Kotak Life Capital Multiplier Plan Review
Kotak Life Capital Multiplier Plan Review
Plan Name: Capital Multiplier Plan
Insurer: Kotak Life Insurance Company Limited
Category: Traditional Plan
Objective: Provides regular income post retirement
Major USP of Kotak Life Capital Multiplier Plan
Bonuses
Riders available
Automatic Cover Maintenance
Eligibility for Kotak Life Capital Multiplier Plan
Minimum Entry Age: 18 Years
Maximum Entry Age: 60 Years
Maximum Maturity Age: 65 Years
Policy term: 5 Years- 30 Years
What benefits does Kotak Life Capital Multiplier offer?
Death benefit:
In case the Life Assured passes away;
During the accumulation phase, the beneficiary will receive higher of Sum Assured or accumulated amount. Additionally, 10% of Sum Assured and top up amount (with bonuses) will be provided.
During the withdrawal phase, 10% of Sum Assured along with balance accumulated amount, bonus, top up will be paid.
Maturity Benefit:
Maturity amount will be equivalent to higher of Sum Assured or accumulated amount and top up and bonus amount.
You can withdraw the entire amount in lump sum or withdraw as per your requirement in the next 15 years.
Supplementary Account:
If you want to make additional investment in the same plan, you can do through Top-ups. This account can be used to pay premiums in future if the need arises.
Bonuses:
The bonus which depends on performance of fund will be applicable to both accumulated amount as well as supplementary account.
Riders:
By paying additional nominal amount, you can get the following riders:
- Kotak term/Preferred Term Benefit
- Kotak Accidental Death Benefit
- Kotak Permanent Disability Benefit
- Kotak Critical Illness Benefit
- Kotak Life Guardian Benefit
- Kotak Accidental Disability Guardian Benefit
Are there any tax benefits?
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Paid up Policy: After three policy years if you are unable to continue policy, you can convert to paid up. The policy will not participate in future performance. On maturity or death, reduced Sum Assured and any vested bonuses if any will be paid.
Surrender Benefit: You can cancel Capital Multiplier plan after 3 years. The guaranteed surrender amount is equivalent to 30% of the total premiums paid barring the first premium.
Free Look Period: Capital Multiplier can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.
How can I buy Kotak Life Capital Multiplier Plan?
Policybazaar representatives will assist you in buying Pension Plan.
What’s Policybazaar opinion on Kotak Life Capital Multiplier Plan?
Capital Multiplier is a traditional investment plan. It gives you the option to accumulate money over the term and use funds as per your preference just like a pension plan. You can opt for riders to increase financial security. You can make additional payments to the fund as well.
LIC New Jeevan Dhara-I Review
LIC New Jeevan Dhara-I Review
Plan Name: New Jeevan Dhara-I
Insurer: Life Insurance Corporation of India
Category: Traditional Plan
Objective: Provides regular income post retirement
Major USP of LIC New Jeevan Dhara-I
Bonuses
Rebates
Single premium option available
Eligibility of LIC New Jeevan Dhara-I
Minimum Entry Age: 18 Years
Maximum Entry Age: 70 Years
Minimum Age at Vesting: 40 Years
Maximum Age at Vesting: 75 Years
Minimum Sum Assured: Rs 50,000
What benefits does LIC New Jeevan Dhara-I offer?
Death benefit:
In case the Life Assured passes away during the policy term, the beneficiary will receive the premiums paid along with interest rate earned on the amount. If opted for term assurance rider, the relevant Sum Assured will be paid as well.
Maturity Benefit:
Maturity amount is equivalent to sum of Sum Assured and bonuses.
25% of the maturity amount can be received as lump sum and the rest of amount through annuity.
Rebate:
For Sum Assured equal and above Rs 1 lacs, rebate on premium is also given.
With Profits Plan:
Bonus both reversionary which is based on performance of the participating fund and terminal bonus if any will be given by Tata AIG.
Flexibility in Premium Payment:
Both single and regular premium options are available. The payment mode available is yearly, semi-annual, quarterly and monthly.
What will be my returns from LIC New Jeevan Dhara-I?
