Product Specification-wealth-maxima-plan

Details About Premium Illustration for a 35 year old male paying 5 lakhs as premium: Policy Details Grace Period: 15 days grace period is allowed for payment of premium under monthly mode and 30 days for other modes. If policyholder fails to make payment within the grace period, the policy lapses Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim. Inclusions The policy provides for top-up premiums whereby the Fund Value and the corresponding Sum Assured can be increased through investing additional premium 4 free partial withdrawals are allowed every year which should be a minimum of Rs.5000 and after withdrawal the fund value should be maintained at a minimum of one annual premium for regular plans and 6% of the single premium for single pay plans Premium redirection is available 12 free switches are allowed per policy year Additional Features or Riders There is an inbuilt Enhanced Systematic Money Allocation and Regular Transfer (Enhanced SMART) option, which if chosen, transfers the units systematically from debt fund to equity fund from the next policy month so that the customer can avail benefits of rupee-cost averaging. Riders are available for customizing the policy. The following riders are allowed under the limited pay option but for single pay only the third rider is available: Tata AIA Life Insurance Waiver of Premium (Linked) Rider Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider Tata AIA Life Insurance Accidental Death and Dismemberment (long scale) Linked Rider Exclusions The benefit paid in case of suicide within 12 months of policy inception is the fund value as on that date.