Are you someone with aspirations for yourself and your loved ones, eager to turn your dreams into reality? We understand the importance of planning in advance, which is why we introduce to you, Tata AIA Smart Sampoorna Raksha Pro – a blend of SECURITY, WEALTH, and GOALS.
This plan ensures a high life cover for you in addition to a comprehensive financial protection for your loved ones.
Acting as a comprehensive tool for your life-long goals, this plan is offered with multiple riders; which makes this plan a true shield for your future goals like children’s education, comfortable retirement, comprehensive health coverage etc.
Key Benefits of Tata AIA Smart Sampoorna Raksha Pro
• Offers high sum assured, to secure your loved ones from unforeseen events.
• Flexible premium payment term; with an option of whole life coverage.
• Customisable to exactly align with future goals.
• Choose from a range of debt and equity oriented funds.
• Generate a second income with new partial withdrawal strategies
• Refund of 2X Premium Allocation Charges#
• Refund of 2X Mortality Charges#
• Smart lady bene t for female customers*
*Refer to Smart lady provision under benefits section.
Entry Age* (in years)
Maturity Age* (in years)
Policy Term (in years)
| Limits | Limited Pay | Regular Pay |
|---|---|---|
| Minimum | 5 years | 20 years |
| Maximum | Policy term minus 1 year | Equal to Policy Term |
| Limits | Single Pay (₹) | Limited Pay (₹) | Other Payment (₹) Term | |
|---|---|---|---|---|
| 5–6 years | 7–9 years | |||
| Minimum | 20,000 p.a. | 20,000 p.a. | 18,000 p.a. | 15,000 p.a. |
| Maximum | As per Board Approved Underwriting Policy (BAUP) | |||
| Premium Payment Term | Basic Sum Assured |
|---|---|
| Other than Single Pay |
Age at Entry up to 49 years: 7 times Annualised Premium Age at Entry 50 years and above: 5 times Annualised Premium |
| Single Pay |
Age at Entry up to 49 years: 1.25 times Single Premium Age at Entry 50 years and above: 1.10 times Single Premium |
| Premium Payment Term | Attained Age (last birthday) of Assured | Basic Sum Assured |
|---|---|---|
| Other than Single Pay | Till attained age of 85 years | As per Board Approved Underwriting Policy (BAUP) |
| Post attained age of 85 years | 10 times Annualised Premium or Sum Assured at inception, whichever is lower | |
| Single Pay | Till attained age of 85 years | As per Board Approved Underwriting Policy (BAUP) |
| Post attained age of 85 years | 1.25 times Single Premium |
Plan Option$
For every penny you spend, it is important that you get something in return. Under this option, we double the mortality charge and premium
allocation charge and add it to your fund, giving a boost to your fund value, which helps you fulfil your dreams.
Sometimes buying insurance and not worrying about charges is the best thing. This option comes with ZERO premium allocation and ZERO
policy admin charge, thus simplifying an otherwise intricate charge structure. This reduces overall charge deduction from your fund, leading to a
high fund value.
$Change in plan option is not allowed.
How does this plan work?
Secure and invest with this plan in 3 easy steps:
- Step 1: Make a choice from the two available options
- Step 2: Decide your term of investment and pay premiums with full flexibility
- Step 3: Decide your Sum Assured amount and choose your investment strategy
On survival to the end of the policy term, you will receive the Total Fund Value,
including Top-Up Premium Fund Value, valued at applicable NAV on the date of Maturity.
In case of death of the life insured during the policy term and while the policy is in force, the Nominee will get:
Highest of
- the Basic Sum Assured net of all “Deductible Partial Withdrawals”, if any, from the Premium Fund Value, or
- the Premium Fund Value of this Policy, or
- 105% of the total Premiums paid up to the date of death, net of all “Deductible Partial Withdrawals”, if any.
In addition to this:
- the approved Top-up Sum Assured(s) or
- Top-up Premium Fund Value of this Policy
is also payable, provided the insured has a Top-up Premium Fund Value.
Deductible Partial Withdrawals are not applicable in case of Top-Up Sum Assured.
For the purpose of determining the Death Benefit, the Deductible Partial Withdrawals mentioned above shall mean the Partial withdrawals made during
the last two years immediately preceding the date of death of the Insured.
Benefit Illustration
If the Insured is alive on the day of the Maturity, Maturity Benefit shall be the Fund Value, including Top-Up Fund Value, if any.
To understand these benefits ts let’s have a look at the following Benefit Illustration table
For Classic :
The table below demonstrates the Total Maturity Benefit for a 35-year-old healthy, non-smoker male under the Classic plan option.
• Fund Allocation: 100% in Flexi Growth Fund II
| Age (Years) | Policy Term (Years) | Premium Paying Term (Years) | Annualised Premium (₹) | Total Premiums Paid (₹) | Guaranteed Benefits Basic Sum Assured (₹) | Non-Guaranteed Benefits | |
|---|---|---|---|---|---|---|---|
| Higher Rate Illustration (8%) Total Maturity Benefit (₹) | Lower Rate Illustration (4%) Total Maturity Benefit (₹) | ||||||
| 35 | 50 | 5 | 1,81,818 | 9,09,090 | 1 Cr | 1,31,21,808 | 11,25,883 |
| 35 | 50 | 10 | 1,12,360 | 11,23,600 | 1,49,77,974 | 16,37,433 | |
| 35 | 50 | 12 | 96,154 | 11,53,848 | 1,43,74,332 | 17,42,436 | |
| 35 | 50 | 15 | 81,301 | 12,19,515 | 1,39,17,062 | 18,74,929 | |
| 35 | 50 | 50 | 74,627 | 29,85,080 | 2,29,35,202 | 53,51,007 | |
For Optima:
The table below demonstrates the Total Maturity Benefit for a 35-year-old healthy, non-smoker male under the Optima plan option.
35-year-old healthy, non-smoker male under Optima plan option.
| Age (Years) | Policy Term (Years) | Premium Paying Term (Years) | Annualised Premium (₹) | Total Premiums Paid (₹) | Guaranteed Benefits Basic Sum Assured (₹) | Non-Guaranteed Benefits | |
|---|---|---|---|---|---|---|---|
| Higher Rate Illustration (8%) Total Maturity Benefit (₹) | Lower Rate Illustration (4%) Total Maturity Benefit (₹) | ||||||
| 35 | 50 | 5 | 1,81,818 | 9,09,090 | 1 Cr | 71,44,077 | 10,91,650 |
| 35 | 50 | 10 | 1,12,360 | 11,23,600 | 97,80,523 | 15,84,841 | |
| 35 | 50 | 12 | 96,154 | 11,53,848 | 98,65,216 | 16,87,745 | |
| 35 | 50 | 15 | 81,301 | 12,19,515 | 1,01,19,614 | 18,19,720 | |
| 35 | 50 | 50 | 74,627 | 29,85,080 | 1,97,71,322 | 52,29,917 | |
The above sample illustrations are based on a non-digital mode. ~Some benefits are guaranteed, and some benefits are variable with returns based on the future performance of your insurer
carrying on life insurance business. If your policy offers guaranteed benefits, then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable
benefits, then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed, and they are not the upper
or lower limits of what you might get back, as the value of your policy is dependent on many factors, including actual future investment performance
Refund of Premium Allocation Charges
Classic
At the end of the 10th, 11th, 12th, and 13th policy years, twice the total Premium Allocation Charges (excluding taxes) were deducted 10 years prior (i.e.,
over the policy years 1, 2, 3, and 4, respectively) shall be added to the Fund Value in the form of addition of units. Such additions shall continue
till the policy is in force, and all due premiums till date have been paid.
This amount will be allocated among the funds in the same proportion as the value of total units held in each fund at the time of allocation.
Optima
Not Applicable
Cover Continuance Booster
Cover Continuance Boosters shall be added in the form of the addition of units as
below.
| Period | First 15 Policy Years | From 16th Policy Year till the end of the policy term |
|---|---|---|
| Timing of credit | At the end of policy month, if the fund value falls below 10% of the installment premium | At the end of each policy month, if the fund value falls below Fund Value Implied by the Target Net Yield |
Cover Continuance Boosters are non-negative amounts and shall only be added if the policy is in force and all due premiums have been paid. This
Additional allocation will be available under both plan options. Details of the Cover Continuance Booster shall be as defined in Annexure 1.
Smart Lady
For Female lives, 0.50% of the installment premium or 0.25% of the single premium shall be added to the Fund Value at the time of allocation of the first year’s
premium or single premium, respectively.
This additional allocation will be available under both plan options.
Online/Digital Discount
We may allow customers to initiate the purchase of policies through digital means. For all such digital/online sales, the following benefits shall be applicable in the A
form of fund booster, added on the date of maturity.
| Policy Term (Years) | Fund Booster (% of Fund Value) | Policy Term (Years) | Fund Booster (% of Fund Value) |
|---|---|---|---|
| 20 – 24 | 3% | 35 – 39 | 8% |
| 25 – 29 | 5% | 40 years and above | 10% |
| 30 – 34 | 7% | – | – |
*Average Fund Value, as defined below, shall be considered
• Fund booster is added as X% of the average of the Fund Values, including Top-up Fund Value, if any, on the last business day of the last eight
Policy quarters will be added to the fund value in the form of the addition of units, which X% is defined in the table above.
• The above will not be applicable in case of a Surrendered, discontinued, or Paid-up policy and will be payable provided all due Regular
Premiums/single premium under the policy have been paid up to date.
• The above will be allocated to the Fund(s) in the same proportion of the Fund value as on the maturity date.
• Fund Booster is a guaranteed non-negative amount and shall not be revoked by the company, provided the policy is in force and all due
Premiums have been paid to date.
What are your investment avenues?
This product offers you the flexibility to invest in a manner that suits your investment risk profile and individual needs.
a) You can choose from the 29 investment fund options
OR
b) Choose any one of the following PORTFOLIO STRATEGIES
i) Enhanced Systematic Money Allocation Regular Transfer (Enhanced SMART)
ii) Life-stage-based Portfolio Strategy
Your allocable premiums and top-ups (if any) are invested in one or more investment funds as per your chosen asset allocation. You have an option
of choosing any or all of the 29 funds or such funds that are available at the time of allocation.
We offer 29 investment funds ranging from 100% debt to 100% equity to suit your particular needs and risk appetite. Emerging Opportunities Fund,
Sustainable Equity Fund, Dynamic Advantage Fund, Multi Cap Fund, India Consumption Fund, Top 50 Fund, Top 200 Fund, Super Select
Equity Fund, Large Cap Equity fund, Whole Life Mid Cap Equity fund, Whole Life Aggressive Growth fund, Whole Life Stable Growth fund,
Whole Life Income Fund, Whole Life Short-term Fixed Income fund, Flexi Growth Fund, Constant Maturity Fund, Target Maturity fund, Small
Cap Discovery fund, Business cycle fund, Rising India Fund, Midcap Momentum Index Fund, Flexi Growth Fund II, Whole Life Income Fund
II, Nifty Alpha 50 Index Fund, Multicap Momentum Quality Index Fund, Tax Bonanza Consumption Fund, Top 200 Alpha 30 Index Fund,
Momentum 50 Index Fund, Sector Leaders Index Fund.
If you wish to diversify your risk, you can choose to allocate your premiums in varying proportions amongst the 29 investment funds.
