Investment Plans 168 views November 27, 2020

Tata AIA Smart Growth Plus Plan

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.

Investment

To know the right investment, please fill the details below and our policy experts will get in touch with you

+91

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!

What are the Key Features of Tata AIA Smart Growth Plus Plan?

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!

  1. As we said earlier, Tata AIA Smart Growth Plus Plan offers guaranteed additions of 5.50% per annum of sum assured during the first five years of your policy term. With these additions, you can increase your savings in an organized manner.
  2. Individuals can choose the policy term according to their medium-to-long-term savings requirements. With this plan from Tata AIA, policyholders can choose a policy term that ranges from 10 years to 30 years in a multiple of 1 year.
  3. In a situation when the insured person meets with accidental death, the company will provide a sum i.e. double the amount of sum assured at the time of entry into the policy.
  4. Individuals can also receive the Compound Reversionary Bonus and Terminal Bonus (if any) that will enhance the overall amount over your policy period.
  5. Policyholders will also receive tax benefits for the premium paid towards the policy and maturity payout up to INR 1,50,000 under Section 80C and Section 10(10D) of the Income Tax Act, 1961. So, you don’t need to worry about your hard-earned money going towards taxes.
  6. You can opt for both Assignment and Nomination facility under Section 38 and Section 39 of the Insurance Act, 1938, amended from time to time.
  7. Don’t want to pay the premium amount in one installment (lump sum amount)? Well, you can choose to pay the premium amount in various payment frequencies of Annual, Semi-annual, and Monthly. There will be different modal loading for different frequencies.
  8. Several factors will affect your premium amount. These factors are age, policy term, the basic sum assured, premium payment term, and the option chosen at the time of entry into the policy.

Benefits of Tata AIA Smart Growth Plus Plan

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!

Guaranteed Additions

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.

Death Benefit

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.

  1. 10 times the Annual Premium paid towards the Tata AIA Plan
  2. Basic Sum assured at the time of entry into the policy

Maturity Benefit

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

  1. This amount will start to accumulate every year from the 6th policy anniversary year if the policy remains active, which you will receive on death, maturity, or surrender.
  2. Also, the company will declare this amount annually, and individuals will receive it on the anniversary year.

Terminal 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.

Discounts on Choosing a Large Sum Assured

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%

Opt for Loan Amount Against your Policy

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.

What is the Eligibility Criteria for Tata AIA Smart Growth Plus Plan?

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!

  1. With this policy, you can choose from two options – Endowment Option, Endowment Plan with inbuilt Accidental Death Benefit (ADB).
  2. The minimum entry age for the endowment option is 0 years (30 days), while for the inbuilt ADB benefits, this minimum age at entry stands at 18 years.
  3. For both options of the Tata AIA Smart Growth Plus Plan, the maximum entry age is fixed at 50 years.
  4. The maximum age at maturity stands at 65 years.
  5. The policy term can range from 10 years to 30 years from which individuals can choose according to their future goals. The premium payment term will be the same as the chosen policy term.
  6. The minimum basic sum assured will be INR 1,50,000, and it can be increased in multiples of INR 1,000. Also, there is no limit on the maximum sum assured amount.
  7. To choose this policy, you will need to pay a minimum premium amount of INR 10,000 per annum.

People Also Read