Tata AIA Life Guaranteed Return Insurance Plan

• What are the three plan options available in Guaranteed Return Insurance Plan (GRIP)?
  • Option 1: Endowment
  • Option 2: Regular Income
  • Option 3: Whole Life Income
  
  
• What is the Min. and Max. entry age?
  • Endowment:  Min. - 18 minus Policy Term, 0 (30 days) and Max. - 65 Years
  • Regular Income - Min. - 5 Years (subject to min. age at maturity is 18 years) and Max. - 55 Years
  • Whole Life Income - Min. - 45 Years and Max. - 65 Years
  
  
• What are the different Premium Payment Terms (PPT)  and Policy Terms (PT) available?

  Option	Premium Payment Term (Years)	Policy Term (Years
  		Minimum	Maximum
  Endowment	Single Pay	10
  	5	6	40
  	6	7
  	7	8
  	8	9
  	9	10
  	10	10
  	11	11
  	12	12
  Regular Income	5	6
  	6	7
  	7	8
  	8	9
  	9	10
  	10	11
  	12	13
  Whole Life Income	Single Pay	5
  	5	5
  	6	6
  	7	7
  	8	8
  	9	9
  	10	10
  	11	11
  	12	12

  
  
  
• What will be the Income payment mode under Income options?
  • Regular Income - Annual
  • Whole Life Income - Annual and Monthly
  Conversion Factor for monthly Income is (96% of Guaranteed Annual Income) / 12
  
  
• Is Joint Life Option available in this plan?
  Yes. Only in the Whole Life Income option. Acceptable relationship is Spouse.
  
  
• When will the Guaranteed Annual Income (GAI) commence?
  GAI shall commence from the end of the year following maturity for a defined Income Period.
  
  
• What Maturity Benefit will the customer get under Endowment option?
  On maturity of the policy, a lump sum benefit equal to Guaranteed Maturity Benefit (GMB) along with the accrued Guaranteed Additions (GA) shall be payable.
  Guaranteed Maturity Benefit (GMB) = GMB Factor X PPT X Annualized Premium
  Guaranteed Addition defined as a percentage of GMB shall accrued at a simple rate for each completed policy year, throughout the Policy Term and shall be payable on Maturity or Death whichever is earlier, subject to all due premiums being paid. GA shall accrue @ 5% of GMB.
  
  
• What is the Death Benefit paid to the nominee / legal heir?
  In case of death of the Life Assured during the Policy Term, provided the policy is in force, the Sum Assured on Death as defined below shall be payable.

  Options I &II
  Sum Assured on Death shall be defined as the highest of
  • 10 times the Single/Annualised Premium for age less than 45 years or 7 times the Single/Annualised Premium for age 45 and above
  • 105% of the Total Premiums Paid up to date of Death
  • Guaranteed Maturity Benefit
  • Basic Sum Assured

  Option III
  In case of death of the life insured during the policy term, Death Benefit Multiple for Basic Sum Assured will be as follows:
  • Single Life (Regular Pay) - 11 times the Annualised Premium on death during the Policy Term
  • Joint Life (Single Pay) - 1.25 times the Single Premium in case of first death and 10 times the Single Premium in case of second death during the Policy Term
  • Joint Life (Regular Pay) - 7 times the Annualised Premium in case of first death and 11 times the Annualised Premium in case of second death during the Policy Term

  Death after the Policy Term
  
  Option II - Regular Income
  In case of death of the life insured after maturity; all the future income payments as per the chosen frequency shall be payable to the nominee/legal heir(s) of the life insured.

  Option III - Whole Life Income
  In case of death of the life insured after the policy term;
  • For single life policies, the Total Premiums Paid shall be payable
  • For joint life policies, the Total Premiums Paid shall be payable on the second death only. No death benefit is payable on the first death and the seocnd Life asssured will continue getting the income.
  
  

• Does death benefit increase under Endowment option?
  Yes. Accrued Guaranteed Addition as on the date of Death shall be payable along with Sum Assured on Death.
  
  
• Is Commutation of Income available?
  Yes.

  Regular Income
  • Life Assured / Nominee / Legal Heir(s) can receive the future income as a lump sum anytime during the income period
  • The discounting rate for commutation is 7.45% p.a. for PPT 5 to 10 years
  • The discounting rate for commutation is 7.20% p.a. for PPT 12 years

  Whole Life Income
  After the policy term, the policyholder or the nominee(s)/legal heir(s) shall have the option to receive a commuted value depending on the age at the time of commutation.
  Commuted Value = (F1 * Guaranteed Annual Income + F2 * Total Premiums Paid).
  The factors F1 & F2 depend on the age of the surviving life assured at the time of commutation. Details of commutation factors is provided in the brochure.
  For joint life cases when both lives assured are alive, the age of the older of the two life assureds
  is to be considered

• Can policy loan be availed?
  Yes. Provided that the policy acquires Surrender Value, policyholders may apply for a Policy Loan for such an amount within the extent of 80% of Surrender Value.

• Can riders be attached with the plan?
  Yes.
  Comprehensive Protection Riders (CPR) available
  • Accidental Death Benefit (ADB)
  • Accidental Total and Permanent Disability (ATPD)
  • Term and Terminal Illness (TTI)
  Comprehensive Health Riders (CHR) available
  • CritiCare Plus Benefit (CPB)
  • HospiCare Benefit (HCB)
  Tata AIA Vitality Protect
  

• Accidental Death (AD)
  
• Accidental Total and Permanent Disability (ATPD)
  
• Term Booster (TB)
  
• CritiCare Plus (CCP)
  Tata AIA Vitality Health
  
• HospiCare (HC

• This product is underwritten by Tata AIA Life Insurance Company Ltd.
• Insurance cover is available under this product.
• This plan is not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance.
• The brochure is not a contract of insurance. The precise terms and conditions of this plan are specified in the Policy contract available on Tata AIA Life website.
• This product brochure should be read along with Benefit Illustration.
• Risk cover commences along with policy commencement for all lives, including minor lives.
• 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.
• In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
• All Premiums and interest payable under the policy are exclusive of applicable taxes, duties, surcharge, cesses or levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium or interest. Tata AIA Life shall have the right to claim, deduct, adjust and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.
• Policies sourced through PoS Channel will not have any medical examination. • This plan is also available for sale through online mode on Company’s web-site www.tataaia.com
• 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.
• 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.
• 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 Lifes 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 L&C/Advt/2023/Sep/3195

“As per recent changes in section 10(10D) of Income Tax Act, where the amount of aggregate annual premium payable in the financial year in case of Traditional plans (all non-unit linked plans except Annuity, Pension and Pure Risk Plans) issued on or after 1st April 2023 exceeding INR 5,00,000 the benefits of the policy/policies shall not be eligible for exemption under section 10(10D) except in case of death”. The customer is requested to seek advice of a tax advisor with respect to his/her personal tax liabilities under the Indian Income-tax law."