Our wide range of funds gives you the flexibility to redirect future premiums and change your premium allocation percentages from that point onwards. Also,
You can switch money from one investment fund to another at any time. Switches must, however, be within the investment funds offered under this plan.
| Investment Fund | Fund Objective | Risk Profile | Asset Allocation | Minimum | Maximum |
|---|---|---|---|---|---|
| Emerging Opportunities Fund (ULIF 064 12/09/22 EOF 110) | The primary investment objective of the Fund is to generate capital appreciation in the long term by investing in a portfolio of stocks that offer opportunities in the Mid Cap space and emerging leaders in the new age sectors offering significant long-term wealth creation. The fund can invest up to 30% of the portfolio in equity and equity-related instruments falling outside the mid-cap range. | High | Equity | 80% | 100% |
| Debt Instruments | 0% | 10% | |||
| Money Market Instruments, Cash, Bank Deposits and Mutual Funds | 0% | 20% | |||
| Sustainable Equity Fund (ULIF 065 12/09/22 ESG 110) | To focus on investing in select companies from the investment universe, which conduct business in a socially and environmentally responsible manner while maintaining governance standards. | High | Equity | 80% | 100% |
| Debt Instruments | 0% | 20% | |||
| Money Market Instruments, Cash, Bank Deposits and Mutual Funds | 0% | 20% | |||
| Multi Cap Fund (ULIF 060 15/07/14 MCF 110) | The primary investment objective of the Fund is to generate capital appreciation in the long term by investing in a diversified portfolio of large-cap and mid-cap companies. The allocation between large-cap and Mid Cap companies will be largely a function of the relative valuations of Large Cap companies as against Mid Cap companies. | High | Equity | 60% | 100% |
| Debt Instruments | 0% | 40% | |||
| Cash / Money Market Instruments, Bank Deposits and Mutual Funds | 0% | 40% | |||
| India Consumption Fund (ULIF 061 15/07/14 ICF 110) | The primary investment objective of the Fund is to generate capital appreciation in the long term by investing in a diversified portfolio of companies which would benefit from India’s Domestic Consumption growth story. The India Consumption Fund could provide an investment opportunity in the theme of rising consumption power in India for long term returns. | High | Equity | 60% | 100% |
| Debt Instruments | 0% | 40% | |||
| Cash / Money Market Instruments, Bank Deposits and Mutual Funds | 0% | 40% | |||
| Top 50 Fund (ULIF 026 12/01/09 ITF 110) | The Top 50 Fund will invest primarily in select stocks which are a part of Nifty 50 Index with a focus on generating long term capital appreciation. The Fund will not replicate the index but aim to attain performance better than the performance of the Index. | High | Equity Instruments | 60% | 100% |
| Cash/Money Market Instruments (including CP/CD), Bank Deposits and Mutual Funds | 0% | 40% |
| Investment Fund | Fund Objective | Risk Profile | Asset Allocation | Minimum | Maximum |
|---|---|---|---|---|---|
| Top 200 Fund (ULIF 027 12/01/09 ITT 110) | The Top 200 Fund will invest primarily in select stocks which are a part of BSE 200 Index with a focus on generating long term capital appreciation. The Fund will not replicate the index but aim to attain performance better than the performance of the Index. As a defensive strategy arising out of market conditions, the scheme may also invest in debt and money market instruments. Objective: The primary investment objective of the fund is to generate long term capital appreciation by investing in select stocks. | High | Equity Instruments | 60% | 100% |
| Cash / Money Market Instruments (including CP/CD), Bank Deposits and Mutual Funds | 0% | 40% | |||
| Super Select Equity Fund (ULIF 035 16/10/09 TSS 110) | The Super Select Equity Fund will invest significant amount in equity and equity linked instruments specifically excluding companies predominantly dealing in Gambling, Lotteries/Contests, Animal Produce, Liquor, Tobacco, Entertainment (Films, TV etc) Hotels, sugar, leather, Banks and Financial Institutions. The cash holding of the Fund will be kept below 40% of the Fund or according to the prevailing regulatory guidelines at each point of time. Objective: The primary investment objective of the fund is to provide income distribution over a period of medium to long term while at all times emphasizing the importance of capital appreciation. | High | Equity and Equity Linked Instrument | 60% | 100% |
| Debt Instruments | 0% | 40% | |||
| Cash / Money Market Instruments (including CP/CD), Bank Deposits and Mutual Funds | 0% | 40% | |||
| Large Cap Equity Fund (ULIF 017 07/01/08 TLC 110) | The primary investment objective of the Fund is to generate long – term capital appreciation from a portfolio that is invested pre-dominantly in large cap equity and equity linked securities. | High | Equity and Equity-Linked Instruments | 80% | 100% |
| Cash/Money Market Instruments, Bank Deposits and Mutual Funds | 0% | 20% |
| Investment Fund | Fund Objective | Risk Profile | Asset Allocation | Minimum | Maximum |
|---|---|---|---|---|---|
| Whole Life Mid Cap Equity Fund (ULIF 009 04/01/07 WLE 110) | The primary investment objective of the Fund is to generate long-term capital appreciation from a portfolio that is invested pre-dominantly in Mid Cap Equity and Mid Cap Equity linked securities. | High | Equity and Equity linked instruments | 60% | 100% |
| Cash / Money Market Instruments, Bank Deposits and Mutual Funds | 0% | 40% | |||
| Dynamic Advantage Fund (ULIF 066 12/09/22 DAF 110) | The primary investment objective of the Fund is to maximize the returns with medium risk. | Medium | Equity | 20% | 80% |
| Debt Instruments | 20% | 80% | |||
| Cash / Money Market Instruments, Bank Deposits and Mutual Funds | 0% | 20% | |||
| Whole Life Aggressive Growth Fund (ULIF 010 04/01/07 WLA 110) | The primary investment objective of the Fund is to provide higher returns in long term by investing primarily in Equities along with debt / money market instruments. | Medium to High | Equity and Equity Linked instruments | 50% | 80% |
| Debt Instruments | 20% | 50% | |||
| Cash / Money Market Instruments, Bank Deposits and Mutual Funds | 0% | 30% | |||
| Whole Life Stable Growth Fund (ULIF 011 04/01/07 WLS 110) | The primary investment objective of the Fund is to provide stable returns by balancing the investment in Equities and debt / money market instruments. | Low to Medium | Equity and Equity Linked instruments | 30% | 50% |
| Debt Instruments | 50% | 70% | |||
| Cash / Money Market Instruments, Bank Deposits and Mutual Funds | 0% | 20% | |||
| Whole Life Income Fund (ULIF 012 04/01/07 WLI 110) | The primary investment objective of the Fund is to generate income by investing in a range of debt and money market instruments of various maturities with a view to maximizing the optimal balance between yield, safety and liquidity. | Low | Debt Instruments | 60% | 100% |
| Cash / Money Market Instruments, Bank Deposits and Mutual Funds | 0% | 40% | |||
| Whole Life Short-Term Fixed Income Fund (ULIF 013 04/01/07 WLF 110) | The primary investment objective of the Fund is to generate stable returns by investing in fixed income securities having shorter maturity periods. Under normal circumstances, the average maturity of the Fund may be in the range of 1-3 years. | Low | Debt Instruments of duration less than 3 years | 60% | 100% |
| Cash / Money Market Instruments, Bank Deposits and Mutual Funds | 0% | 40% | |||
| Flexi Growth Fund (SFIN: ULIF 068 25/04/23 FGF 110) | The primary investment objective of the Fund is to generate capital appreciation in the long term by investing in a portfolio of stocks across market capitalization. | High | Equity | 70% | 100% |
| Debt Instrument | 0% | 10% | |||
| Money Market Instrument, Cash, Bank Deposits and Mutual Funds | 0% | 30% | |||
| Constant Maturity Fund (SFIN: ULIF 069 17/05/23 CMF 110) | The fund aims to provide reasonable returns over long term by investing in portfolio of Government Securities while maintaining constant average maturity of the portfolio (ex-Cash / Money Market Instruments, Bank Deposits and Mutual Funds) in the range of 8-12 years. | Medium | Debt Instruments – Government Securities with weighted average portfolio maturity of around 10 years (range of 8-12 years) | 80% | 100% |
| Money Market Instrument, Cash, Bank Deposits and Mutual Funds | 0% | 20% | |||
| Target Maturity Fund (SFIN: ULIF 070 17/05/23 TMF 110) | The fund aims to provide reasonable returns over long term by investing in portfolio of Government Securities. The fund shall have the maturity on 31st Dec 2053. The residual maturity of any Government Securities forming part of the portfolio shall be between the fund maturity date and date 5 years before the fund maturity date. | Medium | Government Securities – Residual maturity between fund maturity date and date 5 years before fund maturity date (i.e. 1st Jan 2049) | 80% | 100% |
| Investment Fund | Fund Objective | Risk Profile | Asset Allocation | Minimum | Maximum |
|---|---|---|---|---|---|
| Small Cap Discovery Fund (SFIN: ULIF 071 22/05/23 SCF 110) | The primary investment objective of the Fund is to generate capital appreciation in the long term by investing in a portfolio of stocks in small-cap market capitalization. The fund will primarily invest in carefully selected small-cap companies that offer opportunities for long-term value creation. Minimum 65% of equity and equity related instruments of portfolio will comprise of small-cap stocks. | High | Equity | 70% | 100% |
| Debt Instrument | 0% | 10% | |||
| Money Market Instrument, Cash, Bank Deposits and Mutual Funds | 0% | 30% | |||
| Business Cycle Fund (SFIN: ULIF 072 15/01/24 BCF 110) | The investment objective of the Fund is to generate capital appreciation by investing predominantly in equity and equity-related securities with a focus on investing in companies and sectors to participate in the business cycles through active portfolio allocation. | High | Equity instruments | 70% | 100% |
| Debt | 0% | 30% | |||
| Money Market Instruments, Cash, Bank Deposits and Mutual Funds | 0% | 30% | |||
| Rising India Fund (SFIN: ULIF 073 17/01/24 RIF 110) | The objective of the fund is to generate capital appreciation by investing predominantly in equity and equity-related securities with a focus to invest in growth stories across the Indian corporate landscape. | High | Equity instruments | 70% | 100% |
| Debt | 0% | 30% | |||
| Money Market Instruments, Cash, Bank Deposits and Mutual Funds | 0% | 30% | |||
| Midcap Momentum Index Fund (SFIN: ULIF 075 09/05/24 MIF 110) | The primary investment objective of the Fund is to generate capital appreciation in the long term by investing in a portfolio of stocks indexed to the Nifty Midcap 150 Momentum 50 Index Fund, subject to regulatory limits. Regulations may restrict us from investing in all the stocks in line with their weights in the index from time to time. | High | Equity instruments | 80% | 100% |
| Debt | NA | NA | |||
| Money Market Instruments, Cash, Bank Deposits and Mutual Funds | 0% | 20% | |||
| Flexi Growth Fund II (ULIF 074 02/05/24 FGF2 110) | The objective of the Fund is to generate capital appreciation in the long term by investing in a portfolio of stocks across market capitalization. The fund maintains flexibility to invest in carefully selected companies that offer opportunities across large, mid or small capitalization space. | High | Equity | 70% | 100% |
| Debt Instrument | 0% | 30% | |||
| Money Market Instrument, Cash, Bank Deposits and Mutual Funds | 0% | 30% | |||
