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Individual, Non-Linked, Participating Life Insurance Savings Plan (110N162V03)
Individual, Non-Linked, Participating Life Insurance Savings Plan (110N162V03)
A smart savings plan with
value-added security benefit,
A smart savings plan with
value-added security benefit,
Tata AIA
Smart Value Income Plan
Gift yourself and your loved ones a smart savings plan that not just promises you the joy of extra income but also offers a life cover to protect your family’s future.
Tata AIA
Smart Value Income Plan
Gift yourself and your loved ones a smart savings plan that not just promises you the joy of extra income but also offers a life cover to protect your family’s future.
Option to receive cash bonus2 from 1st policy month
Option to receive cash bonus2 from 1st policy month
Features of a savings account with a sub-wallet3
Features of a savings account with a sub-wallet3
Save taxes as much as Rs. 46,8004
Save taxes as much as Rs. 46,8004
Get this savings plan with attractive bonus2 option and life cover
Get this savings plan with attractive bonus2 option and life cover
Plan Snapshot
Personalise your plan as per your priorities.
-
Multiple return options
Get Cash Bonuses2 (if declared) regularly or lumpsum at maturity -
Enjoy long-life cover till 100 years of age
-
Flexi premiums
Single/Annual/Half-yearly/Quarterly/ Monthly
- Maturity Benefit
Sum assured on maturity + accumulated cash bonus2 (if declared) - Premium offset
Pay policy premium through cash bonus2 (if declared)
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Benefits of Tata AIA Smart Value Income Plan
Savings Plan Option
Savings Plan Option
Choose between two savings plan options to either receive a regular cash bonus2 (if declared) from the first month or accumulate the cash bonus (if declared) till the end of the policy term to receive the lump sum at maturity.
Choice of Cash Bonus Payout
Choice of Cash Bonus Payout
The cash bonus will be paid out in arrears as per the frequency you choose. Not only can you receive the payout on an annual, half-yearly, quarterly, or monthly basis but also change the frequency at the immediate next policy anniversary.
Sub-Wallet
Sub-Wallet
You have an option to receive to Cash bonus in hand or in a Sub-Wallet3. You can fix/amend the proportion of Cash Bonus to be received in Sub-Wallet. You can also withdraw the bonus fully or partially from the Sub-wallet any time using My DigiAccount or by visiting our branch.
Withdrawal from Wallet
Withdrawal from Wallet
You can choose to withdraw a partial amount or the complete amount of cash bonus from your Sub-Wallet at any time during the policy term. In case of a partial withdrawal, the remaining amount7 in the Sub-Wallet will be paid to you when the policy is surrendered or terminated.
Survival Benefit
Survival Benefit
The survival benefit is paid out on survival of Life assured till end of policy term; a sum assured on maturity is payable along with declared/accumulated bonuses.
Whole Life Cover
Whole Life Cover
Under the various premium payment options, you can choose policy term of up to 100 years of age or from a limited period of 10 to 50 years.
Rider Benefit
Rider Benefit
Enhance the coverage of your savings plan by choosing from the available rider6 options. You can add them to your base policy at the time of inception or at any policy anniversary, provided the rider policy term does not exceed the base policy’s tenure.
Life Protect
Life Protect
With this feature, you can restore full life cover on a reduced paid-up policy in case an emergency such as unemployment or loss of income hinders your premium payments towards the policy.
Highlights of Tata AIA Smart Value Income Plan – A Savings Plan
-
![Comprehensive Life Cover Plan]( "Comprehensive Life Cover Plan")
Comprehensive coverage
Apart from receiving life cover protection from the plan, you can select your savings plan option that will help you safeguard your family and create a long-lasting financial plan to build your wealth.
-
![Low-Cost Premium Protection]( "Low-Cost Premium Protection")
Affordable Premium
With a minimum premium payment of ₹24,000 per annum, you can safeguard the future of your loved ones from uncertainties while simultaneously planning for a financially healthy and secure future.
-
![Versatile Premium Payment Options]( "Versatile Premium Payment Options")
Flexible Premium Payment Modes
You can make the premium payment on an annual, half-yearly, quarterly, or monthly basis. Moreover, there will be no modal loading on the single premium rate or the annual premium rate.
-
![Convenient Life Insurance Process Online]( "Convenient Life Insurance Process Online")
Convenient Process
Enjoy easy and smooth onboarding, renewal, and claim settlement processes on the Tata AIA Life Insurance website while making payments through your choice of seamless online payment modes.
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![Nominee Receives Death Benefit]( "Nominee Receives Death Benefit")
Death Benefit
Sum Assured on Death along with bonuses (if declared) as applicable will be payable to your nominee.
-
![Cash Bonus Offsets Premiums]( "Cash Bonus Offsets Premiums")
Premium Offset
Under Regular or Limited Pay, you can avail of the Premium Offset feature, wherein the cash bonus payable by us will pay the policy premiums. If the cash bonus value is higher than the premiums to be paid, the excess amount will be paid out to you. If the cash bonus value is lower, you will have to pay the balance premiums.
