Tata AIA Life Insurance Company Limited has announced the launch of Tata AIA Life Insurance Smart Value Income Plan, a non-linked and participatory life insurance savings plan. The company said it offers best-in-class regular and consistent income options along with several first-time features to help consumers secure their financial future and build wealth for long-term goals .
Features of Tata AIA Life Insurance Smart Value Income Plan include:
One) Cash bonus from 1 month: Consumers can choose to receive the cash bonus from the very first month of policy purchase and continue to earn the bonus even if they are unable to pay the premium in case of loss of salary/income.
b) Premium Offset Feature: A policyholder who has opted for regular premium payment option will be able to adjust the premium payable against the cash bonus, provided the frequency and timing of bonus payment matches the premium payment.
C) In-built sub-wallet: It allows the consumers to earn cash bonus and provides facility of withdrawal of bonus amount as per requirement. The amount in the Sub Wallet further earns returns in the form of daily loyalty additions, which can also be used to offset upcoming premium payments;
D) Survival Feature: Tata AIA Smart Value Income Plan also comes with a Life Protect feature that allows consumers to continue with their life cover even if they have to postpone premium payments or face financial crunch due to loss of income . Under this facility, Tata AIA will continue to offer the Sum Assured as chosen by the subscriber, in case the policy becomes paid-up due to non-payment of premium. Cash bonus* will also continue to be available in this case.
I) Special Benefits for SME Owners and Women Entrepreneurs: A first of its kind feature for small and medium businesses, Tata AIA Life Smart Value Income Plan offers the added benefit of preferential rate on loan against policy. For women entrepreneurs, the policy offers an additional special discount of 1% on policy loan interest rates.
The plan also offers attractive maturity benefits. Consider a 35-year-old male non-smoker, who opts for a premium paying term of 10 years and a policy term of 40 years. Smart Value Income Plan can be purchased by an individual in the age group of 1 to 65 years, with a maximum maturity age of 100 years. The policyholder can also avail tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.
Venky Iyer, President and Chief Distribution Officer, Tata AIA, said: “As we come out of the pandemic, the economic scenario remains uncertain amid geopolitical issues, rising inflation and income uncertainty etc. Between these conditions, consumers prefer a balance. Between quality of life and achievement of key financial goals. Our unique proposition, ‘Tata AIA Smart Value Income Plan’ will empower consumers and their families with best-in-class features.”
Iyer said it helps them generate wealth with a one-of-a-kind ‘Premium Offset’ facility and get life insurance cover even when there are premium payment gaps. Such benefits make this product stand out in the market and should be the preferred choice for all consumers.
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