Tata AIG Life launches child ULIP plan

Kolkata, Nov 25 : Tata AIG Life Wednesday announced the launch of InvestAssure Superstar - a unit linked life insurance plan for children's education.

Tata AIG Life InvestAssure Superstar offers the following benefits in the case of the Parent’s (Proposer’s) unfortunate demise: (a) The Sum Assured will be paid to the nominee.(b) Further premium’s would be paid by the company through the inbuilt Waiver of Premium (WOP) benefit (c) The fund under the policy would continue to grow till maturity.

M. Suresh, Managing Director, Tata AIG Life Insurance Company Limited said, ‘Every child has an unspoken dream to become someone great and do something different. Every parent seeks fulfillment of their dreams through their children. Tata AIG Life InvestAssure Superstar ensures that our children’s dreams are protected. Our special child plan aims at helping parents secure and build their child’s future in an easy, hassle-free manner’

The plan comes with a total of eight fund options to select from including the Super 110% Capital Guarantee Fund, said a company statement.

Tata AIG Life InvestAssure Superstar offers a flexible policy term between 10 – 25 years. The policy can be bought by anyone between the ages of 18 to 55 years. The maximum maturity age is 65 years.

Additionally, the premium paid under this policy is eligible for tax deduction under Section 80C and 10 (10) D of the Income Tax Act, 1961.