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Investment Plans 1239 views November 27, 2020
Want an insurance plan that gives cover to your family while also allowing you to meet your different financial goals? Think of Tata AIA Smart Growth Plus Plan, which acts as a one-stop solution to protect your loved ones in case something unfortunate happens along with your savings goals for your future opportunities. You will have different needs at different points of your life, such as buying a car, retirement planning, dream abroad trip, etc. This plan from Tata AIA will help you achieve all these in a hassle-free manner.
Tata AIA Smart Growth Plan is a non-linked endowment plan that provides you guaranteed assurance in the form of 5.50% per annum of your sum assured in the first five years of your plan. One of the best things about this policy is that individuals can choose from several policy terms according to their convenience. With its systematic savings procedure, bonus benefits, and guaranteed additions every year, this plan can protect your beloved ones in case of something unfortunate like Death or Accident.
Want to know some exciting features of the Tata AIA Smart Growth Plus Plan? Here, we will discuss all the features of this plan along with some important information about it, such as its eligibility criteria, exclusions, etc. Keep reading to know more!
Table of Contents
Before choosing the Tata AIA Smart Growth Plan or any other life insurance policy, you should know the key features of it so that you can maximize benefits and suitable policy terms. We are showing some of them below. Please check!
With Tata AIA Smart Growth Plus Plan, individuals can enjoy several benefits in the form of Guaranteed Additions, Maturity Benefit, Bonus, Death Benefit, etc. We are showing them below. Do check!
At the time of maturity of your policy, something unfortunate like Death, or when you surrender your policy, Tata AIA will provide a guaranteed addition. What will be these additions? Well, this will start to accumulate in the first 5 years of your policy at a rate of 5.50% per annum of the overall basic sum assured. Do remember that these additions will start to accumulate at the policy anniversary year if you have paid all the premiums till that date.
Also, you will not receive any guaranteed additions if you miss any premium payment, and your policy will become a reduced paid-up policy.
In a situation where something unfortunate like Death happens with the insured person, the company will provide a sum assured on the death with accumulated guaranteed additions plus vested compound reversionary bonus and terminal bonus (if any) to the nominee. What will be this total amount? Well, it will be a minimum of 105% of the total premiums paid as on the date of death. In case the death happens due to an accident, Tata AIA will pay an additional amount that will be equal to the basic sum assured.
Sum Assured amount can be the higher of the following two options.
What will you receive at the time of maturity of your policy? Well, with the Tata AIA Smart Growth Plus Plan, the company will pay the basic sum assured, accumulated guaranteed additions, vested compound reversionary bonus, and terminal bonus (if any). Also, the policy should be in force, and you must have paid all the due premiums. Thinking about what these bonus amounts are? We are showing them below.
Compound Reversionary Bonus
This bonus amount will be a percentage of the accumulated compound reversionary bonus. Policyholders will receive this amount on two occasions – Death or Maturity. To receive this amount on death, the policy should be active for at least 10 years.
Tata AIA Smart Growth Plus Plan also offers a discount to policyholders who are paying a higher premium amount to choose a large sum assured for their policy. Check the discounts (in percentage) in the table mentioned below.
|Basic Sum Assured (in INR)||Discounts per 1,000 on Basic Sum Assured|
|1,50,000 – 1,99,000||0.0%|
|2,00,000 – 2,99,000||2.0%|
|3,00,000 – 4,99,000||3.0%|
|5,00,000 and above||4.50%|
Do you know that your policy can also provide you a loan amount? No! Tata AIA Life Insurance Company provides a loan amount against your policy up to 65% of the overall surrender value. The only condition is that your policy must have acquired a surrender value. What will be the interest rate on it? Well, the company charges an interest rate equal to the current State Bank of India (SBI) deposit interest rate for tenure ‘1 year to less than 2 years’ plus 2% and may change on a semi-annual basis.
There are a few important conditions that an individual needs to fulfill if he/she wants to choose this plan from Tata AIA Insurance Company. This is known as the eligibility criteria. We are showing them below. Please have a look!
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