Tata AIA Life today announced the launch of its new life insurance solution Tata AIA Life Insurance Smart Growth Plus (Smart Growth Plus), a non linked participating endowment assurance plan that allows the customers to plan for Life’s opportunities as well as uncertainties.
Adding to Tata AIA Life’s belief of ‘making good happen’ to its customers, 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 an all-encompassing benefits under one plan.
To augment savings of the customers, Smart Growth Plus offers a guaranteed addition of 5.5% of sum assured per annum during the first five years of the policy term. The plan grows the corpus further through Compound Reversionary Bonus (CRB), which is accumulated every year from the 6th 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 options that pays an additional amount equal to the Basic Sum assured in case of unfortunate death due to accident.
Speaking on the launch of Smart Growth Plus, Ravi Vishwanath, Deputy CEO of Tata AIA Life, said, “We at Tata AIA Life have always focused on ‘making good happen’ to our customers. Taking this philosophy forward, we have launched Smart Growth Plus that is designed to meet multiple objectives of systematic savings, supplemental retirement income and protection for the loved ones of our customers against the uncertainties of life.”
To suit short to long term savings needs of the customer, Smart Growth Plus offers the flexibility of choosing the 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 tax benefits on the premiums paid and benefits received under section 80 C and 10(10D) of the Income Tax act, 1961.