Tata AIA Life Insurance Smart Income Plus

Smart investment solution for you dreams
Smart investment solution for you dreams

This is a Non-Linked, Non-Participating, Individual Life Insurance Savings Plan. A limited pay income plan that meets tomorrow's requirements along with protecting your loved ones and dreams as it ensures you of guaranteed returns* for the money invested. Investment in this plan helps you fulfill your medium to long term goals.

Vision Endowment Plan

Vision Endowment Plan

Endowment plans with reversionary bonus is the largest selling traditional life insurance product in market.

Attractively priced and affordable for the Mass Retail | Mass Affluent | Emerging Affluent Segment, who prefer saving to pure protection.

Key Features

  • Flexibility to choose between Regular Income or Endowment options
  • Receive Guaranteed Payouts* ranging from 120% to 160% of the Annualised Premium under Regular Income Option based upon premium payment term chosen
  • Pay for 7/10/12 years, get guaranteed life cover for 15/21/25 years
  • Higher benefit for female lives
  • Receive tax benefits, as per the applicable Income Tax laws1
Benefits And Features

On death of the Life Assured during the policy term, provided the policy is in-force as on the date of death and all due premiums have been paid; Sum Assured on death shall be payable irrespective of the Survival Benefits already paid.

“Sum Assured on death” shall be the highest of the following:

  • Eleven (11) times of Annualized Premium
  • 105% of the Total Premiums Paid up to the date of death
  • Minimum Guaranteed Sum Assured on Maturity
  • Absolute amount assured to be paid on death

Where,

“Minimum Guaranteed Sum Assured on Maturity” refers to the absolute amount of benefit which is guaranteed to become payable on maturity of the policy. Minimum Guaranteed Sum Assured on Maturity is equal to 'Guaranteed Maturity Payout (GMP)' for Option II and 'Guaranteed Maturity Payout (GMP)' plus final Guaranteed Payout (GP) in case of Option I.

“Annualized premium” shall be the premium amount payable in a year chosen by the Policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any. “Total Premiums paid " means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

Applicable taxes, cesses and levies shall be collected separately over and above the Policy premiums.

Absolute amount assured to be paid on death is the Basic Sum Assured.

Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere on this site. Please consult your own tax consultant to know the tax benefits available to you.

If you are not satisfied with the terms & conditions/ features of the policy, you have the right to cancel the policy by giving written notice to Tata AIA Life stating objections/reasons and receive all the premiums paid without interest after deducting (a) proportionate risk premium for the period of cover (b) medical examination costs, if any and (c) stamp duty, along with applicable taxes, cesses and levies which have been incurred for issuing the policy. Such notice should be signed by the policyholder and received directly by Tata AIA Life within 15 days after the policyholder receives the policy document. The said period of 15 days shall stand extended to 30 days, if the policy is sourced through distance marketing, electronic mode or email; which includes solicitation through any means of communication other than in person

In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force

Option I: Regular Income

Provided the Policy is in-force and all due premiums have been paid, an amount equal to the Guaranteed Maturity Payout (GMP) will be paid as a lump sum at Maturity. The last instalment of GP will be paid along with the above mentioned Maturity Benefit. The GMP will be equal to GMP multiplied by Annualized Premium. The GMP factors will vary as per the age at entry, gender and premium payment term selected as mentioned in the table below:

For Male lives:

Guaranteed Maturity Payout as % of Annualised Premium
Age# Band | Premium Payment Term 7 years 10 years 12 years
Minimum Age to 10 161% 316% 401%
11 to 15 162% 318% 405%
16 to 20 158% 312% 397%
21 to 25 155% 308% 392%
26 to 30 153% 305% 388%
31 to 35 145% 296% 381%
36 to 40 130% 279% 367%
41 to 45 103% 246% 328%
46 to 50 46% 178% 238%

For Female lives:

Guaranteed Maturity Payout as % of Annualised Premium
Age# Band ( in years) | Premium Payment Term 7 years 10 years 12 years
Minimum Age to 10 143% 300% 380%
11 to 15 164% 321% 408%
16 to 20 160% 315% 401%
21 to 25 156% 310% 395%
26 to 30 155% 307% 391%
31 to 35 150% 302% 385%
36 to 40 140% 290% 377%
41 to 45 121% 269% 356%
46 to 50 74% 224% 301%

#Age on last birthday

Option II: Endowment

Provided the policy is in-force and all due premiums have been paid, the Minimum Guaranteed Sum Assured on Maturity which is equal to the Guaranteed Maturity Payout (GMP) will be paid at Maturity. The amount of benefit shall be equal to the Guaranteed Payout paid under Option II.

Option I: Regular Income

  • Guaranteed Payouts (GP)

Provided the Policy is in-force and all due premiums have been paid, Guaranteed Payouts (GP) as a percentage of the Annualised Premium (AP) shall be payable annually. The Income shall commence from the end of Policy year 9/12/14 for premium paying terms 7 / 10 / 12 years respectively and shall be payable till Maturity as mentioned in the table below.

