Tata AIA Life launches Smart Value Income Plan: Check Full Details
By Lokmat English Desk | Published: June 8, 2022 02:19 PM2022-06-08T14:19:44+5:302022-06-08T14:19:44+5:30
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Tata AIA Life Insurance Co. Ltd. (Tata AIA), on the back of its strong fund performance and bonus track record of last year, TATA AIA, one of India's leading life insurers, announced the launch of Tata AIA Life Insurance Smart Value Income Plan, a non-linked, participating life insurance savings plan.
Tata AIA Life Smart Value Income Plan provides several first time features along with best-in-class regular and consistent income options, enabling consumers to secure their financial future and create wealth for long-term goals. The following unique and industry first features make it a must have in every investment portfolio.
Consumers can choose to receive cash bonuses* from the very first month of policy purchase and continue to accrue bonuses, even if they are unable to pay premiums in case of loss of pay / income
A policyholder who has chosen regular premium payment option will be able to adjust the premium payable against cash bonuses*, provided that the frequency and timing of bonus payments match premium payment.
Tata AIA Smart Value Income Plan also comes with a Life Protect feature that allows consumers to continue with their life covers even if they must postpone premium payments due to loss of income or when faced with a financial crunch. Under this feature, Tata AIA will continue to offer the Sum Assured chosen by the consumer, if the policy becomes paid-up due to non-payment of premiums. Cash bonuses* will also continue to accrue in this case.
A first-of-its-kind feature for small and medium businesses, Tata AIA Life Smart Value Income Plan offers additional benefit of preferential rate on loans against the policy. For women entrepreneurs, the policy offers a further special discount of 1% on policy loan interest rates.
The plan also offers an attractive maturity benefit. 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.
Apart from the INR 12,00,000 Life Cover throughout the Policy Term, the consumer would receive many other benefits.
Commenting on launch of Smart Value Income Plan, Venky Iyer, President & Chief Distribution Officer at Tata AIA said, "As we come out of the pandemic, the economic landscape continues to remain uncertain amid geo-political issues, rising inflation, income uncertainty, etc. Amid 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 its best-in-class features. It helps them generate wealth and avail life cover even in situations where there are premium payment gaps, with the one-of-its-kind 'Premium offset' facility. Such benefits make this product stand out in the market and should be a preferred choice for all consumers."
Smart Value Income Plan can be bought by individuals from age 1 to 65, with the maximum maturity age being 100 years. The policyholder can also avail tax benefits u/s 80 C and 10 (10 D) of the Income Tax Act, 1961.
Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). Tata AIA Life combines Tata's pre-eminent leadership position in India and AIA's presence as the largest, independent listed pan-Asian life insurance group in the world spanning 18 markets in the Asia Pacific region.
For the financial year 2021-22, the total premium income of Tata AIA Life increased to INR 14,445Cr., a growth of 30%. For the same period, the Company registered a Retail New Business Weighted Premium of INR 4,455 Cr. Individual Death Claims Settlement ratio was at 98.53%.
