Tata AIG Life United Ujwal Bhavishya Supreme


Tata AIG Life United Ujwal Bhavishya Supreme Plan is a Unit Linked Insurance Plan (ULIP) with double benefits such that if the life insured dies within the policy tenure, Sum Assured is paid and all future premiums are waived off and the Fund Value is paid on maturity. However, if the life insured survives the policy term, then also he is paid the Total Fund Value at the end of the tenure. It is a simple ULIP which can be availed for the child’s benefit and future also.

Our Advice – Tata AIG Life United Ujwal Bhavishya Supreme Plan is a plan which insures the parent’s life such that if anything happens to him the nominee or the child’s future is secured with future premiums being waived off and double benefit received, i.e. Sum Assured and Fund Value.


Key Features of Tata AIG Life United Ujwal Bhavishya Supreme Plan

§  This is a Double Benefit ULIP such that both Sum Assured + Fund Value is paid as Death Benefit
§  All future premiums are waived of in case of death or disability of the Life Insured
§  There is an inbuilt rider of Premium Waiver Benefit
§  There are 4 additional riders and 7 investment funds available


Benefits you get from Tata AIG Life United Ujwal Bhavishya Supreme Plan

Death Benefit – If the Life Insured dies within the policy tenure, the Sum Assured is paid immediately and all future premiums are waived off and the Total Fund Value is paid to the nominee on maturity

Maturity Benefit – The Total Fund Value is paid on Maturity of the policy.

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)


Eligibility in Tata AIG Life United Ujwal Bhavishya Supreme Plan
Minimum
Maximum
Sum Assured (in Rs.)
For Insured's Age < 45 years : Higher of (10 x AP) or (0.5 x PT X AP)
For Insured Age>= 45 years :Higher of (7 x AP) or (0.25 x PT X AP)
PT X AP
Policy Term (in years)
15 years
25 years
Premium Payment Term (in years)
Equal to PT
Entry Age of Life Insured
18 years
50 years
Age at Maturity
-
65 years
Single premium (in Rs.)
NA
Payment modes
Yearly, Half-yearly, Quarterly, Monthly


Sample Returns in Tata AIG Life United Ujwal Bhavishya Supreme Plan

The below illustration is for a healthy person opting for a Premium= Rs. 1,00,000 & Age= 35 years


Tata AIG Life United Ujwal Bhavishya Supreme Sample Returns Illustration
Additional Benefits of Tata AIG Life United Ujwal Bhavishya Supreme Plan

Riders- There is 1 in built rider available with this plan- Premium Waiver Benefit
And 4 additional riders:
1.       Accidental Death Benefit Rider
2.       Family Income Benefit Rider
3.       Accidental Death and Dismemberment (Long Scale) (ADDL) Rider
4.       Critical Illness (Lump sum Benefit) Rider

Investment Fund Options
There are 7 Investment Funds available
1.       Large Cap Equity Fund
2.       Whole Life Mid Cap Equity Fund
3.       Super Select Equity Fund
4.       Whole Life Income Fund
5.       Whole Life Short-Term Fixed Income Fund
6.       Whole Life Aggressive Growth Fund
7.       Whole Life Stable Growth Fund

Top-up - The minimum amount for Top-up is Rs 5,000 and a maximum of 4 Top-Up in one policy year. Top Up can be done anytime except during the last 5 years of the Policy Term and each Top-up Premium also has a Lock In Period of 5 years. Sum Assured increases automatically with every Top Up.

Switching - There are 12 free switches in one year.

Partial Withdrawal - Partial withdrawals are allowed only after completion of 5 policy years. Minimum Partial Withdrawal is Rs 5,000 subject to Total Fund Value after withdrawals is not less than an amount equivalent to one year's Annualised Regular Premium. A maximum of 4 partial withdrawals are allowed in 1 year.


What happens if?

You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.

You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

You want a loan against your policy - There is no loan available under this plan.


