Tata AIA Life Insurance has announced the launch of Tata AIA Life Insurance Smart Value Income Plan, This is a non-linked, participating life insurance savings plan. This Plan provides several features along with regular and consistent income options. The plan can be bought by individuals from age 1 to 65, with the maximum the maturity age being 100 years.

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 or income.

Premium Offset feature: A policyholder who has chosen 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: This Plan also comes with a Life Protect feature that allows policyholders 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,

This Plan offers additional benefit of preferential rate on loans against the policy. For women entrepreneurs, the policy offers a further special discount of 1% on policy loan interest rates.