Tata AIA Smart Value Income Plan

Here is the list of the features and benefits of the Tata AIA Smart Value Income Plan.

1. Death Benefit

The Death Benefit upon the death of the Life Insured for an in-force policy (all due premiums paid) during the life of the policy shall be:

According to the decision of SA-I (Sum Assured – I) or SA-II (Sum Assured – II) taken at the time of purchasing the product, single pay may be constant or fluctuate by age at entry.

2. Survival Benefi­t:

Option 1

The policyholder would be eligible to receive Cash Bonus until death or the end of the policy term, whichever occurs earlier, provided the policy is in force and all required premiums have been paid.

The Cash Bonus will follow the guidelines outlined under “Non-Guaranteed Bonuses” earlier.

Option 2

There is no survival benefit due.

The survival benefit will be paid upon the insured person’s death by the frequency of payouts and, if applicable, the “special date” set.

3. Grace Period:

A Grace Period of 15 days for monthly modes and 30 days for all other modes will be provided if you are unable to pay your Premium before the premium due date. Your policy is regarded as being in effect during this time, providing risk coverage by its terms and conditions. Any unpaid premiums (without interest) for the Policy year in which the event happened will be subtracted from the death claim payout if a death claim arises during the Grace Period.

4. Revival

If a premium is past due after the Grace Period and the policy hasn’t been surrendered, it may be reinstated or revived within five years of the first unpaid premium’s due date and before the date of maturity, provided that (i) the policyholder submits a written request for reinstatement or revival, (ii) the insured produces a current health certificate and other acceptable proof of insurability, and (iii) all past due premiums are paid in full.

5. Free Look Period

The Policyholder has the right to cancel the Policy by giving written notice to the Company if the terms and conditions or features are not satisfactory to them. In this case, the Policyholder will receive a refund of all premium payments made without interest, less the following deductions: a) proportionate risk premium for the period of coverage; b) stamp duty, and c) medical examination costs (including goods and services tax) incurred for issuing the Policy. If any Cash Bonus was paid before the Free Look cancellation amount was processed, we will deduct it from the policyholder’s refund amount.

6. Policy Loan

Policyholders may request for a policy loan for an amount up to 80% of the surrender value, provided that the policy gains surrender value. Tata AIA Life must be given ownership of the Policy.

7. Tax Benefi­ts

Subject to meeting the requirements outlined in the applicable Income Tax Laws, tax benefits may be made available. Any tax implications described in this material are not taken on by Tata AIA Life Insurance Company Ltd. To learn more about the tax benefits you may be eligible for, please visit your tax advisor.

8. Sub-Wallet

The cash bonus can either be given to you in cash or placed in a sub-wallet. The percentage of the Cash Bonus that will be received in the Sub-Wallet can be adjusted. The balance in your Sub-wallet may also be withdrawn in full or in part at any time during the duration of the policy.

9. Withdrawal from Wallet

During the insurance term, you have the option to withdraw all of the cash bonus funds from your Sub-Wallet or only a portion of them. When the insurance is surrendered or terminated, you will be given the remaining funds in the Sub-Wallet in the event of a partial withdrawal.

10. Rider Advantage

By selecting one of the two riders, you can expand the coverage of your savings plan. If the rider policy term does not exceed the duration of the base policy, you may add them to your base policy at the time of its creation or any policy anniversary.