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A Non-Linked, Participating Individual Life Insurance Savings Plan (UIN: 110N133V02)

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Tata AIA Life InsuranceDiamond Savings Plan

We all have varying needs at different stages of our life. And while planning these important dreams and life goals, it is important to have a support system that not only helps you save your wealth over the years but also offers you the benefits when you need them.

Hence, opting for a savings solution that can help you with the regular income, an assured maturity benefit and a protective life cover for your loved ones can be a good choice.

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Benefits of Tata AIA Life Insurance Diamond Savings Plan – A Guaranteed* Savings Plan to Fulfil Your Dreams

Get Guaranteed Income

Get Guaranteed Income

As a life insurance savings policy, the policy allows you the opportunity to create a long-term and disciplined savings habit and receive guaranteed* income benefits.

Life Cover Protection

Life Cover Protection

Apart from creating and generating your savings under the policy, you can also protect your family and offer them financial security with the life cover under the savings plan.

Long-Term Savings

Long-Term Savings

This savings plan will not only be a part of your financial planning but also create an emergency fund for future use or even create a retirement plan for your golden years.

Dual Benefits

Dual Benefits

The guaranteed* income offered on the policy apply in the event of an unfortunate death of the life assured or can be paid out as a maturity benefit if the life assured outlive the policy term. 

Additional Bonuses

Additional Bonuses

A compound reversionary bonus~ will start accumulating annually with the first policy anniversary and is calculated as a percentage of the sum assured. Your savings plan can also be eligible for a terminal bonus which is also a percentage of the sum assured and will be paid out in accordance with certain conditions being fulfilled under the savings plan.

Tax Benefits

Tax Benefits

Your policy also allows you to claim tax^ benefits on the premiums paid and the benefits of the policy. Under Section 80C and 10(10D) of the Income Tax Act, the premiums paid towards the policy and the maturity benefit will be eligible for tax, as per the prevailing tax laws.

Highlights of Tata AIA Life Insurance Diamond Savings Plan

  • Regular Income

    The savings policy enables you to earn a guaranteed* regular income after the premium payment term until maturity. Between the end of the premium payment term and the maturity, you can choose a payout mode for your regular income.

  • Choice of Riders

    You can choose from two optional riders$, each with unique benefits, to add to your life insurance policy. With the benefits under the selected rider/riders, you can opt for additional protection for your family in case of your accidental death, disability, dismemberment, burns, etc., that leads to a loss of income.

  • Low-risk Investment

    The guaranteed* income and regular income benefits under this savings plan offer a low-risk investment option for policyholders and investors who seek assured and non-market-linked returns on their investments.

  • Pay as per convenience

    You get to choose the premium payment term of your policy as per the duration of your policy term. Additionally, you can also choose from the annual, semi-annual, quarterly or monthly premium payment modes as per your needs and convenience.

Riders To Enhance Your Plan Coverage

Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider (UIN:110B028V03)  

This rider protects your family by paying them a lump sum amount in case of an accidental death
The benefits are doubled in case of certain accidental deaths or dismemberments (details in the brochure)
Know More

Tata AIA Life Insurance Waiver of Premium Plus (WOPP) Rider (UIN:110B029V02)  

In case of death or total and permanent disability of the life insured, this rider allows all future premiums to be waived off
This benefit is valid if the death or disability occurs before the life insured attains 70 years of age or before the end of the premium payment term, whichever occurs earlier
Know More

Plan Eligibility

Premium Payment Term (PPT)/ Policy Term (PT)/Min/Max Entry Age (Age as on last birthday)

Premium Payment Term

Policy Term

Income Term

Minimum Entry Age#

Maximum Entry Age#

5

15

10

3

55

5

20

15

0

55

6

15

9

3

55

8

18

10

0

60

12

25

13

0

60

Premium (₹) (Premium in multiples of 10000)

Minimum: ₹18,000/- per annum

Maximum: No Limit (subject to underwriting guidelines)

Basic Sum Assured

11 times the Annualised Premium

Premium Payment Mode

Annual/Half-yearly/Quarterly/Monthly


#
Reference to age is as on the last birthday

 

Documents Required

PAN card

Bank statement

(for the previous 6 months)

Salary Slip

Aadhar Card

Income Tax Reciept

Frequently Asked Questions

What is the income term offered by the Diamond Savings Plan?

Under the Diamond Savings Plan from Tata AIA Life Insurance, you have the flexibility to choose from the following income terms, depending on the policy term and the premium payment term.

  • For a 15-year policy with a 5-year premium payment term, the income term is 10 years
  • For a 20-year policy with a 5-year premium payment term, the income term is 15 years
  • For a 15-year policy with a 6-year premium payment term, the income term is 9 years
  • For an 18-year policy with an 8-year premium payment term, the income term is 10 years
  • For a 25-year policy with a 12-year premium payment term, the income term is 13 years

What is the premium payment frequency for this life insurance investment plan?

You can choose from the following premium payment frequencies

  • Annual 
  • Half-yearly
  • Quarterly
  • Monthly 

 

What documents would I require to buy an insurance policy?

To buy an insurance policy, you need to submit the following mandatory documents.

Proof of address:

The following documents are accepted as valid proof of your address.

  • Bank Statement (or passbook) with the latest entries for six months 
  • Aadhaar card
  • Passport
  • Voter's ID
  • Driving license
  • Electricity/telephone bill
  • Ration card

Proof of identity:

Some of the documents that are accepted as valid proof of your identity include:

  • PAN card
  • Aadhaar card
  • Passport
  • Driving license

Documents showing proof of income:

These documents, which are required only for a few plans, include:

  • Salary slips of the previous 3 months
  • Income tax returns/Employer certificate
  • Bank statement of the previous 6 months
  • Latest Form 16

What are riders? Which rider can I purchase with the Diamond Savings Plan?

Riders$ are additional provisions that you can add on to your basic insurance policy, in order to enhance the protection and the benefits you receive.

With the Tata AIA Life Insurance Smart Income Plus (UIN: 110N133V02) plan, you can purchase the following riders.

  1. Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider (UIN:110B028V03)
  2. Tata AIA Life Insurance Waiver of Premium Plus (WOPP) Rider (UIN:110B029V02)

Disclaimer

  • *A Guaranteed Income 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
  • ~Compound Reversionary Bonus and Terminal Bonus will be based on Company’s performance and are not guaranteed.
  • ^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 implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefit available to you.
  • $Riders are not mandatory and are available for a nominal extra cost. For more details on the benefits, premiums and exclusions under the riders please refer to the Rider Brochure or contact our Insurance Advisor or visit our nearest branch office.
  • 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.
  • L&C/Advt/2022/Jul/1521

Need more information?

Let us help you

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.

Looking to get a new plan? 

Connect with us now

+91

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.