LIC of India

The Life Insurance Corporation of India, also popularly called LIC, is one of the oldest and the largest life insurance company in India. LIC was formed when hundreds of life insurance companies were nationalised. Here’s a brief look into the history of LIC –

History of LIC of India

• Introduction of life insurance in India
  The concept of life insurance was introduced in India under the British rule in the year 1818.

• Coverage of Indian lives
  In the year 1870, Bombay Mutual Life Assurance Society was formed which was the first Indian life insurance company.

• Development of multiple companies
  The Swadeshi Movement gave birth to a lot of indigenous insurance companies in India. By 1938, there were 176 insurance companies with in-force business of INR 298 crores.

• Need for nationalization of life insurance
  Though there were ample companies, many were not financially sound and stable. The need for nationalization was felt and so, the Life Insurance Act, 1938 was amended and, in 1956, life insurance was nationalized.

• Formation of LIC
  LIC was established on 1^st September, 1956 after the Parliament passed the Life Insurance Corporation Act on 19^th June, 1956. Despite the fact that there are about two dozen life insurance companies in India, LIC continues to enjoy trust among individuals and holds the largest market share of the life insurance segment.

What is life insurance?

LIC of India sells life insurance policies. These policies are a contract between the company and the customers under which the company promises to pay a benefit in case of early death. The customer pays a consideration for the risk taken by the company which is called premium. Many life insurance plans also pay a maturity after the completion of the policy term if the insured is alive.

Objectives of LIC of India

Some of the main objectives of the company are as follows –

• To sell life insurance policies not only in urban and developed areas but also in rural and economically backward areas where people need insurance cover. The company aims to provide affordable cover to all

• To make insurance attractive as a savings product so that people’s savings are mobilized

• To invest the policyholders’ funds in the best possible way so that the funds remain secure and provide attractive returns too

• To act as a trustee for policyholders

• To cater to the different insurance needs of individuals

• To promote a sense of belonging and pride in the minds of the agents and employees of the company.

Mission of the company

The company’s mission statement reads as follows –

‘Ensure and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development.’

Life insurance plans offered by the company

As mentioned in the objectives, LIC of India wishes to fulfil the varied needs of individuals when it comes to life insurance. That is why the company offers a range of life insurance plans. The list of plans include the following

Child Protection Plans

Children Plans from L.I.C. provide safeguard and planned savings for the future of your children with respect to funding their upbringing, education, career, marriage, etc. Numbers of options are available to satisfy and match your goals for your children.

• New Children’s Money Back Plan : a child oriented money back plan which can be bought by a parent having a child aged 0 to 20 years. The plan helps in creating a corpus for the child’s future

• Jeevan Lakshya : an endowment plan which participates in profits and also promises a minimum benefit of 110% of the sum assured on maturity

• Jeevan Tarun - a money back plan which is designed to pay money back benefits at important milestones of a child’s age. The money back benefits can be taken in four options available under the plan

Pension Plans

Plan now for a great and independent retired life. Choose from Immediate and deferred annuity plans to suit your retirement needs.

• Jeevan Shanti : a pension plan which helps in creating retirement funds for the policyholder

• Pradhan Mantri Vaya Vandana Yojana : a senior citizen insurance plan which pays a death benefit, maturity benefit as well as pensions. Coverage is allowed for up to INR 15 lakhs

Endowment Plans

Endowment plan is term insurance policy with maturity benefits. In case of demise of policyholder, the Sum Assured along with accrued bonuses (if any) is paid to the beneficiary. On survival of policyholder, the same is paid on the maturity date.

• Single Premium Endowment : an endowment plan which requires the payment of a single premium only and has a term of 10 to 25 years

• Jeevan Lakshya : an endowment plan which participates in profits and also promises a minimum benefit of 110% of the sum assured on maturity

• Jeevan Labh : a simple endowment plan which offers bonus additions along with maturity or death benefit

• New Jeevan Anand : an endowment plan which can be customised with a rider by paying an additional premium

• New Endowment Plan : an endowment plan which participates in bonus declarations and has a tenure going up to 35 years

• Aadhaar Shila : an endowment plan designed only for females having an Aadhar card. The plan promises loyalty additions which enhance the benefits payable

• Aadhaar Stumb : This is an endowment plan only for males who have an Aadhar card. Loyalty Addition is promised under this plan as well

Money Back Plans

A bunch of perfect plans offered by LIC to meet the insurance needs and the period financial needs of an Individual. The plans provide cash inflow at a predefined intervals.

