Knowledge CentreThe Additional allocation is additional premium credited to the respective funds every year till end of policy term. The period from which the allocation begins depends from product to product.
The amount paid under an annuity scheme at stipulated intervals like yearly/half yearly/quarterly/monthly intervals. Annuities are typically used for pensions and the individual receiving the annuity is known as an annuitant.
Refers to the make up of the distribution of the various assets of an organization usually done to maximize expected reward / returns within risk constraints.
A with-profits life assurance bonus, normally added annually to the policy, which is based on the profits of the life company's investments. The compound reversionary bonus is normally calculated on the sum assured (or basic sum assured) plus bonuses to date and is payable at the maturity of the policy or prior death. Once declared, reversionary bonuses are guaranteed.
Insurance which covers the insured against pre-defined critical illnesses such as cancer, heart attack and multiple sclerosis etc. In the event that the insured contracts one of the specified illnesses, the insurers would pay a lump sum rather than an income as in the case of permanent health insurance.
A life assurance policy with a fixed policy term in which the policy pays out a sum of money (the sum assured)
The amount to be paid out on an insurance policy on death or maturity.
The Guaranteed Addition is an additional sum which is paid over and above Sum Assured. The method under which the additional sum is determined depends on product to product.
It is payable on any of the following conditions
An insurance policy that pays specified amount to the insured in the event that he/she goes to hospital. This is usually to compensate for lost income.
A Certificate issued to the insured instantly at the submission of the application form signifying the fact that 'his cover has begun'
An insurance policy that, in return for the payment of regular premiums, pays a lump sum on the death of the insured.
The insured has to pay premiums only till the fixed term and not for the entire lifetime of the policy
At the end of the period you are guaranteed to receive at least the principle amount that is invested.
A bonus added to the sum assured of a "with profits" life insurance policy out of a company's surplus profits usually on an annual basis. These bonuses are payable at the end of the term of the policy (that is, at maturity), or on prior death of the life assured. Once allocated, their values are guaranteed provided premiums are paid up to maturity or death.
A policy where the insured pays single payment for an insurance policy at the time of purchase.
A value addition feature offered by Tata AIA Life, which helps the customer to enter stock market by investing his money in a structured manner, utilising the benefits of rupee cost averaging.
"Sum Assured" is the guaranteed amount of the benefit that is payable on the death of the Insured under the Basic Policy. The Sum Assured when the Policy is issued is shown in the Policy Information Page. If the Sum Assured is subsequently altered according to the terms and conditions of the Policy, the adjusted amount after such alteration as endorsement issued by us to this effect will become the Sum Assured.
Customer can switch his money within the various available funds under a product. These Funds have different risk profiles based on different types of investments that are offered under these Funds. The returns are expected to vary according to the risk profile. Switching between funds is done to maximize returns.
A life insurance policy in which cover is provided for a specified period of time (the term). The sum assured is paid if the death of the insured occurs during the term. If the insured survives the term, the contract ceases and no benefit is payable when the individual subsequently dies.
The Terminal bonus is a bonus payable at maturity of the policy or prior death of the life assured for a 'with profits' products. This bonus is not guaranteed and is based on company's overall performance.
'Top-Up Premium' refers to unscheduled premium that You may pay into the Policy at any time after the Issue Date while the Policy is in force. It does not form part of the Regular Premium, is subject to our rules, and limits which may be revised at our sole discretion from time to time.
A ULIP is a life insurance policy which provides a combination of risk cover and investment. The dynamics of the capital market have a direct bearing on the performance of the ULIPs.