Tata AIG Life InvestAssure II - Policy Charges

                                             Premium Allocation Charges

 

Premium Charge

Issue Age

First Premium Years*

Second Premium Years*

Third Premium Years*

30 year term

0-45

50%

25%

1%

25 year term

0-45

50%

25%

1%

46-50

50% less 2.5% each age

25%

1%

20 year term

0-45

50%

25%

1%

46-54

50% less 2.5% each age

25%

1%

55

25%

25%

1%

15 year term

0-45

40%

20%

1%

46-49

40% less 2.5% each age

20%

1%

50

27.5%

20%

1%

51-54

27.5% less 1.5% each age

20% less 1% each age

1%

55

20%

15%

1%

56-59

20% less 0.5% each age

15% less 0.5% each age

1%

60

17.5%

12.5%

1%

 

If the Annual Premium is greater than Rs.50,000 but less than Rs.1 crore, then the premium charge for the 1st year will be reduced by 10%.

If the Premium amount for 1st year is greater than or equal to Rs.1 crore but less than Rs.1.8 crore then the premium charge for first two years is reduced by 75%. If the premium amount is greater than or equal to Rs.1.8 crore, then the premium charges are zero throughout the term.

 

 

Surrender and Partial Withdrawal Charges

 

Partial Withdrawal charges are the same as those for full surrender, on a proportionate basis. Partial withdrawal can be repeated but subject to a maximum of 4 per policy year, however no regular partial withdrawals will be allowed.

 

Policy Month

Policy Term
20-Year, 25-Year or
30-Year (in Rs.)

Policy Term
15 Year
(in Rs.)

 

Policy Month

Policy Term
20-Year, 25-Year or
30-Year (in Rs.)

Policy Term
15 Year
(in Rs.)

0-36

NA

NA

 

55

12

4

37

30

24

 

56

12

4

38

30

24

 

57

12

4

39

30

24

 

58

10

2

40

25

20

 

59

10

2

41

25

20

 

60

10

2

42

25

20

 

61

8

0

43

20

16

 

62

8

0

44

20

16

 

63

8

0

45

20

16

 

64

6

0

46

18

12

 

65

6

0

47

18

12

 

66

6

0

48

18

12

 

67

4

0

49

16

8

 

68

4

0

50

16

8

 

69

4

0

51

16

8

 

70

2

0

52

14

6

 

71

2

0

53

14

6

 

72

2

0

54

14

6

 

73+

0

0

Surrenders/Partial Withdrawals are allowed from the Top-Up Fund Value after completion of three years from the date of approval/deposit of each Top-Up Premium.

After completion of such period, no Surrender Charges/Partial Withdrawal Charges are levied.

 

Top-Up Premium Allocation Charge

 

 

Top-Up premium will be a minimum of Rs.10,000/- and will be allowed a maximum two times a year.

The Top-Up Premium Allocation Charge is 1.5% of the Top-Up Premium received.                          

 

 

Monthly Policy Administration Charge

 

A Monthly Administration Fee of Rs. 38/- will be deducted by cancelling Units at the Unit Price from the Fund Value of the Policy on each Policy Monthly Anniversary. 

The administration charges may be increased upto a maximum of five (5)% p.a.

 

 

Fund Management Charge

 

There will be a Fund Management Charge charged every valuation date: 

 

 

 

Equity Fund

Income Fund

Short Term Fixed Income

Aggressive Growth Fund

Stable Growth Fund

Select Equity Fund

 

1.75%

1.25%

0.90%

1.60%

1.40%

1.45%

 

 

 

 

All Fund Management Charges are subject to revision by company but shall not exceed 1.75% per annum of the Fund Value.

 

 

 

 

 

Premium Redirection Charge

 

 

A Premium Re-direction Charge of Rs. 1,000 is payable on a change of an existing Premium Allocation except for the first two (2) such changes in each Policy Year. However, this charge shall not exceed maximum of Rs.2000.

 

 

 

 

 

Fund Switch Charge

 

 

Fund Switch Charge is payable on each switch from one Fund to another except for the first four (4) such switches in each Policy Year. The Fund Switch Charge is Rs. 250/- per switch and deducted in Units from the Fund(s) to be switched into. This charge may be revised by the company, but such increase shall not exceed a maximum of Rs.500.

 

 

 

 

 

Premium Holiday Charge

 

 

After completion of 3 policy anniversaries i.e. after 36 months, if the premium is not paid, the policy will not lapse immediately and Premium Holiday will be triggered. Premium Holiday Charge is 3% of the Regular Premium for the first 5 years, which will be deducted by cancelling Units at Unit Price from the Fund Value of the policy on each Policy Monthly Anniversary. If the premium payment is not recommenced within 5 years, premium holiday will continue after 5 years only after the receipt of the consent from the policyholder and a charge of 1.5% of the Regular Premium will be deducted.

 

 

 

 

 

Mortality Charge^

 

 

The Mortality Charge will be deducted by cancelling Units at Unit Price from the Fund Value of the Policy on each Policy Monthly Anniversary. The below table is the Annual Mortality Charge for Rs.1,000 of Sum Assured for a standard life.

 

 

 

 

 

Age

Mortality Charge

Age

Mortality Charge

Age

Mortality Charge

 

 

0

3.438

34

1.348

68

30.598

 

 

1

3.465

35

1.435

69

34.333

 

 

2

3.493

36

1.538

70

38.459

 

 

3

3.52

37

1.657

71

43.008

 

 

4

2.038

38

1.793

72

48.016

 

 

5

0.542

39

1.959

73

53.522

 

 

6

0.543

40

2.15

74

59.566

 

 

7

0.546

41

2.333

75

66.192

 

 

8

0.556

42

2.51

76

73.443

 

 

9

0.574

43

2.717

77

81.367

 

 

10

0.598

44

2.971

78

90.011

 

 

11

0.629

45

3.274

79

99.425

 

 

12

0.662

46

3.627

80

109.662

 

 

13

0.695

47

4.03

81

120.773

 

 

14

0.742

48

4.481

82

132.81

 

 

15

0.797

49

4.982

83

145.072

 

 

16

0.848

50

5.532

84

156.688

 

 

17

0.896

51

6.131

85

168.224

 

 

18

0.94

52

6.78

86

180.394

 

 

19

0.98

53

7.478

87

193.207

 

 

20

1.016

54

8.225

88

206.668

 

 

21

1.048

55

9.022

89

220.778

 

 

22

1.077

56

9.864

90

235.534

 

 

23

1.102

57

10.66

91

250.927

 

 

24

1.123

58

11.488

92

266.946

 

 

25

1.14

59

12.512

93

283.57

 

 

26

1.153

60

13.732

94

300.777

 

 

27

1.163

61

15.148

95

318.536

 

 

28

1.168

62

16.758

96

336.811

 

 

29

1.17

63

18.564

97

355.563

 

 

30

1.171

64

20.566

98

374.744

 

 

31

1.186

65

22.17

99

692.218

 

 

32

1.224

66

24.171

100

1000

 

 

33

1.277

67

27.22

 

 

 

 

 

 

Service tax is applicable as per governing laws and the same shall be borne by the policyholder. Tata AIG Life Insurance Company Limited reserves the right to recover from the Policyholder, any levies and duties (including service tax), as imposed by the government from time to time.

 

Note: The Company has the right to alter the above charges (except Mortality Charge and Premium Allocation Charge which are guaranteed throughout the term) by giving advance notice of at least 3 months to the policyholder subject to the approval of IRDA and will have prospective effect.

 

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