• New Bima Bachat : a single premium money back policy which pays loyalty additions too if death occurs after the completion of the first five years of the plan

• New Money Back Plan 20 Years : the plan comes with a fixed tenure of 20 years while premiums are paid for 15 years only

• New Money Back Plan 25 Years : the term is fixed at 25 years and premiums are payable for 20 years. Money back benefits provide liquidity

• Jeevan Shiromani : the plan is designed specifically for HNI clients and has high sum assured levels

• Bima Shree: a money back plan which requires only limited premium payments

• Jeevan Umang : a participating whole life plan which also pays annual survival benefits after the completion of the premium paying term

Whole Life Plans

As the name itself suggests, whole life plans provide life cover for the entire lifetime. Different plans with suitable premium options are available to match the requirements of every individual.

• New Jeevan Anand : an endowment plan which can be customised with a rider by paying an additional premium

• Jeevan Umang : a participating whole life plan which also pays annual survival benefits after the completion of the premium paying term

Pure Protection Plans

Pure Protection Plans are specially designed to offer only Life Cover at a very low premium. There are short term plans, long term plans and convertible plans in this category.

• Jeevan Amar

Health Insurance Plans

Health plans from LIC give you the financial security to meet health related contingencies.

• Jeevan Arogya : a health plan which covers hospitalisation costs, Jeevan Arogya has increasing sum insured levels for each completed policy year

• Cancer Cover : a cancer insurance plan which is offered in two options. The sum insured remains constant under the first option and increases in the second. The plan covers all stages of cancer and pays a lump sum benefit

ULIP Plans

Ulip plans are investment plans for those who realise the worth of hard-earned money. These plans help you see your savings yield rich benefits and help you save tax even if you don't have consistent income.

• New Endowment Plus : a unit linked plan where the premiums are invested in the market to earn attractive returns. The plan also provides insurance cover and allows the accidental rider to be added for enhanced protection

• Nivesh Plus

Protection Solutions

Being the sole earner of your family is a big responsibility. Now consider an unfortunate event, if something were to happen to you. Who will provide safety and security to your family in your absence?

It is important to ensure your loved one's financial security to meet the uncertainties and make your family feel fully protected. One of the best ways to do this is through Term plans, the purest form of our insurance.

• Sampoorna Raksha Supreme

• InstaProtect Solution

• Saral Jeevan Bima

Tata AIA Life Insurance Wealth Plans

Wealth creation is everyone’s long-term financial goal. Building wealth can be for meeting various objectives like higher education for children, buying a home or four-wheeler or for comfortable golden years of life. Wealth plans offered by insurance companies are particularly meant for this. Wealth plans offer a combination of life protection and wealth creation benefits by providing market-linked returns. Following are the wealth plans offered by Tata AIA Life Insurance Company.

1. Tata AIA Life Insurance InvestOne Plan

Tata AIA Life InvestOne Plan is a single premium unit-linked endowment insurance plan that assures maximised returns on maturity along with life protection during the policy term. The policy comes with various attractive features.

Key highlights of Tata AIA Life Insurance InvestOne Plan are:

• Flexibility to choose the policy term between 15 years and 30 years

• Loyalty additions every five policy years starting from the tenth policy anniversary

• The plan offers guaranteed maturity additions

• Flexibility to choose from eight different investment fund options

• Based on the investing style investor can choose from two investment portfolio strategies offered – protect returns of funds increased over time (PROFIT) and enhanced automatic asset allocation plus ( Enhanced AAAP)

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

2. Tata AIA Life Insurance Fortune Maxima Plan

Tata AIA Life Fortune Maxima Plan is a non-participating unit-linked whole life plan that provides the benefit of whole life protection along with wealth creation for future.

Key highlights of Tata AIA Life Insurance Fortune Maxima Plan are:

• Flexibility to choose the premium payment – single or limited period payment

• Loyalty additions credited regularly

• Choice of portfolio strategy – enhanced systematic money allocation or regular transfer

• 11 investment fund options to choose based on the need

• Top-up facility to increase the portfolio size

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

3. Tata AIA Life Insurance Fortune Pro Plan

Tata AIA Life Fortune Pro is a non-participating unit-linked endowment assurance plan that provides the benefit of life protection and maximising investment returns. The plan basically is an ideal choice for meeting medium and long-term financial goals with a variety of features offered.

