Tata AIA Life Insurance MahaLife Gold Plus Plan
The Tata AIA Life Insurance MahaLife Gold Plus is a limited paying non-participating non linked plan. The plan offers enhanced financial protection to you and your family members. The plan acts as both savings and protection plan. Not only you, your family members can also enjoyed superior financial freedom with the help of this plan. The Tata AIA Life Insurance MahaLife Gold Plus plan enables you to maximize your growth by paying limited premiums.
Key Features of Tata AIA Life Insurance MahaLife Gold Plus
The Tata AIA Life Insurance MahaLife Gold Plus plan comes with the following key features:
- The plan provides insurance coverage up to the age of 85 years. By paying premiums for 15 years, you can enjoy extended coverage.
- It offers regular income to you and your family members.
- Policy term is 85 years excluding the entry age.
- The minimum basic sum assured under this plan is Rs.2, 00,000.
- There is no limit on the maximum sum assured.
- Premium paying modes are - annual, monthly and semi-annual.
- The policy does not accept alternations in the basic sum assured. You cannot increase or decrease the basic sum assured.
- You can surrender your policy at any time, provided you have paid all the premiums for the 1st policy year.
- The policy offers a grace period of 15 days for a monthly mode Tata AIA Life Insurance MahaLife Gold Plus plan and 30 days for other policy modes.
- You can take loan against your Tata AIA Life Insurance MahaLife Gold Plus plan.
- A 15 day free-look period is applicable for policies bought manually. For a policy purchased online, the free look period is 30 days within which you can return the policy, if you are not satisfied with the terms and condition of the policy.
- If you fail to pay your pending premiums during the grace period, the policy will lapse and no benefits will be paid. But, if you pay full premium for the 1st year, the policy will convert into a reduced paid-up policy which can be revived within 2 years.
Benefits of Tata AIA Life Insurance MahaLife Gold Plus
The Tata AIA Life Insurance MahaLife Gold Plus offers the following benefits:
- The policy offers a lump sum amount at maturity as maturity benefits.
- You can receive assured regular incomes with your Tata AIA Life Insurance MahaLife Gold Plus.
- The plan offers Guaranteed Annual Coupons from the 10th policy year. The policy should be in force to avail this benefit. The rate of Guaranteed Annual Coupons is based on the basic sum assured. For a basic sum of Rs.10, 00,000 and above, the guaranteed coupon rate offered by the policy is 65 ON per Rs.1000.
- The policy offers Non-Guaranteed Cash Dividends per year. The dividends are offered from the 6th policy anniversary onward ad paid till maturity or the death of the policyholder.
- The policyholder receives maturity benefits, provided the policy is active for the whole tenure and all premiums are paid. In that case, the policyholder will receive the following maturity benefits - the basic sum assured followed by Guaranteed Annual Coupon and Non -Guaranteed Cash Dividend (if any) plus minimum Guaranteed Sum Assured at maturity.
- If the life assured dies within the policy tenure, the designated nominee will receive the death benefits as well as maturity benefits. The benefits include the sum assured, accrued guaranteed addition, compound revisionary bonus and terminal bonus. The sum assured on death will be 10 times higher of the basic sum assured and annualized premium paid. A minimum of 105% of the total premiums paid is offered as death benefits.
- The policy offers Inflation Protection Cover to ensure added protection. The Inflation Protection Cover is paid on death along with the sum assured. The Tata AIA Life Insurance MahaLife Gold Plus plan offers the following inflation rates:
- Prior to 15th policy year – 0% of Base Sum Assured
- 15th to 29th policy year – 15% of Base Sum Assured
- 30th to 44th policy year – 30% of Base Sum Assured
- 45th policy year till maturity – 45% of Base Sum Assured
Eligibility Conditions for Tata AIA Life Insurance MahaLife Gold Plus
Entry age | Minimum: 0 year Maximum: 55 years |
Age at maturity | 85 years. |
How the Tata AIA Life Insurance MahaLife Gold plus Plan works?
Any person can buy a TATA AIA Life Insurance MahaLife Gold, provided his/her age is not above 55 years. The plan offers a number of benefits along with higher sum assured. You can choose a policy term of 85 years and pay your premiums on monthly, annual and semi-annual basis. The policy will provide protection up to the age of 85 years. During the policy tenure, if the policy holder dies, the nominee will receive the maturity and death benefits.
Premium Payment
Premium Payment Term | 15 years |
Payment Mode | Semi-annual, annual and monthly |
Minimum basic sum assured | Rs. 2,00,000 |
Maximum basic sum assured | No Limit |
Riders
No additional riders are available under this policy.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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