Tata AIA Life Insurance MahaLife Gold is a participating plan which offers annual returns and bonuses till 85 years of age. The premium amount which is payable only for a period of 15 years can be paid on a monthly, semi-annual or annual basis as chosen by the customer at the time of application. Tata AIA Life Insurance MahaLife Gold aims to help policyholders achieve their short-term as well as long-term goals.
Eligibility Conditions for Tata AIA Life Insurance MahaLife Gold:
|Minimum Entry Age||30 days (0 years)|
|Maximum Entry Age||55 years|
|Maximum Maturity Age||85 years|
Premium payments for Tata AIA Life Insurance MahaLife Gold:
|Term of Premium||15 years|
|Payment Mode||Monthly, Semi Annually or Annually|
Features of Tata AIA Life Insurance MahaLife Gold that add monetary value:
|Premium Rate per 1000 Sum Assured||
|Minimum Sum Assured||
|Maximum Sum Assured||
|Surrendering the Policy||
What to know about Tata AIA Life Insurance MahaLife Gold:
- It's a traditional participating whole Life Plan with premium term of 15 years
- A person insured under the plan gets a coverage up to 85 years of age
- The plan offers guaranteed benefits and cash dividends right from the 6th policy year
- It provides death benefits to the nominee which is equal to 105 % of the total premiums paid
Benefits of Tata AIA Life Insurance MahaLife Gold:
- The policy participates in profits of the company after 6th policy year and the dividends will be paid on an annual basis. However, these cash dividends are non-guaranteed and are based purely on the company’s performance.
- From the 10th policy year Guaranteed Annual Coupons at are offered at the rate of 5.5 % of Basic Assured Sum.
- Policyholders will receive the minimum guaranteed sum which is equal to Basic Sum Assured plus Guaranteed Annual Coupon and Accidental Death and Disbursement rider
- The company provides a grace period of 15 days for all monthly premium payments and 30 days for all other modes.
- In case the policyholder feels dissatisfied with the terms of the policy, he/she can cancel the same by giving a written notice. The company will then refund the premiums paid subject to certain conditions
- Loan facility is available under the plan
Non Forfeiture terms of Tata AIA Life Insurance MahaLife Gold:
- If the insured fails to pay premiums within the grace period during first year of the term, the policy will lapse.
- In cases where the first year payments have been fully made prior to the lapse, the policy will be classified as Reduced Paid-up Policy.
- Reduced Paid-up Policies can be restored within 2 years from the due date of the first unpaid premium, by paying the pending premium amounts and interests during the period of lapse.
- Reduced Paid-up Policies if not revived will continue to be in the same mode.
- Death Benefits for Reduced paid-up policies are calculated as Minimum Guaranteed Sum Assured on death x Total number of premiums paid / Number of premiums payable for the whole term
- Maturity benefits for Reduced Paid-up policies will calculated as Minimum Guaranteed Sum on maturity x Total number of premiums paid / Number of premiums payable for the whole term
- Survival benefits for Reduced Paid-up policies will include Guaranteed Annual Coupons payable at a rate mentioned in policy terms.
Additional Features of Tata AIA Life Insurance MahaLife Gold:
- In case of the death of the insured person by suicide within 12 months from the commencement of policy his authorized nominees will receive the Total Premiums Paid, provided the policy is in force.
- The company provides an option to optimize the cover through rider benefits
- This TATA AIA Life Insurance Policy holders will receive a lump sum at the time of maturity of the policy
- Tax benefits under section 80C and 10D are applicable
*Please note that the early termination of this policy may involve high costs and the payable surrender value may be less than the total amount of premiums paid.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017