Tata Aia Smart Income Plus

Smart Income Plus by Tata AIA Life Insurance is a non-participating, non-linked, limited pay endowment assurance income plan which offers guaranteed returns. With this plan, you can easily take care of your medium and long-term financial goals while ensuring that your family always stays protected against uncertainty. This plan is available in two options, the premiums for which start from Rs.18,000 and  Rs.36,000. Also, you can enhance the cover provided by the plan with the help of add-on riders like Accidental Death and Dismemberment (Long Scale) (ADDL) Rider and Waiver of Premium Plus (WOPP) Rider. Under this plan, you also get attractive tax benefits under Section 80C and 10 (10D) of the Income Tax Act, 1961.

Eligibility - Who Is Tata AIA Life Insurance Smart Income Plus For?

The Tata AIA Life Insurance Smart Income Plus plan is available under 2 options – Regular Income and Endowment.

Minimum age at entry	3 years
Maximum age at entry	50 years
Minimum age at maturity	18 years
Maximum age at maturity	65 (for PT of 15 years); 71 (for PT of 21 years) and 75 (for PT of 25 years)
Policy Term	15, 21, or 25 years

Sum Assured & Premium Range - What You Get & What It Costs

Sum Assured

The basic sum assured provided under this plan will be calculated at 11 times of the Annualised Premium amount.

Premium Range

The premium range under this policy differs with the plan option chosen by the customer. Under Option I (Regular Income), the minimum premium payable is Rs.18,000 while under Option II (Endowment), the minimum premium payable is Rs.36,000. There is no maximum limit on the premium payable under this plan, subject to underwriting rules.

Payment Mode

Premiums for this plan can be paid on an annual, half-yearly, quarterly or monthly basis.

Plan Coverage - What The Tata AIA Life Insurance Smart Income Plus plan Covers

	Option I – Regular income	Option II – Endowment
Survival Benefits	Under this option, guaranteed Payouts (GP) will be payable annually. GP will be calculated as a percentage of Annualised Premium. The income will be provided starting from the 9th, 12th or 14th policy year where premium payment terms are 7, 10, and 12 years. Guaranteed payouts will be calculated at 120%, 140%, and 160% of the Annualised Premium respectively.	Assuming that the policy is active and all premiums payments have been made on time, the policyholder is entitled to a Guaranteed Payout (GP) which will be a percentage of the Annualised Premium. GP will be payable at the end of the year falling right before the year of policy maturity.   The GP provided under this option will depend on various factors like premium payment term chosen, age,  and gender of the policyholder.
Maturity Benefit	Under this option, the policyholder is entitled to receive Guaranteed Maturity Payout (GMP) in lump sum when the policy matures. The GMP is calculated as a percentage of the Annualised Premium and depends on various factors such as the policyholder’s age at entry into the policy, their chosen premium payment term, gender, and age.	Under the Endowment option, the policyholder is entitled to receive the Minimum Guaranteed Sum Assured when the policy matures. This amount is equal to the Guaranteed Maturity Payout (GMP) that is payable under the regular income option.
Death Benefit	If the life assured passes away during the policy term, the Death Benefit sum assured shall be payable to their nominee, regardless of the payment of Survival Benefits. The Death Benefit sum assured shall be the greatest of 11x of Annualised Premium, 105% of overall premiums paid till the date of death of life assured, minimum Guaranteed Sum Assured on maturity, or total amount assured as payable on death.

                                                                                                           

Riders/Add-On Plans – Additional Coverage Under The Tata AIA Life Insurance Smart Income Plus Plan

If policyholders wish to enhance the coverage provided by the Smart Income Plus plan, they can opt for any of the two add-on riders that are available with this plan at the time of policy inception. The riders available with this plan are the Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider and the Tata AIA Life Insurance Waiver of Premium Plus (WOPP) Rider.

Exclusions - What The Tata AIA Life Insurance Smart Income Plus Plan Doesn’t Cover

If the life assured commits suicide in a sane or insane state in a duration of under 12 months from policy commencement, their nominee will be entitled to all premiums which have been paid towards the policy. If life insured has committed suicide within 12 months from the date of policy revival, the nominee will be entitled to either the amount of overall premiums paid or the acquired Surrender Value of the policy on the date of death of life assured, whichever amount is greater.

Other Key Features – Freelook Period, Surrender Values, Grace Period Etc.

Grace Period	Policyholders will be provided a Grace Period of 15 days (monthly mode) or 30 days (for all other modes), starting from the due date of premium payment. The policy will be in force during the Grace Period. If a claim arises during this period, the claim paid under the policy will be reduced by the amount of premiums that are unpaid.
Policy Lapse	If the complete premiums for the first policy term are unpaid after the grace period, the policy will lapse.
Policy Revival	A lapsed policy can be revived in under a period of 2 years before it matures. For this, the policyholder must provide a written request for revival of policy, a valid certificate of good health and insurability along with the amount of all premiums that are unpaid or due on the policy.
Free look Period	Customers are provided a free look period of 15 days (30 days if policy has been received via distance marketing channels). If they wish to cancel the policy, they may do so within the free look period.
Loan	Tata AIA offers the loan facility on this policy after it has acquired surrender value. The loan provided under this policy is up to 65% of its surrender value.
Assignment	Assignment is permitted according to Section 38 of the Insurance Act, 1938.
Nomination	Nomination is permitted according to Section 39 of the Insurance Act, 1938.

Tax Benefits – How You Can Save With The Tata AIA Life Insurance Smart Income Plus Plan

 

Customers get a chance to make significant tax savings when they invest in this plan. The premiums paid towards this plan will be eligible for tax benefits as per the provisions of Section 80C of the Income Tax Act, 1961. Also, the proceeds received under the plan are also eligible for tax benefits under Section 10(10D) of the Income Tax Act, 1961.

Other Benefits – How You Can Save With The Tata AIA Life Insurance Smart Income Plus Plan

• View NAV – Customers can now view the net asset value or NAV of various funds that are linked to the various plans offered by Tata AIA. For this, they must select their particular fund and the date for which they want the NAV for.
• Fund Performance – Customers can also track the performance of various funds over the years to see which fund has performed consistently well and make their choice accordingly.
• Online Payment – Customers have the option of making premium payments online in a convenient manner. Online payment options include via Paytm, via EMI using Kissht, via Jio Money, via NEFT or IMPS, via EBBP and via ICICI Bank Quick Pay.
• Track Application – Customers can also track their policy application easily from the Tata AIA website itself and find out its progress.

Why You Should Buy The Smart Income Plus Plan From Tata AIA Life Insurance

Tata AIA which was established following a joint venture between Tata Sons Ltd. and the AIA Group Ltd. has now become one of India’s most preferred insurance provider. With great expertise in the field of financial planning, Tata AIA has helped fulfil the dreams of hundreds of its customers by offering competent insurance and investment solutions.

*Premiums Vary Based On Age, Location, Plan Term And Other Factors