TATA’s new plan! Concessions to Women Entrepreneurs in Smart Value Income Policy; Attractive maturity benefits.
TATA is currently working in a number of areas, with a number of Tata companies performing well. Tata also dominates in the field of life insurance and various schemes and policies of TATA AIA are popular. Similarly, TATA AIA Life Insurance Company has introduced the non-linked, participatory life insurance savings plan Tata AIA Life Insurance Smart Value Income Plan. This will include a one percent rebate on interest rates on policy loans for women entrepreneurs. TATA AIA’s plan also offers attractive maturity benefits. Consider a 35-year-old non-smoking man who chooses a 10-year premium payment term and a 40-year policy term. In addition to the life cover of Rs. 1,200,000 for the entire policy term, the customer will get various benefits.
For the first time, the TATA AIA Life Smart Value Income Plan offers a number of features, including the best regular and consistent income options in the range, enabling customers to secure their financial future and build wealth for long-term goals. The unique and first-of-its-kind features in this industry make it a must-have in every investment portfolio. As we emerge from the epidemic, the economic situation remains uncertain amidst geopolitical problems, rising inflation, income uncertainty, and so on. The Smart Value Income Plan can be purchased by individuals between the ages of 1 and 65, with a maximum maturity of 100 years. The insured can also avail of tax benefits under 80C and 10 (10D) of the Income-tax Act, 1961, said Venki Iyer, President, and Chief Distribution Officer, TATA AIA, while commenting on the presentation of the Smart Value Income Plan. Customers can choose to receive a cash bonus from the first month of purchase of this TATA AIA scheme and the bonus continues to accrue even if they are unable to pay the premium due to loss of employment and no income. The insured who has opted for the regular premium payment option is able to adjust the premium payable against the cash bonus. Of course, the frequency and timing of the bonus payment should match the premium payment. The in-built sub-wallet allows customers to deposit cash bonuses and withdraw bonuses as needed. The amount in the sub wallet adds up as daily loyalty additions, which can also be used to offset upcoming premium payments. The TATA AIA Smart Value Income Plan also has a life protection feature that allows customers to continue life cover even if premium payments are postponed due to reduced income or financial crisis. Under this feature of TATA AIA, even if the policy is paid up due to non-payment of premium, Tata AIA will continue to offer the sum insured chosen by the customer. In this case, cash bonuses will also continue to accrue. Before embarking on a new Tata scheme, it may be helpful to visit the nearest branch and get detailed information from experts in the relevant field.