TATA AIA Life Insurance Smart Income Plus Plan

Eligibility Criteria for the TATA AIA Life Insurance Smart Income Plus Plan 

Features of the TATA AIA Life Insurance Smart Income Plus Plan

The following are the features of the TATA AIA Life Insurance Smart Income Plus Plan:

1.  Flexible Plan Options

   The policy offers two plan choices, namely Regular Income and Endowment. This has given the policyholders the ability to select the benefit design that matches their financial objectives.

2.  Guaranteed Income Option

   In the Regular Income version, the policyholders are assured of receiving guaranteed payouts as well as income boosters throughout the income period.

3.  Guaranteed Maturity Benefits

   Depending on the option chosen, the policy has a guaranteed maturity payout at the expiry of the policy.

4.  Income Booster

   There is also an added income-enhancing reward offered as an encouragement to policyholders who keep on paying premiums on a regular basis. With flexible policy options, Tata AIA Investment Plans support long-term financial planning.

5.  Milestone Benefits

   The plan provides milestone benefits that lead to larger payouts and reward long-term policyholders.

6.  Life Insurance Protection

   The policy offers life cover throughout the policy term, helping ensure financial protection for the policyholder’s family in case of an unforeseen event.

7.  Female Life Benefit

   Female policyholders receive slightly higher guaranteed benefit factors compared to male policyholders.

8.  Tax Benefits

   Tax benefits may apply to premiums made and benefits received based on applicable income tax law.

Benefits of the TATA AIA Life Insurance Smart Income Plus Plan

The benefits offered under the plan are given below:

1. Survival Benefits

   Under the Regular Income plan, the policyholders get guaranteed payouts every year with the income boosters in the chosen income period, provided the policy is in force, and all due premiums are paid.

   In the Endowment option, the policyholder obtains milestone benefits before maturity and a guaranteed payout upon maturity of the policy at the end of the policy term.

2. Maturity Benefit

   If the life assured survives until the end of the policy term:

   • Under the Regular Income option, the policyholder will receive Guaranteed Maturity Payout and milestone benefits as well as final income payout.
   • Under the endowment option, the policyholder gets the guaranteed maturity payout at maturity.

3.  Death Benefit

   The nominee will get the highest of: in case of the unfortunate death of the life assured during the policy term.

   • 11 × Annualised Premium
   • 105% of total premiums paid
   • Maximum assured amount at maturity and booster thereof.
   • Assured on death amounting to an absolute amount.

   Once the death benefit has been paid, the policy will end.

Riders Under the TATA AIA Life Insurance Smart Income Plus Plan

The policyholders are able to extend their cover with optional riders to the standard plan.

The riders include:

• Tata AIA Non-Linked Comprehensive Protection Rider.
• Tata AIA Non-Linked Comprehensive Health Rider.
• Tata AIA Vitality Protect Rider.
• Tata AIA Vitality Health Rider.
• Tata AIA Benefit Protection Rider.

These riders offer extra coverage and involve an extra premium.

Policy Details Under TATA AIA Life Insurance Smart Income Plus Plan

1. Grace Period

   The grace period in the policy is:

   • 15 days of concurrent premiums.
   • 30 days for other payment modes

   This period is when the policy is still active.

2. Revival

   Where the policy has lapsed, it can be reinstated within 5 years of the first unpaid premium amount by paying arrears of the outstanding premiums, including interest.

3. Free Look Period

   The policyholders will be allowed to cancel the policy within 30 days after obtaining the policy document in case they are not satisfied with the policy.

4. Surrender

   This policy may be surrendered upon expiration of one policy year, wherein at least one full premium has been paid.

   The amount paid as surrender will be the greater of the following:

   • Guaranteed Surrender Value
   • Special Surrender Value

5. Loan

   When the policy gains surrender value, a policy loan will be availed. Policyholders have the right to borrow up to 65 per cent of the amount of the surrender value.

Exclusions Under the TATA AIA Life Insurance Smart Income Plus Plan

Suicidal Clause

In case the life assured commits suicide within 12 months of the policy start date or revival date, the nominee will get at least 80% of the amount paid in premiums or in the form of a surrender value, whichever is more.