-
![Tax Benefit per Tax Laws]( "Tax Benefit per Tax Laws")
Tax Benefit
Get Income Tax5 Benefit as per applicable tax laws
List of Riders Available with the Solution
You can add the following rider(s)6 mentioned below to your base policy.
-
Non-Linked Comprehensive Protection Rider
(UIN:110B033V04 or any other later version) - A Non-Linked, Non- Participating Individual Health Rider
- Choose one or more benefit options (risk covers), including death, accidental death / disability, critical illness, and terminal illness
- Flexibility to receive benefit as combination of lump-sum and income for fixed period, income till survival of partner, or as waiver of future premiums
-
Non-Linked Comprehensive Health Rider
(UIN: 110B031V03 or any other later version) - A Non-Linked, Non- Participating Individual Health Rider)
- Choose one or more benefit options (risk covers), from a list of 5 available options, including disability, hospitalization, and illness
- The rider provides coverage against both major illnesses, and minor injuries or illnesses, while allowing multiple claim payouts
Eligibility Criteria
| Minimum | Maximum | ||||
| Age at Entry (years)# | 30 days | Payment Option | Maximum Entry Age | ||
| Limited Pay | 65 | ||||
| Regular Pay | 65 | ||||
| Single Pay Sum Assured-1^ | 45 | ||||
| Single Pay Sum Assured-2^ | 65 | ||||
| Age at Maturity (years)# | 18 | Payment Option | Whole Life | Other than whole Life | |
| Limited Pay | 100 | 85 | |||
| Regular Pay | NA | 85 | |||
| Single Pay | 'SA-I'^ | NA | 65 | ||
| 'SA-II'^ | NA | 85 | |||
#All references to age are as on last birthday.
^Death Multiple choice under Single Pay
How Does This Plan Work?
Step 1 – Choose the Plan Option
The Tata AIA Life Insurance Smart Income Value Plan offers two plan options –
Option 1: Cash Bonus - Receive regular cash bonus payouts (if declared) in the mode of payout as chosen from 1st year.
Option 2: Accumulating Cash Bonus - Accumulate cash bonus (if declared) till the end of policy term and receive a hefty lump sum amount at maturity.
Step 2 – Select the Premium Payment Term and Policy Term
|
Payment Option |
Whole Life |
Other than Whole Life |
|
|
|
|
Minimum |
Maximum |
Policy Term (PT) (years) |
Limited Pay |
100 minus Entry Age |
20 |
50 |
|
Regular Pay |
NA |
10* |
30 |
|
Single Pay |
NA |
10* |
50 |
*The above age, policy term and premium payment term combinations can be chosen subject to minimum maturity age of at least 18 years.
Step 3 – Easy Payment Options
Tata AIA Life Insurance provides a choice of convenient digital payment options which you can pick from to easily purchase your customized savings policy online. Once you pay the premium for your life insurance savings plan, you can complete the purchase of your Tata AIA Life Insurance Smart Value Income Plan.
Downloads
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Disclaimer
- The complete name of Tata AIA Smart Value Income Plan is Tata AIA Life Insurance AIA Smart Value Income Plan (UIN: 110N162V03) - Individual, Non-Linked, Participating Life Insurance Savings Plan
- 1A monthly mortality charge will be levied. Please refer complete sales brochure for details.
- 2Cash bonuses (if declared) may be opted to be paid out at the end of the chosen pay-out frequency or as premiums offset. Alternatively, the cash bonus (if declared) can be chosen to be accumulated and paid out on maturity, death or surrender. Please refer Brochure for additional details
- 3Only available with cash bonus option.
- 4Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000 as per old tax regime. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess, if any will be charged extra as per prevailing rates. The Tax-Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
- 5Income 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 benefits available to you.
- 6Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch.
- Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN:110B033V04 or any other later version) - A Non-Linked, Non- Participating Individual Health Rider, Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V03 or any other later version) - A Non-Linked, Non- Participating Individual Health Rider) are available under this plan.
- 7The remaining amount you are eligible for will be determined based on the amount of the unpaid debt that needs to be recovered when it is terminated.
- This product is underwritten by Tata AIA Life Insurance Company Ltd. Insurance cover is available under this product. This plan is not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
- Risk cover commences along with policy commencement for all lives, including minor lives. 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. In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines. All Premiums and interest payable under the policy are exclusive of applicable taxes, duties, surcharge, cesses, or levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium or interest. Tata AIA Life shall have the right to claim, deduct, adjust, and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.
- The risk factors of the bonuses projected under the product are not guaranteed.
- Past performance doesn't construe any indication of future bonuses, and
- These products are subject to the overall performance of the insurer in terms of investments, management of expenses, mortality and lapses.
- For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
- L&C/Advt/2024/Oct/2884
