Tata AIA Life today announced the launch of its new life insurance solution Tata AIA Life Insurance Smart Growth Plus, a non-linked participating endowment assurance plan that allows customers to plan for life's opportunities as well as uncertainties.
The plan is designed to offer 3-2-1 benefits — three times joy through triple enhancements with one guaranteed addition and two bonuses; two times protection cover through inbuilt Accidental Death Benefit (ADB) option; and the advantage of all-encompassing benefits under one plan, said the company in a release issued today.
To augment savings, Smart Growth Plus offers a guaranteed addition of 5.5 per cent of the sum assured per annum during the first five years of the policy term. The plan grows the corpus further through a compound reversionary bonus (CRB), which is accumulated every year from the sixth policy anniversary, and a Terminal Bonus, which is a percentage of the accrued CRB.
The customer has the choice of opting for accidental death benefit option that pays an additional amount equal to the basic sum assured in case of unfortunate death due to accident.
Ravi Vishwanath, Deputy CEO of Tata AIA Life, said, “Smart Growth Plus is designed to meet the multiple objectives of systematic savings, supplemental retirement income, and protection for the loved ones of our customers against the uncertainties of life.”
To suit the short to long-term savings needs of the customer, Smart Growth Plus offers the flexibility of choosing a policy term between 10 to 30 years. The plan comes with a minimum premium amount of Rs 10,000 and it can be bought even from age zero (30 days) with a maximum entry age of 50 years. The insured can avail of tax benefits on the premiums paid and benefits received under Section 80 C and 10(10D) of the Income Tax Act, 1961.