MahaLife Gold plan from Tata AIA Life Insurance is a traditional plan that offers who life cover, up to 85 years of age. The policyholder is required to pay premiums for only a limited period to get this life insurance cover. The policy also assures guaranteed returns for a secure financial future. Children as young as one month can also be policyholders.
Eligibility Criteria for Tata AIA Life Insurance MahaLife Gold
In order to purchase this participating, whole life policy from Tata AIA , the prospective life insured will have to fulfill the following eligibility criteria:
|Age at inception of the policy||30 days (1 month)||55 years|
|Age at policy’s maturity||-||85 years|
Key Features of the Tata AIA Life Insurance MahaLife Gold Policy
The MahaLife Gold plan from Tata AIA Life Insurance offers a dual benefit of fulfilling the short-term and long-term goals of the policyholder for a comfortable and secure future. Here are some prominent features of this policy:
|Type of plan||Participating, traditional life insurance policy that comes with guaranteed benefits|
|Term of the policy||85 years (Minus the entry age of the policyholder)|
|Minimum sum assured||Rs 2,00,000 (In multiples of Rs 1000)|
|Maximum sum assured||No limit|
|Term of premium payment||15 years|
|Mode of premium payment||Monthly, half-yearly, or annually|
Benefits of Tata AIA Life Insurance MahaLife Gold Plan
Tata AIA Life Insurance’s MahaLife Gold policy, comes with a number of prominent benefits. A few of them have been mentioned as under:
- One of the key benefits of this insurance plan is the life coverage it offers. The policyholder is only required to pay premium for 15 years in order to enjoy benefits of up to 85 years of age.
- The life insured is provided a guaranteed annual payout of 5% of the sum assured, from the commencement of the 10th policy year.
- Non guaranteed cash dividends are also paid, from the 6th policy year till the plan matures or death of the life insured.
- The plan also has death benefit, wherein after death of the policyholder, his nominee will be paid the sum assured along with 5% of the annual guaranteed cash accumulations and bonuses, if any.
- In case the life insured survives the entire policy term, he/she will receive the entire basic sum assured (BSA), along with minimum guaranteed sum assured, the amount of which is equal to the BSA.
- Loan can be availed under this insurance plan.
- Premiums and maturity sum assured are eligible for tax exemption under Section 80C and Section 10 (10D) of the Income Tax Act 1961, respectively.
- A 15 day grace period is allowed for the payment of premiums which have been missed, given the policy is still active.
- The policy also comes with a surrender value, provided the insurance is still in force.
- A free look in period of 15 days is provided to the policyholder. In case he is not satisfied, the policy can be canceled. The premium paid will be reimbursed, after deducting service and other charges applicable.
How does the Tata AIA Life Insurance MahaLife Gold Policy Work?
Let us take the case of Mr. Kapoor who is a non-smoker. Aged 30, Mr Kapoor buys the Life Insurance MahaLife Gold policy for his son aged 2 worth Rs 300,000, till the policy’s maturity. He pays Rs 26,823 as single premium every year. From the policy’s 10th year an amount of Rs 15,000 is paid every year. Till maturity, Rs 9,90,000 is deposited in the son’s account as guaranteed sum assured. From the 6th year of the policy, around Rs 17,85,000 is credited as guaranteed payout. At the end of the policy, the son would receive Rs 30,75,000, totalling both non guaranteed and guaranteed payouts.
The payment mode for this Tata AIA saving insurance plan is done on monthly, half-yearly or annual basis. The premium duration is decided on the basis of age of the life insured, term of the policy, and chosen sum assured.
Tata AIA’s Life Insurance MahaLife Gold policy comes with Accident Benefit Rider, on paying extra sum assured. Here are some rider benefits that come under the main plan:
- Accidental death benefit
- Payor benefit
- Premium waiver
- Critical illness or dreaded disease benefit
- Accidental death and dismemberment benefit
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017