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Individual, Non-Linked, Participating Life Insurance Savings Plan (110N162V01)
Individual, Non-Linked, Participating Life Insurance Savings Plan (110N162V01)
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. 46,800+
Save taxes as much as Rs. 46,800+
Get this savings plan with attractive bonus2 option and life cover
Get this savings plan with attractive bonus2 option and life cover
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Plan Snapshot
Personalise your plan as per your priorities.
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Multiple return options
Get Cash Bonuses2 (if declared) regularly or lumpsum at maturity -
Enjoy long-life cover till 100 years of age
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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 amount~ 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 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.
Life Protect
Life Protect
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
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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.
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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.
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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.
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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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Death Benefit
Sum Assured on Death along with bonuses (if declared) as applicable will be payable to your nominee.
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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.
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Tax Benefit^^
Get Tax Benefit as per applicable tax laws
A Quick Video Guide to Tata AIA Life Insurance Smart Value Income Plan
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:
Check Eligibility and Documents Required
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
Documents Required
Aadhar Card
PAN card
Salary Slip
Income Tax Reciept
Bank statement
(for the last 6 months)
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 |
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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.
Downloads
Disclaimer
- 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.
- 5On enrolling into the Wellness Program, you get an upfront discount of 5% on 1st year premium for Accidental Death, Accidental Total & Permanent Disability, Accidental Disability Care Benefits and of 10% on 1st year premium for Term Booster, CritiCare Plus, Accelerated CritiCare, Multistage CritiCare, Cancer Care, Cardiac Care benefits. The rewards are offered on cumulative basis and in any year, the maximum rewards in view of both the Up-front Rewards and Annual Rewards Flex together shall be 15% for Accidental Death, Accidental Total & Permanent Disability, Accidental Disability Care and 30% for all other benefit options. Discount is driven by accumulated points which is achieved through wellness status. Please refer policy document for more details.
- ^^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 benefits available to you.
- $$Rider 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.
- ~The 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.
- +Tax 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. 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.
- 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 benets payable under the Policy.
- L&C/Advt/2023/Jul/1999