| Whole Life Income Fund II (ULIF 076 06/06/24 WLI2 110) | The primary investment objective of the Fund is to generate income through investing in a range of debt and money market instruments of various maturities with a view to maximizing the optimal balance between yield, safety and liquidity. The Fund will have no investments in equity or equity linked instruments at any point in time. | Low | Debt Instruments | 60% | 100% |
| Money Market Instrument, Cash, Bank Deposits and Mutual Funds | 0% | 40% | |||
| Nifty Alpha 50 Index Fund (ULIF 077 30/09/24 NAF 110) | The primary investment objective of the Fund is to generate capital appreciation in the long term by investing in a portfolio of stocks indexed to the Nifty Alpha 50 Index. The fund will invest 80%-100% in Equity and Equity related instruments and 0%-20% in Cash and Money Market Securities. | High | Equity Instruments | 80% | 100% |
| Money Market Instruments, Cash, Bank Deposits and Mutual Funds | 0% | 20% | |||
| Debt | NA | NA |
| Investment Fund | Fund Objective | Risk Profile | Asset Allocation | Minimum | Maximum |
|---|---|---|---|---|---|
| Multicap Momentum Quality Index Fund (ULIF 078 31/12/24 MQI 110) | The primary investment objective of the Fund is to generate capital appreciation in the long term by investing in a portfolio of stocks that are aligned to the Multicap Momentum Quality Index. The objective of the fund is to invest in companies with similar weights as in the index and generate returns as closely as possible, subject to tracking error. | High | Equity & Equity related instruments | 80% | 100% |
| Debt | NA | NA | |||
| Cash/ Money Market Instruments, Bank Deposits and Mutual Funds | 0% | 20% | |||
| Tax Bonanza Consumption Fund (ULIF 088 31/03/25 TBC 110) | The primary investment objective of the Fund is to generate capital appreciation in the long term by investing in a diversified portfolio of companies which would benefit from India’s Domestic Consumption growth story. The Tax Bonanza Consumption Fund could provide an investment opportunity in the theme of rising consumption power in India for long term returns. | High | Equity & Equity related instruments | 60% | 100% |
| Debt | 0% | 40% | |||
| Cash/ Money Market Instruments, Bank Deposits and Mutual Funds | 0% | 40% | |||
| Top 200 Alpha 30 Index Fund (ULIF 090 30/06/25 TAF 110) | The primary investment objective of the Fund is to generate capital appreciation in the long term by investing in a portfolio of stocks indexed to the Nifty 200 Alpha 30 Index. The fund will invest 80%-100% in Equity and Equity related instruments and 0%-20% in Cash and Money Market Securities. | High | Equity & Equity related instruments | 80% | 100% |
| Debt | NA | NA | |||
| Cash/ Money Market Instruments, Bank Deposits and Mutual Funds | 0% | 20% | |||
| Momentum 50 Index Fund (ULIF 092 25/08/25 MFI 110) | The primary investment objective of the Fund is to generate capital appreciation in the long term by investing in a portfolio of stocks that are aligned to the Top 500 Momentum 50 Index customized to IRDAI investment regulations. The fund will invest 80%-100% in Equity and Equity related instruments and 0%-20% in Cash and Money Market Securities. | High | Equity & Equity related instruments | 80% | 100% |
| Debt | NA | NA | |||
| Cash/ Money Market Instruments, Bank Deposits and Mutual Funds | 0% | 20% | |||
| Sector Leaders Index Fund (ULIF 093 15/09/25 SLI 110) | The primary investment objective of the Fund is to generate capital appreciation in the long term by investing in a portfolio of stocks that are aligned to Sector Leaders Index, customized as per IRDAI regulatory requirements. The objective of the fund is to invest in companies with similar weights as in the index and generate returns as closely as possible, subject to tracking error. The fund will invest 80%-100% in Equity and Equity related instruments and 0%-20% in Cash and Money Market Securities. | High | Equity & Equity related instruments | 80% | 100% |
| Debt | NA | NA | |||
| Cash/ Money Market Instruments, Bank Deposits and Mutual Funds | 0% | 20% |
according to the risk profile of the funds chosen.
Equity Derivative for Hedging Purpose:
While creating a diversified portfolio helps reduce stock-specific risks, to protect the portfolio returns from systematic risks, the fund may
resort to hedging through Index/Stock Futures or Index/Stock options as stipulated by IRDAI. This would help to reduce market risk and volatility for
policyholders.
Illustration of Futures:
Assume a portfolio of Rs 55 lakh. If we anticipate volatility in the markets, we may hedge the portfolio with Index futures as per IRDAI guidelines. For
example, we hedge the portfolio by selling Index futures of Nifty50.
Let’s say the current of Nifty50 is 22000 and the lot size is 50. Hence, the value of 1 lot of Nifty50 is (22000*50) = Rs 11,00,000.
Since we are holding a long position in the stock portfolio, we will have to take an opposite position to hedge it.
• Therefore, sell 1 lot of Nifty50 Index futures worth r 11,00,000
• The remaining r (55,00,000 – 11,00,000) = r 44,00,000 remains unhedged.
Now, say the market falls by 10%, and as a result, the index futures also fall by 10%. Now, let us assume that the value of the portfolio also falls
by 10%.
Hence,
• Loss from portfolio = (10% of Rs 55,00,000) = Rs 5,50,000.
• Profit from the short position in Index Futures = (10% of 11,00,000) = ₹ 1,10,000.
• Hence, the overall loss gets reduced to r (5,50,000 – 1,10,000) = r 4,40,000. This was only possible because the portfolio was carefully hedged
with Index Futures before the market crash.
A similar illustration would be applicable in the case of selling stock futures.
Illustration of stock options:
Assume a scenario wherein we are long on a particular stock “A” in the cash market. The price is R 200, and we are holding 10000 shares of the
same, which amounts to a portfolio of R 20,00,000.
Due to uncertainty in the market, we expect an adverse impact on the stock price. As per IRDAI guidelines, we can buy a put option of that stock in the
derivatives market.
Let’s understand with 3 cases:
We initially assumed that we bought the stock for Rs. 200 in the cash market.
Case 1: The stock price moves up to 220
In such a situation, we make a profit of Rs 20 in the cash market since we had purchased the stock for Rs 200. However, we shall lose the
money which we paid to buy Put options, which are R 5, giving us a net profit of R 15.
Case 2: The stock price falls to 180
In such a scenario, we shall have a loss of R 20 in the cash market and make a profit of R 20 in the derivatives market. Thereby making a net loss of
R5, which is the premium paid initially to buy the put options.
Case 3: The stock price remains unchanged at r 200
In the 3rd case, we shall have no gain or loss in the cash market. However, we shall lose the money paid as a premium, essentially making a net loss
of R 5.
A similar illustration will be applicable in case of selling an Index option.
We will be abiding by the exposure limits as prescribed by IRDAI guidelines.
Although the funds are open-ended, the Company may, as per Board-approved policy and subject to prior approval from IRDAI, completely close any
of the funds. The Policyholder will be given at least three months’ prior written notice of our intention to close any of the Funds completely or partially.
except in ‘Force Majeure,’ where we may give a shorter notice.
In case of complete closure of a Fund, on and from the date of such closure, we shall cease to issue and cancel units of the said Fund and cease to
carry on activities in respect of the said Fund, except such acts as are required to complete the closure. In such an event, if the Units are not switched
to another Fund by the Policyholder, we will switch the said units to any other appropriate Fund with similar characteristics as per the Board-approved
policy, with due weightage for the respective NAVs at the time of switching, subject to prior approval from the IRDAI.
13
Switching of units from the opted fund to the default fund will be done in the manner shown below:
| Closed Fund | Default Fund |
|---|---|
| Emerging Opportunities Fund, Sustainable Equity Fund, Whole Life Mid Cap Equity Fund, Multi Cap Fund, India Consumption Fund, Top 50 Fund, Top 200 Fund, Super Select Equity Fund, Flexi Growth Fund, Small Cap Discovery Fund, Business Cycle Fund, Rising India Fund, Midcap Momentum Index Fund, Flexi Growth Fund II, Nifty Alpha 50 Index Fund, Multicap Momentum Quality Index Fund, Tax Bonanza Consumption Fund, Top 200 Alpha 30 Index Fund, Momentum 50 Index Fund, Sector Leaders Index Fund | Large Cap Equity Fund |
| Whole Life Aggressive Growth Fund, Dynamic Advantage Fund, Constant Maturity Fund, Target Maturity Fund | Whole Life Stable Growth Fund |
| Whole Life Income Fund, Whole Life Income Fund II | Whole Life Short Term Fixed Income Fund |
Force Majeure Provisions:
a) The Company shall value the Funds (SFIN) on each day for which the financial markets are open. However, the Company may value the SFIN
less frequently in extreme circumstances external to the company, i.e., in force majeure events, where the value of the assets is too uncertain.
In such circumstances, the Company may defer the valuation of assets for up to 30 days until the Company is certain that the valuation of SFIN
can be resumed.
b) The Company shall inform IRDAI of such deferment in the valuation of assets. During the continuance of the force majeure events, all requests for
Servicing the policy, including policy-related payment, shall be kept in abeyance.
c) The Company shall continue to invest as per the fund mandates as chosen by you. However, the Company shall reserve its right to change the
exposure of all or any part of the Fund to Money Market Instruments [as defined under Regulations 2(j) of IRDAI (Investment) Regulations, 2016]
in circumstances mentioned under points (a and b) above. The exposure to the Fund, as per the fund mandates as chosen by you, shall be
reinstated within reasonable timelines once the force majeure situation ends.
d) A few examples of circumstances are:
i. When one or more stock exchanges that provide a basis for valuation of the assets of the fund are closed otherwise than for ordinary holidays.
ii. when, as a result of political, economic, monetary or any circumstances which are not in the control of the Company, the disposal of the assets
of the fund would be detrimental to the interests of the continuing policyholders.
iii. in the event of natural calamities, strikes, war, civil unrest, riots, and bandhs.
iv. in the event of any force majeure or disaster that affects the normal functioning of the Company.
e) In such an event, an intimation of such a force majeure event shall be uploaded on our website for information.
Discontinued Policy Fund:
The investment objective for the Discontinued Policy Fund is to provide capital protection and a minimum return as per regulatory requirements with a high
level of safety and liquidity through judicious investment in high-quality short-term debt. The strategy is to generate better returns with a low level of risk
through investment in fixed-interest securities having a short-term maturity profile. The risk profile of the fund is very low. There is a minimum guarantee
of interest @ 4% p.a. or as prescribed by IRDAI from time to time
Asset allocation:
| Instrument | Allocation |
|---|---|
| Debt Instruments (Government Securities and Corporate Debt) | 60% – 100% |
| Money Market Instruments, Bank Fixed Deposits, Cash & Mutual Funds | 0% – 40% |
Choose the following PORTFOLIO STRATEGY:
1 Enhanced Systematic Money Allocation & Regular Transfer (Enhanced SMART)
• Enhanced SMART is a systematic transfer plan that allows a customer to enter the volatile equity market in a structured manner under the
Regular/Limited/Single Premium Fund.
