This is a Non-Linked, Non-Participating, Endowment Assurance Plan. A limited pay income plan that meets tomorrow's requirements along with protecting your loved ones and dreams as it ensures you of guaranteed returns for the money invested. Investment in this plan helps you fulfill your medium to long term goals.
Vision Endowment Plan
Endowment plans with reversionary bonus is the largest selling traditional life insurance product in market.
Attractively priced and affordable for the Mass Retail | Mass Affluent | Emerging Affluent Segment, who prefer saving to pure protection.
On death of the Life Assured during the policy term, provided the policy is in-force as on the date of death and all due premiums have been paid; Sum Assured on death shall be payable irrespective of the Survival Benefits already paid.
“Sum Assured on death” shall be the highest of the following:
- Eleven (11) times of Annualised Premium
- 105% of all the Premiums Paid,(excluding the underwriting extra premiums and modal loading), as on the date of death
- Minimum Guaranteed Sum Assured on Maturity
- Absolute amount assured to be paid on death
“Minimum Guaranteed Sum Assured on Maturity” refers to the absolute amount of benefit which is guaranteed to become payable on maturity of the policy. Minimum Guaranteed Sum Assured on Maturity is equal to 'Guaranteed Maturity Payout (GMP)' for Option II and 'Guaranteed Maturity Payout (GMP)' plus final Guaranteed Payout (GP) in case of Option I.
“Annualized Premium” shall be the premium paid in a year, excluding underwriting extra premiums and loading for modal Premiums, if any.
You will be eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961
#The above exemption is as per the Income Tax Act 1961 and is subject to change as per amendments made from time to time.
If you are not satisfied with the terms & conditions/features of the policy, you have the right to cancel the policy by providing a written notice to the Company and receive the refund of all premiums paid without interest after deducting (a) proportionate risk premium for the period on cover and (b) stamp duty and medical examination cost (including Service Tax and Swachh Bharat Cess) which have been incurred for issuing the policy. Such notice must be signed by you and received directly by the Company within 15 days from the date of receipt of the policy document. The said period of 15 days shall stand extended to 30 days, if the policy is sourced hrough distance marketing mode, which includes every activity of solicitation (including lead generation) and sale of insurance products through voice mode, SMS, electronic mode, physical mode (like postal mail) or any other means of communication other than in person. Distance Marketing will include sales through Direct Sales (other than in person).
In case of death due to suicide by the Insured, whether sane or insane, within 12 months from the date of commencement (which is same as date of inception of the policy), the nominee shall be entitled to all the Premiums Paid (excluding the underwriting extra premiums and modal loading), provided the Policy is in-force. In case of death due to suicide by the Insured, whether sane or insane, within 12 months from the date of revival, the nominee shall be entitled to higher of all the Premiums Paid (excluding the underwriting extra premiums and modal loading) or the acquired Surrender Value as on the date of death, provided the Policy is in-force.
Option I: Regular Income
Provided the Policy is in-force and all due premiums have been paid, an amount equal to the Guaranteed Maturity Payout (GMP) will be paid as a lump sum at Maturity. The last instalment of GP will be paid along with the above mentioned Maturity Benefit. The GMP will be equal to GMP multiplied by Annualized Premium. The GMP factors will vary as per the age at entry, gender and premium payment term selected as mentioned in the table below:
For Male lives:
|Guaranteed Maturity Payout as % of Annualised Premium|
|Age# Band | PPT||7||10||12|
|3 to 10||161%||316%||401%|
|11 to 15||162%||318%||405%|
|16 to 20||158%||312%||397%|
|21 to 25||155%||308%||392%|
|26 to 30||153%||305%||388%|
|31 to 35||145%||296%||381%|
|36 to 40||130%||279%||367%|
|41 to 45||103%||246%||328%|
|46 to 50||46%||178%||238%|
For Female lives:
|Guaranteed Maturity Payout as % of Annualised Premium|
|Age# Band | PPT||7||10||12|
|3 to 10||143%||300%||380%|
|11 to 15||164%||321%||408%|
|16 to 20||160%||315%||401%|
|21 to 25||156%||310%||395%|
|26 to 30||155%||307%||391%|
|31 to 35||150%||302%||385%|
|36 to 40||140%||290%||377%|
|41 to 45||121%||269%||356%|
|46 to 50||74%||224%||301%|
#Age on last birthday
Option II: Endowment
Provided the policy is in-force and all due premiums have been paid, the Minimum Guaranteed Sum Assured on Maturity which is equal to the Guaranteed Maturity Payout (GMP) will be paid at Maturity. The amount of benefit shall be equal to the Guaranteed Payout paid under Option II.
15 Years/ 21 Years/ 25 Years
- Premium Payment Term: 7 Years for Policy Term: 15 Years
- Premium Payment Term: 10 Years for Policy Term: 21 Years
- Premium Payment Term: 12 Years for Policy Term: 25 Years
Annual/ Half-yearly/ Quarterly/ Monthly
- For Option I: 18,000 p.a.
- For Option II: 36,000 p.a.
