Professional Documents
Culture Documents
Objectives
By the end of this session you will be able to: 1 2 3 4 Identify the need for a Unit Linked Plan Outline the working of a Unit Linked Plan List the Unit Linked Offerings from Tata AIG Life Position the ULIP products from Tata AIG Life
Various Investment Avenues available Equity Markets Unit Trusts/ Mutual Funds Bank Fixed Deposits Post Office Deposits Real Estate Insurance
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Wealth Creation
For Protection
Insurance
Great News! Unit Linked Insurance Plan Moderate Risk & (ULIP) Moderate Return
Secured Income Yielding Instruments Equity/ Mutual Funds and Real Estate
Potential
Life Insurance
Investment
ULIPs
Protection Wealth Creation
Advantage Of ULIPS
ULIPs harness the Power of Compounding to grow the value of the investment. Compounding is Interest earned on Interest Interest that is earned by the initial capital also earns interest and hence multiplying the rate at which money grows.
How it works
Assume a person needs 25 Lakhs for a comfortable retired life (after inflation). How much will he need to save?
Investment Amount 11000 19000 33000 60000 125000 Investment Amount 25000 37000 54000 87000 157000 Years 30 25 20 15 10 Years 30 25 20 15 10 Expected Return -10% 10% 10% 10% 10% 10% Expected Return -6% 6% 6% 6% 6% 6% Corpus- 10% Returns 25,072,578 25,419,916 25,267,998 25,075,455 25,819,002 Corpus- 6% Returns 25,238,440 25,768,980 25,074,959 25,427,734 25,857,702
Saving just Rs. 25,000 a year can help you create a corpus of Rs. 2.5 Crores over 30 years @ 6% returns.
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In case of death, the sum assured or fund value is paid, whichever is higher.
Appropriate sum assured & premium is selected. Policy expenses including admin cost and cost of insurance are deducted
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This gives the investible premium, which is invested in the funds of the customers choice. The Fund Management charges are deducted after the premiums are invested in the funds
Premiums are regularly paid. The fund value grows as per underlying fund performance.
A unit linked insurance plan gives you the best of both worlds:
ULIP
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InvestAssure Flexi
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BUT
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96% of Indians have inadequate provision Life Expectancy is on the rise Are you prepared? Are your customers?
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Group
Gratuity
Individual Pension
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Impact of inflation
The following table shows the impact of inflation on the purchasing power of money
Inflation Rate
2% 4% 6% 8% 10%
10 years
-18% -32% -44% -54% -61%
15 years
-26% -44% -58% -68% -76%
25 years
-39% -62% -77% -85% -91%
40 years
-55% -81% -90% -95% -98%
Figures are percentage by which a particular inflation rate will reduce the value of money in the indicated number of years.
No Life Cover
No Under Writing
This Unit linked Pension plan has unique feature of NO LIFE COVER Option I: Single Premium Option II: Regular Premium Policy term or multiple of 5 from 10 years onwards. Option I (Single Premium): Rs.25,000/- p.a. Option II (Regular Premium): Rs.10,000/-p.a. Premium to be chosen to be a multiple of Rs.100/-.
Premium Mode
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Advisor recommends the correct policy term for achievement of customer needs.
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4
Customer gets started on the plan by paying the premiums
* Please note- the Future Capital Guarantee Pension Fund is available only for a Premium Payment term of 15 years or more in case of Regular Premium Option.
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How it works
Customer pays a single premium or the regular premium for the chosen vesting age
Purchase Of Policy
Top-ups can be made at anytime during Policy term, maximum upto 4 times a year. Minimum Rs. 5,000
On Maturity, Total Fund Value (FV) (i.e. Single/Regular premium FV+ Top up Prem FV) plus Guaranteed Bonus are paid For Future Capital Guarantee Pension Fund , the maturity value is higher of : a) Value of Future Capital Guarantee Pension Fund* b) Total premium received towards capital guarantee fund* Plus guaranteed bonus.
In case of death, Total Fund Value (FV) (i.e. Single/Regular premium FV+ Top up Prem FV) plus Guaranteed Bonus are paid
There can be Commutation * up to 33% and annuitisation 67% with open market option.
* This is mandatory in case of maturity while in case of death, the nominee has an option to use death benefit partially or entirely to purchase an annuity.
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Top up premiums
The customer can make top ups anytime during the period. Minimum Top-Up Premium is Rs.5, 000/- and will be allowed a maximum four times a year. Top-Up premiums can be allocated in any proportion as advised. Top-up can not be made in Future Capital Guarantee pension fund.