Illustration: Mr. Dhar aged 35 invests Rs 3130 annually for policy term of 25 years. The total amount he pays over the entire term is Rs 78,250. The guaranteed return is Rs 100,000 (Sum Assured) and if you include bonuses assuming interest rate of just 10%, the returns are 256,500.
Are there any tax benefits?
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Paid up Policy: After two policy years if you are unable to continue policy, you can convert to paid up. The policy will not participate in future performance. On maturity or death, reduced Sum Assured and any vested bonuses if any will be paid.
Surrender Benefit: You can cancel Jeevan Dhara-I plan after 2 years. The guaranteed surrender amount is equivalent to 90% of the total premiums paid barring the first premium.
Free Look Period: Jeevan Dhara-I plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.
How can I buy LIC New Jeevan Dhara-I?
Policybazaar representatives will assist you in buying New Jeevan Dhara-I.
What’s Policybazaar opinion on LIC New Jeevan Dhara-I?
New Jeevan Dhara-I is a traditional pension plan which has guaranteed return. You also get non guaranteed bonus and rebates on premium. You can opt for Term Assurance rider to increase financial security.
Tata AIG Nirvana Review
Tata AIG Nirvana Review
Plan Name: Nirvana
Insurer: Tata AIG Life Insurance Company Limited
Category: Traditional Plan
Objective: Provides regular income post retirement
Major USP of Tata AIG Nirvana
Guaranteed Additions
Bonuses
Automatic Premium Loan
Riders Available
Eligibility for Tata AIG Nirvana
Minimum Entry Age – 18 Years
Maximum Entry Age - 55 Years
Minimum Sum Assured: Rs 50,000
Minimum Vesting Age: 50 years
Maximum Vesting Age: 65 years
What benefits does Tata AIG Nirvana offer?
Death benefit:
In case the Life Assured passes away during the policy term, the beneficiary will receive Sum Assured. The vested bonuses and guaranteed additions will also be paid.
Maturity Benefit:
Maturity amount will be equivalent to sum of Sum Assured, guaranteed additions and bonuses.
You can opt for
- One third of the maturity amount can be received as lump sum and the rest of amount through annuity
- Entire amount can be used to purchase annuity and the payouts will begin
Guaranteed Additions:
10% of Sum Assured is added to the fund value on maturity or death claim provided policy has been in force for 10 years.
With Profits Plan:
Bonus both reversionary which is based on performance of the participating fund and terminal bonus if any will be given by Tata AIG.
Riders:
Tata AIG Nirvana has the following riders:
- Tata AIG Life 5 Year Renewable Rider
- Tata AIG Life 10/15/20/25 Years Term Rider
- Tata AIG Life Term to Age 60 Rider
- Tata AIG Life Accidental Death Benefit Rider
- Tata AIG Life Accidental Death and Dismemberment Rider (Long scale)
- Tata AIG Life Accidental Death and Dismemberment Rider (Short Scale)
- Tata AIG Life Critical Illness Rider (Lump Sum Benefit)
- Tata AIG Life Critical Illness Rider (Accelerated Benefit)
- Tata AIG Life Waiver of Premium Rider
Premium Loan:
In case you are not able to pay premium, the amount due will be automatically loaned to your policy.
Are there any tax benefits?
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Paid up Policy: After three policy years if you are unable to continue policy, you can convert to paid up. The policy will not participate in future performance. On maturity or death, reduced Sum Assured and any vested bonuses if any will be paid.
Surrender Benefit: You can cancel Tata AIG Nirvana plan after 3 years. The guaranteed surrender amount is equivalent to 30% of the total premiums paid barring the first premium.
Free Look Period: Nirvana can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.
How can I buy Tata AIG Nirvana?
Policybazaar representatives will assist you in buying Nirvana Plus.
What’s Policybazaar opinion on Tata AIG Nirvana?
Nirvana is a traditional pension plan. There are many benefits provided by Nirvana like guaranteed additions, bonuses and premium loan. There are a lot of riders to choose from to increase financial security.
