Tata AIA Life Insurance MahaLife Gold Plan

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Introduction/Overview

Tata AIA Life Insurance MahaLife Gold is a traditional participating Whole Life plan covering the individual till 85 years of age. Thus the individual is covered for a longer time and bonus declarations increase the corpus.

Key Features

This plan is a participating traditional Whole life plan with limited premium payment term of 15 years
The individual is covered up to age 85 years
Guaranteed Annual Coupons and Non-Guaranteed Annual Cash Dividends provide annual income from as early as the 6^th policy year

Benefits

The Guaranteed Annual Coupons @ 5.5% of SA are paid annually form the 11the policy year till 30^th policy anniversary
Non-Guaranteed Cash Dividends are paid annually form the 6^th policy year till maturity or death whichever is earlier
On Maturity, the Sum Assured and the last annual coupon and cash dividend (if any) is paid
On death the Sum Assured on death subject to a minimum of 105% of total premiums paid is paid to the nominee
The Sum Assured on death is the higher of 10 times the annual premium or SA on Maturity
Income tax benefit under Sections 80C and 10(10D) for premiums paid and claims received respectively

Product Specification:

	Minimum	Maximum
Entry Age (Last Birthday)	30 days	55 years
Maturity Age (Last Birthday)	-	85 years
Policy Term (PT) in years	85 – Entry Age
Premium Paying Term (PPT) in years	15 years
Premium Paying Frequency	Annual, Half-yearly, monthly
Yearly Premium	Depends on age and coverage chosen
Sum Assured	100,000	No limit

Details About Premium

Annual premium in Rupees and benefit illustration

Age	SA	Premium	Benefits @4%			Benefits @8%
Age	SA	Premium	Total GAC	Total NGCD	Guaranteed SA on Maturity	Total GAC	Total NGCD	Guaranteed SA on Maturity
25	5 lakhs	68,350	14,02,500	275,000	5 lakhs	14,02,500	13.20 lakhs	5 lakhs
25	10 lakhs	136,700	28.05 lakhs	550,000	10 lakhs	28.05 lakhs	26.40 lakhs	10 lakhs
35	5 lakhs	67,900	11,27,500	225,000	5 lakhs	11,27,500	10.80 lakhs	5 lakhs
35	10 lakhs	135,800	22.55 lakhs	450,000	10 lakhs	22.55 lakhs	21.60 lakhs	10 lakhs

Policy Details

Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days for annual and half-yearly mode. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: the policy can be surrendered anytime if one full years’ premium has been paid. The Surrender value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) where

GSV = total premiums paid*GSV Factor for premiums – total Guaranteed Annual Coupons already paid

SSV = SSV Factor *Reduced Paid-up SA

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

The policy provides loan facility

Additional Features or Riders

There is an Inflation Protection Cover under the plan which enhances the Sum Assured at regular intervals of 15 years starting from the 15^th policy year to 45^th policy year @ 15% which increases by 15% every 15 years
High Sum Assured discounts for higher coverages

Exclusions

In case of suicide within 12 months from inception, total premiums paid is returned and within 12 months of revival, higher of total premiums paid or acquired Surrender Value is paid to the nominee

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.

News

Written By: PolicyBazaar - Updated: 16 March 2016

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