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Premium Holiday
The customer can avail of premium holiday option after paying at least 3 annual payments. Premium Holiday is applicable for 2 years. (The period for revival) After 2 years, the premium holiday can be continued on the request You can temporarily stop paying premiums should you need. of the policyholder* Your policy will not lapse! If the policyholder does not explicitly want continuation of the Premium Holiday, the policy is deemed to be surrendered (i.e. as a default option). During this period the monthly administration charge will be deducted from the Fund.
* The fund value should have an amount such that the surrender value does not fall below one annual premium.
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Fund Switching
The policyholder can switch from one fund to another to take
advantage of a better performing fund or to book profits. Make tax free capital gains through switches!
Switching into the Future Capital Guarantee Pension Fund is not
allowed,
Switches can be made out of Future Capital Guarantee Pension
Premium Redirection
Is allowed for future regular premium(s) (the total allocation to the funds should be 100%) However, premium allocation towards the Future Capital Guarantee pension Fund cannot be altered. No premium re-direction charge applicable.
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Guaranteed Bonus
This plan offers a guaranteed bonus on maturity or death. The bonus is payable on the single/ regular premium account only (not on the top-up account)
Policy Year (for Single Premium Option) or Number of complete Premium years** (for Regular Premium Option) Less than 10 10-14 15-19 20-29 30-35 Bonus (% of Regular or Single premium Fund Value) 0% 3.0% 4.5% 6.0% 7.0%
**One complete Premium Year refers to a complete 12-months period for which Regular Premiums have actually been paid, excluding any period of Premium Holiday.
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Maturity Benefit
On maturity, thelumpsum on maturity + Get following benefits are payable:
Maturity Benefits
WOW!!!
a) b)
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For Future Capital Guarantee Pension Fund benefit will be higher of:
Value of Future Capital Guarantee Pension Fund Total premium received towards capital guarantee fund* Plus Guaranteed bonus
There can be Commutation up to 33% and annuitisation 67% with open market option.
* Provided the premium remains within the Future capital guarantee Pension fund throughout the term of the policy. This guarantee will be applicable only if all due premiums have been paid. The guarantee will not apply on premiums allocated towards other funds. Further, guarantee will also not apply on death during the policy term/ Surrender.
Charges
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Option II: Regular Premium Premium allocation charges 15% for premium <50 k; 13% for premium >=50k 12% 3% 0%
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Charges- Surrender
Option 1 Single Premium Surrender is not allowed in first 3policy year. There are no surrender charges payables after completion of such period. Option 2 Regular Premium
Premium year 1 2 3 4 5 6 7+ Surrender Charges Not allowed Not allowed Not allowed 30% 20% 10% 0%
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Policy Administration Charge: Option 2: Regular Premium Rs.55/- on a monthly basis in the first year and then may increase subject to a maximum of 5%p.a.
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Fund Future Equity Pension Fund Future Capital Guarantee pension Fund Future Growth Pension Fund Future Balanced pension Fund Future Income Pension Fund
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H
The customer is guaranteed a return of premiums paid towards the Future Capital Guarantee Pension Fund, if the fund value is not able to grow as expected. Customer can choose the fund or combination of funds according to his risk appetite.
B
Your investment for your future/ your childs future is protected.
5 funds to select from: 1. Future Equity Pension Fund 2. Future Capital Guarantee pension Fund 3. Future Growth Pension Fund 4. Future Balanced pension Fund 5. Future Income Pension Fund Top up option.
You can use the appropriate fund(s) to invest for your specific needs. You can hedge your investments against the ups and downs in the market. You can switch between various funds to take advantage of the ups and downs of the market.*
You can invest more money to give your account value a better chance to grow faster. You can put windfall gains to good use to create an asset for your loved ones.
H
Gives the customer the option to temporarily stop paying premiums if he is unable to do so.
B
If you are temporarily unable to pay premiums, you can put the policy on a premium holiday. Your policy does not lapse. You can continue to create a corpus for your loved ones. You can continue premium payments after the premium holiday to grow your fund value. You get more money to make your dreams come true.
A percentage of the account value is paid on maturity or death, depending on the number of regular premiums paid in case of Regular Premium or Policy year in case of Single Premium.
