Investment Plans 131 views November 24, 2020

Tata AIA POS Smart Income Plus Plan

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.

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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!

Key Features of Tata AIA POS Smart Income Plus Plan

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!

  1. As we said earlier too, one of the best things about this plan from Tata AIA Life Insurance Company is that you can choose between Regular Income Benefit and Endowment Plan according to your convenience.
  2. Under the Regular Income Benefit option, you can receive a guaranteed payout that will be 120% of the one annual premium.
  3. You can get a life cover for a period more than double the period for which you pay the premium. With the Tata AIA POS Smart Income Plus Plan, you only need to pay for 7 years to get life cover for 15 years.
  4. If you are a female and looking to choose this policy, there’s good news for you — Female policyholders between the ages of 11 to 50 years will receive higher benefits.
  5. Insurance companies usually ask individuals to undergo a medical examination before offering an insurance plan to them. But with this plan, individuals (life insured people) don’t need to go under any medical examination. So, you can choose this plan without any pre-medical screening.
  6. Want to enjoy tax benefits on your insurance plan? You can do it too as customers can also get tax benefits up to INR 1,50,000 under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
  7. An individual can also choose to pay the premium in Annual, Semi-annual, or Monthly Mode according to his/her convenience.

Tata AIA POS Smart Income Plus Plan Benefits

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!

Survival Benefits

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.

Maturity Benefits

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.

Large Premium Boost

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 - 49,9990.0%
50,000 and above5.0%
Option 2: Endowment Option Plan
One Annualised Premium Amount (INR) Large Premium Boost
36,000 - 74,9990.0%
75,000 and above1.0%

Death Benefit

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.

  1. 11 times of the Annual Premium paid towards the policy
  2. 105% of the Total Premiums paid up to the date of death
  3. Guaranteed Sum Assured on Maturity
  4. Absolute amount assured to be paid on death

Loan Against Your Policy

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.

Eligibility Criteria for Tata AIA POS Smart Income Plus Plan

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.

  1. The minimum age of entry is fixed at three years, while it can go up to 50 years of age.
  2. The minimum age of maturity stands at 18 years, and it can be as high as 65 years of age.
  3. The policy term can be a maximum of 15 years for which you only need to pay the premium only for seven years.
  4. The basic sum assured for the Tata AIA POS Smart Income Plus Plan is 11 times the annualized premium paid towards the policy.
  5. The minimum premium amount for the Regular Income benefit option and Endowment Option is INR 18,000 and INR 36,000 respectively, while the maximum premium amount can be INR 90,000 for both options.
  6. The free look period for this policy is 15 days from the date of receipt of the policy document.
  7. Remember, you cannot change your Basic Sum Assured amount after the policy is in force.

Exclusions from the Tata AIA POS Smart Income Plus Plan

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).

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