Tata AIA United Ujwal Bhawishya Supreme

Recommendations :No

Name of the policy :
Tata AIA United Ujwal Bhawishya Supreme

A brief desciption :

Tata AIA United Ujwal Bhawishya Supreme is a child ULIP plan providing fund value at maturity and Sum assured is paid as immediate death benefit future premiums are waived off and Fund Value is paid at maturity. However returns are restricted due to high charges levied. Moreover Sum assured is miniscule which is not sufficient to cover an earning member of the family having dependents. So it is advisable to to go for a simple term plan and invest the extra money elsewhere and earn higher returns.

Started date :
5/5/2011

Type of policy :
Insurance cum Investment

Category :
ULIP

Insurance :
For Age less than 45 yrs: Higher of (10 x Annual Premium) or (0.5 x Policy Term x Annual Premium), For Age more than 45 years: Higher of (7 x Annual Premium) or (0.25 x Policy Term x Annual Premium) Max- Policy Term x Annualised Premium

Returns expected :
8%-10% (The performance would be less than a performing equity diversified mutual fund)

Entry age :
18-50 Years

Surrender :
If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

Minimum amount :
Rs 20,000

Mortality Charges :
Mortality Charge will be deducted at each monthly anniversary by cancellation of units. Sample mortality charges per annum per thousand of sum at risk for a healthy male life is shown below: For Age 25- Rs 1.140 , For Age 35- Rs 1.435, For Age 45- Rs 3.27

Unique features :
It is a double death benefit ULIP providing both sum assured and fund value is paid as death benefit. It also provides 4 additional riders and 7 investment funds options.


Premium Allocation Charge Year 1 :For Premium less than 30,000- '3% For Premium more than 30,000- '2%
Premium Allocation Charge Year 2 :For Premium less than 30,000- '3% For Premium more than 30,000- '2%
Premium Allocation Charge Year 3 :For Premium less than 30,000- '3% For Premium more than 30,000- '2%
Premium Allocation Charge Year 4 :2%
Premium Allocation Charge Year 5 :2%
Premium Allocation Charge Year 6 :2%
Premium Allocation Charge Year 7 :2%
Premium Allocation Charge Year 8 :2%
Fund Management Charge :Whole Life Mid Cap Equity- 1.20%, Large Cap Equity- 1.20%, Super Select Equity- 1.20%, Whole Life Aggressive Growth Fund- 1.10%, Whole Life Stable Growth- 1.00%, Whole Life Income Fund- 0.80%, Whole life Short Term Fixed income Fund- 0.65%
Surrender/ Premium Discontinuance Charge Year 1 :For Annual Premium upto 25,000- Lower of 20% * (Annual Premium or Fund Value) but not exceeding Rs 3000, For Annual Premium more than 25,000- Lower of 6% * (Annual premium or Fund Value) but not exceeding 6000
Surrender/ Premium Discontinuance Charge Year 2 :For Annual Premium upto 25,000- Lower of 15% * (Annual Premium or Fund Value) but not exceeding Rs 2000, For Annual Premium more than 25,000- Lower of 4% * (Annual premium or Fund Value) but not exceeding 5000
Surrender/ Premium Discontinuance Charge Year 3 :For Annual Premium upto 25,000- Lower of 10% * (Annual Premium or Fund Value) but not exceeding Rs 1500, For Annual Premium more than 25,000- Lower of 3% * (Annual premium or Fund Value) but not exceeding 4000
Surrender/ Premium Discontinuance Charge Year 4 :For Annual Premium upto 25,000- Lower of 5% * (Annual Premium or Fund Value) but not exceeding Rs 1000, For Annual Premium more than 25,000- Lower of 2% * (Annual premium or Fund Value) but not exceeding 2000
Surrender/ Premium Discontinuance Charge Year 5 and above :Nil

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