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Minimum Investment
25,000/-
25,000/-
100,000/-
25,000
Sum Assured Amount Minimum Pension Start Date Maximum Pension Start Date
Zero
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50
40
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75 4 free switch every year. Switch can be made during deferment period with a min amount per switch to rs 2000, after 4 swithes Rs 100 per switch deducted from accumulated units
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75
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75 4 free switches per year ,on every additional switch rs 250 as switching charges
Switches
4 free switch is available for every policy year.Rs. 100/- for addl. Switch
Switching charges of Rs. 100/- per switch after 24 free switch in the year
2 switches are free of charge, for every additional 0.5% of the amount switched , subject ot a max of Rs 500 per switch
Fund Options
There are Four Funds to choose from 1)Pension Maximiser 2) Pension Balancer 3)Pension Protector 4) Pension Preserver
4 Funds - 1). Growth Fund 2). Balanced Fund 3). Secured Fund 4). Bond Fund.
6 Funds - Liquid Fund / Secure Managed Fund / Defensive Managed Fund / Balanced Managed Fund / Equity Managed Fund / Growth Fund
Pension with Profits Fund 3 ULIP Funds : Pension Secure / Pension Growth / Pension Balanced 100% of funds can be invested in Pension with Profit Fund or Money can be allocated with min 10% in each of the 3 funds
5 Funds: Future Equity Pension / Future Growth pension / Future Balanced Pension / Future Income Pension/ Future Capital Guarantee Pension fund
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Part
Plan Name
I-Pru
Life time Super pension(RP)
LIC
Market Plus (RP)
HDFC SL
ULIP Pension(RP)
Aviva
Pension Plus (RP)
TALIC
InvestAssure Future
Issue Age
Max
Min 10 years Rs. 10,000/- annually; 5000 half yearly; 834 monthly/Min - 45 years Max 75 years
Max - 40
Min5 ; max upto vesting age chosen Annual- 6,000/- for RP; 1Lakh for Single premium Min 40years; max 70 years
or term/2
Min Vesting Age - 40 Max Vest Age 75 Both options (with /without life cover)available Min SA - Rs. 50,000 Max SA - 20 times Annual Prem ADB rider, equal to Life Cover, sub to min 25,000 and max 50 lakhs. 4 , Bond Fund / Secured Fund / Balanced Fund / Growth Fund
Both options avl (With / Without Life Cover) Max of annual premium multiplies by policy term or 100,000 /Riders avl. ADB / WOP.
N/A
Fund options
4 funds Pension Maximiser II/ Pension Balancer II / Pension Protector II/ Pension Preserver.
6 Funds Liquid Fund / Secure Managed Fund/ Defensive Managed Fund / Balanced Managed Fund / Equity Managed Fund/ Growth Fund
Pension with Profits Fund \ Pension Growth Fund / Pension Secure Fund /Pension Balance Fund
5 Funds: Future Equity Pension / Future Growth pension / Future Balanced Pension / Future Income Pension/ Future Capital Guarantee Pension fund
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Minimum Vesting Age Max Age at Maturity Policy Term Premium Multiple Premium Payment Period Minimum Premium
45 years 75 years Option I: 5 - 35 Years Option II: 10-35 Years This Unit linked Pension plan has unique feature of No life cover Option I: Single Premium Option II: Regular Premium Policy term or multiple of 5 from 10 years onwards. Option I: Rs.25,000/Option II: Rs.10,000/-p.a. Premium should be chosen to be a multiple of Rs.100/-. Option I: Single Premium Option II: Regular Premium Annual/Semiannual/Quarterly/Monthly
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Premium Mode
Review
And then the test!
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InvestAssure Flexi
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What do you want in a ULIP? What flexible features would you like in a ULIP?
Policy Terms Premium Payment Terms Investment fund choices Adding money at any time Ability to Switch Funds Ability To Re-Direct Premiums Withdrawal Options Bonus on maturity
InvestAssure Flexi
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F L E X I B I L I T Y
Policy Term
13 19 27 32
36 40
Payment Term
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F L E X I B I L I T Y
Investment Funds
TopTop-ups
Capital Guarantee fund is available only for a premium payment term of 15 years or above.
F L E X I B I L I T Y
Switching
Choose to switch your funds at any WL Income WL time. 12 times a year Short-Term charge with no Fund Income Fund
Capital Guarantee Fund
Premium Redirection
Choose to redirect your future premiums WL Income other funds in any to any WL Short-Term Income Fund proportion! Fund
Capital Guarantee Fund
Please note switching and premium redirection into the capital guarantee fund is not allowed. 46
F L E X I B I L I T Y
Large Cap WL Agressive WL Stable Choose to withdraw from fund Equity Fund Growth fund Growth selected funds after 5 years from the regular premium fund value.
