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What are Savings Plans?
A savings insurance plan helps you set aside money for future expenses and financial goals. By regularly investing money into a savings plan, you can build a financial cushion to fall back on in an emergency, such as a job loss, medical expense or even something as severe as a permanent disability.
The life cover, an important component of a savings plan, provides financial protection for your loved ones in the event of your untimely death during the policy term. The life cover pays out a death benefit to your selected nominee/beneficiaries, who can cover expenses such as funeral costs, outstanding debts, and daily living expenses.
Some savings plans also offer benefits such as bonuses / dividends in addition to the regular maturity or death benefits of a savings plan. However, it is important to note that bonuses / dividends are generated from the profits of the insurance company and are non-guaranteed components. This means that these components are variable and depend on the performance of the insurance company. A savings plan can also help you save for long-term goals like buying a house or retirement. Lastly, such a plan can also help you make some investments for the future with potential gain and some financial freedom.
Popular Tata AIA Savings Plans with Guaranteed* Returns
Table of Content
How to Choose the Best Savings Plan?
Choosing the best savings insurance plan can be simple once you identify your needs and check the different options with their features and benefits.
For instance, you may want to receive a payout during the policy term to fulfil your short-term goals. In such a scenario, the sub-wallet feature under the Tata AIA Smart Value Income Plan can enable you to withdraw and utilise your cash bonus as partially needed. And for your long-term needs, you can receive a sum assured on maturity that will also include any declared or accumulated bonuses from the policy.
However, here are a few things to consider when selecting a savings plan:
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Understand Your Needs
The first step in selecting a savings insurance plan is to identify your specific needs and financial goals. Consider how much coverage you need, how long you plan to hold the policy, and your budget.
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Compare Different Plans
Look at different savings insurance plans and compare each plan's features, costs, and benefits. Comparing plans will help you to find the one that best meets your needs and budget.
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Your Financial Capacity
To keep a savings plan active and to enjoy life insurance coverage, you will need to calculate the premiums. This can ensure that you pay reasonable premiums and do not miss out on any payment.
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Understand The Policy Exclusions
Be sure to read the fine print of the policy you are considering and understand the exclusions and limitations of the policy. This can help you avoid any hassles while filing a claim.
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Check The Claim Settlement Ratio
Research the claim settlement ratio of the life insurance provider. A higher claim settlement ratio each year indicates that the insurer can successfully settle your claims on time.
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Consider Long-Term Benefits and Advantages
While comparing plans, consider the long-term benefits and advantages offered by the plan. Some plans may have different savings options with different features that can benefit you in the long term. Also, check the bonus performance of the plans. While past performance is not indicative of future performance, it will give you a fair idea of the company's performance.
Ultimately, the best savings insurance plan for you meets your needs and budget while offering the best value in terms of coverage and benefits.
Popular Tata AIA Savings Plans with Growth Opportunity
Tata AIA
Smart Value Income Plan
Individual, Non-Linked, Participating Life Insurance Savings Plan (110N162V01)
Tata AIA
Value Income Plan
Individual, Non-Linked, Participating Life Insurance Savings Plan (UIN: 110N153V01)
Tata AIA
Money Back Plus
Non-Linked, Participating, Individual Life Insurance Savings Plan (UIN: 110N119V02)
Tata AIA
Mahalife Gold
Non-Linked, Participating, Whole Life Individual Savings Plan (UIN: 110N029V03)
Tata AIA
Diamond Savings Plan
A Non-Linked, Participating Individual Life Insurance Savings Plan (UIN: 110N133V02)
Tax Benefits of Savings Plan
Savings plans also offer tax benefits as per the Income Tax Act of 1961:
Section 80C
The premiums paid towards your savings plan qualify for a tax deduction of up to ₹1.5 Lakh per financial year under Section 80C of the Income Tax Act.
Section 10 (10D)
The maturity and death benefits paid out will be tax-exempt under Section 10(10D) of the Act, subject to certain policy terms and prevailing tax guidelines.
Section 80D
Health riders, such as critical illness riders, provide a tax deduction of ₹25,000 to ₹1 Lakh under Section 80D, subject to the rider sum assured and the premium amount.
Know More About Our Flagship Plan – Tata AIA Smart Value Income Plan
Individual, Non-Linked, Participating Life Insurance Savings Plan (110N162V01)
Tata AIA
Smart Value Income Plan
Key Features:
Option to receive Cash Bonus (If declared) from the 1st Month of the policy1
With Life Protect feature continue life cover2 in case of loss of employment/income
Get Income Tax benefits# as per applicable tax laws
Who Should Buy a Savings Plan with Growth Opportunity?
There are different categories of people who may find a savings plan to be a good fit for their needs.
