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Individual, Non-Linked, Participating Life Insurance Savings Plan (UIN: 110N153V01)

Savings Plans - Value Income Plan Mobile Banner

Tata AIA Life InsuranceValue Income Plan

Tata AIA Life Insurance Value Income Plan provides you with two convenient plan options for savings and the advantage of an extended life cover of up to 100 years of age, as per your choice. You can choose either to receive cash bonus each year (if declared) to take care of your financial commitments or accumulate these cash bonuses (if declared) at a company declared interest rate for creating bigger corpus for a stress-free life.

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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.

Benefits of Tata AIA Insurance Value Income Plan

Life Cover Protection

Life Cover Protection

The choice between two insurance plan options lets you select a life cover option that is best suited for you and your family’s needs. You can opt for the Extended Life Cover till age 100 years under one of the options for a better financial safety net for your loved ones.

Disciplined Savings

Disciplined Savings

The savings policy helps you regularly save money so that you can accumulate a financial corpus on maturity and meet all your future financial commitments. Such a savings plan also helps keep your family’s dreams and goals secure so that they can live a worry-free life.

Financial Security

Financial Security

The insurance policy guarantees a death benefit pay out to your nominee/family in case of your demise during the policy term.

Maturity Benefit

Maturity Benefit

Depending on which one of the two plan options you select, the maturity benefit can either comprise the Guaranteed* Maturity Benefit and a Terminal Bonus (if any) or the Guaranteed* Maturity Benefit, Accumulated Cash Bonus (if any), and Terminal Bonus (if any).

Survival Benefit

Survival Benefit

With the choice of two plan options, you can choose to receive the cash bonus (if any), starting after the second policy anniversary. Alternatively, you can choose to accumulate the cash bonus^ (if any) and receive the pay out on death/surrender/maturity.

Tax Benefits

Tax Benefits

With this insurance plan, you can avail for tax# benefits as per applicable income tax laws

Highlights of Tata AIA Insurance Value Income Plan

  • Limited Premium Pay

    With the Limited Pay premium payment term, you can pay off all the policy premiums within a shorter period while you enjoy the rest of the policy term with the policy benefits and without the obligation of paying premiums for the whole tenure.

  • Extended Life Cover

    Keep your family secure with an extended life cover option for up to 100 years of age. A longer life cover ensures longer financial stability for your loved ones and enables you to lead a worry-free life without  worrying about your loved ones’ future needs.

  • Optional Riders

    Customise your savings insurance policy and protect your loved ones with optional rider$ benefits that cover multiple risks like Hospitalization expenses, Critical Illnesses like cancer, Heart conditions, death, disability due to an accident, etc.

  • Choice of Policy Term

    The savings plan enables you to choose a policy term  best suited for your life insurance coverage needs. So keep your loved ones secure with a life cover for as many years as you want, or you can even opt for a whole life cover.

Plan Eligibility

Plan Parameters

Minimum

Maximum

Age at Entry

(years)@

30 days

55 years for 5 PPT

58 years for 6 PPT

62 years for 7 PPT

65 years for 8 to 15 PPT

Age at Maturity (years)@

18

80

Policy Term (PT)

10 to 40 (Minimum Policy term: Premium Paying Term + 5 years)

Premium Payment Term (PPT)

5 to 15 years

Premium (₹)

PPT- 5 to 8: ₹50,000/- per annum PPT- 9 to 15: ₹24,000/- per annum.

No Limit (subject to Underwriting Policy)

Premium Payment Mode

Annual/ Half-yearly / Quarterly/ Monthly

Plan Option

Option 1 – Endowment Option 2 – Endowment with Extended Life Cover (ELC) till the age of 100 years

 

@Any reference to age is as on last birthday.

Documents Required

PAN card

Aadhar Card

Income Tax Reciept

Salary Slip

Bank statement

(for the previous 6 months)

How Does the Tata AIA Life Insurance Value Income Plan Work?

Choose a Plan Option

The Tata AIA Life Insurance Value Income plan offers two plan options to choose from, which can enable you to receive an Endowment benefit or an Endowment with Extended Life Cover (ELC) up to 100 years of age. 

Select the Policy Term

You can choose a policy term of between 10 – 40 years for your savings plan and for your family’s life insurance coverage, as per your needs and convenience. A limited premium payment term of 5 – 15 years will be chosen as per the tenure of your policy to keep your savings plan active.

Choose an Optional Rider$

You can customise your savings policy and protect your loved ones with optional rider$ benefits that cover multiple risks like Hospitalization expenses, Critical Illnesses like cancer, Heart conditions, death, disability due to an accident, etc.