Maturity
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F L E X I B I L I T Y
Now
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Flexibility to choose any term from 5 years to 40 years. Flexibility to withdraw from your investment via Flexibility to choose the premium payment term. partial withdrawals.
Death
Get a maturity bonus, depending on the number of annual premiums paid. Get the fund value of the regular premium fund + top-up fund, if any.
Flexibility to take the maturity value immediately Flexibility to invest additional money upto 4 times a as any, from the take it over a certain period, the Sum Assured year via Top-ups. net of all Deductible Partial Withdrawals,aiflumpsum or to Regular Premium Account , upto 5 years from maturity. or Flexibility to Increase risk coverage by taking a sum the Regular Premium Fund Value assured for the top-ups at any point during the policy In addition to this, for each Top-Up the death benefit will be higher of term. the approved Top-Up Sum Assureds) net of all Deductible Partial Withdrawals, if any, from the Top-Up Account Flexibility to switch between funds to book profits or (ii) Top-Up Fund Value to take advantage of a better performing fund.
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Flexibility in Investment
Flexibility to select one or a combination of 7 funds to invest in:
WL Aggressive Growth WL Stable Growth WL Short Term Fixed Income WL Income Fund WL Mid Cap Equity Fund Large Cap Equity Fund Capital Guarantee Fund
Although you select a single fund or set of funds to begin with, the plan offers the flexibility to :
Move money from existing fund(s) to other funds. (Switching) Redirect future premiums to another fund
(provided percentage chosen in integral percentage for each funds summing to 100% Premium allocation towards the capital guarantee fund cannot be altered)
Take advantage of ups and downs in the market, book profits made by growth of fund value, or hedge against market risks
Objective
To generate long term capital appreciation from a portfolio that is invested pre-dominantly in Mid Cap Equity and Mid Cap Equity linked securities. To generate income by investing in a range of debt and money market instruments of various maturities with a view to maximizing the optimal balance between yield, safety and liquidity. To generate stable returns by investing in fixed income securities having shorter maturity periods. Under normal circumstances, the average maturity of the Fund may be in the range of 1-3 years. To provide higher returns in long term by investing primarily in Equities along with debt/ money market instruments To provide stable returns by balancing the investment in Equities and debt/ money market instruments
Allocation
Equities- Upto 100% Money Market Upto 40% Govt/ Corporate Bonds- Upto 100%; Money Market InstrumentsUpto 40% Govt/ Corporate Bonds- Upto 100%; Money Market InstrumentsUpto 40% Equities- 50-80%; Govt/ Corporate Bonds- 20-50%; Money Market Instruments- Upto 40% Equities- 30-50%; Govt/ Corporate Bonds- 50-70%; Money Market Instruments- Upto 40% Equities- 80 to 100% Money Markets Upto 40%
WL Income Fund
WL Aggressive Growth
WL Stable Growth
The primary investment objective of the Fund is to generate long - term capital appreciation from a portfolio that is invested pre-dominantly in large cap equity and equity linked securities
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Guarantees a return of all the premiums paid (before deduction of allocation charges) towards this Fund on maturity.
Flexibility to switch out from the fund to proportionately reduce the guaranteed benefit proportionately. Guarantee will apply only in respect of those premiums that remain in the Capital Guarantee Fund till point of guarantee/ maturity. This guarantee will be applicable only if all due premiums have been paid. The guarantee will not apply on premium allocated towards other funds. Further, Top Up premiums are not allowed into Capital Guarantee Fund.
Capital guarantee fund is only available at the time of entering into the contract.
Flexibility to increase your investment This plan offers you the flexibility to increase your investment at any time. You can make single top-ups to the plan. Help your investments grow faster by investing single Top-ups can be made for as low as Rs. 5,000 top-ups! and upto 4 times a year.
You can increase your sum assured by taking a life cover for each top-up*
WOW!!!
*subject to underwriting 53
Total Top Up premium is more than 25% of the total regular premiums paid till date.
Capital guarantee fund is not available for top-ups. The premium allocation charge for single top-up is 1.5% of top-up premium received.
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Wow!
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Premium Holiday
If the policyholder does not give a written request the policy will be surrendered & the net value will be sent to the policyholder. During the premium holiday, other than the premium allocation charge, all the normal charges will be deducted from the fund. If annual premiums are stopped within the first 3 policy years:
The policy will continue without a death benefit. However it may be revived at anytime during the revival period of 2 years* If not revived during this period, the policy will be terminated.
