Tata AIA Life Insurance Smart 7 Plan

What is the Plan all About?

Tata AIA Life Insurance Smart 7 is a non-linked, participating, limited premium paying endowment assurance plan that helps fulfill aspirations of financial planning and protection as well. This plan provides the maturity benefit as a lump sum plus life cover.

What are the Key Features?

Lump sum amount on maturity
Life protection throughout the policy term
Growth of corpus over 12 years through Compounding Annual Bonus
Boost corpus with Additional Bonus at maturity
Limited premium payment option
Enhance protection through rider
Get tax benefits

What are the Plan Benefits?

Death Benefit

In case of an unfortunate demise of the life Insured during the policy term, Sum Assured on death along with vested Compound Reversionary Bonus and Terminal Bonus is payable to the nominee, provided the policy is in-force. Sum Assured on death is higher of 1.75 times of the Basic Sum Assured on Death or 10 times of annualized premium.

The total death benefit is subject to a minimum of 105% of total premiums paid.

Maturity Benefit

On survival of the life Insured till the end of the policy term, Guaranteed Sum Assured on Maturity plus vested Compound Reversionary Bonus plus Terminal Bonus is payable, provided the policy is in-force.

Bonus

Compound Reversionary Bonus (CRB) is accrued every year from the first policy anniversary and it is declared annually by the company and credited on the policy anniversary. Accrued CRB is payable on maturity or death.

Terminal Bonus is declared as a percentage of accrued Compound Reversionary Bonus and it is payable on death (when policy is in-force for 8 years) or maturity.

Loan Benefit

Policy Loan can be availed in Tata AIA Life Insurance Smart 7.

Surrender Value

Surrender Value payable is higher of Guaranteed Surrender Value or Special Surrender Value. The surrender value can be acquired on payment of at least first full policy year’s premium.

Tax Benefit

This policy provides tax benefits under Section 80C for the premiums paid and the policy proceeds can also get the tax benefits as per Section 10(10D) of the Income Tax Act, 1961.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	6 Years	55 Years
Age at Maturity	-	67 Years
Policy Tenure	12 Years	-
Premium Paying Term	7 Years	-
Premium Paying Mode	Annually, Semi Annually, Quarterly & Monthly	-
Premium Amount	-	-
Sum Assured	Rs 2 Lacs	No Limit (subject To Underwriting)
Freelook Period	15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy	-
Grace Period	30 Days (15 Days For Monthly Mode)	-
Plan Type	Offline	-

Is any Rider Available with this Plan?

Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider can be opted under this plan to enhance the coverage, on payment of additional rider premium.

How the Plan Works?

Raman at 35 years, wants to buy Tata AIA Life Insurance Smart 7 to save regularly with the life cover. He opts this plan with the policy term of 12 years, annual premium of Rs 1,54,080 and the basic sum assured of Rs 10 Lacs.

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the maturity of the policy term, the maturity payable is Rs 10 Lacs plus vested Compound Reversionary Bonus plus Terminal Bonus. This maturity benefit helps meet your financial obligations.

Scenario A: Raman dies during the Policy Term

If Mr. Raman dies during the policy term, his nominee will receive Rs 17.5 Lacs along with vested Compound Reversionary Bonus and Terminal Bonus.

Benefit Illustration: