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Investment Plans 974 views November 24, 2020
Everyone wants to protect the future of their families by opting for a Life Insurance Plan in case something unfortunate happens to them. But would you like to opt for a life insurance plan that can also provide you guaranteed returns for the premium paid? If so, it can be possible with Tata AIA POS Smart Income Plus Plan. With this life insurance cum savings plan, you can fulfill your dreams at various stages of life along with protecting the future of yourself and your family.
This life insurance plan from Tata AIA is kind of a limited pay income plan with which you can get guaranteed returns on the premium paid. So, if you are thinking of not going for an insurance plan because of this belief that your money will go as waste, it’s time you break this myth and choose this life insurance plan. With this plan, you can fulfill any of your medium-to-long-term goals such as your retirement planning, child’s education, the marriage of your children, etc. Since this is a Non-Linked, Non-Participating, Individual Life Insurance Savings Plan, you can be assured of your returns on your hard-earned money. One of the best features of this plan is that you can choose between Regular Income Benefit and Endowment Benefits options according to your convenience.
Want to know more about the features of the Tata AIA POS Smart Income Plus Plan? Here, we will discuss the same. Apart from this, we will also tell you its benefits, eligibility criteria, and other things. Read on to know more!
Table of Contents
What are the features of the Tata AIA POS Smart Income Plus Plan that make it so popular among customers? Also, it would be wise to understand its features so that you can choose the right option. We are showing them below. Have a look!
So, you know the key features of the Tata AIA POS Smart Income Plus Plan now. It’s time to know some of the benefits that you can enjoy. Remember you can enjoy them if your policy is active and you have paid all the premiums. These benefits are Survival Benefits, Maturity Benefit, Death Benefits, etc. We are showing all of them below. Have a look!
Since this insurance plan provides two options — Regular Income Benefit Option and Endowment Benefit option. To get benefits under both these options, it’s important your policy is in force, and you have paid all the premiums. Under the regular income benefit option, individuals will receive a guaranteed payout of 120% of the one annual premium every year. However, individuals will start receiving this payment from the end of the 9th Policy Year and keep getting until the maturity of your policy or the death of the life assured (whichever is earlier).
While with the endowment option, you will also receive a guaranteed payout that will be determined as a multiple of the one annual premium. This multiple will vary according to the age and gender of the policyholder. Customers will get a payout at the end of the policy year before the year of maturity.
With a Regular Income Benefit Option, the insured person will receive an amount equal to the guaranteed maturity payout (GMP) as a lump sum amount at the time of maturity. The company will pay the last installment of the Guaranteed payout along with these maturity benefits. The factors that will affect the Guaranteed Maturity Payout are age at the entry and gender of the policyholder.
With an endowment benefit option, customers will receive the guaranteed sum assured on maturity, which will be equal to the guaranteed maturity payout.
Tata AIA Life Insurance Company also provides an additional benefit on the assured benefit to individuals opting for a large premium amount towards a policy. The amount will be different for Regular Income and Endowment options. You can look at the large premium boost, which will be a percentage of GMP.
Option 1: Regular Income Option | |
One Annualised Premium Amount (INR) | Large Premium Boost |
18,000 - 49,999 | 0.0% |
50,000 and above | 5.0% |
Option 2: Endowment Option Plan | |
One Annualised Premium Amount (INR) | Large Premium Boost |
36,000 - 74,999 | 0.0% |
75,000 and above | 1.0% |
In case an insured person dies, Tata AIA POS Smart Income Plus Plan will provide a sum assured on death irrespective of the survival benefits being paid. The sum assured on the death will be the highest of the following.
Need urgent funds to fulfill your needs? Well, you can apply for a loan against Tata AIA POS Smart Income Plus Plan if your policy has acquired the surrender value. With your policy, you can get a loan amount of up to 80% of the overall surrender value of your policy. Interest rates on this loan will be SBI Domestic Term Deposit Interest Rate for the tenure of ‘1 year to less than two years’ plus 2% per annum. The company will review this formula every year and that can be changed only after the approval from the IRDAI.
To choose this plan from Tata AIA Life Insurance Company, you will need to fulfill a few conditions. Want to know them? You can have a look at them below.
If the insured person dies by suicide within 12 months from the inception of policy risk under the plan or the date of revival of the plan, the nominee or beneficiary shall receive at least 80% of all the premiums paid till the date of the insured person’s death or the surrender value available on the date of death (whichever is higher).