Smart Income Plans From Tata AIA Life Insurance
If you want to secure your future and live your dream life, you may consider a Smart Income plan. It can help you to achieve your financial goals while also providing a guaranteed income. The income hacks plans are available from Tata AIA Life Insurance. Read on to know more about them. This plan can help you achieve your financial goals by providing a monthly income that you can count on. However, it is not all about money. You can also get other benefits such as tax advantages and investment advice.
Surrender Value
The Surrender Value for the Tata AIA Smart Income Plus Plan is the money you get from your life insurance policy if you decide to cash in on it. This amount is based on your policy’s value at the time you choose to surrender it. If you die during this time, you will receive the Special Surrender Value, which is higher than the Guaranteed Surrender Value. Moreover, you can claim tax deduction up to Rs. 1,50,000 under Section 80C of the Income Tax Act, 1961. Life insurance benefits are not taxed, as they are covered by Section 10(10D) of the Income Tax Act, 1961.
Annual Payouts
A traditional life insurance plan that gives regular life cover and guaranteed annual payouts, Smart Income Protect offers participants life cover and tax-free returns. The product’s features include a guaranteed sum assured on death, vested terminal and simple reversionary bonuses, and participation in a tax-saving savings scheme. While the tax benefits are attractive, the guaranteed returns are very small. The non-guaranteed bonus payments will provide a decent rate of return.
Policy terms
With the new Smart Income Protect plan, Exide Life Insurance is now offering a participating, non-linked life insurance savings plan that provides guaranteed annual income during the payout term. It provides guaranteed life cover throughout the policy term and includes two types of survival benefits: terminal bonus and vested simple reversionary bonus. This plan is suitable for individuals who need both life cover and a regular source of income. To learn more about Smart Income Protect, click here.
Riders
SBI Life Smart Income Protect Plan provides a comprehensive life cover and regular cash inflows. It is a participating traditional plan and offers riders that can enhance your coverage by increasing the sum assured and extending coverage for unforeseen events. The riders available for Smart Income Protect Plan include terminal bonus, vested simple reversionary bonus, and guaranteed death benefit. These riders can help you protect your financial future and meet your family obligations.
Tax benefits
The benefits of tax-smart income planning are significant for the longevity of an individual’s money. With proper planning, retirement income can be comfortable and secure. However, without proper tax-smart income planning, retirement can be expensive. It can cost an individual a comfortable lifestyle. Fortunately, there are several ways to take advantage of tax-smart income planning. Listed below are three strategies that can help a person enjoy a comfortable retirement.