The Life Insurance Smart Income Plus plan offered by Tata AIA is a non-linked plan that also comes with profit endowment. This policy is tailormade to suit the life insured's medium to long term requirements.
It also enhances investment plans by offering guaranteed additions and bonus accumulation. The policyholder can choose from regular income plan or endowment plan, to invest and secure his & his family's financial future.
In order to purchase this non-linked, close-ended savings policy from Tata AIA , the prospective policyholder will have to fulfill the following eligibility conditions:
Parameter | Minimum | Maximum |
Age at inception of the policy | 3 years | 50 years |
Age at policy's maturity | 18 years | For 15 year policy term - 65 years For 21 year policy term - 71 years For 25 year policy term - 75 years |
Life Insurance Smart Income Plus provided by Tata AIA is an assurance plan that has a double benefit of increasing wealth through guaranteed additions and accumulation of bonuses. Here are some prominent features of this endowment plan:
Type of plan | Non-linked life insurance policy that comes with profit endowment assurance plan and guaranteed additions |
Policy basis | Individual |
Term of the policy | 15 years, 21 years, and 25 years |
Premium (in multiples of Rs 1000) | Regular income - Rs 18,000 Endowment - Rs 36,000 There is no limit for maximum premium for either regular income or endowment plan |
Basic sum assured | 11 times the annualized premium (as chosen by the life insured) |
Premium Payment Term (PPT) | For 15 year policy term - 7 years For 21 year policy term - 10 years For 25 year policy term - 12 years |
Premium payment mode | Monthly, Quarterly, Half-yearly, and Annual |
Life Insurance Smart Income Plus insurance policy, offered by Tata AIA, comes with a number of key benefits. A few of them have been mentioned as under:
Let us take the case of Mr. Aditya who is a software engineer, who recently switched jobs. Aged 35, Mr Aditya buys Tata AIA Life Insurance Smart Income Plus for a tenure of 21 years by paying an annualized premium of Rs 50,000. He also chooses the premium payment tenure of 10 years. On the end of the 12th policy year, he receives the guaranteed annual payout.
At the end of the 20th policy year, he gets Rs 11,38,000 (multiplying 11.38 guaranteed payout by 1000) and Rs 22,760 (2% premium boost of the guaranteed payout, totaling it to Rs 11,60,670. The same is received at the end of the 21st policy year. At the policy's maturity, Mr Aditya receives Rs 21,21,520 as maturity sum assured.
The payment mode for this insurance plan can be done on monthly, quarterly, semi-annually, and yearly basis.
Tata AIA's Life Insurance Smart Income Plus policy comes additional rider benefits for both the options - Regular Income and Endowment.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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