*subject to fulfilling companys revival conditions.
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Wow!
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Maturity Bonus
Dependant on the number of premiums paid. % of regular premium fund value on maturity
Wow!
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Flexible Maturity
On maturity, the fund value and any applicable bonus will be paid to you. In the capital guarantee fund, you will get the higher of:
You choose if you want a lumpsum or The value of the capital guarantee fund* Bonuses if applicable periodic paymentsfund* maturity!!! on + The total premium paid towards the
*Provided the premiums paid remain in the fund through out the term of the policy and all the premiums are received.
The policyholder can elect to receive their maturity benefit either via:
lump sum or through periodic payments over a maximum of 5 years
Wow!
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The payment frequency is determined by the policyholder The value of payments depends on the fund value. You dont need to takedeath benefit is when During this settlement period the the cash the fund value. the market is down!!!
Death Benefit
In case of death, the following benefits will be payable to the nominee: Death Claim higher of
Fund Value
*If any partial withdrawals have been made, these may affect the amount payable on death if:
The partial withdrawal is made within 24 months of the death, or Partial withdrawals were made after attaining age 60.
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Juvenile lien
The death benefit payable in case of juveniles would be as per the following table: Insureds age at death Less than 1 year Less than 2 years Less than 3 years Less than 4 years From 4 years upward Percentage of sum assured/ Top-up sum assured 20% 40% 60% 80% 100%
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Surrender
Surrender can be made after 3 years. Surrender Value is :
Regular Premium Account Value - applicable Surrender Charges, if any + Top up Account Value
The entire policy terminates upon surrender. Surrender charges will be applied as a percentage of Regular Premium Account Value. In case of Capital Guarantee, the return of premium guarantee will not be applicable on surrender.
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Wow!
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Charges
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Year 3 to 5 Annual Premium Band (Rs.) Less than 2,000,000 2,000,000 & above
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1.20%
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Mortality:
Mortality/COI charges are deducted monthly in advance from the fund by unit cancellation
The rates are based on 100% of Indian Assured Lives Mortality (1994-96) (Modified) Ultimate.
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EA MA MP
30 days - 70 years 80 years Rs.15000 3 / 5 / 10 / 15 / 20 / 25 / 30 / 35 / 40 Or equal to policy term. 5 - 40 years 19% Yes 7 12 PB / CI (L)/ ADB / ADDL
Not Only The Best Product You Now Have The Best Product In The Best Fund!!!! Not Only The Best Fund
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H
Gives the flexibility to enter into this plan at a young age. In case something happens to the customer, his nominee will get the higher of sum assured or fund value. The customer is guaranteed a return of premiums paid towards the Capital Guarantee Fund, if the fund value is not able to grow as expected. Customer can choose the fund or combination of funds according to his risk appetite.
B
You can start saving for your childs dreams from the time the child is born. Your dreams are protected from the uncertainties of life. Your family is guaranteed atleast the sum assured if your investments have not been able to grow fully. Your investment in your future/ your childs future is protected.
7 funds to select from: 1. WL Aggressive Growth 2. WL Stable Growth 3. WL Short Term Fixed Income Fund 4. WL Income Fund 5. WL Mid Cap Equity Fund 6. Large Cap Equity Fund 7. Capital Guarantee Fund Top up option.
You can use the appropriate fund(s) to invest for your specific needs. You can hedge your investments against the ups and downs in the market. You can switch between various funds to take advantage of the ups and downs of the market.*
Gives the flexibility to Invest additional money in the plan over and above the regular premiums. Allows the customer to increase coverage by taking additional sum assured for top-up.
You can invest more money to give your account value a better chance to grow faster. You can put windfall gains to good use to create an asset for your loved ones.
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H
Gives the customer liquidity in his investment.
B
You have complete access to your funds in to pay for urgent and sudden expenses.** You can withdraw money to pay for medical emergencies. **Please refer partial withdrawal table for regular premium fund value. If you are temporarily unable to pay premiums, you can put the policy on a premium holiday. Your policy does not lapse. You can continue to create a corpus for your loved ones. You can continue premium payments after the premium holiday to grow your fund value. You investment for your childs future is protected from the eventualities of life. Your savings can be used for what they were meant to be used. Your dreams can be achieved even in case of any unforeseen eventuality. Your family gets more money, which can be used to stabilize themselves financially. Your dreams are protected from any eventuality in life. Your family will get an additional sum of money to ensure financial stability. Your dreams can be achieved even if you are struck by a critical illness. You get more money to make your dreams come true.
