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TATA AIA Child Plan- Top Plans to Secure your Child

Updated on May 11, 2021 , 259 views

You might find yourself often contemplating the financial security of your child’s future. To help you put your fears to rest, TATA AIA Life Insurance offers you one of the best child plan to fund major expenses like higher education, marriage,etc. The two major child plans under TATA AIA are - Tata AIA Super Achiever Plan and Tata AIA Good Kid Plan .

TATA AIA Child Plan

TATA AIA Life insurance Company Limited or TATA AIA Life is a joint venture company under the management of TATA Sons Ltd and AIA Group Ltd. It is one of the largest life insurance groups in the world covering more than 18 markets in Asia Specific. Tata Sons hold a 51% stake in the company. The company commenced its operations on April 1, 2001.

1. TATA AIA Super Achiever Plan

The Tata AIA Super Achiever is a non-participating endowment unique linked plan. Secure your child’s future aspirations with this plan.

Features

1. Limited Tenure

You have to pay the premiums for a limited tenure under Tata AIA Child Plan.

2. Fund Options

The plan comes with 8 fund options. They are mentioned below:

  • Multi-Cap Fund
  • India Consumption Fund
  • Large-cap Equity Fund
  • whole life mid-cap Equity Fund
  • Whole Life Stable Growth Fund
  • Whole Life Aggressive Growth Fund
  • Whole Life Income Fund
  • Whole Life Short-term Fixed Income Fund

3. Investment Strategies

The TATA AIA Life Insurance Super Achiever Plan brings three investment strategies for a premium paid. You can choose to manage the investments on your own or leave it to the management of the company.

The company offers two strategies. They are mentioned below:

  • Enhanced Automatic Asset Allocation Plus (EAAAP)- Under this strategy, the premium is invested in the ratio in Large Cap Equity Fund and Whole Life Income Fund. Higher proportion is invested in the Large Cap Equity Fund. Note that the ratio changes over time depending on the date of maturity when approaching. The proportion of the investment will also increase in the Whole Life Income Fund to help you shield against market volatility.

  • Protect Returns of Funds Increased over Time (PROFIT)- Under this strategy, the premiums will be invested in Equity Funds. The Return on Investment will be a trigger and the profit will be at a low risk. It helps shield against market volatility.

4. Maturity

On maturity, the value of the fund can be gained in lump sum or instalments over 5 years through an option called ‘Settlement Option’. You will also be able to gain guaranteed maturity additions on maturity at 5% of the fund value with Tata AIA Child Plan.

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5. Death of Holder

In case of death of the one insured during the tenure of the Tata AIA Child Education Plan, the sum assured along with the top-up sum is paid immediately on the death. The future premiums are paid for by the company and on maturity, you will receive the fund value.

6. Partial Withdrawals

If you are in need of money, the plan allows you to withdraw from your fund. The withdrawals from regular premium fund are allowed after 5 policy anniversaries from the date of issue of the policy.

7. Top-Ups

You are also provided with the flexibility to pay an additional premium as ‘Top-Up Premium.

8. Income Tax Benefit

You can claim benefits as per Section 80C and Section 10(10D) of the income tax Act.

Eligibility Criteria

The eligibility criteria under this plan are mentioned below.

Note that a child is a compulsory nominee under the plan.

Details Description
Minimum Entry Age of Life Assured 25 years Life Assured
Maximum Entry Age of Life Assured 50 years Life Assured
Minimum Entry Child 0 (30 days) Age of Nominee*
Maximum Entry Child 17 years Age of Nominee*
Maximum Age 70 years at Maturity
Policy Term 10 to 20 years
Premium Payment Term 10 years
Premium Mode Annual / Semi-Annual/ Monthly
Minimum Premium Rs. 24,000 per annum
Maximum Premium No Limit (subject to Board Approved underwriting policy)
Basic Sum Assured 10 x Annualised Premium

2. Tata AIA Life Insurance Good Kid

Tata AIA Life Insurance Good Kid is a non-linked, participating, anticipated Endowment Plan with an in-built waiver of premium benefit. You can get money back benefits with this plan.

Features

1. Maturity

On maturity, you will get a guaranteed sum assured vested Compound Reversionary Bonuses plus Terminal Bonus. This will be payable on maturity after the Deduction of any outstanding amount which is yet to be paid on the due date of maturity.

2. Money Back Benefits

You can also avail money-back benefits at the end of the year as a percentage of the basic sum assured. It is mentioned in the table below:

Benefits Payable the end of the year Money Back Benefits as a percentage of Basic Sum Assured
(Policy Term minus 3) years 15%
(Policy Term minus 2) years 15%
(Policy Term minus 1)years 15%

3. Bonus

You will get both Compound Reversionary Bonus (CRB) and Terminal Bonus with Tata AIA Life Insurance Child Plan.

4. Death Benefit

In case of death of the insured, the sum assured on death will be paid. This amount is subject to a minimum of 105% of total premiums paid as on the date of death.

Eligibility Criteria

The eligibility criteria under this plan are mentioned below.

Note that a child is a compulsory nominee under the plan.

Details Description
Life Assured age as on last birthday (Years) Minimum: 25 Maximum: 45
Nominee age as on last birthday Minimum: 0 (30 days)
Premium Based on Minimum Basic Sum Assured
Basic Sum Assured Rs 2,50,000
Max Maturity age of Life Assured as on last birthday (Years) 70
Premium Payment Term Policy Term less 5 years
Policy Term 12 to 25 years
Premium Payment Options Annual/Half-yearly/ Monthly

Documents Required

  • Identity Proof (Voter ID, Passport, Driving License,)
  • Address proof (Passport, Driving License, Voter ID, PAN Card)
  • Age proof (PAN Card, aadhaar card, Birth Certificate)

TATA AIA Child Plan Customer Care Number

The customer care number for the child plan is mentioned below:

1-860-266-9966

TATA AIA Child Plan FAQs

1. What are the modes of payment available?

The plan allows you to pay the premiums in 5 different modes. They are mentioned below:

  • Auto Debit
  • Payment Collection Center
  • Cheque Collection Center
  • Dropboxes
  • Online Payment

If you wish to pay online, you can use the following options:

  • Quick pay via ICICI Portal
  • Internet Mobile Payment Service
  • NEFT Transfer
  • Auto debit Facility through Bank account

2. What is the policy renewal process for TATA AIA Child Plan?

You can renew your policy online by logging in to the portal and follow the link which will lead you to the secured payment process. Use the debit, credit card or net banking option.

3. What is the policy cancellation process?

You can cancel your policy by submitting relevant documents at the branch location. On receiving the documents, the company will credit the amount your bank account and will record that you have cancelled your plan.

Conclusion

Tata AIA Child Plan is a great way to secure your child’s future. Read all the policy-related documents carefully before applying

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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