Tata AIA Life Insurance Smart Income Plus

• What are the two plan options available in Smart Income Plus (SIP)?
  Option I - Regular Income
  Option II - Endowment
  
  
• What are the three Income Terms available?
  PPT 7 Y - Income Term 7 Y
  PPT 10 Y - Income Term 10 Y
  PPT 12 Y - Income Term 12 Y
  
  
• What is the Income Payout mode?
  Annual only.
  
  
• When will the Guaranteed Annual Payout start in Regular Income?
  PPT 7 Y -  From the end of 8th policy year
  PPT 10 Y - From the end of 12th policy year
  PPT 12 Y - From the end of 14th policy year
  
  
• What is the rate of Guaranteed Payouts paid during the Income Period?
  PPT 7 Y - 120% of Annualised Premium
  PPT 10 Y - 140% of Annualised Premium
  PPT 12 Y - 160% of Annualised Premium
  
  
• What will the modal loading on different premium payment modes?
  Annual - 0%
  Half-Yearly - 2%
  Quarterly - 4%
  Monthly - 6%
  
  
• Does this plan offer higher Maturity Benefit to female lives?
  Yes.
  Regular Income - Guaranteed Maturity Payout paid is higher for female lives above 10 years of age.
  Endowment - Guaranteed Payout and Guaranteed Maturity Payout paid is higher for female lives above 10 years of age.
  
  
• What is the Maturity Benefit?
  Option I: Regular Income
  Provided the Policy is in-force and all due premiums have been paid, an amount equal to the Guaranteed Maturity Payout (GMP) will be paid as a lump sum at Maturity. The last instalment of GP will be paid along with the above mentioned Maturity Benet. The GMP will be equal to GMP multiplied by Annualised Premium. The GMP factors will vary as per the age at entry, gender and premium payment term.
  
  Option II: Endowment
  Provided the policy is in-force and all due premiums have been paid, the Minimum Guaranteed Sum Assured on Maturity which is equal to the Guaranteed Maturity Payout (GMP) will be paid at Maturity. The amount of benefit shall be equal to the Guaranteed Payout paid under Option II.
  
  
• Will there be any Large Premium boost?
  An additional benefit will be payable on payment of higher premium. The Large Premium Boost is applicable to GMP only under Option I - Regular Income, and applicable to GMP & GP both under Option II - Endowment.
  
  
• What is the Death Benefit paid to the nominee / legal heir?
  On death of the Life Assured during the policy term, provided the policy is in-force as on the date of death; Sum Assured on Death shall be payable irrespective of the Survival Benefits already paid.
  “Sum Assured on death” shall be the highest of the following:
  • 11 times Annualised Premium
  • 105% of the Total Premiums paid up to the date of death
  • Minimum Guaranteed Sum Assured on Maturity
  • Absolute amount assured to be paid on death
  Where,
  “Minimum Guaranteed Sum Assured on Maturity” refers to the absolute amount of benet which is guaranteed to become payable on maturity of the policy. Minimum Guaranteed Sum Assured on Maturity is equal to 'Guaranteed Maturity Payout (GMP)' for Option II and 'Guaranteed Maturity Payout (GMP)' plus final Guaranteed Payout (GP) in case of Option I.
  “Annualized premium” shall be the premium amount payable in a year chosen by the Policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.
  "Total Premiums paid" means total of all the premiums received, excluding any extra premium, any rider premium and taxes. Applicable taxes, cesses & levies shall be collected separately  over and above the policy premiums.
  Absolute amount assured to be paid on death is the Basic Sum Assured.
  
  The policy will terminate upon the death of the Insured and no other benefit under the policy shall be payable.
  
  
• Can policy loan be availed?
  Yes. Provided that the policy acquires Surrender Value, policyholders may apply for a Policy Loan for such an amount within the extent of 65% of Surrender Value.
  
  
• Can riders be attached with the plan?
  Yes.
  Comprehensive Protection Riders (CPR) available
  • Accidental Death Benefit (ADB)
  • Accidental Total and Permanent Disability (ATPD)
  • Term and Terminal Illness (TTI)
  Comprehensive Health Riders (CHR) available
  • CritiCare Plus Benefit (CPB)
  • HospiCare Benefit (HCB)
  

• 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 all the Premiums Paid.
• 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 Life’s 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/2021/Jun/0955.
​​​​​​​

“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."