One of India’s leading life insurers Tata AIA Life Insurance Co Ltd announced the launch of Tata AIA Life Insurance Smart Value Income Plan, a non-linked, participating life insurance savings plan. It provides regular and consistent income options and attractive maturity benefits, enabling consumers to secure their financial future.
It has some unique features like a Cash bonus from Month 1 – Consumers can choose to receive cash bonuses from the first month of policy purchase and continue to accrue bonuses, even if they are unable to pay premiums. Premium Offset feature – A policyholder who has chosen a regular premium payment option will be able to adjust the premium payable against cash bonuses. In-built Sub-Wallet – This allows consumers to accrue cash bonuses and facilitates withdrawal of the bonus amount.
Life Protect feature – It allows consumers to continue with their life covers even if they must postpone premium payments due to loss of income. The special benefit for SME owners and Women Entrepreneurs – It offers the additional benefit of a preferential rate on loans against the policy and a special discount of 1% on policy loan interest rates for women entrepreneurs.
Apart from the INR 12,00,000 Life Cover throughout the Policy Term, the consumer would also receive some other benefits. It can be bought by individuals from age 1 to 65, with the maximum maturity age being 100 years. The policyholder can also avail tax benefits u/s 80 C and 10 (10 D) of the Income Tax Act, 1961.