ICICI Pru LifeLink Pension SP Plan Review
ICICI Pru LifeLink Pension SP Plan Review
Plan Name: LifeLink Pension SP
Insurer: ICICI Pru Life Insurance Company Limited
Category: Unit Linked Insurance Plan
Objective: Provides regular income post retirement
Major USP of ICICI Pru LifeLink Pension SP Plan
Pure Pension plan
Loyalty Addition
Single premium
Eligibility for ICICI Pru LifeLink Pension SP Plan
Minimum Entry Age – 35 Years
Maximum Entry Age – 70 Years
Minimum Vesting Age: 45 years
Maximum Vesting Age: 80 years
Policy Term: 10 Years
What benefits does ICICI Pru LifeLink Pension SP Plan offer?
Death benefit:
In case the Life Assured passes away during the policy term, the beneficiary will receive fund value.
Maturity Benefit:
Maturity amount will be higher of guaranteed NAV (Rs 19.10) or the NAV on the date of maturity.
You can opt for
- One third of the maturity amount can be received as lump sum and the rest of amount through annuity
- Entire amount can be used to purchase annuity and the payouts will begin
Loyalty Addition:
This amount will be allocated at the end of 10th policy year.
Are there any tax benefits?
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
What are the charges in ICICI Pru Life?
Premium Allocation Charge: For premium amount less than Rs 5 lacs, the charge is 5% of single premium amount. For premium equal and more than 5 lacs, the charge is 4% of single premium.
Policy Administration Charge: These are deducted during the initial 3 years and are Rs 60 per month.
Fund Management Charge: 1.25% per annum is charged for fund management. An additional 0.25% per annum will be deducted for the investment guarantee.
How can I buy ICICI Pru LifeLink Pension SP Plan?
Policybazaar representatives will assist you in buying LifeLink Pension SP Plan.
What’s Policybazaar opinion on ICICI Pru LifeLink Pension SP Plan?
LifeLink Pension SP Plan is a one of the few unit linked pension plan with guaranteed NAV. You are assured of a minimum NAV amount even in worst case scenario. You also get loyalty additions. If you have a windfall or bonus coming, ICICI Pru LifeLink Pension SP could be your choice. However there is no life cover with this pension plan.
IDBI Federal Retiresurance Milestone Pension SP Plan Review
IDBI Federal Retiresurance Milestone Pension SP Plan Review
Plan Name: Retiresurance Milestone Pension SP
Insurer: IDBI Federal Life Insurance Company Limited
Category: Unit Linked Insurance Plan
Objective: Provides regular income post retirement
Major USP of IDBI Federal Retiresurance Milestone Pension SP Plan
Pure Pension plan
Single premium
Eligibility for IDBI Federal Retiresurance Milestone Pension SP Plan
Minimum Entry Age: 25 Years
Maximum Entry Age: 75 Years
Minimum Vesting Age: 40 Years
Maximum Vesting Age: 85 Years
Policy Term: 10 Years, 15 Years
What benefits does IDBI Federal Retiresurance Milestone Pension SP Plan offer?
Death benefit:
In case the Life Assured passes away during the policy term, the beneficiary will receive fund value.
Maturity Benefit:
Maturity amount will be higher of guaranteed amount (as per IRDA guideline) or fund value
You can opt for
- One third of the maturity amount can be received as lump sum and the rest of amount through annuity
- Entire amount can be used to purchase annuity and the payouts will begin
What are Investment Funds available with IDBI Federal Milestone Pension SP?
There are two NAV guaranteed funds available which are:
- Guaranteed Growth Fund
- Guaranteed Return Fund
Are there any tax benefits?
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
What are the charges in IDBI Federal Life?
Premium Allocation Charge: For premium amount ranging from Rs 1 lacs to Rs 24.99 lacs, the charge is 0.5% of single premium amount. For premium equal and more than 25 lacs, there is no charge.
Policy Administration Charge: These are deducted during the entire policy term and depend on the premium amount.
Fund Management Charge: Both funds charge is 1.25% per annum. An additional 0.25% per annum will be deducted for the investment guarantee.
