Tata AIA Smart Income Plus Plan

Flexibility of Additional Coverage:

You have further flexibility to customize your product by adding the following optional riders. The rider can be attached only at policy inception.

• Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider – This rider ensures the protection of your family by paying your nominee an amount equal to the rider sum assured in case of accidental death. In case of severe dismemberment like loss of limbs or bodily functions or severe burns due to an accident, it will pay a percentage of the rider sum assured as per the ADDL benefit chart. The benefits will be doubled in case of certain accidental death or dismemberments.

• Tata AIA Life Insurance Waiver of Premium Plus (WOPP) Rider – This rider provides for the waiver of all future premiums of the basic policy which fall due in case of death or while the proposer is totally and permanently disabled (provided that the death occurs/disability commences before the proposer reaches 70 years or the end of premium payment term of the basic plan, whichever is earlier).

Surrender Benefit (For both Option I & Option II):

The Policy can be surrendered at any time during the term of the Policy, provided at least two full years’ Premiums have been paid The Surrender Value payable is higher of the Guaranteed Surrender Value or Special Surrender Value.

• Guaranteed Surrender Value (GSV) = [All the Premiums Paid (Excluding the underwriting extra premiums and modal loading) x GSV factor)] – Survival Benefit paid, if any.

• Special Surrender Value (SSV) = Special Surrender Value Factor x [(Number of Premiums paid) / (Number of Premiums Payable during the entire policy term) x (Survival + Maturity Benefits) – Survival Benefit paid if any].

Reduced Paid-Up:

The Policy will be converted into a Reduced Paid-Up Policy by default, provided the policy has acquired a surrender value and subsequent premiums remain unpaid. In case of Reduced Paid-up policies, the benefit shall be payable as under:

• Death Benefit for both Option I & Option II: On the death of the life assured during the policy term, Sum Assured on death x (Number of premiums paid) / (Number of premiums payable, during the entire policy term) will be payable. This total amount will be a minimum of 105% of the Total Premiums paid up to the date of death.

• Survival Benefit: The reduced Survival Benefits shall continue to be payable as mentioned below:

Guaranteed Payouts x (Number of Premiums Paid / Number of Premiums Payable during the entire policy term).

• Maturity benefit: Guaranteed Maturity Payout x (Number of Premiums Paid / Number of Premiums Payable during the entire policy term) The reduced Guaranteed Maturity Payout will be paid as a lump sum at Maturity.

Revival:

Policyholder may revive the policy within five after the due date of the first unpaid premium and before the date of maturity subject to the Underwriting & Revival rules of the Company. However, the Company would require: a) A written application from you for revival; b) a Current health certificate of Insured and other evidence of insurability satisfactory to the Company and c) Payment of all overdue premiums with interest.

Policy Loan Facility:

Policy Loan is available in Tata AIA Life Insurance Smart Income Plus, provided that the policy acquires Surrender Value. You may apply for a Policy Loan for such an amount within the extent of 65% of the Surrender Value.