TATA AIA Smart SIP

What is Tata AIA Smart SIP?

Tata AIA Smart SIP is a non-participating, ULIP plan designed to provide systematic wealth accumulation for you and your family. It offers a life insurance cover and ensures a lump sum payment upon the plan’s maturity. In the event of an unforeseen circumstance, it offers extra benefits to protect your family from financial difficulties in your absence.

Features of Tata AIA Smart SIP

Below are the features of Tata AIA Smart SIP: 

• Financial Cover: Provides financial protection with market-linked returns for you and your family.

• Fund Enhancements: Offers zero premium allocation charges and additional unit allocations for female customers.

• Multiple Funds and Investment Strategies: Provides a variety of funds and investment strategies to choose from. There are 17 investment funds ranging from 100% debt to 100% equity to suit your particular needs and risk appetite.

• Wellness Benefits: Includes wellness benefits with Vitality Riders.

• Tax Benefits: Offers tax benefits as per applicable tax laws.

• Systematic Withdrawal Plan (SWP): This partial withdrawal facility allows a policyholder to withdraw funds at pre-determined intervals as either a pre-determined percentage of the fund value or a pre-determined absolute amount.

• Enhanced Systematic Money Allocation & Regular Transfer (Enhanced SMART): Enhanced SMART is a systematic transfer plan that allows you to enter the volatile equity market in a structured manner by choosing two funds, a debt-oriented fund and an equity-oriented fund.

• Life-Stage based Portfolio Strategy: Under the Life-stage based Portfolio Strategy, your portfolio will be structured as per your age and risk profile selected by you (Conservative, Moderate, or Aggressive), and investments will automatically shift from riskier assets to safer assets progressively as you age.

Eligibility Criteria of Tata AIA Smart SIP

Benefits of Tata AIA Smart SIP

Below are the benefits of Tata AIA ULIP Plans: 

• Maturity Benefit: For an in-force policy, you will receive the Fund Value, including any Top-Up Premium Fund value, valued at the applicable NAV on the date of maturity.

• Wealth Secure and Goal Secure: If the Life Insured is alive on the Maturity Date, the Maturity Benefit shall be payable.

• Future Secure and Family Secure: Maturity benefits are also available.

• Financial Security: A pillar of financial security for your family, fortifying their future against uncertainties.

• Loyalty Additions and Maturity Booster: Guaranteed non-negative amounts that shall not be revoked by the company provided the policy is in force and all due premiums have been paid.

• Death Benefit: In the event of the life insured's unfortunate demise, the nominee gets a death benefit.

Riders Under Tata AIA Smart SIP

Policyholders have the option to choose from a set of unit-deducting or a set of premium-paying riders.

1. Unit-deducting riders:

   • Tata AIA Life Insurance Waiver of Premium (Linked) Rider (UIN: 110A026V02 or any later version)

   • Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider (UIN: 110A025V02 or any later version) - Not applicable for Future Secure and Family Secure options.

   • Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider (UIN: 110A027V02 or any later version)

   • Tata AIA OPD Care (UIN: 110A166V02 or any later version)

2. Premium-paying riders:

   • Tata AIA Life Linked Comprehensive Health Rider (UIN: 110A031V03 or any later version)

   • Tata AIA Life Linked Comprehensive Protection Rider (UIN: 110A032V03 or any later version)

   • Tata AIA Vitality Health Plus (UIN: 110A047V02 or any later version)

   • Tata AIA Vitality Protect Plus (UIN: 110A048V03 or any later version)

   • Tata AIA Sampoorna Health (UIN: 110A167V02 or any later version)

Additional Policy Details of Tata AIA Smart SIP

• Smart Lady Benefit: For Female lives, 0.50% of the Annualized Premium or 0.25% of Single Premium shall be added to the Fund Value at the time of allocation of first year’s or Single premium respectively.

• Online / Digital Discount: Additional benefits shall be applicable to customers who initiate purchase of policies through ISNP mode (digital medium).

• Top-up Facility: You have the flexibility to pay an additional premium as a ‘Top-up Premium’ provided the policy is in force.

  • Single premium top-ups are allowed anytime except during the last 5 years of the policy term, provided all due regular premiums have been paid.

  • Minimum top-up premium is ₹ 1000/-.

  • Policyholders will be provided an additional sum assured equal to 1.25 X top-up premium, subject to BAUP.

  • Every top-up Premium shall have a lock in a period of five years.

  

• Policy Loan: Policy Loan is not allowed in this plan.

• Fund Switching: You may send the Company a written request to switch investments between available Funds, specifying the Funds from which Units are to be redeemed and the Funds to which Units are being allocated.

• Premium Re-direction: Premium Re-direction facility helps you to allocate future premiums to a different fund or set of funds, free of charge. Premium Re-direction will not be allowed if Enhanced SMART is chosen.

• Settlement Option: If the insured is alive on the maturity date, there is an option to receive the Maturity Benefit in a lump sum or periodical payments over a Settlement Period of five years from the Maturity Date.

• Free Look Period: If the policy holder is not satisfied with the terms & conditions/features of the Policy, policy holder has the right to cancel the Policy by giving written notice to Tata AIA within 30 days after policy holder or person authorized by policy holder receives the Policy.

• Loyalty Program Reward: If you are a member of the loyalty program administered by a service provider empaneled by the Company, You shall be entitled to the Loyalty Program Reward upon the purchase of the policy and upon meeting the eligibility criteria.

Exclusions under Tata AIA Smart SIP

In case of death due to suicide within 12 months from the date of commencement of the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to fund value, as available on the date of intimation of death.