Key highlights of Tata AIA Life Insurance Fortune Pro Plan are:

• Premium payment can be in a single or limited pay mode.

• Regular loyalty additions to boost the investment

• Choice of investment portfolio strategy – enhanced systematic money allocation or regular transfer

• 11 investment fund options to choose

• Plan can be customised with three optional additional riders

• Top-up facility to increase the portfolio size

• Settlement option on maturity which allows taking maturity amount either in a lump sum or instalment basis.

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

4. Tata AIA Life Insurance Wealth Maxima Plan

Tata AIA Life Wealth Maxima Plan is a non-participating unit-linked whole life plan that offers long-term financial security along with the lifelong cover.

Key highlights of Tata AIA Life Insurance Wealth Maxima Plan are:

• Flexibility to choose from single or limited premium payment

• Regular loyalty additions

• Customise with riders

• Flexibility to choose from 11 investment funds

• Top-up facility

• Choice of investment portfolio strategy – enhanced systematic money allocation or regular transfer

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

5. Tata AIA Life Insurance Wealth Pro Plan

Tata AIA Life Insurance Wealth Pro Plan is a non-participating unit-linked endowment assurance plan that provides the benefit of life protection and wealth creation for long-term.

Key highlights of Tata AIA Life Insurance Wealth Pro Plan are:

• Premium payment can be in a single or limited pay mode.

• Regular loyalty additions to boost the investment

• 11 investment fund options to choose from

• Choice of investment portfolio strategy – enhanced systematic money allocation or regular transfer

• Top-up facility to increase the portfolio size

• Plan can be customised with three optional additional riders

• Settlement option on maturity which allows taking maturity amount either in a lump sum or instalment basis.

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

Savings plans

Savings plans offered by Tata AIA Life Insurance Company are the combination of insurance and savings. These plans offer protection and non-linked savings opportunities. There are various savings plans offered by the company.

1. Tata AIA Life Insurance Guaranteed Return Insurance Plan

It is a non-linked, non-participating life insurance savings plan that provides both death benefit and survival benefit for the amount invested.

Key highlights of Tata AIA Life Insurance Guaranteed Return Insurance Plan are:

• Flexibility to choose the plan based on requirement – Endowment, whole life or regular income plan

• Guaranteed additions year on year to boost the investment under endowment option

• Whole life income option allows cover for a spouse in the same policy

• Two additional optional riders to enhance the cover

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

2. Tata AIA Life Insurance Guaranteed Monthly Income Plan

It is a non-linked non-participating life insurance plan with a monthly income option that helps in meeting future income needs of the family along with life protection.

Key highlights of Tata AIA Life Insurance Guaranteed Monthly Income Plan are:

• Guaranteed monthly income for double the policy term

• Two optional riders to enhance the protection

• Flexibility to choose the policy term -5/8/12 years

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

3. Tata AIA Life Insurance Diamond Savings Plan

Tata AIA Life Diamond savings plan is a limited pay, non-linked and participating savings plan that helps in meeting various long-term financial requirements.

Key highlights of Tata AIA Life Insurance Diamond Savings Plan are:

• Guaranteed income after the premium payment term is over

• Flexibility to choose the premium payment term and policy term

• Two optional riders to enhance the cover

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

4. Tata AIA Life Insurance Gold Income Plan

It is a limited pay, non-linked and non-participating endowment assurance plan that provides the dual benefit of protection and savings.

Key highlights of Tata AIA Life Insurance Gold Income Plan are:

• Pay for a limited period -5/12 years for a policy term of 12/15 years

• Choose guaranteed income (starting at 12% of basic sum assured) for 10 or 15 years

• Guaranteed maturity benefit on the survival of policy term

• Income boosters on increasing income

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

5. Tata AIA Life Insurance Smart Income Plus Plan

It is a limited pay, non-linked and non-participating endowment assurance plan that comes with a guaranteed payout.

