Tata AIA Life Insurance Wealth Pro

What are the Key Features of the Tata AIA Life Insurance Wealth Pro?

Here are the key features of the plan:

• Premium Flexibility: You have the option to pay the premium either one time or for a limited period according to your preference and financial capabilities.

• Regular Loyalty Additions: The policy offers regular loyalty additions, which are additional benefits added to your investments periodically, helping to boost the overall value of your policy over time.

• Diverse Investment Opportunities: You can choose from 18 Fund options, providing you with a wide range of investment opportunities to suit your risk appetite and financial goals.

• Rider Customization: The ULIP plan allows you to customize your insurance coverage by adding optional riders. This ensures that your policy can be tailored to meet your specific protection needs.

• Enhanced Systematic Money Allocation: The policy offers an Enhanced Systematic Money Allocation feature, which enables you to systematically allocate your funds for a more disciplined and strategic approach to investment.

• Regular Transfer Investment Portfolio Strategy: With this feature, you have the option to regularly transfer your investments to different funds, allowing you to take advantage of market fluctuations and optimize returns.

What is the Eligibility Criteria for Tata AIA Life Insurance Wealth Pro?

*AP = Annualised Premium 

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What are the Benefits of Tata AIA Life Insurance Wealth Pro?

Benefits of Tata AIA Life Insurance Wealth Pro are:

1. Maturity Benefit: 

   At the end of the policy term, if you survive, you will receive the Total Fund Value. This value is the sum of both the Regular/Single Premium Fund Value and the Top-Up Premium Fund Value, valued at the applicable Net Asset Value (NAV) on the date of maturity. This ensures that you can enjoy the growth of your investments over the policy duration.

2. Death Benefit:

   In the unfortunate event of the life insured's death during the policy term and while the policy is in force, the nominee or legal heir will receive a payout. The death benefit is calculated as follows:

   The highest of:

   • Basic Sum Assured net of all "Deductible Partial Withdrawals," if any, from the Regular/Single Premium Fund Value, or

   •  The Regular/Single Premium Fund Value of the policy, or

   •  105 percent of the total Regular/Single Premiums paid up to the date of death.

   Additionally, the following is also payable, provided the Policyholder has a Top-Up Premium Fund Value:

   The highest of:

   • The approved Top-Up Sum Assured(s), or

   • The Top-Up Premium Fund Value of the policy, or

   • 105 percent of the total Top-Up Premiums paid up to the date of death.

   It's important to note that Deductible Partial Withdrawals are not applicable in the case of the Top-Up Sum Assured.

3. Loyalty Benefit:

   • Loyalty Additions are provided as a token of appreciation for policyholder loyalty.

   • Additional units are credited at the rate of 0.20% of units in each fund under the Regular Premium Account.

   • The crediting of additional units begins on the eleventh (11th) Policy Anniversary and continues until the policy term's end.

   • For single pay option holders, additional units are credited at the rate of 0.35% of units in each fund under the Single Premium Account.

   • The crediting of additional units for single pay option begins on the sixth (6th) Policy Anniversary and continues until the policy term's end.

   • Loyalty Additions are only credited if the policy is in force and all due premiums have been paid.

4. Flexibility of Partial Withdrawals: 

   You can make partial withdrawals from the policy fund after 5 policy anniversaries, offering financial flexibility in emergencies. No charges apply, and up to 4 withdrawals are allowed in a policy year.

5. Flexibility of Top-ups: 

   You can pay additional premium as Top-up Premium, up to 4 times a year, allowing you to enhance your investment. Each Top-up Premium has a 5-year lock-in period, except in case of policy withdrawal.

6. Top-up Sum Assured:

   Availing a Top-up increases your Sum Assured by the Top-up Sum Assured, subject to underwriting, providing added protection.

7. Flexibility of Premium Mode: 

   You have the choice to pay premiums annually/semi-annually/quarterly/monthly, or even as a single payment, giving you payment convenience.

How does the Tata AIA Life Insurance Wealth Pro Plan work?

Tata AIA Life Insurance Wealth Pro is a policy that allows you to plan your financial future in a simple way:

• You decide on the amount of money you want to pay every year as a premium, how long you want to pay it, and the way you want to invest it.

