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Benefits of Tata AIA Smart Value Income Plan
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.
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.
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 fully or partially from the balance in Sub-wallet any time during the Policy term.
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 amount~ in the Sub-Wallet will be paid to you when the policy is surrendered or terminated.
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.
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.
Enhance the coverage of your savings plan by choosing from the two riders. 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.
With this feature, you can restore full life cover1 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
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.
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.
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.
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.
Sum Assured on Death along with bonuses (if declared) as applicable will be payable to your nominee.
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.
Get Tax Benefit as per applicable tax laws
If you would like to understand better the Tata AIA Life Insurance Smart Value Income Plan and how it works, you can look at the video below so that you can make an informed choice and get a smart savings policy for yourself and your family:
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
(for the last 6 months)
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 – Pick a Rider for Additional Coverage
By choosing between the rider options, namely, Tata AIA Vitality Protect (UIN:110B046V01), Tata AIA Vitality Health (UIN:110B045V01), Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN: 110B033V02) and Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V02), you can avail additional cover against disability, hospitalization, major and minor illnesses, injuries, etc.
Step 4 – 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.
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