The Tata AIA Life Insurance Smart Growth Plus is particularly designed to meet to your savings and insurance related needs. This is a non-linked participating endowment assurance plan that helps you save for your future and combat the unpredictabilities of life without facing any financial difficulty. Tata AIA Life Insurance Company Limited is one of the leading insurance providers in India, having a pan –Asia presence.
Key Features of Tata AIA Life Insurance Smart Growth Plus
The Tata AIA Life Insurance Smart Growth Plus comes with a lot of attractive features. Listed below are the key features of the plan:
- The Tata AIA Life Insurance Smart Growth Plus plan offers a lot of flexibilities and you can choose your policy terms as per your short and long term requirements.
- In case of death caused by accident, the sum assured get doubled. .
- The plan offers a grace period of 15 days for a monthly mode Tata AIA Life Insurance Smart Growth Plus plan and 30 days for other modes such as yearly, half-yearly and quarterly. Within the grace period, you need to pay all your pending premiums, otherwise, your Tata AIA Life Insurance Smart Growth Plus policy will lapse.
- The policy can be revived or reinstated within two years from the due date of the first premium missed . You can revive the policy by writing a written application and paying all overdue premiums.
- Loan is available under this policy. You may get 65% of your surrender value as loan against the policy.
- Nomination is accepted under this policy. You can nominate someone to receive the policy benefits in your absence.
- Assignment is allowed under the Tata AIA Life Insurance Smart Growth Plus plan.
- The Tata AIA Life Insurance Smart Growth Plus plan can be surrendered at any moment, provided you have cleared the full premium of the first policy year.
- Policy terms are – 10 and 30 years.
Benefits of Tata AIA Life Insurance Smart Growth Plus
The Tata AIA Life Insurance Smart Growth Plus plan offers the following benefits:
- You can get tax benefits on the premiums paid for this plan under section 80C and 10(10D) of the Indian Income Tax Act.
- It offers guaranteed additions of 5.5% of the total sum assured in the first 5 policy years.
- At maturity, you will receive maturity benefits. To avail these benefits, the policy should be active till the end of the policy tenure and all due premiums need to be paid. The plan offers the basic sum assured, accrued Guaranteed Additions, Terminal Bonus and vested Compound Reversionary Bonus as a part of its maturity benefits.
- The policy offers Compound Reversionary Bonus (CRB) and Terminal Bonus. The Compound Reversionary Bonus gets accrued every year from form the 6th policy year onward. To avail this bonus, the policy needs to be in force.These benefits are paid at maturity or death. The Terminal Bonus offered by the policy is paid at maturity or on death, provided the policy is active for 10 years. It is a percentage of the accrued compound Reversionary Bonus.These benefits are paid at maturity or death.
- Death benefits can be availed under the Tata AIA Life Insurance Smart Growth Plus plan. If the policyholder dies within the policy tenure, the sum assured plus accrued Guaranteed Addition along with Compound Reversionary Bonus and Terminal Bonus will be paid to the designated nominee. The total death benefits offered by the policy is subject to a minimum of 105% of the premiums paid. The sum assured on death will be 10 times higher of annualized premium paid and the basic sum assured.
Eligibility Conditions for Tata AIA Life Insurance Smart Growth Plus Plan Works
Minimum entry age
Option 1: 0 years ( for days)
Option: 18 years
Maximum entry age
Maximum maturity age
How the Tata AIA Life Insurance Smart Growth Plus Plan Works
The Tata AIA Life Insurance Smart Growth Plus Plan works in the following method:
- First, you need to choose a plan option as per your needs.
- Next, choose a basic sum assured based on your requirement.
- Choose a policy as per your long and short term needs
- Next, the TATA AIA Life Insurance Company will calculate your monthly premiums based on your age, sum assured, policy term and the chosen premium paying modes.
10 years - 30 years
Premium Payment Term
Same as the policy term.
The Tata AIA Life Insurance Smart Growth Plus Plan does not provide riders.
With the Tata AIA Life Insurance Smart Growth Plus, you can easily fulfill your insurance and savings related needs.
Other Saving Plans From Tata AIA Life Insurance
- Tata AIA Life Insurance MahaLife Gold Plus Plan
- Tata AIA Life Insurance MahaLife Magic Plan
- Tata AIA Life Insurance Money Maxima Plan
Other Popular Tata AIA Life Insurance Plans
- Tata AIA Life Insurance Savings Plans
- Tata AIA Life Wealth Solutions Plans
- Tata AIA Life Insurance Group Plans
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017