Primarily Savings plan could be
- Non-Participating plans where returns are Guaranteed or
- Participating plans which are Savings Plans with Growth opportunity. These plans participate in the profits of the company and pay bonus / dividends based on the company’s performance. Thus, these plans are riskier compared to the non-participating however can give you higher returns based on the company’s performance. People who are open to take a little risk in exchange for higher returns would typically opt for such savings plans as one part of the savings is guaranteed while the other offers the potential of greater returns if and when the insurance company declares dividends / bonuses.
Some examples include:
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01
People Seeking Life Cover and Savings
Savings insurance plans provide life insurance coverage and savings that build cash value over time. This can be attractive for people who want to protect their loved ones and build a nest egg for the future. -
02
People Who Want to Leave an Inheritance
Savings insurance plans can be used to provide an inheritance for loved ones. The policy's cash value component can be passed on to beneficiaries when the insured person dies. -
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People Seeking Good Returns
By opting for savings plans with growth opportunities, one can receive some part of the payout in the form of guaranteed returns. However, another part of the payouts is not guaranteed but may offer potentially good returns on maturity if they are declared. -
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People With High-Income or High Net Worth
A savings plan is suitable for people with a high level of financial assets they want to protect. A savings plan can be a low-risk investment in their portfolio.
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The Right Time to Start a Savings Plan
The right time to invest in a savings plan can vary depending on your personal circumstances and financial goals. It is generally a good idea to start thinking about investing in a savings insurance plan as early as possible since the earlier you start, the longer your money has to grow. Also, when you start a savings plan early, you can benefit from lower premiums on your policy, owing to lower health risks at a young age.
Two other factors to consider when deciding when to invest in a savings insurance plan are –
Your Financial Goals
Segregate your short-term and long-term goals to select a savings policy. If you want to meet both goals, a money-back plan such as the Tata AIA Money Back Plus can be a suitable option. The plan offers a survival benefit during the policy term for your short-term goals and a maturity benefit to help you meet your long-term goals.
Your Current Income
If you can start investing in a savings plan, choose a suitable policy and calculate the premiums so that you do not miss out on the payments due to expensive premiums. After the premium payments, your financial resources should be adequate for other financial needs and emergency situations.
Documents Required to Purchase Savings Plans
To buy a savings insurance policy, you must keep the following documents handy
Proof of Address |
Proof of Identity |
Proof of Income |
Aadhar Card |
Aadhaar Card |
Salary Slips of The Last 3 Months |
Passport |
Passport |
Income Tax Returns Receipt/Employer Certificate |
Voter’s ID |
PAN Card |
Bank Statement of The Last 6 Months |
Driving License |
Driving License |
Latest Form 16 |
Electricity Bill/Telephone Bill |
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Ration Card |
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Why Choose Tata AIA Life Insurance?
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![Choose income frequency | Tata AIA Life Insurance Company]( "Choose income frequency | Tata AIA Life Insurance Company")
Express Claim Settlement
File your claim and enjoy swift claim settlement in just 4 hours^.
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![Choose from either a regular income plan or regular income plan | Tata AIA Life Insurance Company]( "Choose from either a regular income plan or regular income plan | Tata AIA Life Insurance Company")
The Tata AIA Assurance
Our Individual Death Claim Settlement Ratio6 for FY 2021-22 is 98.53%.
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![Choose any additional riders to increase the protective cover | Tata AIA Life Insurance Company]( "Choose any additional riders to increase the protective cover | Tata AIA Life Insurance Company")
68 Lakh+
Families protected so far7.
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![Choice of Joint Life policy under single premium payment option | Tata AIA Life Insurance Company]( "Choice of Joint Life policy under single premium payment option | Tata AIA Life Insurance Company")
Pay your Way
Flexibility to choose premium payment mode as per convenience
^T&C apply
Looking to buy a new insurance plan?
Our experts are happy to help you!
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Frequently Asked Questions on Savings Plan with Growth Opportunity
What is the right age to buy a savings plan?
You can buy a savings plan at any time, subject to the minimum and maximum entry age of the savings plan. However, it is advisable to purchase a savings plan early, as it enables you to benefit from lower premiums.
As you grow older, any potential health condition will increase the risk of your life, which will increase your premiums. Moreover, at a younger age, regular saving gives your funds more time to grow over the years. This can help you plan your finances better.
What should one consider before buying savings plans?
It is important to chalk out your future financial goals before you buy a savings plan. By doing so, you can decide what type of savings plan you need. Savings policies like the Tata AIA Mahalife Gold can be suitable if you want to earn regular income during the policy term through guaranteed4 annual coupons.
Or, in case you need money for your short-term and long-term goals, you can select Tata AIA Money Back Plus which pays out a survival benefit during the policy term and a maturity benefit on policy maturity. Since the premiums of savings plans are higher than pure life cover plans, consider your financial capacity so your premium payments can continue.
