Tata AIA Life Insurance Money Maxima Plan

Introduction/Overview

Tata AIA Life Insurance Money Maxima is a traditional participating Endowment Assurance plan with Regular premium payment. The plan aims to grow the savings of policyholder through bonus and Guaranteed Additions benefit.

Key Features

• The plan is a regular premium plan with bonus facility
• Guaranteed Loyalty Additions are payable on death or maturity @ (Policy term/2)% of Sum Assured

Benefits

• On Maturity, the policyholder gets the minimum Guaranteed Sum Assured and Simple Reversionary Bonus and Terminal Bonus if any
• On Death, the Sum Assured on death along with the accumulated vested Simple Bonus and Terminal Bonus is paid which should be a minimum of 105% of all premiums paid
• The Sum Assured payable on death would be higher of 10 times the annual premium or minimum Guaranteed SA on Maturity
• Premiums paid and claims received are exempted from taxation under Section 80C and 10(10D) of the Income Tax Act

Product Specification:

Details About Premium

Annual premium in Rupees for a SA of 5 Lakhs and benefit illustration

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 + (vested Simple Reversionary Bonus* GSV Factor for bonus)

SSV = SSV Factor *Reduced Paid-up SA +vested Simple Reversionary Bonus+ Guaranteed Loyalty Additions

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

• Loan can be availed under the plan

Additional Features or Riders

• There is a discount in premium for large Sum Assured ranges up to a maximum of 5% of SA

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. Medical examination may be required in some cases, based on the sum assured and the age of the person.