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Individual, Non-Linked, Participating Life Insurance Savings Plan (110N162V03)
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.
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
people have explored this plan recently!
Get this savings plan with attractive bonus2 option and life cover
Get this savings plan with attractive bonus2 option and life cover
Personalise your plan as per your priorities.
Are you an NRI?
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 the bonus fully or partially from the Sub-wallet any time using My DigiAccount or by visiting our branch.
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.
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 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.
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.
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 Income Tax5 Benefit as per applicable tax laws
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
Non-Linked Comprehensive Health Rider
(UIN: 110B031V03 or any other later version) - A Non-Linked, Non- Participating Individual Health Rider)
| 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
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.
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