Easy Payment Options

Tata AIA Life Insurance lets you choose from different and secure digital payment options on the official website to make your premium payment. By selecting any convenient payment channels, paying the premium and completing the purchase, you can own your Tata AIA Value Income Plan savings policy!

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.

Frequently Asked Questions

General Policy Coverage Claim

Are all savings plans known as endowment plans?

No, all savings plans are not endowment plans. Under an endowment plan, the maturity benefit is paid out as a lump sum only on maturity.

Can I avail of whole life coverage on all life insurance plans?

All life insurance plans do not offer whole life coverage. If you want to avail of whole life coverage up to 100 years of age, you can opt for the Endowment option with Extended Life Cover till 100 years of age under the Tata AIA Life Insurance Value Income Plan or any other plan that offers Whole life Coverage.

What is a survival benefit in life insurance savings plans?

A survival benefit in life insurance savings plans is when a benefit is added/payable to your policy during the policy term. While some survival benefits may be paid out during the policy tenure, others may be accrued and paid out when the plan reaches maturity.

What is income plan insurance?

An income plan insurance is an informal term for a savings plan that offers regular income either during the policy term or during a specified income period.

What are the two plan options under the Tata AIA Life Insurance Value Income Plan?

Under the Tata AIA Life Insurance Value Income Plan, you can opt for Endowment or Endowment with Extended Life Cover till the age of 100 years.

Does the Tata AIA Life Insurance Value Income Plan offer surrender benefits?

Yes, you can choose to surrender the Tata AIA Life Insurance Value Income Plan if the need arises. However, the premiums for two whole years should have been paid for the plan to acquire a surrender value. As far as possible, it is advisable to not surrender your savings policy so that you can make the most out of the savings corpus and the life insurance protection offered by the plan.

Is the rider benefit paid out along with the sum assured of the base policy?

No, the rider benefit is only paid out if the events or casualties covered under the rider take place, as per the rider’s terms and conditions.

What happens if the policy premiums are paid after the Grace Period under the plan?

If the policy premiums are not paid by the end of the grace period, the policy will lapse or be converted to a reduced paid-up policy based on the policy terms and conditions. However, if you make the premium payments along with interest after the grace period within 5 years from the first unpaid premium, the policy can be revived, and you can continue enjoying the coverage.

What is the benefit of whole life coverage?

A whole life coverage policy ensures that you and your family are protected against financial emergencies for a longer span of time. With 100 years of life cover, you can secure your family’s future even after your retirement.

What types of claims can be filed under this savings policy?

The policyholder’s nominee can file a death claim under this policy in case of the policyholder’s death during the policy term to claim the death benefits. If the policyholder survives the term, then the maturity benefits will be payable.

What is the claim settlement ratio of TATA AIA Life Insurance?

The claim settlement ratio of Tata AIA Life Insurance was 98.53% in FY 2021-22~.

Is it possible to file a claim offline under this savings plan?

Yes, to file a claim offline under this savings policy, simply check our Tata AIA Life Insurance office branches and visit us to know more about the claim filing and settlement process.

Disclaimer

  • Tata AIA Life Insurance Value Income Plan - Individual, Non-Linked, Participating Life Insurance Savings Plan (UIN: 110N153V01)
  • ~Individual Life Claim Settlement Ratio is 98.53% for FY 2021 - 22 as per the latest annual audited figures.
  • ^These bonuses are not guaranteed in nature. The Company may declare Cash Bonus rate annually in advance. The Cash Bonuses if declared will be applicable provided all due premiums have been paid.
  • *Guaranteed Maturity Benefit is equal to the Basic Sum Assured
  • This product is underwritten by Tata AIA Life Insurance Company Limited. The plan is not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance.
  • For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale.
  • $Riders are not mandatory and are 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/Intermediary/ branch.
  • #Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment 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.
  • All Premiums are subject to applicable taxes, cesses & levies which will entirely be borne by the Policyholder along with the payment of Premium. If any imposition (tax or otherwise) is levied by any statutory or administrative body under the Policy, Tata AIA Life Insurance Company Limited reserves the right to claim the same from the Policyholder. Alternatively, Tata AIA Life Insurance Company Limited has the right to deduct the amount from the benefits payable by Us under the Policy.
  • Past performance is not indicative of future performance.
  • In case of sub-standard lives, extra premiums will be charged as per our underwriting guidelines.
  • Insurance cover is available under this product.
  • L&C/Advt/2022/Jul/1670