Key highlights of Tata AIA Life Insurance Smart Income Plus Plan are:

• Flexibility to choose between regular income and endowment options

• Optional rider to customise the cover

• Higher benefits for female lives

• Guaranteed payouts from 120% to 160% of the annualised premium

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

6. Tata AIA Life Insurance Monthly Insurance Plan

It is a non-linked participating endowment assurance plan that follows a disciplined manner of investing by the monthly investment of small sums to create a good corpus for future.

Key highlights of Tata AIA Life Insurance Monthly Insurance Plan are:

• Monthly savings to build a future corpus

• Guaranteed yearly additions accrued at the start of every year

• The policy offers compounded revisionary bonus and terminal bonus

• Life cover and lump sum maturity benefit

• Loan facility

• Tax benefits on investments and on returns

7. Tata AIA Life Insurance Secure 7 Plan

It is a limited pay, non-linked and non-participating endowment assurance plan that helps to meet future financial goals along with providing life protection during the policy term.

Key highlights of Tata AIA Life Insurance Secure 7 Plan are:

• Premium payment for 7 years and guaranteed annual income for the next 7 years

• Customisation through rider

• On maturity, 25% of basic sum assured is payable

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

8. Tata AIA Life Insurance MahaLife Supreme Plan

It is a limited pay, non-linked and non-participating endowment assurance plan that provides guaranteed annual income benefit.

Key highlights of Tata AIA Life Insurance MahaLife Supreme Plan are:

• Flexibility to choose the options based on the regular income inflow and savings outflow

• Steady and guaranteed annual income

• Riders to enhance the coverage

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

9. Tata AIA Life Insurance Fortune Guarantee Plan

The plan is a combination of protection and savings to secure your future dreams.

Key highlights of Tata AIA Life Insurance Fortune Guarantee Plan are:

• Guaranteed maturity benefit that varies from 114% to 275% of total premiums paid

• Flexibility to choose policy term and premium paying term

• Higher benefits for female lives

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

10. Tata AIA Life Insurance Insta Wealth Plan

It is a non-linked, non-participating endowment assurance plan that offers life protection and savings through guaranteed benefits.

Key highlights of the Tata AIA Life Insurance Insta Wealth Plan are:

• Hassle-free life cover up to INR 20 lakhs without any medical tests

• The convenience of payment for a shorter period

• Guaranteed additions every year once the premium payment term is over

• Enhances savings with compounded bonus and terminal bonus

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

11. Tata AIA Life Insurance Money Back Plus Plan

It is a limited pay, non-linked, participating savings plan that offers periodic payouts at key life stages along with life protection during the policy period.

Key highlights of Tata AIA Life Insurance Money Back Plus Plan are:

• Money-back payout of up to 130% of sum assured at regular intervals

• On maturity, compounded reversionary bonus and terminal bonus

• Inbuilt accidental benefit

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

12. Tata AIA Life Insurance Smart 7 Plan

It is a limited pay, non-linked participating endowment assurance plan that helps to achieve future financial needs along with providing life protection.

Key highlights of Tata AIA Life Insurance Smart 7 Plan are:

• Premium payment for 7 years and reap the benefit in just another 5 years

• Life protection for the policy term plus maturity benefits at the end.

• Additional bonus at maturity

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

13. Tata AIA Life Insurance Smart Growth Plus Plan

It is a non-linked, participating endowment assurance plan that addresses both insurance and savings needs of people.

Key highlights of Tata AIA Life Insurance Smart Growth Plus Plan are:

• Guarantee addition of 5.5% p.a. of sum assured

• The double sum assured in case of accidental death

• Enhanced savings through compounded reversionary bonuses and terminal bonus, if any.

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

14. Tata AIA Life Insurance MahaLife Gold Plus Plan

It is a limited pay, a non-linked participating whole life insurance plan that provides coverage up to 85 years of age to provide protection to the future financial needs.

Key highlights of Tata AIA Life Insurance MahaLife Gold Plus Plan are:

• Lifelong coverage with premium paid for 15 years

• Inflation protection cover to enhance the protection

• Guaranteed annual coupons from 10th and 30th policy anniversary

• Non-guaranteed cash dividends annually from 6th policy anniversary till maturity

• Lump sum benefit on maturity along with regular income benefit

15. Tata AIA Life Insurance MahaLife Gold Plan

The plan provides regular income for a longer period of time along with offering lifelong protection.

