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Smart Goals Plan

Smart Goals Plan

Never miss a single goal, Score them all with a single plan

Smart Goals Plan

Smart Goals Plan
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About Smart Goals Plan

In this policy the investment risk in investment portfolio will be borne by the policyholder

UIN: 136L031V05

Our Smart Goals Plan with its flexible features has been designed to help you plan your financial requirements so that you have the means to fund your goals, with no compromises.

Why Buy

Your future is defined by your goals for yourself and your loved ones. You would like to ensure that nothing comes in the way of achieving these goals - buying the perfect house for your family or enrolling your child in a college abroad. Whatever be your goal, you would not want to compromise financially for any of these important milestones in your life. The plan offers:

  • Emerging Leaders Equity FundGenerate long term capital appreciation through investments predominantly in mid cap stocks.
  • Life CoverYou can choose your Life Cover based on your protection needs.
  • Premium Payment TermYou can choose a Premium Paying Term (5, 10 years or more upto 25 years) to suit your earning capacity.
  • Switching/Premium RedirectionYou have the option of switching and redirection between the fund options to take advantage of market movements or change in risk preference.
  • Partial WithdrawalsYou can easily withdraw money from your fund in case of financial emergency through partial withdrawals, after 5 years.
  • Increase/Decrease of Sum AssuredYou can increase or decrease your sum assured, depending on your changing needs, from the 6th policy year onwards subject to minimum and maximum sum assured limits stipulated under this plan.
  • Auto Funds RebalancingYou can maintain allocation of your investments in a specific proportion across funds, irrespective of market movements.
  • Safety Switch OptionYou have the option to switch your money to low risk fund as your policy nears maturity.
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In the unfortunate event of your death while your policy is in-force, your nominee will receive higher of:

  • Sum Assured less applicable partial withdrawals
  • Fund value as on date of intimation of death claim or
  • 105% of premiums paid upto the date of death

Maturity Benefits


On survival till end of policy term, the Fund Value will be paid to you.

Premium Paying Mode


You have the flexibility to choose annual or monthly mode to pay premiums as per your requirement or to suit your income stream. You can also change your premium payment mode anytime during the policy term.

Loyalty Additions


Loyalty Additions will be paid in the form of extra allocation of units to your fund, provided that all due premiums till date have been paid. The Loyalty additions will be paid as follows:

Product Option

Option 1

Frequency

Once in policy term

Policy Year

At the end of 10th policy year

Loyalty Addition

2% of average Fund Value of the last 36 monthly policy anniversaries

Product Option

Option 2

Frequency

Twice in policy term

Policy Year 1

1st Loyalty addition: At the end of 10th policy year

Loyalty Addition 1

1.25 % of average Fund Value of the last 36 monthly policy anniversaries

Policy Year 2

2nd Loyalty addition: At the end of 15th policy year

Loyalty Addition 2

1.25 % of average Fund Value of the last 36 monthly policy anniversaries

Investment Funds


You can choose to invest in 7 investment funds with equity exposure ranging from 0% to100%, depending on your investment philosophy:

  • Emerging Leaders Equity Fund
  • India Multi-Cap Equity Fund
  • Equity II Fund
  • Growth Plus Fund
  • Balanced Plus Fund
  • Debt Plus Fund
  • Liquid Fund

Tax Benefits#


You can avail tax benefit on the premium paid subject to current applicable provisions of Section 80C of income Tax Act, 1961.

*Tax benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor.

Mr. Mehta, age 40, opts for Option 2 and chooses to pay annual premiums as shown below. He opts for a Sum Assured of 10 times the annual premium with policy term of 20 years and a premium paying term of 10 years. The table below shows maturity values for multiple scenarios assuming annual gross investment return of 4%* and 8%* with 100% investment in Balanced Plus Fund.

Annual Premium ( ₹ )
Sum Assured ( ₹ )
Fund Value ( ₹ ) at age 99 assuming Gross Investment Return of

4%*

8%*

30,000

3,00,000

3,96,813

7,23,846

75,000

7,50,000

9,92,033

18,09,616

1,00,000

10,00,000

13,22,710

24,12,822

2,50,000

25,00,000

33,06,776

60,32,054

5,00,000

50,00,000

66,13,551

1,20,64,108

*The assumed rates of return (4% p.a. or 8% p.a.) shown in the above illustrative examples of different scenarios are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your Policy depends on a number of factors including future investment performance. The Fund Values shown in the above illustrative example are after deduction of all charges (including Goods and Services Tax & Applicable cess (es)/levy, if any @18%).

Option 1


  • Entry Age (Life Assured)
Minimum

8 years

Maximum

64 years

  • Maturity Age
Minimum

18 years

Maximum

74 years

Option 2


  • Entry Age (Life Assured)
Minimum

8 years

Maximum

64 years

  • Maturity Age
Minimum

23 years

Maximum

79 years

Option 1

10 years (Fixed)

Option 2

15/ 20 / 25 years

Option 1


Minimum

For ages below 45:

10 x Annualized Premium#

For ages 45 and above:

7 x Annualized Premium#

Maximum

Depends upon the age of the Life Assured

Option 2


Minimum

For ages below 45:

Higher of (0.5 x policy term x Annualized

Premium#) OR 10x Annualized Premium

For ages 45 and above:

7 x Annualized Premium#

Maximum

Depends upon the age of the Life Assured

#Annualized premium mean the amount of premium payble in the policy year that is selected by the policyholder at the inception of the policy.

Option 1


  • Premium
Minimum

Annual Mode: ₹50,000 p.a.

Monthly Mode*: 5,000 p.m.

Maximum

No Limit

  • Premium Payment Term

5 years (Fixed)

  • Premium Paying Modes

Monthly and Annual

Option 2


  • Premium
Minimum

Annual Mode: 25,000 p.a.

Monthly Mode*: 3,000 p.m.

Maximum

No Limit

  • Premium Payment Term

10 years to 25 years

(Premium payment term will always be lower than or equal to policy term)

  • Premium Paying Modes

Monthly and Annual


*Please note that it is mandatory to pay first 3 month's premium in advance if you have chosen monthly mode of premium payment.

In this policy, the investment risk in Investment Portfolio is borne by the policyholder.

The Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender/withdraw the monies invested in Linked Insurance Products completely or partially till the end of the fifth year.

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