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Launch Date UIN Status
15/12/2017 110N126V03 Active

About Tata AIA Life Insurance Smart Income Plus

The Tata AIA Life Insurance Smart Income Plus is a non-linked, insurance-cum-investment, limited-pay income plan that offers the flexibility to choose between Regular Income or Endowment options. Under the first option the policyholder chooses to receive a regular income, while in the second a lump sum endowment benefit is opted for.

Note: This plan has special benefits for female lives as it charges lower rates of premiums from them.

Before we get into the details, let’s get a bird’s-eye view of the plan:

Modes of Payment

  • Monthly
  • Quarterly
  • Semi-annually
  • Annually

Claim Settlement Ratio of the Insurer

96.01%

USPs of the Policy

Maturity, survival, and death benefits are paid
Flexibility in choosing the pay-out option to receive the maturity benefit
Tax benefits

Illustration with Premium of INR 1 Lakh

At INR 1,00,000 premium and policy term of 21 years, the policyholder stands to receive INR 17,55,200 (under option I) and INR 21,13,440 (under option II). A sum assured of INR 11,00,000 will be paid to the nominee in case of death under both options.

How Does the Plan Work?

Let’s understand how the plan works through the varied benefits it offers:

Maturity Benefit

Since the plan comes in two variants, the maturity benefit payable will depend on the chosen option.

Regular Pay-out Option: Under this option, on maturity, the policyholder receives the last instalment of the Guaranteed Pay-out plus a Guaranteed Maturity Pay-out (GMP). This payment is calculated as follows:

GMP Factor XAnnual Premium

Where GMP Factor depends on age, gender, and premium payment term

Endowment Option: Under this option, the policyholder receivesthe minimum guaranteed sum assured, which is equal to the GMP.This option pays the policyholder a lump sum amount at the end of the policy year, which is a year before maturity. This pay-out is again expressed as a percentage of the annual premium and is derived based on age, gender, and premium payment term.

Death Benefit

If the policyholder meets an untimely end while the policy is active, the death benefit will be paid to the nominee regardless of whether or not the survival benefits are paid already. And the death benefit will be the highest of:

  1. Minimum guaranteed sum assured on maturity
  2. Absolute assured amount payable on death
  3. 11 times the annualized premium
  4. 105% of total premiums paid till death

One must note that the minimum guaranteed sum assured on maturity will be equal to the Guaranteed Maturity Pay-out (GMP) in the case of the Endowment Option. It will be equal toGMP and Guaranteed Pay-out in the case of the Regular Pay-out Option.

Survival Benefit

Survival benefits are paid depending on the option chosen by the policyholder.

Regular Pay-out Option: Under the Regular Pay-out Option, the policyholder is paid guaranteed pay-outs annually from the end of the 9th, 12th, and 14th year for 7, 10, and 12 premium payment terms respectively as a percentage of the annual premium. These percentages depend on the chosen policy term and premium payment term (PPT) and they are as follows:

For 7-year PPT = 130% of the annual premium

For 10-year PPT = 150% of the annual premium

For 12-year PPT = 175% of the annual premium

Riders and Add-ons

  • Tata AIA Life Insurance Accidental Death and Dismemberment rider
  • Tata AIA Life Insurance Waiver of Premium Plus rider

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Why Should You Buy This Plan?

Tata AIA Life Insurance Smart Income Plus offers flexibility in choosing the premium amount, policy term and the plan type (select one out of two variants) to suit the needs of the policyholder. The policyholder can choose whether they want to receive the maturity benefit as regular income or as lump sum amount depending on their requirements. Besides, the plan offers two riders at additional premium to boost protection. This is an ideal plan for those looking for comprehensive coverage along with returns on investments.

Who Should Buy This Plan?

Individuals falling within the age bracket of 3 – 50 years can buy this plan to receive decent returns on their investments and also protect their financial future against uncertainties like death.

Claim Process

Know Claim Process of Tata AIA Life Insurance iRaksha Supreme

Claim Process

Company Overview

Tata AIA Life Insurance is a joint venture between the Tata Group and AIA Group Ltd., one of the largest independent publicly listed pan-Asia Group. Tata AIA started operations in 2001. It offers various insurance products for individuals and corporates. The company has a strong distribution network of agents, bancasurance channels and branches.

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