Gives the customer the option to temporarily stop paying premiums if he is unable to do so.
Riders Can be attached/ are inbuilt Payor benefit Accidental Death Benefit (ADB) Rider Accidental Death and Dismemberme nt (Long scale) (ADDL) Rider Critical Illness Rider (Lumpsum Benefit)
The payor benefit rider is inbuilt which waives off all future premiums in case the payor dies or is totally and permanently disabled
The ADBL rider can be attached, which pays an additional sum assured in case of accidental death of the insured.
The ADDL rider can be attached, which pays a sum assured in case of accidental death or a specified percentage of the sum assured in case of accidental dismemberment. The CIL Rider can be attached, which pays an additional sum assured in case of being diagnosed with a covered critical illness and survival for a period of 30 days A percentage of the account value is paid on maturity, depending on the number of regular premiums paid. 76
Premium Payment Period 3 Years/ Multiples of 5 Years/ Equal to policy term Benefit Period For the entire term of policy.
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Would you prefer a higher minimum premium with unlimited sales or a lower minimum premium with limited sales? Why more sales ?
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Annual production bonus- 5% of FYC for minimum 2 cases for an FYC Slab for an FYC Slab of Rs. 50,000 and Offers IRR higher for Advisors of Rs. 4,000 and abovethan Top Competitors in for Advisors. above the industry and Rs. 2,000 and above for NLAs
One of the best plans to offer FV + Guaranteed maturity Bonus How long will your customer prefer paying .so here we have Limited premium paying term (minimum 3 years) Sell SP Rs 25000 & earn 2% Sell IA Flexi Rs 25000- with PPT of 3 yrs earn 7.5%
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15 Year policy
Aged 30
A Client Wants
FMC 1.75%
Invest Assure 2
Policy Admin Flat Rate Rs 456
A 7 Year Policy
Rs 268
A 9 Year Policy
Customer
You
Company
Business
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1
InvestAssure Flexi
ULIPS offerings
2
InvestAssure Future
3
InvestAssure Plus
4
InvestAssure Gold
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2
InvestAssure Future Ideal offering for customers looking for an income in retirement
3
InvestAssure Plus Ideal for customers looking for a one time investment
4
InvestAssure Gold
Summary
In this session, we have touched upon:
The need for a Unit Linked Insurance Plan. The various ULIP offerings of Tata AIG Life. The Features and Benefits of InvestAssure Flexi and InvestAssure Future. Positioning the Various InvestAssure Plans.
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Disclaimers
Please refer to the Product Brochure for more details. This material belongs to Tata AIG Life Insurance Company Ltd. Any unauthorized use, reprint or circulation is prohibited. Tax benefits are as per the Income tax Act, 1961 and are subject to amendments made from time to time Tata AIG Life Insurance Company Ltd. (Reg. No. 110), Peninsula Towers, 6th floor, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai 400013 Insurance is the subject matter of the solicitation Service tax is payable on life and health insurance premiums as per section 65(105)(zx) of Finance Bill (No 2), 2004 at the applicable rates as per circular number 80/10/2004-S.T. Dated 17-9-2004 & issued by Govt. of India, Ministry of Finance and subsequent directions issued by the authorities from time to time. Section 45 of the Insurance Act 1938- No policy of life insurance effected before commencement of this Act shall after expiry of two years from the date of commencement of the Insurance Act and no policy of life insurance after coming into force of the Act, shall after expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal (application) for insurance and any report of a medical officer or referee, or friend of the life insured, or in any document leading to the issue of the policy , was in accurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts, which it was material to disclose and that it was fraudulently made by the policyholder and the policyholder knew at the time of making that the statement was false or that it suppressed facts that it was material to disclose. Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal. 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 a policy accept any 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 punishable with fine which may extend to five hundred rupees. ULIPS products are different from traditional Life Insurance products and are subject to risk factors. Premium paid in ULIPS are subject to Investment risks associated with capital Markets & the NAV of the units may go up or down based on the performance of the fund and factors influencing capital markets & the insured is responsible for his decision Investments are subject to market risks. Past performance is not indicative of future results (Including sales illustrations and brochures) For internal circulation only. This product is underwritten by Tata AIG Life Insurance Company Ltd. Tata AIG Life Insurance Company Limited is only the name of insurance co & InvestAssure Flexi and InvestAssure Future are only the names of the ULIP contract and does not in any way indicate the quality of the contracts, its future prospects or returns
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