This is yet one more insurance policy from Tata AIG Life that has been planned to offer fixed income after the retirement of their insured customers. In this policy the insured is eligible to have 10 (%) percent guaranteed additions to the sum that has been assured under this policy in every 5 years.
Under this policy the insured is allowed to have 3 levels of insurance coverage that is the sum assured in this policy. The policy also allows the insured to select their age of retirement plan under which the minimum and the maximum age would be 55 and 60 years respectively.
Some of the key features of Tata AIG Life Nirvana Plus insurance policies are as follows:
- Under this policy, rupees 1, 00,000 is paid to the insured as medical treatment against certain critical illness after finishing a month of this policy. This is mostly done for the first 3 years of the policy.
- If the insured losses its life due to an accident during the term of the policy then the insurance company pays double the amount that has been particular in the policy statement to the family members of the insured along with extra bonuses.
- The sum that has been assured in the policy would be paid instantly after the death of the insured during the term of the policy.
- One third amount of the sum assured is paid as lump sum to the insured after attaining the chosen age of retirement and the remaining sum would be used to make a purchase of a monthly income plan.
- Reversionary bonus and terminal bonus is also included in this policy and this one is confirmed after the successful completion of 6 and 10 years of the policy.
The insured would also be eligible to get tax benefit on the premium under Section 80CCC of the Income Tax Act.
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Tags: insurance plan, Nirvana Plus Plan, RETIREMENT PLAN, TATA AIG Life Insurance