• You get to choose two funds, a debt-oriented fund and an equity-oriented fund. Please refer to the table below for the choice of available funds:
| Debt-Oriented Funds | Equity-Oriented Funds |
|---|---|
| • Whole Life Income Fund • Whole Life Short-Term Fixed Income Fund • Constant Maturity Fund • Target Maturity Fund • Whole Life Income Fund II | • Large Cap Equity Fund • Whole Life Mid Cap Equity Fund • India Consumption Fund • Multi Cap Fund • Super Select Equity Fund • Top 50 Fund • Top 200 Fund • Emerging Opportunities Fund • Sustainable Equity Fund • Flexi Growth Fund • Small Cap Discovery Fund • Business Cycle Fund • Rising India Fund • Midcap Momentum Index Fund • Flexi Growth Fund II • Nifty Alpha 50 Index Fund • Multicap Momentum Quality Index • Tax Bonanza Consumption Fund • Top 200 Alpha 30 Index Fund • Momentum 50 Index Fund • Sector Leaders Index Fund |
• Through Enhanced SMART, your entire annual allocable premium will be parked in the chosen debt-oriented fund along with any existing units
in that fund, if any. These combined units in the chosen debt-oriented fund will be systematically transferred on a monthly basis to the chosen
equity-oriented fund.
• All your future allocable premiums will also follow the same pattern as long as Enhanced SMART is active on your plan. Switching to/from the
Enhanced SMART funds to other available funds are not allowed.
• This strategy is applicable only till the premium payment term and not with the top-up premium fund.
• A portion of the total units in the chosen debt-oriented fund shall be switched automatically into the chosen equity-oriented fund in the following way:
Monthly Enhanced SMART
Policy Month 1: 1/12 of the units available at the beginning of Policy Month 1
Policy Month 2: 1/11 of the units available at the beginning of Policy Month 2
_____________________________________________________
Policy Month 6: 1/7 of the units available at the beginning of Policy Month 6
_____________________________________________________
Policy Month 11 ½ of the units available at the beginning of Policy Month 11
Policy Month 12 Balance units available at the beginning of Policy Month 12
Thus, while the stock market remains volatile and unpredictable, the Enhanced SMART strategy offers a systematic way of rupee cost averaging.
However, all investments through this option are still subject to investment risks, which shall continue to be borne by you.
| The following are the notable features of Enhanced SMART: |
|---|
| • Enhanced SMART offers flexibility, allowing you to opt for it at policy inception or on any policy anniversary. • A written request for commencement, change, or restart must be received 30 days prior to the policy anniversary. • The selected strategy becomes effective from the following policy anniversary and applies to future premiums for all premium payment terms. • Commencement, change, or restart requests for the strategy are subject to the payment of all due premiums. • The option is free of charge, and you can stop it at any time through a written request, effective from the next Enhanced SMART switching date following company’s receipt. • Manual fund switching is not allowed for the two funds selected for Enhanced SMART activation but is permitted for other available funds with applicable charges. • Manual switching for top-up premiums is available at applicable charges. • Funds not associated with Enhanced SMART remain invested in regular/limited/single premium funds. • The Enhanced SMART option is unavailable during the discontinuance of premium, but it can be opted for again upon policy revival. |
*The Company may cease offering Enhanced SMART by giving 30 days of written notice, subject to prior approval of the Insurance Regulatory and Development Authority of India.
2. LIFE-STAGE-BASED PORTFOLIO STRATEGY
Under the life-stage-based portfolio strategy, customers’ portfolios will be structured as per the age and risk profile (conservative, moderate, or aggressive) chosen by the customer.
Under the life-stage-based strategy, you need to choose two funds: a debt-oriented fund and an equity-oriented fund. The table below demonstrates the choice of available funds
| Debt Oriented Funds | Equity Oriented Funds |
|---|---|
| • Whole Life Income Fund • Whole Life Short-Term Fixed Income Fund • Constant Maturity Fund • Target Maturity Fund • Whole Life Income Fund II | • Large Cap Equity Fund • Whole Life Mid Cap Equity Fund • India Consumption Fund • Multi Cap Fund • Super Select Equity Fund • Top 50 Fund • Top 200 Fund • Emerging Opportunities Fund • Sustainable Equity Fund • Flexi Growth Fund • Small Cap Discovery Fund • Business Cycle Fund • Rising India Fund • Midcap Momentum Index Fund • Flexi Growth Fund II • Nifty Alpha 50 Index Fund • Multicap Momentum Quality Index Fund • Tax Bonanza Consumption Fund • Top 200 Alpha 30 Index Fund • Momentum 50 Index Fund • Sector Leaders Index Fund |
• Through this strategy, your allocable premium will be parked in the chosen equity-oriented and debt-oriented fund in a pre-determined proportion
based on the selected risk profile and age. As you age, your Fund value will be shifted automatically from the chosen equity-oriented fund to the chosen
debt-oriented fund according to the applicable equity-debt proportion as per the age group. If you opt for this strategy, you shall not be allowed
to exercise the Premium-Redirection or Fund-Switching option. However, you have the option to opt out of this strategy anytime during the policy.
Term by notifying the company at least 30 days prior to the policy anniversary. You will be allowed to exercise free Switches or Premium
Redirection options after opting out of this strategy.
The percentage allocation to equity-oriented funds according to age and risk profile is given below. The remaining percentage allocation out of 100%
shall be in the debt-oriented fund.
| Age Group | Risk Profile | ||
|---|---|---|---|
| Aggressive | Moderate | Conservative | |
| 1–30 | 90% | 70% | 50% |
| 31–40 | 80% | 60% | 50% |
| 41–50 | 70% | 50% | 30% |
| Age Group | Risk Profile | ||
|---|---|---|---|
| Aggressive | Moderate | Conservative | |
| 51–60 | 55% | 35% | 15% |
| 61–70 | 40% | 20% | 0% |
| 71 & above | 25% | 5% | 0% |
Units shall be rebalanced as necessary to achieve the above proportions of the Fund Value in the equity-oriented fund and the debt-oriented fund on
the last day of each Policy quarter
The following are the notable features of life-stage-based strategy:
|
Tracking and Assessing Your Investments
You can monitor your investments
• On our website (www.tataaia.com);
• Through the annual statement detailing the number of units you have in each investment fund and their respective then-prevailing NAV; and
• Through the published NAVs of all investment funds on our website and the Life Council’s website.
What are the other benefits in your policy?
This is a regular/single/limited payment policy with protection for a chosen policy term, and it is in your best interest to stay invested for the entire term. This will enable you to pay for a short term and enjoy all the special benefits offered under this innovative product for the rest of your life.
However, for contingency needs during the term of the policy, you may avail of the Partial Withdrawal option. In case you have a surplus income, You may invest the same amount in your plan through top-ups.
Flexibility of Partial Withdrawals to create your second income
Subject to policy being in force (including when the policy is reduced paid up), Partial Withdrawal is allowed any time after five policy anniversaries from the date of issuance of the policy. Under this facility, the policyholder can also opt for Systematic Withdrawal Plan (SWP), Chosen-Rate Withdrawal Plan (CWP) and Index-Based Withdrawal Plan (IWP).
• Partial withdrawals shall be made first from the Top-Up Premium Fund, which has completed the lock-in period, and then from the Regular/Limited /Single/Premium Fund, if the Top-Up Fund is insufficient.
• For the purpose of partial withdrawals, the lock-in period for the top-up premiums will be five years or any such limit prescribed by IRDAI from time to time.
• The minimum amount that can be withdrawn is R 1,000/-,, subject tothe Total Fund Value (Regular + Top Up Fund) post such withdrawals not being less than an amount equivalent to two years’ annualized regular premiums in case of Regular/Limited Pay, or 10% of Single Premium in case of Single Pay.
• The maximum limit for partial withdrawal in a year, if any, will be as per BAUP and will be updated on the website from time to time.
• Any number of partial withdrawals can be made in a policy year, and no charges shall be levied for making the partial withdrawals.
• The partial withdrawals shall not be allowed if it would result in the termination of the contract.
Systematic Withdrawal Plan (SWP):
This partial withdrawal facility allows policyholders to withdraw from the fund at predetermined intervals. Such withdrawals can be a predetermined percentage of the fund value or a predetermined absolute amount.
For example, if the policyholder chooses 6% of the fund value to be withdrawn yearly, then an amount equal to 6% of the fund value would be paid
as per the specified payout frequency.
Following conditions shall apply on SWP:
• The policyholder has option to choose the percentage ranging from 1% to 15%.
• This facility can be opted at policy inception or anytime during the policy term. The policyholder may modify or opt-out of the facility by notifying the Company at least 30-days prior to the policy anniversary. Policyholder may choose to opt-in again as per the requirements on a later date.
• It is allowed only after five policy anniversaries from the date of issuance of the policy.
• The payouts can be taken monthly, quarterly, half-yearly, yearly, or on specified date(s). The first payout will be made on the withdrawal start date as chosen by the policyholder.
• All conditions applicable for partial withdrawals such as minimum and maximum withdrawal amount, age, etc., will be applicable for Systematic Withdrawal Plan as well. Both SWP and partial withdrawal can be availed simultaneously, provided the fund value in any given year is not less than two years’ annualized premiums for Limited/Regular Pay and 10% of the single premium paid for Single Pay
Chosen-rate Withdrawal Plan (CWP):
Under this partial withdrawal facility, a payout, as per the payout frequency chosen, will be processed in case the performance of the fund(s) where the policyholder has invested their premium is higher than the chosen rate of return by the policyholder.
For example, if the actual fund value on the date of withdrawal is more than the fund value based on the chosen rate of return, then the positive difference between the two fund values shall be paid out to the policyholder. If the actual fund value is less than the fund value based on the chosen rate, then no payout shall be processed
The following conditions shall apply on CWP:
• The T&Cs applicable to SWP, shall be applicable to CWP. Both SWP and CWP cannot be opted together.
• Both CWP and partial withdrawal can be availed simultaneously provided the fund value in any given year is not less than two years’ Annualized premiums for Limited/ regular pay and 10% of single premium paid for single pay.
Index-based Withdrawal Plan (IWP):
This option works similarly to CWP. But instead of choosing a rate of return, the policyholder can link the rate of return to an external index. If the performance of the fund(s) where policy policyholder has invested their premium is higher than their index-based return, then the positive difference between the two fund values shall be paid out to policy policyholder as per the payout frequency chosen. The policyholder shall have an option to choose from a list of indices, such as
1) Compound Annual Growth Rate (CAGR) of the benchmark fund as of the date of withdrawal
2) The 10-year G-Sec rate dated 1st April of each year as published by M/s. Financial Benchmarks India Pvt Ltd shall be applicable during the period of twelve months, beginning 1st May of the relevant financial year.
3) SBI’s Savings A/c rate basis April 1 of the relevant year shall be applicable during the period of twelve months, beginning on the 1st May of the relevant financial year
4) SBI’s 5-year term deposit rates, basis April 1 of the relevant year, shall be applicable during the period of twelve months, beginning 1st May of the relevant financial year
5) CPI Inflation rate as published by mospi.gov.in for March shall be applicable during the period of 12 months, beginning 1st May of the next financial year.
The following conditions shall apply on IWP:
• The list of indices shall be specified by the company from time to time. The policyholder shall have the flexibility to change the index by notifying the company at least 30 days prior to the policy anniversary.
• The T&Cs applicable to SWP shall be applicable to IWP as well.
• Both IWP and partial withdrawal can be availed simultaneously, provided the fund value in any given year is not less than two years’ annualized premiums for limited/regular pay and 10% of the single premium paid for single pay.
Note: Only one plan out of SWP/CWP and IWP can be chosen by the policyholder. However, partial withdrawal can be availed along with any of the above plans provided all the conditions are being met.
