On Saturday, Tata AIA Life Insurance Company Limited (Tata AIA Life) is, a joint venture established by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA), introduced a new plan named ‘Smart Value Income Plan’.

To evaluate cash bonus that will be earn rewards in the form of loyalty bonus which is sub wallet and favorable to the rate of interest of MSMEs loan. Moreover, there will be more concessions for a loan of 1per cent. Between the age of 1 year to 65 years can buy a Smart Value Income Plan with and maximum maturity of the age of one hundred years. As per the Income Tax Act of 1961 with Section 80 C and 10 (10 D).

The media reported that the Tata AIA Life Insurance Smart Value Income Plan has the following unique and industry-first features.

Cash bonus from Month 1: To choose to receive cash bonuses from the first month of policy purchase and continue to accrue bonuses, even if they cannot 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. 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. 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 a financial crunch. Under this feature, Tata AIA will continue to offer the Sum.

The 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 benefit of a preferential rate on loans against the policy. The policy offers a further special discount of 1% on policy loan interest rates for women entrepreneurs.