Terms & Conditions
  • *T&C Applied. Returns guaranteed by the Insurer as per the Insurance Plans.
  • **Returns guaranteed by the insurer
  • *** Tax adjusted Returns - assuming 30% tax bracket

Tata AIA Life Insurance Smart Growth Plus Plan

*Please note that the quotes shown will be from our partners
*savings provided by insurer

Introduction/Overview

Tata AIA Life Insurance Smart Growth Plus is a traditional participating Endowment Assurance plan through which the policyholder can save funds for future requirements. The bonus facility also ensures growth in the total fund.

Key Features

  • This plan is a participating plan under which Guaranteed Additions are also added to the fund besides the bonus declared
  • The plan comes in 2 variants – Option A which is a basic Endowment plan and  Option B where Accidental Death Benefit Rider is inbuilt
  • Under Option B, double Sum Assured is paid in case of Accidental Death

Benefits

  • The Guaranteed Additions are declared @ 5.5% of the SA for the first 5 policy years
  • Compound Reversionary Bonus form the 6th policy years and Terminal Bonus, if any, are also declared
  • On Maturity, the policyholder gets the Sum Assured and the accrued bonuses including the Guaranteed Additions
  • On Death, the Sum Assured along with the accumulated bonuses is paid which should be a minimum of 105% of all premiums paid
  • The Sum Assured payable on death would be higher of 10 times the annual premium or Basic SA
  • Premiums paid and claims received are exempted from taxation under Section 80C and 10(10D) of the Income Tax Act

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

Option A – 30 days

Option B – 18 years

50 years

Maturity Age (Last Birthday)

-

65 years

Policy Term (PT) in years

10 years

30 years

Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Annual, Half-yearly, monthly

Yearly Premium

Depends on age and coverage chosen

Sum Assured

150,000

No limit

Details About Premium

Annual premium in Rupees for a SA of 5 Lakhs

Age

Option A

Option B

Guaranteed Additions

Benefits @ 4%

Benefits @ 8%

Annual Premium

Annual Premium

Compound Reversionary Bonus

Terminal Bonus

Maturity Benefit

Compound Reversionary Bonus

Terminal Bonus

Maturity Benefit

25

30,760

31,185

137,500

200,469

250,587

10,88,556

475,845

594,806

17,08,151

30

31,020

31,445

137,500

200,469

250,587

10,88,556

475,845

594,806

17,08,151

Policy Details

Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days for annual and half-yearly mode. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: the policy can be surrendered anytime if one full years’ premium has been paid. The Surrender value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) where

GSV = total premiums paid*GSV Factor for premiums + (vested bonus including Guaranteed Additions)*GSV Factor for bonuses

SSV = SSV Factor *Reduced Paid-up SA including bonuses and Guaranteed Additions

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

  • Loan can be availed under the plan @ 65% of the Surrender Value   

Additional Features or Riders

  • There is a discount in premium for large Sum Assured chosen

Exclusions

  • In case of suicide within 12 months from inception, total premiums paid is returned and within 12 months of revival, higher of total premiums paid or acquired Surrender Value is paid to the nominee
  • The Accidental Death Benefit Rider is not applicable for assault or murder, suicide, death due to services in armed forces, accident due to alcohol abuse , etc.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof. Medical examination may be required in some cases, based on the sum assured and the age of the person.

fixed deposit with life cover
Written By: PolicyBazaar - Updated: 16 September 2015