Flexibility of Top-ups
You have the flexibility to pay additional premium as a ‘Top-up premium,’ provided the policy is in force.
• Top-up premiums can be paid any time except during the last five years of the policy term, subject to underwriting, as long as all due premiums have been paid.
• The minimum Top-up amount is R 1,000/-.
• Policyholder will be provided an additional sum assured as per the table below , subject to BAUP.
| Age at Entry | Up to 49 years | 50 years and above |
|---|---|---|
| Top-Up Multiple | 1.25 times single premium | 1.10 times single premium |
• Top-up premiums can be allocated in any proportion between the funds offered as chosen by the policyholder.
• Every Top-up Premium will have a lock-in period of five years from the date of acceptance of such Top-up Premiums, except in case of complete withdrawal of policy.
• Top-up premiums are subject to charges as described under “What are my Policy charges?”
Top-up Sum Assured
Your Sum Assured will increase by Top-up Sum Assured when you avail of a Top-up, subject to underwriting
Top-up Sum Assured will be Top-Up Premium Multiple times Top-Up Premium
Top-up Premium Multiple is as per the table in section “Flexibility of Top-ups”.
Increase or decrease in the Top-up Sum Assured is not allowed.
Flexibility of Premium Mode
| Mode | Modal Loading |
|---|---|
| Annual | Annualised Premium × 1 |
| Half – Yearly | Annualised Premium / 2 |
| Mode | Modal Loading |
|---|---|
| Quarterly | Annualised Premium / 4 |
| Monthly | Annualised Premium / 12 |
Settlement Option
On survival till the maturity date, you have an option to receive the maturity benefit either in a lump sum or in the form of periodical payments over a settlement period of five years from the Maturity Date. The first instalment under settlement option shall be payable on the date of maturity. The frequency of periodical payment shall be chosen by you and can be yearly, half-yearly, quarterly or monthly. The value of such periodical payments will depend on the performance of the Funds selected for investment. Switches may be allowed during the settlement period. Partial withdrawals shall not be available to you during the period. At any time during the settlement period, you have the option to withdraw the Total Fund Value. No additional charges will be levied on such withdrawal.
During this Settlement Period, life cover shall be maintained at 105% of the total premiums paid. In case of death, higher of Total Fund Value at the time of death or 105% of total premiums paid will be returned to the Nominee. During this period, Fund Management Charges and Mortality Charges will be deducted as due. Switching Charges will be levied if applicable. No other charges shall be levied. All charges are shown under “What are my Policy Charges?”
During this Settlement Period, the investment risk will be borne by you. Refund of Mortality Charges and Cover Continuance Boosters do not apply during Settlement Period.
Optional Riders
You have further flexibility to customize your product by adding the following non-participating premium-paying health riders:
1. Tata AIA Life Insurance Linked Comprehensive Protection Rider (UIN: 110A031V02 or any other later version). This rider provides coverage for various unforeseen events, such as death, disability due to accident, a wide range of critical illnesses, or terminal illness. It allows flexibility to receive a benefit as combination of a lump sum or income for a fixed period, income till survival of partner or Waiver of Premium. This rider can be opted either while taking the policy, or at the time of any policy anniversary.
2. Tata AIA Life Insurance Linked Comprehensive Health Rider (UIN: 110A032V02 or any other later version). The rider covers various unforeseen events and illnesses, including disability, hospitalization, and critical illnesses such as cancer and cardiac arrest. It also provides coverage against both major illnesses, and minor injuries or illnesses, while allowing multiple claim payouts. Rider can be opted either while taking the policy, or at the time of any policy anniversary.
3. Tata AIA Vitality Protect Plus (UIN: 110A048V03 or any later version) This rider provides coverage for various unforeseen events, such as death, disability due to accident, a wide range of critical illnesses, or terminal illness. It allows flexibility to receive benefits as a combination of lump sum or income for a fixed period, Income till survival of partner or Waiver of Premium. This rider also motivates to live healthy lifestyle through ‘Tata AIA Vitality’ our Wellness Program by offering rewards on achievements/ health goals.
4. Tata AIA Vitality Health Plus (UIN: 110A047V02 or any later version) The rider covers various unforeseen events and illnesses, including disability, hospitalization, and critical illnesses such as cancer and cardiac arrests. It also provides coverage against both major illnesses, and minor injuries or illnesses, while allowing multiple claim payouts. This rider also motivates to live healthy lifestyle through ‘Tata AIA Vitality’ our Wellness Program by offering rewards on achievements/ health goals.
5. Tata AIA Sampoorna Health (UIN: 110A167V02 or any later version). The Tata AIA Sampoorna Health provides fixed benefit payouts as chosen by you for all your health requirements, regardless of hospital medical bills. The rider provides a fixed benefit payout for 57 critical illnesses. unlimited day care procedures, surgeries, and hospitalization.
The following non-participating Unit-deducting riders can be added to the base plan:
1. Tata AIA Life Insurance Waiver of Premium (Linked) Rider (UIN: 110A026V02 or any later version)
The Tata AIA Life Insurance Waiver of Premium (Linked) Rider which that insurance benefits under the plan continue to remain in place even if you are unable to pay the premiums towards the base plan owing to total and permanent disability.
2. Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider (UIN: 110A025V02 or any later version)
The Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider ensures that insurance benefits under the plan continue to remain in place,even if you are unable to pay the premiums towards the base plan owing to total and permanent disability, or death of the proposer.
3. Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider (UIN: 110A027V02 or any later version)
Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider provides a convenient solution that helps fill the Financial gap for your family in the event of an unfortunate death of the life insured due to an accident.
4. Tata AIA OPD Care Rider (UIN: 110A166V02 or any later version)
Tata AIA OPD Care provides end-to-end healthcare solutions. Under this rider, you can avail benefits like consultations with general physicians or specialists, booking physiotherapy sessions, coverage for medicines prescribed, managing your nutrition intake, and accessing emotional wellness tools like podcasts, guided meditation, and mood tracker Above unit deducting/Premium paying riders can be attached at policy inception or any policy anniversary of the base plan subject to the rider premium payment term and the policy term shall not be more than the outstanding premium payment term and outstanding policy term for the base plan.
Any minimum and maximum sum assured limits on all the above premium-paying riders will remain applicable, irrespective of the fact that lower or higher sum assured might be chosen as the base cover under this plan.
Such rider attachments will be as per the ‘Board approved underwriting policy’ (BAUP) of the Company.
The sum assured for any attaching rider(s) will not exceed the Basic Sum Assured except for accidental riders. The cost of any attaching rider benefit/ cover will be levied either through rider charge or rider premium, but not both.
How is the NAV calculated?
The Net Asset Value (NAV) of the segregated funds shall be computed as:
Market value of investment held by the fund + value of current assets – (value of current liabilities and provisions, if any)
————————————————————————
Number of units existing on Valuation Date (before creation/redemption of units)
The Net Asset value (NAV) will be determined and published daily in various financial newspapers and will also be available on www.tataaia.com, the official
website of Tata AIA Life. All you have to do is multiply the number of units you have by the published NAV to arrive at the value of your investments.
Credit/Debit of Units
Premiums received, after deducting the Regular Premium/Top-up Premium Allocation Charge and applicable Goods and Services Tax and cess as applicable, will be used to purchase units at the NAV according to your instruction for allocation of Premium. Units purchased by Regular Premium and Top-up Premium, net of payable premium allocation charge and applicable Goods and Services Tax and cess as applicable, will be deposited into the Regular Premium Fund Value and Top-up Premium Fund Value, respectively.
Where notice is required (Partial Withdrawal, complete withdrawal, or death of the Insured), Units being debited shall be valued by reference to their NAV as specified in the section “Cut-off time for determining the appropriate valuation date”
Cut-off time for determining the appropriate valuation date
The appropriate Business Day at which NAV will be used to purchase or redeem Units shall be determined in the following manner:
a) Purchase & Allocation of Units in respect of Premiums received or Fund Value(s) switched in:
• If the premiums, by way of cash or a local check or a demand draft payable at par, or the request for switching in Fund Value(s), is/are received by us at or before 3:00 p.m. of a business day at the place where these are receivable, the NAV of the date of receipt or the due date, whichever is later, shall apply.
• If the premium(s), by way of cash or a local check or a demand draft payable at par or the request for switching in Fund Value(s), is/are received by us after 3:00 pm of a business day at the place where these are receivable, NAV of the next Business Day following the receipt or the due date, whichever is later shall apply.
• If the premium/s is received by us by way of an outstation cheque/outstation demand draft, NAV of the date of on which these instruments are realized shall apply.
• In case of proposals or requests for Top-up Premium where underwriting or Our approval is required, the closing NAV of the day on which underwriting/approval is completed in all respects or the date of receipt of premium (in case of cash or local cheque or demand draft payable at par) or the date of cheque/demand draft realization (in case of an outstation cheque/demand draft) whichever is later shall apply.
• If premiums are received via standing instruction (such as auto pay, credit cards, electronic clearing system etc) the same procedure as for local cheques will apply with the date of sending the collection request to the relevant bank/financial institution being taken as the date of receipt of the local cheque.
b) Sale & Redemption of Units in respect of withdrawals, surrender, Fund Value(s) switched out, and death claim:
• If a valid request/application is received by us at or before 3:00 pm of a business day, the NAV of the date of receipt shall apply.
• If a valid request/application is received by us after 3:00 pm of a Business Day, NAV of the next valuation date following the receipt shall apply.
What are the options to manage my investments6 ?
Add Your Heading Text Here
We offer you ample flexibility to manage your money so that you can reap maximum benefits from your investments.
Switching Between the Funds
The policyholder may send the company a written request to switch investments between available funds. The written request must specify the fund(s) from which units are to be redeemed and the fund(s) to which units are being allocated.
The change will be effected on the applicable NAV as specified under the paragraph “Cut-off time for determining the appropriate valuation date.”
Switching may be restricted if the Enhanced SMART portfolio strategy is chosen.
*Please refer to the portfolio strategy section for more details.
Premium Re-direction
The premium redirection facility helps you to allocate future premiums to a different fund or set of funds. There is no premium-redirection charge, but there is a 100% ceiling.
Premium redirection will not be allowed for the Enhanced SMART portfolio option.
6Please contact our Insurance Advisor or visit our nearest branch office for further details
What if I want to discontinue paying premiums?
Discontinuance of Premiums
Discontinuance of Premium within Five Years from the Date of Commencement (Discontinuance of the policy during the lock-in period): For Regular/Limited Pay:
Upon expiry of the grace period, in case of discontinuance of the policy due to non-payment of premium, the fund value after deducting the applicable Discontinuance charges shall be credited to the discontinued policy fund and the risk cover and rider cover, if any, shall cease.
All such discontinued policies shall be provided a revival period of three years from date of the first unpaid premium. On such discontinuance, we shall communicate the status of the policy, within three months of the first unpaid premium, to the policyholder and provide the option to revive the policy within the revival period of three years.
i) In case the policyholder opts to revive but does not revive the policy during the revival period, the proceeds of the discontinued policy fund shall be paid to the policyholder at the end of the revival period or lock-in period whichever is later. In respect of revival period ending after the lock-in period, the policy will remain in the discontinuance fund till the end of the revival period. The Fund management charges of discontinued fund will be applicable during this period and no other charges will be applied.
ii) In case the policyholder does not exercise the option as set out above, the policy shall continue without any risk cover and rider cover, if any, and the policy fund shall remain invested in the discontinuance fund. At the end of the lock-in period, the proceeds of the discontinuance fund shall be paid to the policyholder, and the policy shall terminate.
iii) However, the policyholder has an option to surrender the policy anytime and proceeds of the discontinued policy shall be payable at the end of lock-in period or date of surrender whichever is later.