• There are six funds available for investment: 

• Large Cap Equity Fund 

• Whole Life Mid Cap Equity Fund 

• Whole Life Aggressive Growth Fund 

• Whole Life Stable Growth Fund 

• Whole Life Income Fund

• Whole Life Short-Term Fixed Income Fund

• Your premium, after deducting charges, is invested according to your chosen investment strategy.

• With the enhanced SMART strategy, you can choose between a debt fund and an equity fund. Your premium is initially invested in the chosen debt fund and then systematically transferred to the selected equity fund. This protects your investment from market ups and downs.

• If something happens to you during the policy term, the death benefit is paid to your beneficiaries.

• When the policy matures, you receive the maturity benefit.

What are the Documents Required for Tata AIA Life Insurance Wealth Pro?

Following documents are required: 

• PAN card

• Aadhar Card

• Salary Slip

• Bank statement (for the previous 6 months)

• Income Tax Receipt

Policy Charges for Tata AIA Life Insurance Wealth Pro

Here are the charges associated with the Tata AIA Life Insurance Wealth Pro policy:

1. Policy Administration Charges:

   A monthly Policy Administration Charge will be deducted from the policy's Fund Value. This charge may be increased annually by up to a maximum of 5% compounded, subject to a maximum of Rs. 500 per month, as specified by the Authority. The charge varies based on the premium payment option chosen:

   • For Single Pay Option: 0.90% p.a. of the Single Premium throughout the policy term.

   • For Regular/Limited Pay Option: 0.75% p.a. of the Annualized premium throughout the policy term.

2. Premium Allocation Charge: 

   This charge is applicable to both Regular Premium and Single Premium policies. It will be deducted from the amount you pay as Regular Premium or Single Premium. The remaining amount, after the deduction of this charge, will be invested in the Funds of your choice. The fee amounts to 3% of the total single premium for Single Pay plans, and it is 1.5% for top-up premiums. As for Regular pay plans, the allocation charge varies according to the following:

   Policy year	Premium Allocation Charge for premiums less than Rs.5 lakhs	Premium Allocation Charge for premiums equal to and higher than Rs.5 lakhs
   1	6%	5.5%
   2	5.5%	5%
   3 to 5	5%	4.5%
   6 to 7	4%	3.5%
   8 to 10	3%	2.5%
   11 and onwards	1.5%	1%

3. Mortality Charges:

   The Mortality Charge will be deducted monthly on the Policy Month Anniversary. It will be canceled from the Regular/Single Premium Fund Value of the Policy or the Top-up Premium Fund Value for the Top-up Sum Assured. The Mortality Charge is calculated as follows:

   Mortality Charge = Sum at Risk (SAR) multiplied by the applicable Mortality Rate for the month, based on the attained age of the Life Assured.

   Sum at Risk in each month for Regular/Single Premium Account is the difference between:

   • The maximum of (Basic Sum Assured net of all deductible partial withdrawals, if any, from the relevant Regular/Single Premium Fund Value or 1.05 times total Regular/Single premiums paid) and

   • Regular/Single Premium Fund Value at the time of deduction of Mortality Charge.

   Sum at Risk in each month for Top-up Premium Account is the difference between:

   •  The maximum of (Top-up Sum Assured, from the relevant Top-up Premium Fund Value, or 1.05 times total Top-up Premiums paid) and

   • Top-up Premium Fund Value at the time of deduction of Mortality Charge.

4. Discontinuance Charge:

   If the policyholder stops paying premiums within the first 5 years from policy inception, the fund value (after deducting discontinuance charges) will be moved to the 'Discontinued Policy Fund.' After the lock-in period, the policyholder will receive the fund value plus income earned, subject to a minimum guarantee of 4% p.a. or as prescribed by IRDAI. The charges are as follows:

   Year of Discontinuance	Single Pay Plans	Regular Pay Plans
   1	Lower of 1% of single premium or Fund Value up to a maximum of Rs.6000	Lower of 6% of annual premium or Fund Value up to a maximum of Rs.6000
   2	Lower of 0.50% of single premium or Fund Value up to a maximum of Rs.5000	Lower of 4% of annual premium or Fund Value up to a maximum of Rs.5000
   3	Lower of 0.25% of single premium or Fund Value up to a maximum of Rs.4000	Lower of 3% of annual premium or Fund Value up to a maximum of Rs.4000
   4	Lower of 0.10% of single premium or Fund Value up to a maximum of Rs.2000	Lower of 2% of annual premium or Fund Value up to a maximum of Rs.2000
   5 year onwards	NIL	NIL

5. Partial Withdrawal Charge:

   There are no charges for partial withdrawals under this plan.