Alternate ULIP child plans from different insurance companies

1.       BSLI Dream Child Plan
2.       HDFC SL Youngstar Super II
3.       Kotak Headstart Child Assure


Other child insurance plans from Tata AIG Life Insurance

1.       Tata AIG Assure 21 years Money Saver
2.       Tata AIG Assure 10 /20 /30 years Security & Growth Plans
3.       Tata AIG Assure EduCare at 21
4.       Tata AIG Assure EduCare at 18
5.       Tata AIG Assure Career Builder
6.       Tata AIG Assure 10/20/30 years Security & Growth Plans
7.       Tata AIG Life Star Kid Plan
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Tata AIG Life Insurance Star Kid

Tata AIG Star Kid Plan is a Traditional Participating Child Money Back Plan such that 20% of the Sum Assured is paid out when the child is 18, 19, 20, 21 and 22 years respectively and the first 5 years’ premiums are returned on maturity. A reversionary bonus is paid from the 6th policy anniversary and terminal bonus is also paid on maturity. Thus, in this plan, if the proposer meets with death or disability before the child reaches 18 years of age, then the child either receives 50% of the Sum Assured for immediate expenses or the future premiums are waived and also the future benefits are paid from the 18th year onwards. However, if the child dies, then the Sum Assured along with guaranteed additions and bonuses are paid and the policy is terminated.

Our Advice – Tata AIG Star Kid Plan is a plan which insures the child’s life along with his future if anything happens to the proposer such that it provides guaranteed protection. This plan further ensures that all cost for the child’s admission and higher education is fulfilled at any cost.


Key Features of Tata AIG Star Kid Plan

  • In this child plan, premium is paid for 10 years and 20% of the Sum Assured is paid to the child when he attains 18, 19, 20, 21 and 22 years.
  • The Benefit of the First 5 years’ Premium along with Guaranteed Additions, Reversionary Bonus and Terminal Bonus is paid on Maturity of the policy as Guaranteed Additions.
  • Money is paid whether the Life Insured, i.e. the child or the proposer dies as Death Benefit.
  • An automatic loan is given if premium is not paid within grace period.


Benefits you get from Tata AIG Star Kid Plan

Death Benefit –
  • If the proposer dies before the premium paying term is over, the future premiums are waived and also the future benefits are paid from the 18th year onwards as specified
  • If the proposer dies or meets with disability after the premium paying term but before the child is 18 years old, 50% of the Sum Assured for immediate expenses,
  • If the child dies, then Sum Assured + Guaranteed Additions + Reversionary Bonus + Terminal Bonus is paid and the policy is terminated

Survival Benefit – When the child attains:
18 years - 20% of the Sum Assured is paid
19 years - 20% of the Sum Assured is paid
20 years - 20% of the Sum Assured is paid
21 years - 20% of the Sum Assured is paid

Maturity Benefit – The remaining 20% of the Sum Assured + Guaranteed Addition of First 5 years’ Premium + Reversionary Bonus + Terminal Bonus

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)


Eligibility in Tata AIG Star Kid Plan
Minimum
Maximum
Sum Assured
Rs 25,000
Rs 4,00,000
Policy Term
14 years
22 years
Premium Payment Term
10 years
Entry Age of Life Insured
30 days
8 years
Age at Maturity
-
22 years
Single premium (in Rs.)
Not Available
Payment modes
Yearly, Half-yearly, Quarterly, Monthly


Sample illustration of premium amount in Tata AIG Star Kid Plan

The below illustration is for a healthy person opting for a Sum Assured = Rs. 4,00,000
Age= 0, 5 and 8 years
Tata AIG Star Kid-Sample illustration of Premiums & Returns 


Additional Features and Benefits of Tata AIG Star Kid Plan

Riders - There are 2 in built riders available with this plan
§  Premium Waiver Benefit Rider
§  Accidental Death and Disability Rider


What happens if?

You stop paying the premium - If the policy holder stops paying the premium, the insurance cover will cease and the policy will lapse. However it can be revived within 5 years from the first unpaid premium after fulfillment of certain terms and conditions and payment of due premiums and interest.

You want to surrender the policy – Surrender is allowed after completion of 3 policy years.
Guaranteed Surrender Value = 30% of all basic premiums paid - 1st years premium

You want a loan against your policy - There is no loan available under this plan. However an automatic loan is provided from the Cash Value of the policy if the premium is not paid within the Grace Period.


Alternate traditional child plans from different insurance companies

1.     SBI Life - Scholar II
2.     Max New York Life College Plan
3.     HDFC Children's Plan


Other child insurance plans from Tata AIG Life Insurance Company Limited

1.     Tata AIG Assure 21 years Money Saver
2.     Tata AIG Assure 10 /20 /30 years Security & Growth Plans
3.     Tata AIG Assure EduCare at 21
4.     Tata AIG Assure EduCare at 18
5.     Tata AIG Assure Career Builder
6.     Tata AIG Assure 10/20/30 years Security & Growth Plans
7.     Tata AIG Life United Ujwal Bhavishya Supreme
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Review of Tata AIG Life Health First

Tata AIG Life Health First is a comprehensive lump sum payout health plan from Tata AIG Life Insurance. This plan is different from those offered by non – life insurance companies, which only reimburse the actual expenses incurred. While this is important, it is also important to note that these do not provide for other related expenses such as replacement of income that is lost due to hospitalization or expenses of follow up treatment.