For Single Pay:
The policyholder has an option to surrender any time during the lock-in period. Upon receipt of request for surrender, the fund value, after deducting the applicable discontinuance charges, shall be credited to the discontinued policy fund.
The policy shall continue to be invested in the discontinued policy fund and the proceeds from the discontinuance fund shall be paid at the end of lock-in period. Only fund management charge can be deducted from this fund during this period. Further, no risk cover shall be available on such policy during the discontinuance period.
“Proceeds of the discontinued policies” means the fund value as on the date the policy was discontinued, after addition of interest computed at the minimum guaranteed interest rate.
Discontinuance of Premiums
Upon revival, the policy shall be revived restoring the risk cover, along with the investments made in the segregated funds as chosen by the policyholder, out of the discontinued fund, less the applicable charges in accordance with the terms and conditions of the policy.
At the time of revival, we shall:
i) collect all due and unpaid premiums without charging any interest or fee
ii) levy policy administration charge and premium allocation charge as applicable during the discontinuance period
iii) add back to the fund the discontinuance charges deducted at the time of discontinuance of the policy
Segregated Discontinued Policy Fund
The discontinued policy fund shall be a segregated unit fund. Only fund management charges shall be applicable on such funds. The fund management charge on discontinued policy fund shall be declared by the IRDAI from time to time. Currently, the fund management charge shall not exceed 50 basis points per annum.
Minimum Guaranteed Interest Rate
The minimum guaranteed interest rate applicable to the discontinued fund shall be declared by the IRDAI from time to time. The current minimum guaranteed interest rate applicable to the discontinued fund is 4% per annum.
The excess income earned in the discontinued fund over and above the minimum guaranteed interest rate shall also be apportioned to the discontinued policy fund in arriving at the proceeds of the discontinued policies and shall not be made available to the shareholders.
Surrender Value
If the policy acquires a surrender value during the first five years, it shall become payable only after the completion of the lock-in period.
Discontinuance of Premium after Five Years from the Date of Commencement (Discontinuance of Policy after the Lock-in Period): For Regular/Limited Pay:
Upon expiry of the grace period, in case of discontinuance of the policy due to non-payment of premium after the lock-in period, the policy shall be converted into a reduced paid up policy. The policy shall continue to be in reduced paid-up status without rider cover, if any. All charges as per terms and conditions of the policy may be deducted during the revival period. However, the mortality charges shall be deducted based on the reduced paid up sum assured only.
On such discontinuance, Insurer shall communicate the status of the policy, within three months of the first unpaid premium, to the policyholder and provide the following options:
(1) To revive the policy within the revival period of three years, or
(2) Complete withdrawal of the policy.
In case the policyholder opts for (1) above but does not revive the policy during the revival period, the fund value shall be paid to the policyholder at the end of the revival period.
The death benefit during the revival period for the primary life assured shall be the highest of,
• Reduced Paid-up Sum Assured on Death net of all “Deductible Partial Withdrawals,” if any, from the Regular Premium Fund Value or
• the Regular Premium Fund Value of this Policy or
• 105 percent of the total Regular/ Limited Premiums paid up to the date of death net of all “Deductible Partial Withdrawals”, if any.
In addition to this:
Highest of
• Top-Up Sum Assured(s) or
• Top-Up Premium Fund Value of this Policy or
is also payable provided the Policyholder has a Top-Up Premium Fund Value.
In case the policyholder opts (ii), i.e., to withdraw the policy completely, then the policy will be surrendered and the fund value (including any Top-Up fund value) shall be paid.
In case the policyholder does not exercise any option as set out above, the policy shall continue to be in reduced paid up status. At the end of the revival period the proceeds of the policy fund shall be paid to the policyholder and the policy shall terminate.
However, the policyholder has an option to surrender the policy anytime and proceeds of the policy fund shall be payable.
For Single Pay:
The policyholder has an option to surrender the policy any time. Upon receipt of request for surrender, the fund value as on date of surrender shall be payable.
Revival of a discontinued policy after lock-in period
Upon revival, the policy shall be revived restoring the risk cover in accordance with the terms and conditions of the policy. The rider may also be revived at the option of the policyholders.
At the time of revival, we:
i) shall collect all due and unpaid premiums under base plan without charging any interest or fee
ii) may levy premium allocation charge as applicable
iii) shall not levy any other charges.
Surrender Value
After the lock-in period, the surrender value shall be equal to the fund value as on the date of surrender.
Reduced Paid UP:
As per the section “Discontinuance of Premium after Five Years from the Date of Commencement” above.
Reduced paid-up Sum Assured = Basic Sum Assured * (t / n)
Where,
t = Total number of Premiums paid
n=Total number of Premiums payable for the entire premium paying term
The death benefit applicable for Reduced Paid-up policy shall be,
Highest of,
(i) Reduced Paid-up Sum Assured net of all deductible partial withdrawals” or
(ii) Regular Premium Fund Value of the policy
(iii) 105% of the total Regular Premiums paid up to the date of death net of all deductible partial withdrawals, if any.
In addition to this:
Highest of,
i) The approved Top-up Sum Assured(s) or
ii) Top-Up Premium Fund Value of the policy
is also payable provided the policyholder has a Top-up Premium Fund Value.
A reduced paid-up policy will continue as per policy terms and conditions and charges as mentioned under “What are the charges in your policy?”
shall continue to be deducted.
Policyholder will have an option of resuming payment of premiums with full sum assured before the end of the revival period of three years from the date of first unpaid premium.
Partial Withdrawal will be allowed during the reduced paid-up status
What if I want to discontinue the policy?
Surrender Benefit and Surrender Terms & Conditions
The policyholder can completely withdraw his/her policy anytime during the policy term by intimating the company.
If policyholder requests for Complete Withdrawal from the policy –
• Within the lock-in period; the surrender value i.e. the fund value less applicable discontinuance charges as on the date of discontinuance shall be credited to the ‘Discontinued Policy Fund’ as maintained by the Company. The ‘Proceeds of the Discontinued Policy’ i.e. the fund value as on the
date of discontinuance plus entire income earned after deduction of the fund management charges, subject to a minimum guarantee of interest @ 4% p.a. or as prescribed by IRDAI from time to time, shall be paid to the policyholder after completion of the lock-in period.
In case of death of the insured during this period the “Proceeds of the Discontinued Policy” shall be payable to the nominee immediately.
• After the Lock-in Period; the total fund value as on the date of complete withdrawal shall be paid to the policy holder.
Lock-in period means the period of 5 consecutive years from the date of commencement of the policy, during which period the proceeds of the policy discontinued policies cannot be paid by the insurer, except in the case of death or upon the happening of any other contingency covered under the policy.
All the benefits in this policy shall cease on the date of complete withdrawal.
What are my policy charges7 ?
Premium Allocation Charge
Option 1: Classic
Premium Allocation Charge as below will be deducted in the form of units at the time of allocation of Premiums to funds. The net Regular Premium after deduction of charges are invested in Funds as per your choice.
Single Pay:
| Policy Year | % of Single Premium |
|---|---|
| 1 | 3% |
For Regular/Limited Pay:
| Policy Year | % of Annualised Premium |
|---|---|
| 1 | 12% |
| 2 | 6% |
| 3 | 4% |
| Policy Year | % of Annualised Premium |
|---|---|
| 4 | 2% |
| 5 year onwards | Nil |
Top-up Premium Allocation Charge = 1.5% of each Top-up premium
In case of Single Pay, a premium allocation charge equal to 3% of single premium will be deducted.
The premium allocation charges are guaranteed throughout the term of the policy.
The above premium allocation charges shall not exceed the maximum premium allocation charge as declared by the IRDAI, which currently stands at 12.5% of annualized premium for any year.
Option 2: Optima
Not Applicable
Policy Administration Charge
Option 1: Classic
A Policy Administration Charge of 0.41% per month of Annualised premium for Regular/ Limited Pay and 0.075% of Single Premium from 5th policy year will be deducted by cancelling Units at the NAV from the Fund Value of the policy at the beginning of each policy month. This charge may be increased by upto a maximum of 5% p.a. compounded annually, only till 18th policy year (and constant thereafter), subject to a maximum of Rs.500 per month which are the current caps specified by the IRDAI and can change from time to time. The maximum Policy Administration Charge shall not
exceed the limits as decided by IRDAI from time to time.
Option 2: Optima
Not Applicable
Fund Management Charge
| Sr. No | Fund Name | Fund Management Charge per annum |
|---|---|---|
| 1 | Multi Cap Fund | 1.20% |
| 2 | India Consumption Fund | 1.20% |
| 3 | Top 50 Fund | 1.20% |
| 4 | Top 200 Fund | 1.20% |
| 5 | Super Select Equity Fund | 1.20% |
| 6 | Large Cap Equity Fund | 1.20% |
| 7 | Whole Life Mid-cap Equity Fund | 1.20% |
| 8 | Whole Life Aggressive Growth Fund | 1.19% |
| 9 | Whole Life Stable Growth Fund | 1.00% |
| 10 | Whole Life Income Fund | 0.80% |
| 11 | Whole Life Short Term Fixed Income Fund | 0.65% |
| 12 | Emerging Opportunities Fund | 1.20% |
| 13 | Sustainable Equity Fund | 1.20% |
| 14 | Dynamic Advantage Fund | 1.20% |
| 15 | Flexi Growth Fund | 1.20% |
| Sr. No | Fund Name | Fund Management Charge per annum |
|---|---|---|
| 16 | Constant Maturity Fund | 0.80% |
| 17 | Target Maturity Fund | 0.80% |
| 18 | Small Cap Discovery Fund | 1.20% |
| 19 | Business Cycle Fund | 1.20% |
| 20 | Rising India Fund | 1.20% |
| 21 | Midcap Momentum Index Fund | 1.20% |
| 22 | Flexi Growth Fund II | 1.35% |
| 23 | Whole Life Income Fund II | 1.35% |
| 24 | Nifty Alpha 50 Index Fund | 1.35% |
| 25 | Multicap Momentum Quality Index Fund | 1.35% |
| 26 | Tax Bonanza Consumption Fund | 1.35% |
| 27 | Top 200 Alpha 30 Index Fund | 1.35% |
| 28 | Momentum 50 Index Fund | 1.35% |
| 29 | Sector Leaders Index Fund | 1.35% |
A Fund Management Charge of 0.50% p.a. shall be charged on Discontinued Policy Fund. The current cap on Fund Management Charge (FMC) for Discontinued Policy Fund is 0.50% p.a. and shall be declared by the IRDAI from time to time.
Fund Management Charges are subject to revision by Company with prior approval of IRDAI but shall not exceed 1.35% per annum of the Fund value which is the maximum limit currently specified by the IRDAI and can change from time to time.
Mortality Charge8
The mortality charge of the basic policy will be deducted by cancelling units at the current NAV from the fund value of the policy on each policy month anniversary. In case of the top-up sum assured, the same will be deducted from the top-up premium fund value. If the Fund Value is insufficient, then the Mortality Charge will be deducted from the Top-up Premium Fund Value, if any and vice versa.
