New Launch: Tata AIA Life Insurance’s Smart Value Income Plan Allows Policyholders to Adjust Bonus to Premium

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Tata AIA Life Insurance has announced the launch of the Tata AIA Life Insurance Smart Value Income Plan, an unlinked, participatory life insurance scheme. The Tata AIA Life Smart Value Income Plan offers several features along with regular and consistent income options. The plan can be purchased by people between the ages of 1 and 65, with the maximum maturity age being 100.

Main characteristics

Cash bonus from the 1st month: Consumers can choose to receive cash bonuses from the first month of policy purchase and continue to accrue premiums, even if they are unable to pay the premiums in the event of loss of wages or income .

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Premium shift function: A policyholder who has chosen the regular premium payment option will be able to adjust the premium payable against cash premiums, provided the frequency and timing of premium payments matches the premium payment.

Integrated sub-portfolio: This allows consumers to accumulate bonus cash and facilitates the withdrawal of the bonus amount, as needed. The amount in the sub-wallet further generates returns in the form of daily loyalty additions, which can also be used to offset future bonus payments.

LifeProtect function: Tata AIA Smart Value Income Plan also comes with a Life Protect feature which allows policyholders to continue to cover their life insurances even if they have to defer premium payments due to loss of income or in the event of a crisis. financial. Under this feature, Tata AIA will continue to offer the sum insured chosen by the consumer, if the policy becomes released due to non-payment of premiums. Cash bonuses will also continue to accumulate in this case.

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Special advantage for SME owners and women entrepreneurs: A first of its kind for small and medium-sized businesses, the Tata AIA Life Smart Value Income Plan offers an added advantage of preferential rates on loans over policy. For women entrepreneurs, the policy offers another special discount of 1% on policy loan interest rates.

An example: Consider a 35 year old male non-smoker who opts for a 10 year pay term and a 40 year policy term. Apart from the life cover of Rs 12,00,000 for the entire duration of the policy, the consumer would enjoy the following benefits:

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Source: TATA AIA Life Insurance

These assumed rates of return (4% and 8%) are not guaranteed and are not upper or lower limits of what you might get, as the value of your policy depends on a number of factors including performance real future investments.

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