Tata AIG Life Insurance Company Limited announced the
launch of five rider options on its unit-linked product,
InvestAssure. These are the critical illness rider, accidental
death benefit rider, accidental death and dismemberment
rider, payor benefit rider and waiver of premium rider.
With this the Company has further strengthened its unit-linked
insurance plan, which offers the security of a life insurance
policy with the opportunity of enjoying high returns on
the insurance premium.
J-Watts, managing director, Tata AIG Life Insurance Company
Ltd said, "Our unit linked insurance plan, InvestAssure
has been well received since its launch earlier this year.
It has emerged as an ideal investment vehicle as it empowers
the policyholder to optimise their returns and at the
same time not compromise on the security that every investor
/ insured would want to provide to their loved ones. With
the launch of five powerful rider options, we have further
is the most flexible unit-linked insurance plan in the
market today that gives investors the flexibility to choose
the amount of life cover (50 per cent or 100 per cent
of the premium multiple), investment fund and also the
flexibility to top their investments (single top-up premium
or regular top-up premium) at any-time during the life
of the plan.
AIG Life avails non-discretionary investment advisory
services of Franklin Templeton Investments (India) on
its unit-linked insurance plan (under the portfolio management
the launch of these riders on 'InvestAssure', Tata AIG
Life offers the insured the option of availing a plethora
of additional risk cover benefits. By paying a nominal
additional premium, the insured can choose to buy from
any of the 5- powerful rider options.
death benefit rider: Provides for an additional amount
(upto a maximum of equal to the sum assured) in case of
death due to an accident.
death and dismemberment rider: This coverage includes
an accidental death benefit maximum (upto a maximum of
equal to the sum assured) and a schedule of benefit percentages
of the sum assured payable in case of accidental dismemberment
or severe burns. A double indemnity is payable for certain
accidental deaths as described in the contract.
of premium rider: This rider will waive future premiums
of the policy to which it is attached (up to age 60) in
the event of any total and permanent disability occurring
to the policyholder during the policy term. The policyholder
continues to enjoy coverage, as Tata AIG Life pays the
premium towards the basic policy, to ensure the policy
remains in force. This benefit can be availed at a low
benefit rider (only for juvenile policies): This rider
can be attached to a child policy. In the event of the
premium payor's death or total and permanent disability
(before reaching age 60 and before the child turns 21),
all future premiums of the basic policy will be waived,
until the child reaches age 21 or the premium payor reaches
age 60, whichever is earlier. The basic policy will remain
in force and the policyholder will continue to benefit
from the returns and security of the policy
illness rider: In case the policyholder is diagnosed
with a critical illness or needs surgery, this benefit
provides the policyholder with a lump sum amount. The
benefit covers cancer, stroke, heart attack, coronary
bypass surgery, kidney failure and major organ transplants.
For this benefit to be payable, the insured needs to survive
for at least 30 days post operation / diagnosis of the
critical illness. There is a waiting period of 180 days
from the date of issue of the policy after which the cover
gets activated. While
this benefit ceases after the policyholder makes one claim,
the policyholder continues to receive the remaining benefits,
provided the premiums are paid.