Mumbai :  Tata AIA Life Insurance Co. Ltd. (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 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 Protect 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 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.

The plan also offers an attractive maturity benefit. Consider a 35-year-old male non-smoker who opts for a premium paying term of 10 years and a policy term of 40 years. Apart from the INR 12,00,000 Life Cover throughout the Policy Term, the consumer would receive various benefits