4T&C apply
When does a savings plan offer additional bonuses?
Some savings plans are unlike guaranteed returns savings plans. These policies comprise two types of payouts – a guaranteed return on maturity and an additional bonus / dividend that is non-guaranteed. These bonuses are non-guaranteed because they can only be added to your returns on maturity if and when they are declared. All savings plans do not offer these bonuses.
Do I need to pay for a life cover separately under a savings plan?
No, a savings plan already includes a life cover component. Therefore, the premium you pay on the policy is for savings and life insurance coverage.
What happens when the savings policy matures?
When the savings plan matures, you can file a maturity claim and receive the maturity benefits from the policy. You can receive a lump sum payout or a monthly/regular income, depending on your chosen savings plan.
How does a money-back savings plan work?
A money-back savings plan like the Tata AIA Money Back Plus will start paying out survival benefits from the survival benefits of up to 130% of the sum assured periodically during the policy term starting from the 4th, 5th, or 6th policy year, depending on the plan option chosen.
On policy maturity, subject to your survival during this time, you can receive the maturity benefit, a percentage of the basic sum assured. Hence, money-back plans offer two different payouts – survival benefit and maturity benefit.
Disclaimer
- The complete name of Tata AIA Smart Value Income Plan is Tata AIA Life Insurance Smart Value Income Plan (Individual, Non-Linked, Participating Life Insurance Savings Plan (110N162V01)
- The complete name of Tata AIA Value Income Plan is Tata AIA Life Insurance Value Income Plan - Individual, Non-Linked, Participating Life Insurance Savings Plan (UIN: 110N153V01)
- The complete name of Tata AIA Money Back Plus is Tata AIA Life Insurance Money Back Plus - Non-Linked, Participating, Individual Life Insurance Savings Plan (UIN: 110N119V02)
- The complete name of Tata AIA Mahalife Gold is Tata AIA Life Insurance Mahalife Gold - Non-Linked, Participating, Whole Life Individual Savings Plan (UIN:110N029V03)
- The complete name of Tata AIA Diamond Savings Plan is Tata AIA Life Insurance Diamond Savings Plan (UIN: 110N133V02) - A Non-Linked, Participating Individual Life Insurance Savings Plan.
- 1Tata AIA Life Insurance Smart Value Income Plan provides a Cash Bonus or Accumulated cash bonuses, if declared and along with Guaranteed Maturity Benefit
- 2A monthly mortality charge will be levied. Please refer Terms and Conditions for details.
- 3These bonuses are not guaranteed in nature. The Company may declare Cash Bonus rate annually in advance. The Cash Bonuses if declared will be applicable provided all due premiums have been paid.
- 4Guaranteed Annual Coupons will be payable at every Policy Anniversary starting from the 10th Policy Anniversary till Maturity or till Death of Insured, whichever is earlier, provided the Policy then is in force. The Guaranteed Annual Coupon rate is Rs. 55 per 1,000 Basic Sum Assured.
- 5A Guaranteed Income as a % of Assured Benefit shall be paid annually commencing from the end of next policy year after premium payment term till maturity of the Policy or till death of the Life Insured, whichever is earlier
- 6Individual Death Claim Settlement Ratio is 98.53% for FY 2021 - 22 as per the latest annual audited figures.
- 768,75,083 families protected till October 2022
- *Guaranteed Maturity Benefit is equal to the Basic Sum Assured
- ~Compound Reversionary Bonus and Terminal Bonus will be based on Company’s performance and are not guaranteed.
- ^Applicable to only non-early claims with more than 3 years of policy duration, non-investigation cases, up to Sum Assured of Rs. 50 Lakh. Applicable for branch walk in. Time limit to submit claim to Tata AIA Life Insurance is 2 pm on working days. Subject to submission of complete documents. Not applicable for ULIP policies and open title claims.
- #Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere on this site. Please consult your own tax consultant to know the tax benefits available to you.
- Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs and the Surrender Value payable may be less than the all the Premiums Paid.
- This product is underwritten by Tata AIA Life Insurance Company Ltd.
- This plan is not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
- Insurance cover is available under this product.
- This product will be offered only to Standard lives.
- For more details on risk factors, terms, and conditions, please read sales brochure carefully before concluding a sale.
- All Premiums are subject to applicable taxes, cesses & levies which will entirely be borne by the Policyholder along with the payment of Premium. If any imposition (tax or otherwise) is levied by any statutory or administrative body under the Policy, Tata AIA Life Insurance Company Limited reserves the right to claim the same from the Policyholder. Alternatively, Tata AIA Life Insurance Company Limited has the right to deduct the amount from the benefits payable by Us under the Policy.
- Past performance is not indicative of future performance.
- In case of sub-standard lives, extra premiums will be charged as per our underwriting guidelines.
- L&C/Advt/2023/Feb/0561
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