OREANDA-NEWS. July 1, 2011. Tata AIG Life Insurance Company (Tata AIG Life) announced the introduction of the second series of funds under its popular guaranteed-NAV unit linked insurance product viz Tata AIG Life Insurance InvestAssure Apex Supreme.

Speaking on the occasion, Suresh Mahalingam, MD and CEO, Tata AIG Life, said, "The introduction of the Series II of funds for Tata AIG Life Insurance InvestAssure Apex Supreme will once again give our customers the opportunity to invest in this unique product that is targeted at customers with medium to low risk appetite who want to gain from the upside potential of the market whilst safeguarding their investments."

Tata AIG Life Insurance InvestAssure Apex Supreme is a 5-year limited-pay plan with a policy term of 10 years and comes with the unique benefit of Guaranteed Maturity Unit Price (GMUP)* that secures the highest NAV** achieved under the product during the 100 reset dates. And what’s more, it also provides a Guaranteed Maturity Addition^ that is payable on maturity. The plan offers a death benefit for the financial protection of one’s loved ones.

The policyholder can opt for additional protection by choosing from four rider options namely Tata AIG Life Accidental Death Benefit Rider, Tata AIG Life Accidental Death and Dismemberment (long scale) Rider, Tata AIG Life Critical Illness (lump sum) Rider and Tata AIG Life Family Income Benefit Rider that provides readjustment income in case of an unforeseen event. This benefit provides an additional 1 per cent of the sum assured every month for a period of 100 months or till maturity, whichever is earlier.

The policy can be purchased for any individual between the ages of 18 years and 65 years. The premium paid under this plan is eligible for tax benefits under Section 80C of the Income Tax Act, 1961. The proceeds of life insurance enjoy tax benefits as per Section 10(10D).

*Guaranteed Maturity Unit Price means the highest unit price of the Apex Supreme Return Lock-in Fund II recorded on 100 reset dates. The unit price is Rs10 on the first reset date. The Guaranteed Maturity Unit Price is applicable to the Apex Supreme Return Lock-In Fund II and for the purpose of determining the maturity benefit only.

**The NAV guarantee charge is 0.25 per cent per annum of fund value and will be deducted by cancelling units at the unit price, from Apex Supreme Return Lock-in Fund II. This will be deducted on a monthly basis, at the rate of 1/12 of the above-mentioned annual rate.

^ The amount of Guaranteed Maturity Addition payable on maturity is 1 per cent of the regular premium fund value as on the maturity date.

Reset dates are the 10th day of every calendar month (or if not open for business, the next business day) following the date of closure of subscription of this series of fund and applicable only for Apex Supreme Return Lock-in Fund II.