Key highlights of Tata AIA Life Insurance MahaLife Gold Plan are:

• Lifelong coverage with premium paid for 15 years

• Guaranteed annual coupons from 10th policy anniversary

• Non-guaranteed cash dividends annually from 6th policy anniversary till maturity

• Lump-sum benefit on maturity along with regular income benefit

16. Tata AIA Life Insurance MahaLife Magic Plan

It is a limited pay (9 years), non-linked, participating endowment assurance plan that offers maximisation of savings by short period premium payments.

Key highlights of Tata AIA Life Insurance MahaLife Magic Plan are:

• Life cover plus maturity benefits including bonuses

• Customisation through optional riders

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

17. Tata AIA Life Insurance Money Maxima Plan

It is regular pay, non-linked participating endowment assurance plan that maximises the money with guaranteed benefits and bonuses along with providing life protection.

Key highlights of Tata AIA Life Insurance Money Maxima Plan are:

• Flexibility to choose policy term depending on the goal

• Guaranteed loyalty addition to enhance the policy along with life cover during the policy term.

• Rider to enhance the cover

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

18. Tata AIA Life Insurance POS Smart Income Plus Plan

It is a non-linked non-participating life insurance plan that provides life protection and maximised savings with guaranteed returns offered.

Key highlights of Tata AIA Life Insurance POS Smart Income Plus Plan are:

• Flexibility to choose between regular income benefit and endowment benefit

• Guaranteed payout at 120% of the annualised premium

• Higher benefit for female lives

• No medical examination

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

Tata AIA Life Child Insurance Plans

Every parent wants to provide the best in the world for their child. Child plans are specially crafted to address the financial needs of children to fulfil their dreams even when the parent is not around.

1. Tata AIA Life Insurance Good Kid Plan

It is a non-linked, participating, endowment plan that comes with various attractive features to secure the financial future of the insured’s child.

Key highlights of Tata AIA Life Insurance Good Kid Plan are:

• The money-back benefit to meet the financial needs of the child at various stages of education and career

• Inbuilt waiver of premium rider

• Minimum 11 times the annual premium as life cover

• Milestone additions at 5% of basic sum assured during the first five years of the policy

• Customise the policy by availing accidental death and dismemberment rider

• Enhance the savings with compounded reversionary bonus and terminal bonus, if any

• Tax benefits under Section 80C and Section 10 (10D) of the IT Act

2. Tata AIA Life Insurance Super Achiever Plan

It is a unit-linked non-participating endowment plan that provides the benefit of life protection and capital appreciation through market-linked returns.

Key highlights of Tata AIA Life Insurance Super Achiever Plan are:

• Flexibility to choose from 8 different investment funds based to enhance your return based on your risk profile

• Guaranteed maturity additions at the end of the policy term

• Flexibility to choose the portfolio strategy among enhanced automatic asset allocation plus and PROFIT investment strategy

• Top-up facility

• Settlement option to receive periodic payouts after maturity

Tata AIA Life Retirement plans

Retirement planning is a crucial part of one’s financial planning process. Retirement plans of Tata AIA Life Insurance are carefully crafted to meet the financial requirements in the post-retirement life.

1. Tata AIA Life Insurance Freedom Plan

It is a non-linked, participating endowment plan that helps to build a retirement corpus and enjoy the golden years without any financial worry.

Key highlights of Tata AIA Life Insurance Freedom Plan are:

• Flexibility to choose the policy term based on retirement needs

• Optional accidental death and dismemberment rider to enhance the cover

• Guaranteed additions year on year till the premium payment term

• Enhancement of savings through compounded reversionary bonus and terminal bonus, if any

2. Tata AIA Life Insurance Smart Annuity Plan

It is a single premium, non-linked, non-participating annuity plan that offers financial freedom post-retirement by providing regular income benefits.

Key highlights of Tata AIA Life Insurance Smart Annuity Plan are:

• Flexibility in choosing the annuity option – immediate annuity/immediate annuity with return of purchase price/deferred life annuity with return of purchase price

• The option of a single or joint-life annuity

• Flexibility to choose the annuity payout mode

• Top-up facility

Tata AIA Life Health plans

With the increased life expectancy and increased lifestyle diseases and the rising rate of medical inflation, planning for health care need is a prime focus. Health plans offered by Tata AIA Life Insurance specifically focuses on providing financial protection during the healthcare emergency.

