Tata AIA Smart Value Income Plan & Benefits | PolicyX
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Tata AIA Smart Value Income Plan

The Tata AIA Smart Value Income Plan, from Tata AIA Life Insurance, is ...Read More

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About Tata AIA Smart Value Income Plan

A quick read on what this Tata AIA Investment Plans term plan covers and why it might be a fit for you.

To save more, invest smartly with the Tata AIA Smart Value Income Plan.

The Tata AIA Smart Value Income Plan, from Tata AIA Life Insurance, is a guaranteed savings plan that helps you build wealth with multiple return options. Under various premium payment terms, you can choose between a whole life cover of up to 100 years or a limited period of 10 to 50 years. The plan offers the flexibility to choose from the following two plan options:

  • Cash Bonus: This option allows you to receive a regular cash bonus (if declared) from the first month.
  • Accumulated Cash Bonus: This option collects the cash bonus (if declared) till the end of the policy term and is payable in a lump sum at maturity.

You can choose to receive a cash bonus in hand or in a Sub-Wallet and withdraw the bonus fully or partially from the wallet at any time. Additionally, at policy inception, you will have the option to choose the cash bonus on a “Special date” under Option 1 ‘Paid-in Cash’ mode. The plan also allows you to stay protected against risk with additional financial support by adding optional riders to your base policy.

Tata AIA Smart Value Income Plan offers a range of benefits including:

  • Death benefits
  • Maturity benefits
  • Guaranteed additions
  • Cash bonuses
  • Survival benefits

Eligibility Criteria for Tata AIA Smart Value Income Plan

Entry age
Entry age
Minimum Age - 45 years Maximum Age - 65 years
Maturity age
Maturity age
100 years
Policy tenure
Policy tenure
100 minus Entry Age
Premium payment term
Premium payment term
5 to 12 years
Premium payment frequency
Premium payment frequency
Annual, half-yearly, quarterly & monthly
Sum assured
Sum assured
Death Benefit Multiple of 10 times Single Premium

Pros & cons

A quick honest summary — the strengths and the trade-offs.

Pros

  • Whole Life Cover
  • Life Protect Feature
  • Premium Offset Benefit

Cons

  • No pre-existing condition
  • Suicidal exclusion
  • No auto-cover continuance

Who can buy this plan

Eligibility criteria pulled straight from the policy wording.

Minimum entry age- 45 years
Maximum entry age- 65 years
Sum assured- Death Benefit Multiple of 10 times Single Premium
Maximum policy term- 100 minus entry age

How Does the Tata AIA Smart Value Income Plan Work?

Let's understand how the Tata AIA Smart Value Income Plan works with a simple premium illustration.

Problem

Mrs. Verma is looking for an investment plan to create long-term wealth for her child.

Solution

Her financial advisor advised her to buy the Tata AIA Smart Value Income Plan. She visited PolicyX.com.

Age Annual Premium Total Premium Paid Estimated Maturity Benefit*
35 Years ₹1,00,000 ₹10,00,000 ₹18,50,000

Benefits of Tata AIA Smart Value Income Plan

There are various benefits to buying the Tata AIA Smart Value Income Plan. Let’s understand each of them in detail:

  • Life Protect Feature: With the Life Protect feature, you can restore the sum assured amount of the death benefit on a reduced paid-up policy if unemployment or loss of income hampers your premium payments towards the policy.
  • Special Date: In this feature, you can select a special date to receive a cash bonus. However, the Special Date feature can only be availed under Option 1, ‘Paid-in Cash’ mode. The special date can be any date, such as the spouse’s birthday, parent’s anniversary, child’s birthday, 15th day of every month, etc.
  • Surrender Benefit: Policy surrender is not advisable, but if you have to surrender your Tata AIA Smart Value Income Plan, you can do so once your policy acquires surrender value. Under a Single Pay, the policy will acquire surrender value immediately upon payment of the single premium. Under the Regular or Limited Pay policy, surrender value will be acquired by paying a two-year premium.
  • Reduced Paid-Up: If you fail to pay the premium payment after the policy acquires a surrender value, the policy will continue as a ‘paid-up’ policy with reduced benefits. You even have a choice to opt for the ‘Life Protect’ option as described above.

Features of Tata AIA Smart Value Income Plan

Key features that make Tata AIA Smart Value Income Plan stand out.

Premium Offset

The plan offers premium offset features, which allow you to use a cash bonus to pay the policy premiums.

Partial Cash Bonus

Under this plan, you can withdraw the full or partial cash bonus amount from your Sub-Wallet at any time during the policy term.

Cash Bonus

The plan gives you the flexibility to choose a “Special date” to receive a cash bonus.

Whole Life Coverage

You have a choice between a whole life cover of up to 100 years or cover for a limited period of 10 to 50 years.

Documents Required for Tata AIA Smart Value Income Plan

Keep these documents handy when applying for Tata AIA Smart Value Income Plan.

Photo ID Proof

Photo ID Proof (any one of the following) - Passport, Aadhaar card, PAN card, Driving license.

Age Proof

Age Proof (any one of the following) - Passport, Aadhaar card, PAN card, Driving license.

Address Proof

Address Proof (any one of the following) - Utility bill, passport, Voter ID, ration card.

Medical Records

Medical records of the policyholder (if requested).

Income Proof

Income Proof (any one of the following) - Bank statement, last three months' salary slips (for salaried individuals).

Exclusions of the Tata AIA Smart Value Income Plan

Given below are some exclusions of the Tata AIA Smart Value Income Plan:

  • Suicide within 12 months of the policy purchase is not covered.
  • Consumption of any intoxicants.
  • Death due to any aviation accident.
  • Death due to any adventurous sports.

Other Features of Tata AIA Smart Value Income Plan

Here are the key features of the Tata AIA Smart Value Income Plan.

Plan At a Glance

What’s Good Here What’s Missing
Premium Offset Joint Life Coverage
Guaranteed maturity benefits No High Sum Assured Rebate
Additional Bonuses Large Premium Boost Discounts
Life Protect Feature Top-up premium

In a Nutshell

The Tata AIA Smart Value Income Plan from Tata AIA Life Insurance is a guaranteed savings plan that offers multiple return options and helps you build wealth. At just up to ₹24,000 per annum, you can secure your family's future and create wealth with multiple return options. To learn more about this plan's features, visit PolicyX.com.

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FAQs: Tata AIA Smart Value Income Plan

The 5 most-asked questions about Tata AIA Smart Value Income Plan, answered.

With the Tata AIA Smart Value Income plan, you can withdraw full or partial cash bonus amount from your Sub-Wallet at any time during the policy term.’
Tata AIA Smart Value Income plan is a guaranteed savings plan that helps you build wealth with multiple return options and simultaneously protect your family financially with whole-life coverage.
Under the Tata AIA Smart Value Income plan, you can choose between a whole life cover of up to 100 years or cover for a limited period of 10 to 50 years.
The premium offset feature allows you to use a cash bonus to pay the policy premiums.
The plan offers you the flexibility to choose from the following two plan options: Cash Bonus or Accumulated Cash Bonus.

Written and reviewed by

PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.

Written by Sahil Singh Kathait — Health & Term Insurance Reviewed by Anchita Bhattacharyya — Health, Term & Life Insurance
Last updated: 25 Feb 2025 · Originally published: 25 Feb 2025

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