How can I buy IDBI Federal Retiresurance Milestone Pension SP Plan?
Policybazaar representatives will assist you in buying Retiresurance Milestone Pension SP Plan.
What’s Policybazaar opinion on IDBI Federal Retiresurance Milestone Pension SP Plan?
Retiresurance Milestone Pension SP Plan is a one of the few unit linked pure pension plan with guaranteed NAV. You are assured of a minimum NAV amount even in worst case scenario. There are no riders and no life cover available with the plan.
IDBI Federal Retiresurance Guaranteed Pension Plan Review
IDBI Federal Retiresurance Guaranteed Pension Plan Review
Plan Name: Retiresurance Guaranteed Pension Plan
Insurer: IDBI Federal Life Insurance Company Limited
Category: Traditional Plan
Objective: Provides regular income post retirement
Major USP of IDBI Federal Retiresurance Guaranteed Pension Plan
Pure pension plan
Guaranteed Loyalty Additions
Single premium option available
Eligibility for IDBI Federal Retiresurance Guaranteed Pension Plan
Minimum Entry Age: 18 Years
Maximum Entry Age: 75 Years
Minimum Vesting Age: 40 Years
Maximum Vesting Age: 80 Years
Policy Term: 10, 15, 20 and 25 Years
Premium Payment Term: Single Premium, Policy term
What benefits does IDBI Federal Pension Retiresurance Plan offer?
Death benefit:
In case the Life Assured passes away during the policy term, the beneficiary will receive higher of special surrender value or premiums paid with 5% compounded growth.
Maturity Benefit:
Maturity amount will be equivalent to sum of guaranteed maturity amount and vested guaranteed loyalty additions
You can opt for
- One third of the maturity amount can be received as lump sum and the rest of amount through annuity
- Entire amount can be used to purchase annuity and the payouts will begin
Guaranteed Loyalty Addition:
A % of premium amount will be added to the fund depending on the premium amount and term of the plan.
Are there any tax benefits?
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Paid up Policy: After one policy years if you are unable to continue policy, you can convert to paid up. The policy will not participate in future performance. On maturity or death, reduced Sum Assured and any vested bonuses if any will be paid.
Surrender Benefit: You can cancel IDBI Federal Pension Plan after 1 year. The guaranteed surrender amount is equivalent to all premiums paid barring 65% of first premium.
Free Look Period: Pension Plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.
How can I buy IDBI Federal Retiresurance Guaranteed Pension Plan?
Policybazaar representatives will assist you in buying Retiresurance Guaranteed Pension Plan.
What’s Policybazaar opinion on IDBI Federal Retiresurance Guaranteed Pension Plan?
Retiresurance Guaranteed Pension Plan is a traditional pure pension plan. The Single premium option is available. You also get guaranteed loyalty additions. However there is no life cover and no riders.
Met Pension (Par) Review
Met Pension (Par) Review
Plan Name: Pension Par
Insurer: MetLife Insurance Company Limited
Category: Traditional Plan
Objective: Provides regular income post retirement
Major USP of Met Pension (Par)
Single Premium and Limited Pay
Guaranteed Additions
Bonuses
Riders available
Eligibility for Met Pension (Par)
Minimum Entry Age – 18 Years
Maximum Entry Age - 60 Years
Minimum Vesting Age: 45 years
Maximum Vesting Age: 70 years
Premium Payment Term: Single Pay, Limited Pay ( 3 or 5 years), Policy term
What benefits does Met Pension (Par) offer?
Death benefit:
In case the Life Assured passes away during the policy term, the beneficiary will receive all premiums paid. The vested bonuses will also be paid. If opted for term rider, Sum Assured will also be paid.
Maturity Benefit:
Maturity amount will be equivalent to sum of Sum Assured, guaranteed additions and bonuses.
You can opt for
- One third of the maturity amount can be received as lump sum and the rest of amount through annuity
- Entire amount can be used to purchase annuity and the payouts will begin
Guaranteed Additions:
10% of Sum Assured is added to the fund value on maturity.
With Profits Plan:
Bonus both reversionary which is based on performance of the participating fund and terminal bonus if any will be given by Tata AIG.
