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(Tata AIA), on the back of its strong fund performance and bonus track record of last year, TATA AIA, one of India's leading life insurers, announced the launch of Tata AIA Life Insurance Smart Value Income Plan, a non-linked, participating life insurance savings plan.Tata AIA Life Smart Value Income Plan provides several first-time features along with best-in-class regular and consistent income options, enabling consumers to secure their financial future and create wealth for long-term goals. The following unique and industry-first features make it a must-have in every investment portfolio.- Cash bonus from Month 1: Consumers can choose to receive cash bonuses* from the very first month of policy purchase and continue to accrue bonuses, even if they are unable to pay premiums in case of loss of pay/income.- Premium Offset feature: A policyholder who has chosen a regular premium payment option will be able to adjust the premium payable against cash bonuses*, provided that the frequency and timing of bonus payments match premium payment.- In-built Sub-Wallet: This allows consumers to accrue cash bonuses* and facilitates withdrawal of the bonus amount, as per needs. The amount in the sub wallet further accrues returns as daily loyalty additions, which can also be used to offset upcoming premium payments.- Life Protect feature: Tata AIA Smart Value Income Plan also comes with a life protection feature that allows consumers to continue with their life covers even if they must postpone premium payments due to loss of income or when faced with a financial crunch. Under this feature, Tata AIA will continue to offer the sum assured chosen by the consumer, if the policy becomes paid up due to non-payment of premiums. Cash bonuses* will also continue to accrue in this case.- Special benefit for SME owners and Women Entrepreneurs: A first-of-its-kind feature for small and medium businesses, Tata AIA Life Smart Value Income Plan offers the additional benefits of preferential rate on loans against the policy. For women entrepreneurs, the policy offers a further special discount of 1 per cent on policy loan interest rates.The plan also offers an attractive maturity benefit. Consider a 35-year-old male non-smoker who opts for a premium paying term of ten years and a policy term of 40 years. Apart from the Rs 12,00,000 life cover throughout the policy term, the consumer would receive the following benefits:Commenting on the launch of the Smart Value Income Plan, Venky Iyer, President & Chief Distribution Officer at Tata AIA said, "As we come out of the pandemic, the economic landscape continues to remain uncertain amid geopolitical issues, rising inflation, income uncertainty, etc. Amid these conditions, consumers prefer a balance between quality of life and achievement of key financial goals. Our unique proposition, 'Tata AIA Smart Value Income Plan' will empower consumers and their families with its best-in-class features. It helps them generate wealth and avail life cover even in situations where there are premium payment gaps, with the one-of-its-kind 'Premium offset' facility. Such benefits make this product stand out in the market and should be a preferred choice for all consumers."Smart Value Income Plan can be bought by individuals from age 1 to 65, with the maximum maturity age being 100 years. The policyholder can also avail tax benefits u/s 80 C and 10 (10 D) of the Income Tax Act, 1961.*Subject to performance and terms & conditions of the Company.Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons Pvt Ltd and AIA Group Ltd (AIA).Tata AIA Life combines Tata's pre-eminent leadership position in India and AIA's presence as the largest, independent listed pan-Asian life insurance group in the world spanning 18 markets in the Asia Pacific region.For the financial year 2021-22, the total premium income of Tata AIA Life increased to Rs 14,445 crore, a growth of 30 per cent. For the same period, the company registered a retail new business weighted premium of Rs 4,455 crore individual death claims settlement ratio was at 98.53 per cent.One of the fastest-growing companies in the life insurance sector, Tata AIA Life maintained its rank no. 5, based on individual weighted new business premium.Website:This story is provided by PRNewswire.will not be responsible in any way for the content of this article. (ANI/PRNewswire)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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