Insurance products are obligations only of the Insurance company. They are not bank deposits or obligations of or guaranteed by Citibank N.A, Citigroup Inc or any of its affiliates or subsidiaries or any Governmental agency. All claims under the policy will be solely decided upon by the Insurance Company. Citibank, Citigroup or any of their affiliates and group entities hold no warranty and do not make any representation about the insurance, the quality of claims processing and shall not be responsible for claims, recovery of claims, or for processing of or clearing of claims, in any manner whatsoever. This document does not constitute the distribution of any information or the making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a document or make such an offer or solicitation. Investment products are not available to US persons and may not be available in all jurisdictions.
The information provided on this website does not constitute the marketing of any products or services to individuals resident in the European Union, European Economic Area, Switzerland, Guernsey and Jersey. The content on this website is not, and should not be construed as, an offer, invitation or solicitation to buy or sell any of the products and services mentioned herein to such individuals.
Participation by the bank's customers in an insurance product is purely on a voluntary basis.
*IRS Circular 230 Disclosure: Citigroup, Inc., its affiliates, and its employees are not in the business of providing tax or legal advice to any taxpayer outside of Citigroup, Inc. and its affiliates. This document is not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties. Tax benefits are subject to changes in the tax laws. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.
Citibank N.A. is a registered Corporate Agent of Tata AIA Life Insurance Company Limited, New India Assurance Company Limited, Royal Sundaram General Insurance Company Limited and Apollo Munich Health Insurance Company Limited under the composite license number CA0086 issued by IRDAI.
Life Insurance Policies:
These policies are underwritten by Tata AIA Life Insurance Co. Limited (IRDAI Registration No. 110)
CIN: U66010MH2000PLC128403 with its registered office at 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg,
Lower Parel, Mumbai 400013.
All guaranteed benefits are payable only when all premiums are paid when due.
Investment risk in the investment portfolio is borne by the Policy Holder. The premium paid in Unit Linked Life Insurance policies are subject to investment risks associate with capital markets and the NAVs of the units may go up or down based on the performance of the fund and factors influencing the capital market and the insured is responsible for his or her decision. Tata AIA Life is only the name of the Insurance Company and the funds offered are only the names of the funds and does not in any way indicate the quality of the contract, its future prospects or returns.
UIN for TATA AIA Life Insurance Smart Income Plus - 110N126V03
UIN for TATA AIA Life Insurance Good Kid - 110N127V01
UIN for TATA AIA Life Insurance Sampoorna Raksha - 110N129V02
UIN for TATA AIA Life Insurance Sampoorna Raksha+ - 110N130V02
UIN for TATA AIA Life Insurance Gold Income Plan - 110N131V01
UIN for TATA AIA Life Insurance Freedom - 110N124V01
UIN for Tata AIA Life Insurance Wealth Maxima - 110L114V02
UIN for Tata AIA Life Insurance Wealth Pro - 110L111V02
UIN for Tata AIA Life Insurance Fortune Maxima - 110L113V02
UIN for Tata AIA Life Insurance Fortune Pro - 110L112V02
UIN for Tata AIA Life Insurance MahaLife Gold Plus - 110N110V01
UIN for Tata AIA Life Insurance Money Maxima - 110N109V01
UIN for Tata AIA Life Insurance MahaLife Magic - 110N108V01
UIN for Tata AIA Life Insurance Secure 7 - 110N107V01
Non-life Insurance Policies: Policies are underwritten by New India Assurance Company Limited (IRDAI Registration No. 190) CIN: U99999MH1919GOI000526 with its registered office at No.87, Mahatma Gandhi Road, Fort, Mumbai – 400 001, by Royal Sundaram General Insurance Company Limited (IRDAI Registration No. 102) CIN:U67200TN2000PLC045611 with its registered office at No. 21, Patullos Road, Chennai 600 002 or by Bajaj Allianz General Insurance Company Limited (IRDAI Registration No. 113) CIN: U66010PN2000PLC015329 with its registered office at Bajaj Allianz House, Airport Road, Yerawada, Pune 411 006.
Specialist Health Insurance Policies: Policies are underwritten by Apollo Munich Health Insurance Co. Limited (IRDAI Registration No. 131) CIN: U66030AP2006PLC051760 with its registered office at Apollo Hospitals Complex, Jubilee Hills, Hyderabad, Telangana 500 033 or by Aditya Birla Health Insurance Company Limited (IRDAI Registration No. 153) CIN: U66000MH2015PLC263677 with its registered office at 9th Floor, One Indiabulls Centre, Tower 1, Jupiter Mills Compound, S.B. Marg, Elphinstone Road, Mumbai 400 013.
For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding the sale.
For any queries with respect to your Insurance Policies bought through Citibank N.A., kindly contact 24 x 7 CitiPhone, The updated numbers are available on www.citibank.co.in
SECTION 41 OF THE INSURANCE ACT 1938 PROHIBITION OF REBATES
- No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an Insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a Policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectus or tables of the Insurer.
Any person making default in complying with the provisions of this section shall be liable for penalty which may extend to
ten lakh rupees.