Mortality charge = Sum at Risk (SAR) multiplied by the applicable Mortality Rate for the month, based on the attained age of the life insured.
The sum at risk in each month for the regular account is the difference between:
a) Maximum of (Basic Sum Assured net of all deductible partial withdrawals, if any, from the Fund Value or 1.05 times total premiums paid net of all deductible partial withdrawals, if any)
and
b) Fund Value at the time of deduction of Mortality Charge
The sum at risk in each month for Top-up Premium Account is the difference between:
a) Maximum of (Top-up Sum Assured, or from the relevant Top-up Premium Fund Value)
and
b) Top-up Premium Fund Value at the time of deduction of Mortality Charge.
Where Basic Sum Assured is defined as chosen Sum Assured multiple * Annualised premium till attained age of 85 years and 10 times of Annualised premium thereafter.
Sample mortality charges for healthy, male, non-smoker are provided below:
| Sample Age | 25 | 35 | 45 | 55 |
|---|---|---|---|---|
| Mortality Charges per 1000 Sum at Risk (per annum) | 0.787 | 1.016 | 2.179 | 6.348 |
8
The Mortality Charges will be guaranteed for the policy term.
For complete details on Mortality Charges visit us at www.tataaia.com
Discontinuance Charge
The Policyholder can discontinue paying premium anytime during the policy term by intimating to the company. However when the request for discontinuance from the policy is within the lock-in period of 5 years from policy inception, total fund value, net of discontinuance charges as on the date of discontinuance shall be put in the ‘Discontinued Policy Fund’. The ‘Proceeds of the Discontinued Policy’ i.e. the fund value as on the date of discontinuance plus entire income earned after deduction of the fund management charges, subject to a minimum guarantee of interest @ 4% p.a. or as prescribed by IRDAI from time to time shall be paid to the Policyholder only after completion of the lock-in period.
The applicable discontinuance charges are as given below.
| Where the policy is discontinued during the policy year | Maximum Discontinuance Charges for the policies having single premium up to ₹ 3,00,000/- | Maximum Discontinuance Charges for the policies having single premium above ₹ 3,00,000/- |
|---|---|---|
| 1 | Lower of 2% of Single Premium or Single Premium Fund Value subject to a maximum of ₹ 3000 | Lower of 1% of Single Premium or Single Premium Fund Value subject to a maximum of ₹ 6000 |
| 2 | Lower of 1.5% of Single Premium or Single Premium Fund Value subject to a maximum of ₹ 2000 | Lower of 0.7% of Single Premium or Single Premium Fund Value subject to a maximum of ₹ 5000 |
| 3 | Lower of 1% of Single Premium or Single Premium Fund Value subject to a maximum of ₹ 1500 | Lower of 0.5% of Single Premium or Single Premium Fund Value subject to a maximum of ₹ 4000 |
| 4 | Lower of 0.5% of Single Premium or Single Premium Fund Value subject to a maximum of ₹ 1000 | Lower of 0.35% of Single Premium or Single Premium Fund Value subject to a maximum of ₹ 2000 |
| 5 and onwards | Nil | Nil |
| Where the policy is discontinued during the policy year | Maximum Discontinuance Charges for the policies having annualised premium up to ₹ 50,000/- | Maximum Discontinuance Charges for the policies having annualised premium above ₹ 50,000/- |
|---|---|---|
| 1 | Lower of 20% of Annualised Premium or Regular Premium Fund Value subject to a maximum of ₹ 3000 | Lower of 6% of Annualised Premium or Regular Premium Fund Value subject to a maximum of ₹ 6000 |
| 2 | Lower of 15% of Annualised Premium or Regular Premium Fund Value subject to a maximum of ₹ 2000 | Lower of 4% of Annualised Premium or Regular Premium Fund Value subject to a maximum of ₹ 5000 |
| 3 | Lower of 10% of Annualised Premium or Regular Premium Fund Value subject to a maximum of ₹ 1500 | Lower of 3% of Annualised Premium or Regular Premium Fund Value subject to a maximum of ₹ 4000 |
| 4 | Lower of 5% of Annualised Premium or Regular Premium Fund Value subject to a maximum of ₹ 1000 | Lower of 2% of Annualised Premium or Regular Premium Fund Value subject to a maximum of ₹ 2000 |
| 5 and onwards | Nil | Nil |
There are no discontinuance charges applicable on the Top-up premium Fund Value.
The maximum discontinuance charge shall not exceed the limits as decided by the IRDAI from time to time.
Partial Withdrawal Charge
There are no partial withdrawal charges under this plan
Fund Switching Charge
There is no fund switching charge for both options
Miscellaneous Charge:
Nil
Premium Re-direction Charge
There is no Premium Redirection Charge.
7The Company may alter all the above charges (except Mortality Charge and Premium Allocation Charges which are guaranteed throughout the term) by giving an advance notice of
at least three months to the policyholder subject to the prior approval of IRDAI and will have prospective effect.
POLICY TERMINATION
All coverage under this Policy shall automatically terminate on the occurrence of the earliest of the following:
(1) Date of Maturity of policy
(2) Date of complete withdrawal
(3) Date of Death of the Insured, or
(4) Date of end of lock-in-period/revival period, whichever is later in case of Discontinuance of Premium within 5 years, provided the policy is not revived during the revival period.
(5) After completion of premium paying term, the policy will terminate as and when the total fund value becomes less than or equal to 10% of Instalment Premium/ /1% of the Single Premium or the applicable monthly charges cannot be deducted due to insufficient fund balance, whichever happens first; except if any of the following conditions is true:
a. Five policy years have not elapsed since the inception of the contract
b. If the policy is in-force premium paying
On such termination, the balance fund value shall be payable to the policyholder. This situation may result because of the combined impact of partial withdrawals at inopportune time and fund performance.
Terms and Conditions
Important aspects
1. Total Sum Assured under the plan is the total of Basic Sum Assured and Top-up Sum Assured.
2. The premium and any Top-up premium net of premium allocation charge will be used to purchase units in the various investment fund/s offered under this plan and as chosen by you. The units purchased in the investment fund is the monetary amount allocated to the investment fund divided by its then prevailing NAV per unit.
3. Fund Value is equal to the number of units pertaining to Regular premiums allocated to the investment fund/s chosen by you multiplied by its then prevailing NAV per unit. Top-up Premium Fund Value, if any, is equal to the number of units pertaining to Top-up premiums allocated to the investment fund/s chosen by you multiplied by its then prevailing NAV per unit.
4. Total Fund Value under this plan is the total of Fund Value and Top-up Premium Fund Value, if any. The Fund Value represents the total value of your investments to date and is the balance of all units allocated to the investment fund/s chosen by you multiplied by its then prevailing NAV per unit.
Change in Premium Payment Modes:
Policyholder is allowed to change the frequency of regular premium payments by written request anytime when policy is in force, subject to our minimum premium requirements and approval and provided the policy is in-force, unless Enhanced SMART is active where annual mode is compulsory.
Premiums payable monthly shall be paid by auto-deduction through a bank, unless we agree otherwise in writing
Change in Premium Payment Term
Increase in premium paying term may be allowed, subject to boundary condition as per Section 6 above and as per BAUP.
Such changes will be allowed provided the policy is inforce and all due premiums till date has been paid.
Change in Policy term
Increase in policy term may be allowed, subject to boundary condition as per Section 6 above and as per BAUP.
Such changes will be allowed provided the policy is inforce and all due premiums till date has been paid.
Free Look Period
If You are not satisfied with the terms & conditions, You have the right to cancel the Policy by giving written notice to Us stating objections/ reasons and You will receive the non-allocated premium plus charges levied by cancellation of units plus fund value at the date of cancellation less (a) proportionate risk premium for the period of cover (b) medical examination costs, if any and (c) stamp duty, along with Goods and Services Tax and cess as applicable on the above, which has been incurred for issuing the policy. Such notice must be signed by You and received directly by Us within 30 days beginning from the date of receipt of the Policy Document, whether received electronically or otherwise.
Grace Period
If you are unable to pay your Regular Premium on time, starting from the date of first unpaid premium, a grace period of 30 days will be offered for policies on Annual, Half-Yearly or Quarterly Modes. For Policies on monthly mode the grace period would be 15 days. During this period your policy will be in force with the risk cover as per the terms & conditions of the policy.
If the premium remains unpaid at the end of the Grace period and the Policy has not been completely withdrawn for its Total Fund Value it can be revived, within the period of three consecutive years from the date of discontinuance of the policy, subject to: (i) Policyholder’s written application for revival; (ii) production of Insured’s current health certificate and/or other evidence of insurability satisfactory to us, if required (iii) payment of all overdue Premiums.
In case of Discontinuance during Lock-in period, we shall levy Policy Administration charge and Premium Allocation charge as applicable during the discontinuance period.
We shall add back to the fund, the discontinuance charges deducted at the time of discontinuance of the Policy.
In case of Discontinuance after Lock-in period, we shall levy Premium Allocation charge as applicable during the discontinuance period
Policy Loan
Policy Loan is not allowed in this plan
Exclusions
In case of death due to suicide within 12 months from the date of commencement of the policy or from the date of revival of the policy, the nominee or beneficiary of the policyholder shall be entitled to fund value/policy account value, as available on the date of intimation of death. Further, any charges other than Fund Management charges (FMC) recovered subsequent to the date of death shall be paid-back to the nominee or beneficiary along with death benefits.
For exclusions on the rider benefits, please refer to the respective supplementary contract.
Tax Benefits
Income Tax benefits would be available as per the prevailing tax laws subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax bene ts available to you.
Health Management Services
Life Assured(s) of “Tata AIA Life Insurance Smart Sampoorna Raksha Pro” plan who are eligible for the Health Management Services will be eligible to avail Second Opinion / Personal Medical Case Management / Medical Consultation services from service provider(s) affiliated to/registered with the Tata AIA Life Insurance Co. Ltd. The services are expected to assist the Life Insured with an independent diagnosis of the medical condition, thus helping the Life
Insured to take the required steps.
These services are subject to:
• The availability of suitable service provider(s);
• Primary diagnosis (wherever applicable) has been done by a registered medical practitioner as may be authorized by a competent statutory authority
• The eligibility of the Life Insured as may be determined as per the Company’s extant Underwriting Policy
• The eligibility will be reviewed periodically, and changes shall apply without any discrimination to all existing and new customers of the product.
• In case of any change, the eligibility details will be displayed on Our website (www.tataaia.com) or You may contact Our helpline number 1-860-266-9966 (local charges apply), before using the services. Whenever the eligibility criteria changes or the service is withdrawn, the same
shall be communicated to all the policyholders. Prior to effecting any changes, we shall inform the same to IRDAI.
• The current eligibility is of a minimum total Sum Assured of R 30 lakhs [under base plan and rider/s (if any)].
Note:
– These services are aimed at improving Policyholder engagement and reducing exits from the Company’s in-force book.
– The cost of these services is expected to be offset by either lower costs of claims or better economies of scale or higher revenue due to
better persistency.
– These value-added services are completely optional for the eligible customer to avail
– For customers availing such services, they are offered at no additional cost to the Life Insured.
– Premiums/charges charged to the policyholder shall not depend on whether such a service(s) is availed by the Policyholder.
– These services have been transparently stated in the Sales Literature and Policy Document with clear guidance on how to verify eligibility etc.
– The Life Insured may exercise his/her own discretion to avail the services.
