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Tata AIA Life Insurance Smart Growth Plus Plan

What is the Plan all About?

Tata AIA Life Insurance Smart Growth Plus is a non-linked, participating, with profit endowment assurance plan that helps you achieve the multiple objectives of systematic savings. This plan is tailored to meet your medium & long term financial needs. It helps grow your investment through accumulation of bonuses and Guaranteed additions. This plan also provides the life cover, thus ensures financial security of the family.

Two variants can be opted under this plan:

Option 1: Endowment Option

Option 2: Endowment with inbuilt Accidental Death Benefit (ADB)

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What are the Key Features?

  • Get Guaranteed Additions
  • Life cover
  • Growth of corpus through bonuses
  • Choose option 1 or option 2
  • Flexible policy term
  • Double Sum Assured in case of Accidental death
  • Enjoy Large Sum Assured Discount
  • Avail 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 accrued Guaranteed additions (GA) plus vested Compound Reversionary Bonus and Terminal Bonus is payable. If you have chosen option 2, an additional amount equal to the Basic Sum assured is payable in case of accidental death.

    Sum Assured on death is higher of the Basic Sum Assured or 10 times the annualized premium. The total death benefit is subject to a minimum of 105% of total premiums paid. The Policy terminates on the death of the insured and no other benefit is then payable.

Maturity Benefit

    On survival of the life Insured till the end of the policy term, the Basic Sum Assured, accrued Guaranteed additions, vested Compound Reversionary Bonus and Terminal Bonus, is payable provided the policy is in-force.

Guaranteed Addition

    Guaranteed addition accrues in the first 5 years of your policy @5.5% p.a. of Basic Sum Assured. Guaranteed addition will accrue at the policy anniversary and it is payable on Maturity, Surrender or Death.

Bonus

    Compound Reversionary Bonus (CRB) is accrued every year from the 6th policy anniversary. Accrued CRB is payable on death, maturity, or surrender. Compound Reversionary Bonus is declared by the company annually and credited on the policy anniversary.

    Terminal Bonus is declared as a percentage of accrued Compound Reversionary Bonus and it is payable on death (when policy is in-force for 10 years) or maturity.

Loan Benefit

    Policy Loan can be availed in Tata AIA Life Insurance Smart Growth Plus up to 65% of Surrender Value.

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 & 10(10D) of the Income Tax Act, subject to prevailing tax laws.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 30 Days (option 1), 18 Years (option 2) 50 Years
Age at Maturity - 65 Years
Policy Tenure 10 Years 30 Years
Premium Paying Term Equal To Policy Tenure -
Premium Paying Mode Annually, Semi Annually & Monthly -
Premium Amount Rs 10,000 (annually) -
Sum Assured Rs 1.5 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?

No riders can be opted under this plan.

How the Plan Works?

Raman at 30 years, wants to buy Tata AIA Life Insurance Smart Growth Plus to save regularly with the life cover. He opts this plan with option 1 the policy term of 25 years, annual premium of Rs 31,020 and the basic sum assured of Rs 5 Lacs.

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the maturity of the policy term, the maturity payable is Rs 5 Lacs along with accrued Guaranteed additions, vested Compound Reversionary Bonus and Terminal Bonus. This maturity benefit helps meet your financial objectives.

Scenario A: Raman dies during the Policy Term

If Mr. Raman dies during the policy term, his nominee will receive Rs 5 Lacs along with accrued Guaranteed additions (GA) plus vested Compound Reversionary Bonus and Terminal Bonus is payable.

Benefit Illustration:

Tata AIA Life Insurance Smart Growth Plus Plan Scenario