Tata AIA Life Insurance Maha Life Supreme Plan

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Introduction/Overview

Tata AIA Life Insurance Maha Life Supreme is a non-participating Endowment Assurance plan with a limited premium payment term. Under the plan the policyholder gets regular annual income after the premium payment term to provide liquidity for future needs along with the protection feature in terms of life coverage.

Key Features

  • There are 2 options A and B with different premium payment terms and corresponding terms for guaranteed income payout
  • It is a limited payment plan where the payment term is fixed for both the options
  • The Sum Assured is determined on the basis of annual premium
  • Both maturity and death benefit is paid under the plan

Benefits

  • The Guaranteed Annual Income is paid as a % of Sum Assured and depends on the option chosen and the Premium range. The payout structure is as follows:

Options

Guaranteed Annual Income as a % of SA

Premiums 15,000-19,999

Premiums 20,000-29,999

Premiums 30,000-49,999

Premiums 50,000 and above

A

9.50%

9.80%

10.10%

10.40%

B

-

6.00%

6.30%

6.60%

  • On maturity, a sum calculated as {140%-(0.1%*Entry Age)}* Basic Sum Assured is paid under Option A and {120%-(0.1%*Entry Age)}*Basic Sum Assured is paid under Option B along with the last instalment of the Guaranteed income
  • On death, Sum Assured is paid which is higher of 150% or 130% of the basic SA(based on the option chosen)/105% of the total premiums paid/maturity SA
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

50 years

Maturity Age (Last Birthday)

-

Option A -85 years

Option B – 80 years

Policy Term (PT) in years

Option A – 35 years

Option B - 30 years

Premium Paying Term (PPT) in years

Option A – 15 years

Option B – 12 years

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

Option A – 15,000

Option B – 20,000

Sum Assured

10 * Annual Premium

Details About Premium

Guaranteed Annual Income in Rupees

Premium

Sum Assured

Option A

Option B

25,000

250,000

24,500

15,000

35,000

350,000

35,350

22,050

50,000

500,000

52,000

33,000

Policy Details

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

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy if two full years’ premium has been paid. The Surrender Value is higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV)

GSV = (GSV Factor * total premiums paid) – Survival benefit already paid

SSV = SSV Factor * [{maturity benefit + total Guaranteed income payable *minimum number of premiums paid/number of premiums payable} – survival benefits already paid

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.

Exclusions

  • In case of suicide within 12 months of policy inception, only the total premium paid is payable and in case of suicide within 12 months of reinstatement, higher of the total premiums paid or the acquired Surrender Value is payable

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.