Riders:
The following riders can be opted with Met Pension Par:
- Accidental Death Benefit Rider
- Critical Illness Rider
- Term Rider
- Waiver of Premium Rider
Are there any tax benefits?
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Paid up Policy: After two policy years if you are unable to continue policy, you can convert to paid up. The policy will not participate in future performance. On maturity or death, reduced Sum Assured and any vested bonuses if any will be paid.
Surrender Benefit: You can cancel Met Pension (Par) plan after 3 years. The guaranteed surrender amount is equivalent to 30% of the total premiums paid barring the first premium.
Free Look Period: Met Pension Par can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.
How can I buy Met Pension (Par)?
Policybazaar representatives will assist you in buying Met Pension.
What’s Policybazaar opinion on Met Pension (Par)?
Met Pension Par is a traditional pure pension plan. There are many benefits provided by Met Pension Par like guaranteed additions, bonuses and you can opt for riders as well. There is option for both single premium and limited pay as well.
Future Generali Pension Plan Review
Future Generali Pension Plan Review
Plan Name: Pension Plan
Insurer: Future Generali Life Insurance Company Limited
Category: Traditional Plan
Objective: Provides regular income post retirement
Major USP of Future Generali Pension Plan
Pure pension plan
Guaranteed Additions
Bonuses
Single premium option available
Eligibility for Future Generali Pension Plan
Minimum Entry Age – 18 Years
Maximum Entry Age – 60 Years
Minimum Vesting Age: 40 years
Maximum Vesting Age: 70 years
Premium Payment Term: Single Premium, Policy term
What benefits does Future Generali Pension Plan offer?
Death benefit:
In case the Life Assured passes away during the policy term, the beneficiary will receive surrender value and Sum Assured if opted. The vested bonuses and guaranteed additions will also be paid.
Maturity Benefit:
Maturity amount will be equivalent to sum of accumulated pension amount, guaranteed additions and bonuses.
You can opt for
- One third of the maturity amount can be received as lump sum and the rest of amount through annuity
- Entire amount can be used to purchase annuity and the payouts will begin
Guaranteed Addition:
5% of the pension fund is added at the end of the 15th year.
With Profits Plan:
Bonus both reversionary which is based on performance of the participating fund and terminal bonus if any will be given by Future Generali.
Are there any tax benefits?
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Paid up Policy: After three policy years if you are unable to continue policy, you can convert to paid up. The policy will not participate in future performance. On maturity or death, reduced Sum Assured and any vested bonuses if any will be paid.
Surrender Benefit: You can cancel Future Generali Pension Plan plan after 3 years. The guaranteed surrender amount is equivalent to 70% of the total premiums paid barring the first premium.
Free Look Period: Pension Plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.
How can I buy Future Generali Pension Plan?
Policybazaar representatives will assist you in buying Pension Plan.
What’s Policybazaar opinion on Future Generali Pension Plan?
Pension Plan is a traditional pure pension plan. There are many benefits provided by Pension Plan like guaranteed additions, bonuses etc. You can also opt for single premium as well. Apart from term rider, there are no other riders available.
SBI Life Lifelong Pension Plus Review
SBI Life Lifelong Pension Plus Review
Plan Name: Pension Plan
Insurer: SBI Life Insurance Company Limited
Category: Traditional Plan
Objective: Provides regular income post retirement
SBI Lifelong Pension Plus is a non participating traditional plan which provides the customer option of taking it as pure pension plan or pension plan with insurance cover.
Major USP of SBI Life Lifelong Pension Plus Plan
Pure Pension option available
Guaranteed Addition
Single Premium option available
Eligibility for SBI Life Lifelong Pension Plus Plan
Minimum Entry Age: 18 Years
Maximum Entry Age: 65 Years
Minimum Age at Vesting: 40 Years
Maximum Age at Vesting: 70 Years
Policy Term: 5- 40Years
Premium Payment Term: Single, Policy term
What benefits does SBI Life Lifelong Pension Plus Plan offer?
Death benefit:
If you have opted for insurance cover, fund value along with Sum Assured will be provided on the death of life insured.
