Tata AIA Life Insurance Smart Income Plus

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1. Do all savings plans offer regular income?

All savings plans do not offer regular income. However, you can opt for a savings plan that offers an option between receiving a lump sum benefit or a regular income.

2. Is an endowment policy also a savings plan?

Yes, an endowment policy is a type of savings plan. This policy pays out the maturity benefits as a lump sum when the policy matures instead of a regular income.

3. What is a limited premium payment term?

A limited premium payment term involves paying premiums for a limited number of years rather than the entire tenure of the life insurance policy. After the premium payments have been completed, the policy remains in force for the remaining tenure, and you continue receiving the policy benefits.

4. When can the guaranteed income under a savings plan be paid out?

The guaranteed income under a savings plan is paid out on policy maturity. However, the payout of the maturity benefit is subject to your (the insured’s) survival until policy maturity. Therefore, you can receive these benefits as per a payout frequency selected at policy inception.

5. When should you get a savings plan?

No specific age or stage in life is the correct time to get a savings life insurance plan. However, every savings plan has a minimum and maximum entry age, which you should remember before purchasing the policy.

The decision to get a savings insurance plan, or any other type of insurance, should be based on your individual needs. When deciding whether to get a savings plan, some factors to consider might include your current and future financial goals, age and health, dependents, and responsibilities.

Policy

1. Do all Tata AIA savings insurance plans come with tax benefits?

Yes, all life insurance plans, including savings insurance plans, come with tax benefits. The premiums paid towards your policy will qualify for tax deductions under Section 80C of the Income Tax Act. The death/maturity benefit, payable as applicable, qualifies for tax exemptions under Section 10(10D) of the Income Tax Act (subject to prevailing tax guidelines and conditions).

2. What is the minimum and maximum entry age for the Tata AIA Life Insurance Smart Income Plus?

The maximum entry age for the Tata AIA Life Insurance Smart Income Plus is 65 years. The minimum entry age is 0 years (30 days) subject to minimum maturity age of 18 years

3. When can the rider/riders be added to the savings plan?

The rider/riders can be added to the savings plan on policy inception. However, each rider will incur an additional but nominal premium cost.

4. What is the maximum policy term that I can opt for under this savings plan?

The maximum policy term you can choose under this savings plan is 51 years for regular Income option and 50 years for endowment option, during which your family can receive guaranteed life insurance coverage.

Claims

1. How to file a claim under the Tata AIA Life Insurance Smart Income Plus?

To raise a claim for your savings plan, choose any of the following channels to contact us:

● Email us at: customercare@tataaia.com

● Call our helpline number - 1860-266-9966 (local charges apply) ● Walk into any of the Tata AIA Life Insurance Company branch offices ● Write directly to us at:

The Claims Department,

Tata AIA Life Insurance Company Limited

B- Wing, 9th Floor,

I-Think Techno Campus,

Behind TCS, Pokhran Road No.2, Close to Eastern Express Highway, Thane (West) 400 607.

IRDA Regn. No. 110

2. Can a claim be processed if my nominee is outside of India?

In case your nominee does not reside in India, they can courier all the necessary documents to their representative in India. This person can visit any of our office branches and submit the documents to file the claim. For an online claim, the nominee can simply upload attested copies of these documents online or send them to us via email.

3. Where can I file an offline claim?

You or your nominee can visit us and file an offline claim at any of the Tata AIA office branches. It can be the same office branch from where the savings plan was purchased or a branch nearest to you.

4. What are the documents required for a claim settlement?

Please click here to know the list of documents needed for the claim intimation and settlement process.
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5. What types of claims can be filed under this savings plan?

In case of your (the insured’s) death, a death claim can be filed by your nominee. However, if you survive the policy term, you can file a maturity claim with us.

• The brochure is not a Contract of Insurance. The precise terms and conditions of this plan are specified in the Policy contract
• Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs and the Surrender Value payable may be less than the all the Premiums Paid.
• This plan is also available for sale through online mode.
• This product brochure should be read along with Benefit Illustration.
• This product is underwritten by Tata AIA Life Insurance Company Ltd. This plan is not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance.
• Insurance cover is available under this product.
• In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
• Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
• HDFC Bank Limited (4621612) (IRDAI Registration No: CA0010) is the Corporate Agent of Tata AIA Life Insurance Company Limited and does not underwrite the risk or act as an insurer. HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. Participation by the Bank’s clients in the Insurance products is purely on a voluntary basis. The contract of Insurance is between Tata AIA Life and the Insured and not between HDFC Bank and the Insured.
• Tata AIA Life Insurance Company Limited (IRDAI Regn. No.110 • CIN: U66010MH2000PLC128403). Registered & Corporate Office: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai - 400013. Trade logo displayed above belongs to Tata Sons Ltd and AIA Group Ltd. and is used by Tata AIA Life Insurance Company Ltd under a license. For any information including cancellation, claims and complaints, please contact our Insurance Advisor / Intermediary or visit Tata AIA Lifes nearest branch office or call 1-860-266-9966 (local charges apply) or write to us at customercare@tataaia.com. Visit us at: www.tataaia.com L&C/Advt/2023/Aug/2559

“As per recent changes in section 10(10D) of Income Tax Act, where the amount of aggregate annual premium payable in the financial year in case of Traditional plans (all non-unit linked plans except Annuity, Pension and Pure Risk Plans) issued on or after 1st April 2023 exceeding INR 5,00,000 the benefits of the policy/policies shall not be eligible for exemption under section 10(10D) except in case of death”. The customer is requested to seek advice of a tax advisor with respect to his/her personal tax liabilities under the Indian Income-tax law."