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Individual, Non-Linked, Participating Life Insurance Savings Plan (110N162V01)

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Tata AIA Life Insurance
Smart Value Income Plan

A smart savings plan that adds value to your life goals!

Fulfilling your obligations and dreams can be easier when you enjoy long-term financial security and stability throughout your life. At every stage of life, you should have the satisfaction of meeting your life goals without having to worry about a financial support system!

Knowing what important role finances play in securing your life, we bring to you the Tata AIA Life Insurance Smart Value Income Plan (110N162V01), a long-term and systematic savings plan that protects every stage of your life with flexible plans options that you can choose from, staying true to our #RakshakaranKiReet!

This savings plan not only protects you with a whole life cover of up to 100 years but also offers a choice between two savings plan options – Cash Bonus Option and Accumulating Cash Bonus Option - that can help you realise your dreams.

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Benefits of Tata AIA Life Insurance Smart Value Income Plan

Savings Plan Option

Savings Plan Option

Choose between two savings plan options to either receive a regular cash bonus (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-Wallet. 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 your Sub-wallet any time during the policy term.

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 the 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 Life Insurance Smart Value Income Plan – A Savings 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.

  • 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.

  • 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 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.

  • Death Benefit

    Sum Assured on Death along with bonuses (if declared) as applicable will be payable to your nominee.

  • Health Management Services**

    You can avail of personal medical case management or consultation services and get a second opinion from service providers registered with Tata AIA Life Insurance.

  • 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^^

    Get Tax benefits on a Smart Value Income Plan as per the applicable tax laws 

List of Riders Available with the Solution

You can add the following rider(s) mentioned below to your base policy.

Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN:110B033V02 or any other later version)

  • You can select from one or more risk covers to be protected against critical and terminal illness, accidental death/disability, and more.

  • The rider offers you the option to receive a return of balance premiums paid when your savings policy matures.

    Know more

Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V02 or any other later version)

  • Choose to receive coverage against major illnesses, minor injuries, and ailments while receiving payouts for multiple claims.

  • Flexible payout options to either receive a lump sum benefit or a lump sum and income for a fixed period or a monthly income for up to 10 years.

    Know more

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

 

 

 

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.
 

Premium Payment Term (PPT) (years)

Payment Option

Min.

Max.

 

Limited Pay

5

12

 

Regular Pay

Same as Policy Term

 

Single Pay

1

 

Step 3 – Pick a Rider for Additional Coverage

By choosing between the rider options, namely, the Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN: 110B033V02) and the Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V02), you can avail of 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 customised 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.

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.

Disclaimer

  • ^^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.
  • 1A monthly mortality charge will be levied. Please refer complete sales brochure for details.
  • **Medical Second Opinion/Personal Medical Case Management is an optional service offered to you at no additional cost. The eligibility of the Life Insured to avail these services shall be determined by the Company from time to time. You may exercise your own discretion to avail the services and to follow the treatment path suggested by the service provider. These services shall be directly provided by the service provider. The services can be availed only where policy/rider is in force. All the supporting medical records should be available to avail the service. We reserve the right to discontinue the service or change the service provider at any time. The services are being provided by third party service provider and Tata AIA Life Insurance Company Ltd will not be liable for any liability.
  • ~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.
  • 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.
  • L&C/Advt/2022/May/0983

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.