Maturity Benefit:
Maturity amount will be equivalent to fund value, guaranteed additions and bonuses if any.
You can opt for
- One third of the maturity amount can be received as lump sum and the rest of amount through annuity
- Entire amount can be used to purchase annuity and the payouts will begin
Guaranteed Additions:
10% of Annual Premium will be added to the fund value on the 15th policy year and every 5th year thereafter.
Riders:
SBI Lifelong Pension Plus has the following riders available:
- Total Permanent Disability Cover (Accident)
- Total Permanent Disability Cover (Accident & Sickness)
Are there any tax benefits?
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Paid up Policy: After three policy years if you are unable to continue policy, you can convert to paid up. The policy will not participate in future performance. On maturity or death, reduced Sum Assured and any vested bonuses if any will be paid.
Surrender Benefit: You can cancel Lifelong Pension Plus from 2nd year onwards. The surrender charges are dependent on the policy year in which the pension plan is cancelled.
Free Look Period: Lifelong Pension Plus Plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.
How can I buy SBI Life Lifelong Pension Plus Plan?
Policybazaar representatives will assist you in buying Lifelong Pension Plan.
What’s Policybazaar opinion on SBI Lifelong Pension Plus Plan?
Pension Plan is one of the few traditional pension plans in the market which lets you opt for just pension, no insurance cover. However if you want insurance cover, you can opt for it as well. There are riders also available in the plan. Though there are guaranteed additions, there is no reversionary bonus.
Tata AIG Nirvana Plus Review
Tata AIG Nirvana Plus Review
Plan Name: Nirvana Plus
Insurer: Tata AIG Life Insurance Company Limited
Category: Traditional Plan
Objective: Provides regular income post retirement
Major USP of Tata AIG Nirvana Plus
Guaranteed Additions
Bonuses
Automatic Premium Loan
Critical Illness Rider available
Eligibility for Tata AIG Nirvana Plus
Minimum Entry Age – 18 Years
Maximum Entry Age - 45 Years
Sum Assured: Rs 1, 2 and 4 lacs
Minimum Vesting Age: 55 years
Maximum Vesting Age: 60 years
Premium Payment Term: Policy term
What benefits does Tata AIG Nirvana Plus offer?
Death benefit:
In case the Life Assured passes away during the policy term, the beneficiary will receive Sum Assured. The vested bonuses and guaranteed additions will also be paid.
If death is due to accident, double the Sum Assured along with bonuses and additions will be paid.
Maturity Benefit:
Maturity amount will be equivalent to sum of Sum Assured, guaranteed additions and bonuses.
You can opt for
- One third of the maturity amount can be received as lump sum and the rest of amount through annuity
- Entire amount can be used to purchase annuity and the payouts will begin
Guaranteed Additions:
10% of Sum Assured is added to the fund value every 5 years.
With Profits Plan:
Bonus both reversionary which is based on performance of the participating fund and terminal bonus if any will be given by Tata AIG.
Critical Cover:
If the life insured is diagnosed with any of the critical illnesses under the policy, Rs 1 lacs will be paid. After three years, you can opt for critical illness cover by paying additional nominal premium.
Premium Loan:
In case you are not able to pay premium, the amount due will be automatically loaned to your policy.
Are there any tax benefits?
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Paid up Policy: After three policy years if you are unable to continue policy, you can convert to paid up. The policy will not participate in future performance. On maturity or death, reduced Sum Assured and any vested bonuses if any will be paid.
Surrender Benefit: You can cancel Tata AIG Nirvana Plus plan after 3 years. The guaranteed surrender amount is equivalent to 30% of the total premiums paid barring the first premium.
Free Look Period: Nirvana Plus can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.
How can I buy Tata AIG Nirvana Plus?
Policybazaar representatives will assist you in buying Nirvana Plus.
What’s Policybazaar opinion on Tata AIG Nirvana Plus?
Nirvana Plus is a traditional pension plan. There are many benefits provided by Nirvana Plus like guaranteed additions, bonuses and inbuilt critical illness cover.
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