This policy offers a number of covers under the same plan, with each cover having a different coverage amount. This ensures that many health-related problems can be financially covered under the same plan – coverage such as Hospitalization, Critical Illness, Surgery, Post-hospitalization and Unfortunate Death.

Our Advice – Such plans serve as a good cover for critical illness and surgeries because a benefit amount is paid to the policyholder on the diagnosis of the disease. Hence, nowadays many people are taking health plans from life insurance companies in addition to their existing mediclaim or health insurance policies. This is one of few policies which offers covers for Hospitalization, Critical Illness, Surgery, Post-hospitalization and Death.


Key Features of Tata AIG Life Health First

§         In case of hospitalisation the policy pays from day 1
§         Pays the entire coverage amount if a covered unfortunate event were to occur, irrespective of the actual expense incurred. This ensures that additional money is available as income replacement.
§         Premiums remain the same during the policy term of 5 years, which means that you don’t have to pay a higher premium each year, as is the case with most traditional reimbursement plans. Also, claims made will not affect the premium during the policy term.
§         Over the entire policy term, it is possible to make multiple claims for the hospitalisation benefits, meaning that the coverage is available every year.


What is covered in Tata AIG Life Health First

§         Policy offers a daily hospitalisation benefit up to 90 days. The per-day benefit is paid irrespective of the actual bill.
§         In case the policy holder is diagnosed with a critical illness, then this policy provides a lump sum amount after 30 days of the first diagnosis
§         If the policy holder wants to undergo a surgery, then the policy offers a lump sum payment for the surgery. Surgical Benefit payable irrespective of Daily Hospital Benefit is payable
§         Post hospitalisation benefit is offered up to 3 days to pay for expenses like nursing help
§         Cashless hospitalisation facility
§         There is a component of death benefit which is paid to the policy holder
§         This is a 5-Year Renewable Non-Participating Health Product        


Additional Benefits of Tata AIG Life Health First

§         Housewives are allowed to buy this Plan up to 4 Units
§         Free look period of 15 days is offered where the premium will be refunded if the policy holder changes his mind
§         The policy can be reinstated within 5 years in case it has lapsed
§         Critical illness covers Cancer, Stroke, Heart Attack, Paralysis, Total Blindness, Coronary Bypass Surgery, Parkinson’s disease, Heart valve surgery, Chronic Renal Failure, Major Organ Transplant, Aorta Surgery, Benign Brain Tumor,

Eligibility and Restrictions of Tata AIG Life Health First
Minimum
Maximum
Coverage (Face Amount)
1 unit
10 units
Policy Term (in years)
5
5
Entry Age (in years)
18
60
Renewable till Age (in years)
-
65



Benefits / Cover
Number of Units purchased
2
4
6
8
10
Daily Hospital Benefit (in Rs. per day)
500
1000
1500
2000
2500
Surgical Benefit (in Rs.)
25,000
50,000
75,000
100,000
125,000
Critical Illness Cover (in Rs.)
250,000
500,000
750,000
1,000,000
1,250,000
Post Hospitalisation Benefit (in Rs.)
250
500
750
1000
1250
Death Benefit (in Rs.)
2,000
4,000
6,000
8,000
10,000
Lifetime Limit (in Rs.)
500,000
1,000,000
1,500,000
2,000,000
2,500,000


Tax Benefits

§         Premiums paid under this policy are eligible for tax deductions under Section 80D for Health Insurance Benefits
§         Premiums paid are exempt from taxable income under Section 80C for Life Insurance Benefits under IT Act, 1961


Exclusions - What is not covered in Tata AIG Life Health First?

§         Those Critical Illness for which the signs or symptoms first occurred within the first 180 days of the Policy Issue Date / Commencement Date or last reinstatement of this Policy
§         Any abnormalities or congenital defect that was diagnosed before the Insured attains the age of 17
§         Performance of any procedure or surgery which is not medically necessary
§         Any surgery or treatment which has not been performed by a Registered Medical Practitioner
§         Post- Hospitalization Benefit is not payable for admission to un-pre-approved hospitals even for Emergency Medical Condition
§         Benefit is paid only once for the same Critical Illness


Alternate health plans from other life insurance companies

LIC Health Protection Plus
Aviva Health Plus
Birla Sun Life Health Plan
ICICI Pru Health Saver
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