The GP factors vary by the chosen premium paying term and are independent of age and gender:

Policy Term/Premium Payment Term ( in years) 15/7 years 21/10 years 25/12 years
Guaranteed Payouts as % of the AP 120% 140% 160%

Option II: Endowment

Provided the Policy is in-force and all due premiums have been paid, a Guaranteed Payout (GP) determined as a multiple of the Annualised Premium will be paid at the end of Policy year preceding the year of Maturity.
The GP factors vary by the chosen premium payment term, age and gender as mentioned in the table below:
For Male lives

Guaranteed Payout as multiple of Annualised Premium
Age# Band ( in years) | Premium Payment Term 7 years 10 years 12 years
Minimum Age to 10 5.57 10.28 14.92
11 to 15 5.58 10.39 15.03
16 to 20 5.57 10.38 15.02
21 to 25 5.56 10.37 15.02
26 to 30 5.55 10.36 15.01
31 to 35 5.53 10.36 15.00
36 to 40 5.49 10.35 14.97
41 to 45 5.41 10.32 14.81
46 to 50 5.26 10.23 14.50

For Female lives:

Guaranteed Payout as multiple of Annualised Premium
Age# Band ( in years) | Premium Payment Term 7 years 10 years 12 years
Minimum Age to 10 5.52 10.20 14.78
11 to 15 5.59 10.40 15.04
16 to 20 5.57 10.39 15.03
21 to 25 5.56 10.38 15.02
26 to 30 5.55 10.37 15.02
31 to 35 5.54 10.36 15.01
36 to 40 5.51 10.36 15.00
41 to 45 5.46 10.35 14.92
46 to 50 5.36 10.29 14.71

#Age on last birthday

Eligibility Criteria

Option I: Regular Income
Option II: Endowment

3 years for Premium Payment Term 7 years
0 years (30 days) for Premium Payment Term 10 and 12 years

15 Years/ 21 Years/ 25 Years

  • Premium Payment Term: 7 Years for Policy Term: 15 Years
  • Premium Payment Term: 10 Years for Policy Term: 21 Years
  • Premium Payment Term: 12 Years for Policy Term: 25 Years

Annual/ Half-yearly/ Quarterly/ Monthly

  • For Option I: ₹18,000 p.a.
  • For Option II: ₹36,000 p.a.

#All reference to age is as on last birthday.

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L&C/Advt/2021/Jan/0007

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Disclaimers:

Insurance products are obligations only of the Insurance company. They are not bank deposits or obligations of or guaranteed by Citibank N.A, Citigroup Inc or any of its affiliates or subsidiaries or any Governmental agency. All claims under the policy will be solely decided upon by the Insurance Company. Citibank, Citigroup or any of their affiliates and group entities hold no warranty and do not make any representation about the insurance, the quality of claims processing and shall not be responsible for claims, recovery of claims, or for processing of or clearing of claims, in any manner whatsoever. This document does not constitute the distribution of any information or the making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a document or make such an offer or solicitation. Investment products are not available to US persons and may not be available in all jurisdictions.

Participation by the bank's customers in an insurance product is purely on a voluntary basis.

*IRS Circular 230 Disclosure: Citigroup, Inc., its affiliates, and its employees are not in the business of providing tax or legal advice to any taxpayer outside of Citigroup, Inc. and its affiliates. This document is not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties. Tax benefits are subject to changes in the tax laws. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Citibank N.A. is a registered Corporate Agent of Tata AIA Life Insurance Company Limited, New India Assurance Company Limited, Royal Sundaram General Insurance Co. Limited, Bajaj Allianz General Insurance Company Limited, HDFC ERGO General Insurance Company Ltd and Aditya Birla Health Insurance Co. Limited under the composite license number CA0086 issued by IRDAI.

Life Insurance Policies: These policies are underwritten by Tata AIA Life Insurance Co. Limited (IRDAI Registration No. 110) CIN: U66010MH2000PLC128403 with its registered office at 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai 400013.

All guaranteed benefits are payable only when all premiums are paid when due.

Investment risk in the investment portfolio is borne by the Policy Holder. The premium paid in Unit Linked Life Insurance policies are subject to investment risks associate with capital markets and the NAVs of the units may go up or down based on the performance of the fund and factors influencing the capital market and the insured is responsible for his or her decision. Tata AIA Life is only the name of the Insurance Company and the funds offered are only the names of the funds and does not in any way indicate the quality of the contract, its future prospects or returns.

Non-life Insurance Policies: Policies are underwritten by New India Assurance Company Limited (IRDAI Registration No. 190) CIN: U99999MH1919GOI000526 with its registered office at No.87, Mahatma Gandhi Road, Fort, Mumbai - 400 001, by Royal Sundaram General Insurance Co. Limited (IRDAI Registration No. 102) CIN:U67200TN2000PLC045611 with its registered office at No. 21,Patullos Road, Chennai 600 002 or by Bajaj Allianz General Insurance Company Limited (IRDAI Registration No. 113) CIN: U66010PN2000PLC015329 with its registered office at Bajaj Allianz House, Airport Road, Yerawada, Pune 411 006

Specialist Health Insurance Policies: These policies are underwritten by Aditya Birla Health Insurance Co. Limited (IRDAI Registration No. 153) CIN: U66000MH2015PLC263677 with its registered office at 9th Floor, One World Centre, Tower 1, Jupiter Mills Compound, S.B. Marg, Elphinstone Road, Mumbai 400 013 or by HDFC ERGO General Insurance Company Ltd (IRDAI Registration No. 146) CIN: U66030MH2007PLC177117 with its registered office at 1st Floor, HDFC House, 165-166 Backbay Reclamation, H. T. Parekh Marg, Churchgate, Mumbai – 400 020

For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding the sale.

For any queries with respect to your Insurance Policies bought through Citibank N.A., kindly contact 24 x 7 CitiPhone, The updated numbers are available on www.citibank.co.in

SECTION 41 OF THE INSURANCE ACT 1938 PROHIBITION OF REBATES
  1. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an Insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a Policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectus or tables of the Insurer.
  2. Any person making default in complying with the provisions of this section shall be liable for penalty which may extend to ten lakh rupees.