Financial Daily from THE HINDU group of publications
Sunday, Apr 18, 2004
Financial Daily from THE HINDU group of publications Sunday, Apr 18, 2004 |
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Investment World
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Life Insurance Money & Banking - Life Insurance Columns - Insurance Corner Tata AIG's InvestAssure Sowmya Sundar
Features
Death cover: The plan term can be 15, 20 or 30 years. The life cover or the death cover is a multiple of the annual premium payment. The life cover multiple depends on the insuree's age. You can go for a higher or lower life cover depending on your requirement. If you need higher protection, you can go for 100 per cent of the multiple as life cover. If savings is the priority, you can opt for a lower life cover (50 per cent of the multiple). Investment Fund: InvestAssure offers three pure investment funds — Equity, Income and Liquid. You can determine your own asset allocation pattern among them or go for a pre-determined fund. Tata AIG offers two pre-determined funds — Equity and Growth — with indicative asset allocation patterns. Surrender/Withdrawal: The policy can be surrendered after six years. Premature withdrawal is permitted after two years. A premature withdrawal charge will be levied. Switch: You can allocate the premiums according to your choice. Or also re-allocate between funds. Two such switches are free. You can also switch the entire amount from one fund to another. Four such switches per year are free. Top-ups: You can make two single top-ups subject to a minimum of Rs 25,000 per annum. You might lose tax advantage in such cases. You can also make regular top-ups subject to a charge. Premium holiday: If you are not able to pay premiums regularly the policy will not lapse provided there are enough funds in your account to bear the regular charges.
Benefits
On death during the policy term, the sum assured or the fund value, whichever is higher, is paid. On maturity, the value of the units can be encashed. Similar to other unit-linked plans, the costs are pretty steep. Think about the charges before you take the plan.
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