– These services shall be directly provided by the service provider(s).
– The services can be availed only where the policy / rider is in-force.
– All the supporting medical records should be available to avail the service.
– We reserve the right to discontinue the service or change the service provider(s) at any time.
Loyalty Program Reward
If you are a member of the loyalty program administered by a service provider empaneled by the Company, Customer shall be entitled to the Loyalty Program Reward upon the purchase of the policy and upon meeting the eligibility criteria. The loyalty programs foster long-term customer relationships and offer redemption benefits through the service provider’s eco-systems based on applicable terms and conditions. Such reward shall accrue as percentage of the Annualized Premium or Single Premium (as applicable) and shall be made available by the service provider to you in the form of benefits (points, coins, etc.) in the first policy year by loyalty program service provider. The quantum of reward shall be determined by the company’s extant policy and shall be disclosed in the company’s website from time to time.
The loyalty program rewards benefit shall be subject to the below:
a) The availability of “Loyalty Program Reward” shall be subject to the availability of suitable service provider(s) and a mutual arrangement with the intermediary.
b) The Loyalty Program reward shall be directly provided by the service provider(s). The rights and liabilities of the policyholder/life insured with respect to the Loyalty Program shall be governed by the terms and conditions applicable to the Loyalty Program.
c) The Loyalty Program service is being provided by third party service provider(s) and the company shall not be liable for such services.
d) The liability of the company is limited to the transfer of the value of the reward to the service provider, so empanelled, in case where it is offered in the form of coins / points.
e) The company reserves the right to discontinue the service or change the service provider(s) at any time, and such changes shall be updated on the company’s website (www.tataaia.com).
f) The eligibility conditions including the quantum of reward shall be determined as per the company’s extant policy and subject to change. Please refer our website (www.tataaia.com) for updated list of eligibility conditions, list of empaneled service providers, loyalty programs and the quantum of rewards. Any changes shall be applicable prospectively.
g) The Loyalty Program reward shall be applicable post completion of the free-look period, given the policy is still in-force at the time of extending
such reward.
Assignment
Assignment allowed as per provisions of Section 38 of the Insurance Act 1938 as amended from time to time.
Nomination
Nomination allowed as per provisions of Section 39 of the Insurance Act 1938 as amended from time to time.
Prohibition of Rebates—Section 41 - of the Insurance Act, 1938, as amended from time to time
No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the Insurer.
Fraud & Misrepresentation
Any non-disclosure, fraud or mis-representation under the Policy shall be dealt in accordance with Section 45 of the Insurance Act, 1938 as amended from time to time.
Annexure 1- Cover Continuance Booster
Cover Continuance Booster
Non-negative amounts called Cover Continuance Booster shall be added in the form of addition of units as below.
| Period | First 15 Policy Years | From 16th Policy Year onwards till the end of Policy Term |
|---|---|---|
| Timing of credit | At the end of policy month if Fund Value falls below 10% of the Instalment Premium / 1% of the Single Premium | At the end of each policy month if Fund Value falls below Fund Value implied by the Target Net Yield |
Cover Continuance Boosters shall only be added if the policy is in force and all due premiums have been paid.
Cover Continuance Booster at any point is the difference between Fund Value (Assuming no underwriting Loading, Rider Charges, top-up, and Partial Withdrawal) and the Fund Value implied by the Target Net Yield, where,
Target Net Yield = Gross Yield – Target Gross Reduction-in-Yield (TGRIY)
• TGRIY (as per the option chosen under the policy) at policy duration where the policyholder attains age of 85 or at the end of the Policy Term, whichever is earlier, shall be,
o A = 4.25% at the maximum Sum Assured multiple (Max. SAM) allowed in the BAUP.
o B = As per the table below at the minimum Sum Assured multiple (i.e. 10). If the policyholder has opted for Sum Assured Multiple of either7-
9 times, TGRIY for that policy will be similar to that with Sum Assured Multiple of 10.
| Classic | Optima | ||
|---|---|---|---|
| PPT (in years) | Rate B | PPT (in years) | Rate B |
| 1 | 3.50% | 1 | 3.60% |
| 5 | 3.10% | 5 | 3.20% |
| 6 | 3.00% | 6 | 3.10% |
| 7 | 2.90% | 7 | 3.00% |
| 8 | 2.80% | 8 | 2.90% |
| 9 | 2.70% | 9 | 2.80% |
| 10 | 2.60% | 10 | 2.70% |
| Classic | Optima | ||
|---|---|---|---|
| PPT (in years) | Rate B | PPT (in years) | Rate B |
| 11 | 2.50% | 11 | 2.60% |
| 12 | 2.40% | 12 | 2.50% |
| 13 | 2.30% | 13 | 2.40% |
| 14 | 2.20% | 14 | 2.30% |
| 15 | 2.10% | 15 | 2.20% |
| 16 & Above | 2.00% | 16 & Above | 2.10% |
o C = Interpolated as per the following formula for all other Sum Assured multiples (SAM),
C = B X (A / B) ^ [(SAM – 10) / (Max SAM-10)]
• Where the Maturity Age >= 85 years,
o TGRIY will be calculated at policy year (85 – Age at Entry).
o For each preceding policy year, applicable TGRIY goes up by 0.25%.
o TGRIY calculated at policy year (85 – Age at Entry) shall be applicable for all future policy years till the end of the Policy Term.
• Where the Maturity Age < 85,
o TGRIY shall be calculated at the end of the policy term.
• For each preceding policy year, applicable TGRIY goes up by 0.25%.
• TGRIY calculation assumes no underwriting loading, top-up or partial withdrawal.
TGRIY for each Policy issued shall be as defined above and be specified in the Policy Schedule.
Example 1: 40 year old, Male Non-Smoker, Standard Life;
Premium Payment Term = 10; Policy Term = 40
Sum Assured Multiple = 10; Max. Sum Assured Multiple = 145
Plan Option = Classic
| Policy Year | TGRIY |
|---|---|
| 1 | 12.35% |
| 2 | 12.10% |
| 3 | 11.85% |
| 4 | 11.60% |
| 5 | 11.35% |
| 6 | 11.10% |
| 7 | 10.85% |
| 8 | 10.60% |
| 9 | 10.35% |
| 10 | 10.10% |
| Policy Year | TGRIY |
|---|---|
| 11 | 9.85% |
| 12 | 9.60% |
| 13 | 9.35% |
| 14 | 9.10% |
| 15 | 8.85% |
| 16 | 8.60% |
| 17 | 8.35% |
| 18 | 8.10% |
| 19 | 7.85% |
| 20 | 7.60% |
| Policy Year | TGRIY |
|---|---|
| 21 | 7.35% |
| 22 | 7.10% |
| 23 | 6.85% |
| 24 | 6.60% |
| 25 | 6.35% |
| 26 | 6.10% |
| 27 | 5.85% |
| 28 | 5.60% |
| 29 | 5.35% |
| 30 | 5.10% |
| Policy Year | TGRIY |
|---|---|
| 31 | 4.85% |
| 32 | 4.60% |
| 33 | 4.35% |
| 34 | 4.10% |
| 35 | 3.85% |
| 36 | 3.60% |
| 37 | 3.35% |
| 38 | 3.10% |
| 39 | 2.85% |
| 40 | 2.60% |
Example 2: 40 year old, Male Non-Smoker, Standard Life;
Premium Payment Term = 10; Policy Term = 60
Sum Assured Multiple = 10; Max. Sum Assured Multiple = 145
Plan Option = Classic
| Policy Year | TGRIY |
|---|---|
| 1 | 13.60% |
| 2 | 13.35% |
| 3 | 13.10% |
| 4 | 12.85% |
| 5 | 12.60% |
| 6 | 12.35% |
| 7 | 12.10% |
| 8 | 11.85% |
| 9 | 11.60% |
| 10 | 11.35% |
| 11 | 11.10% |
| 12 | 10.85% |
| Policy Year | TGRIY |
|---|---|
| 13 | 10.60% |
| 14 | 10.35% |
| 15 | 10.10% |
| 16 | 9.85% |
| 17 | 9.60% |
| 18 | 9.35% |
| 19 | 9.10% |
| 20 | 8.85% |
| 21 | 8.60% |
| 22 | 8.35% |
| 23 | 8.10% |
| 24 | 7.85% |
| Policy Year | TGRIY |
|---|---|
| 25 | 7.60% |
| 26 | 7.35% |
| 27 | 7.10% |
| 28 | 6.85% |
| 29 | 6.60% |
| 30 | 6.35% |
| 31 | 6.10% |
| 32 | 5.85% |
| 33 | 5.60% |
| 34 | 5.35% |
| 35 | 5.10% |
| 36 | 4.85% |
| Policy Year | TGRIY |
|---|---|
| 37 | 4.60% |
| 38 | 4.35% |
| 39 | 4.10% |
| 40 | 3.85% |
| 41 | 3.60% |
| 42 | 3.35% |
| 43 | 3.10% |
| 44 | 2.85% |
| 45 | 2.60% |
| 46 | 2.60% |
| 47 | 2.60% |
| 48 | 2.60% |
| Policy Year | TGRIY |
|---|---|
| 49 | 2.60% |
| 50 | 2.60% |
| 51 | 2.60% |
| 52 | 2.60% |
| 53 | 2.60% |
| 54 | 2.60% |
| 55 | 2.60% |
| 56 | 2.60% |
| 57 | 2.60% |
| 58 | 2.60% |
| 59 | 2.60% |
| 60 | 2.60% |
DISCLAIMERS
• The Product is also available for sales through online mode including Company’s Website www.tataaia.com
• In this policy investments are subject to market risks.
• Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. Please know the
associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
• The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future
prospects and returns. The underlying Fund’s NAV will be affected by interest rates and the performance of the underlying stocks
• The performance of the managed portfolios and funds is not guaranteed and the value may increase or decrease in accordance with the future experience of the managed portfolios and funds. Past performance is not indicative of future performance.
• The Premium paid in the Unit Linked Life Insurance Policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the Insured is responsible for his/her decisions.
• Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the Surrender Value payable may be less than the total premiums paid.
• The brochure is not a contract of insurance. This brochure should be read along with Benefit Illustration. The precise terms and conditions of this plan are specified in the policy contract available on Tata AIA Life website.
• Tata AIA Life Insurance Company Ltd. is only the name of the Insurance Company and Tata AIA Life Insurance Smart Sampoorna Raksha Pro is only the name of the Unit Linked Life Insurance Contract and does not in any way indicate the quality of the contract, its future prospects or returns.
• This product is underwritten by Tata AIA Life Insurance Company Ltd. This plan is not a guaranteed Issuance plan and it will be subject to Company’s underwriting and acceptance
• Insurance cover is available under this product.
• Riders are not mandatory and are available for a nominal extra cost. For more details on benefits, premiums and exclusions under the Rider(s), please contact Tata AIA Life’s Insurance Advisor/ Branch.
• Participation by customers shall be on voluntary basis
• Medical Consultation – Medical Second Opinion/ Personal Medical Case Management is an optional service offered to you at no additional cost. You may exercise your own discretion to avail the services and to follow the treatment path suggested by the service provider. These services shall be directly provided by the service provider. The services can be availed only where the policy is in-force. All the supporting medical records should be available to avail the service. We reserve the right to discontinue the service or change the service provider at any time. The services are being provided by third party service provider and Tata AIA Life Insurance Company Ltd will not be liable for any liability