Tata Aia Smart Value Income Plan

TATA AIA Life Insurance Smart Value Income Plan - 110N162V01

 

Individual, Non-Linked, Participating Life Insurance Savings Plan

Long term stability and security have become more important than ever before, given the times we are living in. At Tata AIA Life, we have always believed in helping you protect your dreams at various stages of life by ensuring that you are financially equipped.

 

To serve this objective, we present to you, Tata AIA Life Insurance Smart Value Income Plan, individual, non-linked, participating life insurance savings plan that gives you life cover and the option of choosing and receiving cash bonus (if declared) till you reach 100 years of age.

 

Salient Features:

  • Choice between 2 plan options –​​​​​​​

1. Cash Bonus

2. Accumulating Cash Bonus

Under plan option 1: Choice of receiving cash bonus (if declared) as early as from the 1st month in

your Sub-wallet!

Under plan option 2: Accumulate cash bonus (if declared) till the end of policy term and receive a

hefty lump sum amount at maturity

Under Single Pay: Choice of Sum Assured-I and Sum Assured-II

- Sum Assured - I: Death Benefit Multiple of 10 times Single Premium

- Sum Assured - II: Death Benefit Multiple based on entry age

  • Freedom of financial and legacy planning as per your needs with the help of multiple options of Policy Term & Premium Payment Term
  • Life Protect Feature – Continue your life cover1 even if you need to postpone premium payment due to loss of income and/or unemployment
  • Enhance your protection with optional Riders
  • Tax benefits may be applicable on premiums paid and benefits received as per applicable tax laws

Frequently Asked Questions

Yes.

Provided that the policy acquires Surrender Value, policyholders may apply for a policy loan for such an amount within the extent of 80% of Surrender Value.

The Policy must be assigned to Tata AIA Life.
Lower interest rates are offered to MSME customers for policy loan.
Current interest rate for Loan from 1st October 2021:

  • Female MSME Owners – 6% p.a.
  • Non female MSME owners – 6.5% p.a.
  • Non MSME Policy Owners - 7% p.a.

Equity Exposure of Par Fund in SVIP is upto 30% which gives the potential to earn higher returns

  • Under the Life Protect Fetaure, Life Cover continues if premium payment needs to be postponed on event of loss of income / unemployment
  • This feature can be exercised by the Policyholder during the revival period
  • It is available for Reduced Paid-Up policies
  • On opting, full Sum Assured on Death gets restored

At the end of the Policy Term, provided all due premiums have been paid and the policy is in-force, the Maturity Benefit will be:

  • Sum Assured on Maturity (Guaranteed) + Last Cash Bonus (if declared) or Balance in Sub-wallet, if any + Terminal Bonus (if declared)

The policy shall terminate on payment of the Maturity Benefit and no further benefits will be payable
Sum Assured on Maturity = Maturity Benefit Multiple (MBM) × Total Premiums Payable

  • Cash Bonus paid in Bank Account – Cash Bonus (if declared) credited directly in bank account of the customer. Bonus Can be withdrawn anytime and anywhere.
  • Cash Bonus paid in Sub-Wallet – Cash Bonus (if declared) paid in Sub-Wallet powered by Tata AIA. Bonus can be withdrawn anytime and anywhere partially or in full. Accumulated bonus will earn Loyalty additions on daily basis.

Premium Offset – Cash Bonus (if declared) can be used to offset the due premiums throughout the Premium Payment Term. Frequency of PPT and Bonus Payout should be same.

E.g. If PPT frequency is Quarterly, then bonus payout frequency should also be Quarterly. Only then the bonus received will be offset by the premium to be paid.

  • Cash Bonus = Due Premium Payable:  Entire Premium offset
  • Cash Bonus > Premium Payable:  Excess Cash Bonus ‘Paid-in Cash’ to the policyholder
  • Cash Bonus < Premium Payable:  Policyholder pays the Balance Premium

(Change of Cash Utilisation mode can be done at Policy Anniversary)

Yes

On death of the Life Insured for an in-force policy (all due premiums have been paid) during the policy term, the Death Benefit will be:

  • Basic Sum Assured on Death (Guaranteed) plus
  • Balance in Sub-wallet, if any plus
  • Interim Bonus (if any) plus
  • Terminal Bonus on Death (if declared)

The policy shall terminate on payment of the Death Benefit and no further benefits will be payable

The Death Benefit shall be minimum 105% of Total Premiums paid (excluding modal loadings)

1. Flexibility to choose Premium Payment Term
Whole Life:  Limited Pay (5 Y to 12 Y)
Non-Whole Life:  Limited Pay – 5 Y to 12 Y / Regular Pay – Same as Policy Term / Single Pay
2.  Flexibility to choose Policy Term
Whole Life:  100 – Entry Age
Non-Whole Life:  Limited Pay – 20 Y to 50 Y / Regular Pay – 10 Y to 30 Y / Single Pay – 10 Y to 50 Y
3.  Change of Premium Payment Frequency during the Policy Term
4.  Change of Cash Bonus Pay-out Frequency can be done at Policy Anniversary
5.  Change of Cash Utilisation mode can be done at Policy Anniversary

  • Whole Life – Plan will continue till 100 years of age with bonus payment and life cover.
  • Non-Whole Life – Plan will continue till the chosen policy term with bonus payment and life cover.

Cash Bonus in SVIP, if any shall be a percentage of Annual Premium.
Cash Bonus Rate (if declared) will depend on Entry age, PPT, and Premium Amount.

Disclaimer

  • This product is underwritten by Tata AIA Life Insurance Company Ltd.
  • Insurance cover is available under this product.
  • This plan is not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance.
  • This product brochure should be read along with Benefit Illustration.
  • Risk cover commences along with policy commencement for all lives, including minor lives.
  • Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs and the Surrender Value payable may be less than the all the Premiums Paid.
  • In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
  • All Premiums and interest payable under the policy are exclusive of applicable taxes, duties, surcharge, cesses or levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium or interest. Tata AIA Life shall have the right to claim, deduct, adjust and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.
  • Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
  • HDFC Bank Limited (4621612) (IRDAI Registration No: CA0010) is the Corporate Agent of Tata AIA Life Insurance Company Limited and does not underwrite the risk or act as an insurer. HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. Participation by the Bank’s clients in the Insurance products is purely on a voluntary basis. The contract of Insurance is between Tata AIA Life and the Insured and not between HDFC Bank and the Insured.
  • Tata AIA Life Insurance Company Limited (IRDAI Regn. No.110 • CIN: U66010MH2000PLC128403). Registered & Corporate Office: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai - 400013. Trade logo displayed above belongs to Tata Sons Ltd and AIA Group Ltd. and is used by Tata AIA Life Insurance Company Ltd under a license. For any information including cancellation, claims and complaints, please contact our Insurance Advisor / Intermediary or visit Tata AIA Lifes nearest branch office or call 1-860-266-9966 (local charges apply) or write to us at customercare@tataaia.com. Visit us at: www.tataaia.com L&C/Advt/2022/Jun/1345
  • “As per recent changes in section 10(10D) of Income Tax Act, where the amount of aggregate annual premium payable in the financial year in case of Traditional plans (all non-unit linked plans except Annuity, Pension and Pure Risk Plans) issued on or after 1st April 2023 exceeding INR 5,00,000 the benefits of the policy/policies shall not be eligible for exemption under section 10(10D) except in case of death”. The customer is requested to seek advice of a tax advisor with respect to his/her personal tax liabilities under the Indian Income-tax law."