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 6th policy year

Benefits

  • The Guaranteed Annual Coupons @ 5.5% of SA are paid annually form the 11the policy year till 30th policy anniversary
  • Non-Guaranteed Cash Dividends are paid annually form the 6th 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%

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 15th policy year to 45th 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.