1. Tata AIA Life Insurance Vital Care Pro Plan

It is a non-linked, non-participating health insurance plan that offers superior health care protection with various attractive features.

Key highlights of Tata AIA Life Insurance Vital Care Pro Plan are:

• Cover for 15 listed critical illnesses with lump sum cover of up to INR 60 lakhs on diagnosis

• No medical examination up to INR 20 lakhs cover

• Additional monthly payouts for 10 years on a critical illness benefit claim

• Flexibility to choose – pro care (lump sum benefit) or pro care plus (lump sum benefit + income loss benefit)

• Joint life cover can be availed for a spouse

• Tax benefits under Section 80D of the IT Act

Tata AIA Life Group Insurance plans

1. Tata AIA Life Insurance Group Loan Protect Plan

It is a non-linked, non-participating group credit life insurance offered by Tata AIA life for financial institutions, banks and non-banking financial institutions who offer various loans such as home loan, vehicle loan, personal loan and education loan etc. The policy offers comprehensive cover to the borrowers during unforeseen events such as death, terminal illness and total permanent disability etc so that the debt dues are cleared.

Key highlights of Tata AIA Life Insurance Group Loan Protect Plan are:

• Flexibility to choose from 9 different plan options

• Lower premium rates for female lives

• Choose the cover – level or reducing

• Choice of single life and joint life coverage

• Flexibility to cover co-borrower for entire loan amount or on loan share basis

2. Tata AIA Life Insurance Group Total Suraksha Plan

It is a comprehensive insurance plan offered to a group with a minimum size of 50 eligible members.

Key highlights of Tata AIA Life Insurance Group Total Suraksha Plan are:

• Death cover to insured members to choose from reducing sum assured or level sum assured options

• Single premium payment

• Insurance cover linked to loans along with an option to cover co-borrower

• 24/7 worldwide cover

• Tax benefits under Section 80C of the IT Act

3. Tata AIA Life Insurance Group Term Life Plan

It is a yearly renewable group term plan that covers the entire family against financial uncertainties.

Key highlights of Tata AIA Life Insurance Group Term Life Plan are:

• Simple enrolment process

• 24/7 worldwide coverage

• Tax benefits under Section 80C of the IT Act

4. Tata AIA Life Insurance Immediate Annuity Plan

It is a single premium, immediate annuity plan with return of purchase price offered to the group of employees.

Key highlights of Tata AIA Life Insurance Immediate Annuity Plan are:

• Flexibility to choose the annuity payment modes – monthly/quarterly/half-yearly/yearly

• Incentives on higher purchase

5. Tata AIA Life Insurance Traditional Group Employee Benefit Plan

It is a variable group insurance plan offered to employers in order to avail protection against statutory obligations towards the welfare of employees.

Key highlights of Tata AIA Life Insurance Traditional Group Employee Benefit Plan are:

• Helps to set up separate funds for leave encashment/gratuity benefits

• Benefits payable to employees in the event of termination/resignation/retirement etc

• Assured return with life cover to all enrolled members

6. Tata AIA Life Insurance Group Employee Benefit Plan

It is a unit-linked group insurance plan offered to employers to secure their statutory obligations towards employees.

Key highlights of Tata AIA Life Insurance Group Employee Benefit Plan are:

• Flexibility to choose from 5 different investment funds

• Loyalty additions for funds above INR 1 cr

• Helps to set up separate funds for leave encashment/gratuity benefits

• Benefits payable to employees in the event of termination/resignation/retirement etc

Micro Insurance plans

Microinsurance plans are designed to provide financial securities to low-income groups by offering them simple insurance cover at low premium rates.

1. Tata AIA Life Insurance Saath Saath Plan

The plan aims to provide financial protection to the insured’s family at a low cost without any need for medical tests. Along with the life cover plan offers maturity benefit up to 100% to 135% of the total premium paid.

2. Tata AIA Life Insurance POS Saath Saath

The plan aims to provide financial protection to the insured’s family at a low cost without any need for medical tests. Along with the life cover plan offers maturity benefit up to 105% to 135% of the total premium paid. The policy offers a preferential rate for female lives.