TATA AIA Life Insurance MahaLife Supreme Plan

Key Features of TATA AIA Life Insurance MahaLife Supreme

Benefits of TATA AIA Life Insurance MahaLife Supreme

This plan comes with a number of unique benefits and features.

1. Policy can be surrendered anytime during the policy tenure as long as the premium for the first two years have been paid and two policy years have been completed.
2. In case of untimely death of the insured, the nominee will receive the following based on whether he/she has chosen Option 1 or Option 2.
3. Option 1: The death benefit includes - 150 percent of basic assured aum along with 105 percent of the total amount of premiums that have been paid along with the assured maturity sum.
4. Option 2: Customers will receive 130 percent of the basic assured sum along with assured maturity sum and 105 percent of the total premiums that have been paid.
5. Customers have the option to procure additional coverage by adding a rider.
6. Customers will receive a maturity benefit which will be a fixed percent of the basic assured sum and depends on their entry age and chosen option.
7. In case customers have not surrendered their policy and their premium is in default post grace period then their policy can be revived within 2 years post due date of the first premium that was unpaid and within maturity date.

Illustration of Benefit for TATA AIA Life Insurance MahaLife Supreme

Let us take the case of Aryan who is 35 years old. He has procured the Option 1 of the TATA AIA Life Insurance MahaLife Supreme. His annual premium is 50,000 and basic sum assured he receives is 5,00,000. His total guaranteed yearly income is Rs. 52,000 and the maturity benefit he receives will be Rs.682,500.

Riders

Customers have the option of procuring an optional rider which is the TATA AIA Life Insurance Accidental Death and Dismemberment.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017