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.
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|
The basic sum assured provided under this plan will be calculated at 11 times of the Annualised Premium amount.
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.
Premiums for this plan can be paid on an annual, half-yearly, quarterly or monthly basis.
|Option I – Regular income||Option II – Endowment|
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.
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.
|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.|
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.
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