of purchase). 

 

Once you have these figures, follow the steps given below:  

a. Subtract the initial NAV from the Current NAV

b. Divide this result by the initial NAV.

c. Multiply the outcome by 100 to get the absolute return percentage. 

Here’ the formula you can use to calculate the absolute return of a ULIP.

(Current NAV of the ULIP – Initial NAV of the ULIP)/Initial NAV of the ULIP x 100

For example, consider a scenario where you bought a ULIP with an initial NAV of Rs. 70. After a year, its NAV grew to Rs. 120. So, your absolute return would be:

(120 – 70)/70 x 100 = 71.43%

 

In case of your death during the policy term and while the policy is in force, the nominee shall get, Highest of,

1. the Basic Sum Assured, or

2. the Regular/Single Premium Fund Value of this Policy or

3. 105 percent of the total Regular/Single Premiums received up to the date of death In addition to this: Highest of

   a. the approved top-up sum assured(s) or

   b. top-up Premium fund value of this policy or 

   c. 105 percent of the total top-up premium paid up to the date of death is also payable provided there is a top-up premium fund value. The policy shall terminate on the death of Life Insured.

  • No, under one plan; payment frequency, premium option and policy term will be same for all the funds & if you want to have different payment frequency, premium option or policy term for different funds then you will have to buy different policy.

  • 3-4 working days.

  • NO

  • yes, it should have a gap of 6 months between them.

  • It can be calculated by using the formula, Fund Value = Total Number of units under a policy x Net Asset Value. For example, if you have 1000 units of a fund for which the NAV is  ₹ 100/-, the fund value will be  ₹ 1,00,000/-.

 

  • Investments made are dependent on the market conditions.

  • Policy term = 10, 20, 30, 40 Years  Premium Paying Term = 1, 5, 10, 15  Years.

 

  • Lock in period is 5 years & the investments & maturity amount is tax free basis the lock in period.

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Disclaimer

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER

 

THE LINKED INSURANCE PRODUCT DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICY HOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF THE FIFTH YEAR

 

Tata AIA Life Insurance I Systematic Insurance Plan (Unit Linked, Individual Life Insurance Savings plan). UIN 110L164V05.

 

Disclaimer Section

  1. 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.
  2. 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 total premiums paid.
  3. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
  4. Tata AIA Life Insurance Company Limited is only the name of the Insurance Company & Tata AIA Life Insurance i Systematic Insurance Plan is only the name of the Unit Linked Life Insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
  5. Unit Linked Life Insurance products are different from traditional insurance products and are subject to risk factors. The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. 
  6. The fund is managed by Tata AIA Life Insurance Company Ltd. (hereinafter the “Company”).
  7. Past performance is not indicative of future performance. Returns are calculated on an absolute basis for a period of less than (or equal to) a year, with reinvestment of dividends (if any).
  8. All investments made by the Company are subject to market risks. The Company does not guarantee any assured returns. The investment income and price may go down as well as up depending on several factors influencing the market.
  9. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. 
  10. Please make your own independent decision after consulting your financial or other professional advisor.
  11. ^^^Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere on this site. Please consult your own tax consultant to know the tax benefits available to you. Goods and Services Tax and cesses, if any will be charged extra by redemption of units, as per applicable rates. Tax laws are subject to amendments from time to time.
  12. #LTCG Tax: There would be zero taxes on capital gains subject to the prevailing conditions as per income tax laws. ULIP policies issued on or after 1st February 2021 if the amount of aggregate annual premium payable in the financial year for all such policies exceeds INR 2,50,000/- , policy becomes ineligible for section 10(10D). Once policy becomes ineligible, it will remain so till the term of policy except death claim.
  13. *Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess, if any will be charged extra as per prevailing rates. The Tax Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above
  14. Tata AIA Nifty Alpha 50 Index Fund is part of a various funds which a policyholder can choose from. For further details on funds refer the sales brochure. • Nifty Alpha 50 Index Fund (SFIN: ULIF 077 30/09/24 NAF 110).
  15. ©2024 Morningstar. All rights reserved. The Morningstar name is a registered trademark of Morningstar, Inc. in India, and other jurisdictions. The information contained here: (1) includes the proprietary information of Morningstar, Inc. and its affiliates, including, without limitation, Morningstar India Private Limited (“Morningstar”); (2) may not be copied, redistributed or used, by any means, in whole or in part, without the prior, written consent of Morningstar; (3) is not warranted to be complete, accurate or timely; and (4) may be drawn from data published on various dates and procured from various sources and (5) shall not be construed as an offer to buy or sell any security or other investment vehicle. Neither Morningstar, Inc. nor any of its affiliates (including, without limitation, Morningstar) nor any of their officers, directors, employees, associates, or agents shall be responsible or liable for any trading decisions, damages or other losses resulting directly or indirectly from the information.
  16. @Women life assured will receive an extra allocation - 0.25% for single pay policies and 0.5% for limited/Regular pay policies on their 1st year premium.
  17. "This fund is available with other products and solutions as well, and not limited to those mentioned. Momentum Midcap Quality Index Fund is a part of various funds which a policyholder can choose from. For further details on funds, refer to the sales brochure. Asset Allocation: Equity & Equity related instruments: 80-100%, Cash/ Money Market Instruments, Bank Deposits and Mutual Funds: 0-20%. "
  18. "Multicap Momentum Quality Index Fund is part of a various funds which a policyholder can choose from. For further details on funds refer the sales brochure. Multicap Momentum Quality Index Fund (SFIN: ULIF 078 31/12/24 MQI 110)"
  19. 1ULIP policies issued on or after 1st February 2021 if the amount of aggregate annual premium payable in the financial year for all such policies does not exceeds INR 2,50,000/-.  Subject to fulfillment of conditions mentioned in 10(10D). Any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy, will be exempt if Life insurance policy issued on or after the 1st day of April, 2012 in respect of which the premium payable for any of the years during the term of the policy does not exceeds ten percent of the actual capital sum assured (20 % in case of policy issued before 01st April 2012).

 

(Prohibition of Rebates) Section 41 - of the Insurance Act, 1938 as amended from time to time: 1. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer. 2. Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakh rupees."

 

SECTION 45 OF THE INSURANCE ACT, 1938 STATES: No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of policy, i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later. A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud: Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision is based. Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal. For further details, please refer to the Insurance Act, as amended from time to time.

 

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS - IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

 

The performance of the managed portfolios and funds is not guaranteed and the value may increase or decrease in accordance with the future experience of the managed portfolios and funds. 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. Trade logo displayed above belongs to Tata Sons Ltd and AIA Group Ltd. and is used by Tata AIA Life Insurance Company Ltd under a license. For any information including cancellation, claims and complaints, please contact our Insurance Advisor / Intermediary 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

 

As per latest regulatory guidelines your policy document will be credited to eIA on issuance. The account will be created with NSDL.

 

L&C/Advt/2024/Dec/4199

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