India-based Tata AIA Life has introduced a new life insurance product Tata AIA Life Insurance Smart Growth Plus, which is a non-linked participating endowment assurance plan.
Featuring triple enhancements with one guaranteed addition and two bonuses, the new product provides two times protection cover through inbuilt Accidental Death Benefit (ADB) option and the advantage of covering benefits under one plan.
Tata AIA deputy CEO Ravi Vishwanath said: "Smart Growth Plus is designed to meet the multiple objectives of systematic savings, supplemental retirement income, and protection for the loved ones of our customers against the uncertainties of life."
The new plan is said to offer a guaranteed addition of 5.5% of the sum assured per annum during the first five years of the policy term.
In addition, the plan enhances the corpus further through a compound reversionary bonus (CRB), which is gathered every year from the sixth policy anniversary and a Terminal Bonus.
In the event of an unfortunate death due to accident, the customer will be provided a chance of opting for accidental death benefit option that pays an additional amount equal to the basic sum assured.
The new product provides the flexibility of choosing a policy term between 10 to 30 years and is available with a minimum premium amount of Rs10,000 for individuals up to 50 years of age.
Image: Tata AIA has launched new life insurance plan. Photo: courtesy of cooldesign/ FreeDigitalPhotos.net.