6. Fund Management Charge:

   Fund management charge is determined by the chosen fund type and is applied on a daily basis. The relevant fees are as follows:

   Type of Fund	Charge
   Large Cap Equity Fund	1.20%
   Whole Life Aggressive Growth Fund	1.10%
   Whole Life Mid Cap Equity Fund	1.20%
   Whole Life Stable Growth Fund	1.00%
   Whole Life Income Fund	0.80%
   Whole Life Short-Term Fixed Income Fund	0.65%

7. Fund Switching Charge:

   You get 12 free switches per policy year. After that, a charge of Rs. 100/- per switch applies, not exceeding Rs. 250/- as per IRDAI guidelines.

8. Miscellaneous Charges:

   Policy Termination

   Coverage under the policy ends on the earliest occurrence of the following:

   • Maturity of the policy

   • Complete withdrawal of the policy

   • Death of the Insured

   • End of lock-in period/revival period (whichever is later) in case of discontinuance of premium within 5 years, provided the policy is not revived during the revival period.

   • For Single Premium Policy, termination occurs when the total fund value becomes less than or equal to 1% of the Single Premium, and the remaining Fund Value is payable to the policyholder.

   • After the completion of the premium paying term for regular premium policy, termination happens when the total fund value becomes less than or equal to one Annualized Premium, and the balance fund value is payable to the policyholder.

   • In-force premium paying policies will not be foreclosed.

Riders under Tata AIA Life Insurance Wealth Pro

Tata AIA Life Insurance Wealth Pro offers optional riders for added protection and customization. 

For Regular/Limited Pay, you can choose from the following riders:

• Tata AIA Life Insurance Waiver of Premium (Linked) Rider: Waives future premiums if you become totally and permanently disabled before 65 years or premium payment term end. Entry age 18-60 years, maximum maturity age 65 years.

• Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider: Waives future premiums in case of death or total and permanent disability before 70 years or premium payment term end. Entry age 18-65 years (of the Proposer), maximum maturity age 70 years (of the Proposer).

• Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider: Protects your family by paying the rider sum assured in case of accidental death. Provides benefits for severe dismemberment due to an accident. Entry age 18-60 years, maximum maturity age 70 years.

For Single Pay, you can choose:

• Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider: Covers accidental death and provides benefits for severe dismemberment due to an accident. Entry age 18-60 years, maximum maturity age 70 years.

Policy Details of Tata AIA Life Insurance Wealth Pro

1. Grace Period

   If you miss paying your Regular Premium, you have a grace period of 30 days (15 days for monthly mode) to make the payment. During this time, the policy remains in force with the risk cover.

2. Revival Period

   You can revive your policy within three years from the Date of Discontinuance.

3. Free Look Period

   You have 15 days (30 days for policies sourced through distance marketing) to review the policy. If dissatisfied, you can cancel it by giving written notice. You will receive the non-allocated premium, cancellation charges, fund value, minus proportionate risk premium, medical exam costs, stamp duty, Goods and Services Tax, and cess.

4. Surrender Benefit

   The Tata AIA Life Insurance Wealth Pro surrender benefit allows the policyholder to withdraw the policy anytime during the term. If withdrawn within the lock-in period, the fund value minus charges is credited to the 'Discontinued Policy Fund.' After the lock-in period, the total fund value is paid to the policyholder. In case of death during the lock-in period, the fund value goes to the nominee.

5. Switching of Funds

   You can switch between different funds in the self-managed investment portfolio. The first 12 switches in a policy year are free of cost, and after that, a charge of Rs. 100 per switch applies. Switching is not allowed in the SMART investment option.

6. Backdating

   Backdating is not allowed in this plan.

7. Loan

   Policy loan option is not available in this plan.

8. Premium Re-direction

   There is no Premium Re-direction Charge.

9. Juvenile Policy

   If the policy is issued on the life of a minor, it automatically vests in the Life Insured upon reaching adulthood (age of majority).

What are the Exclusions of Tata AIA Life Insurance Wealth Pro?

Suicide 

If the policyholder dies by suicide within 12 months from the start of the policy or its revival date, the nominee or beneficiary will receive the fund value or policy account value as of the date the death is reported. Any charges, except for Fund Management charges, that were deducted after the date of death will be refunded to the nominee or beneficiary along with the death benefit.