The Tata AIA Life Insurance Money Maxima is a Regular Premium Paying Non-Linked Participating Endowment Assurance Plan. Through this plan, investors can enjoy the benefits of a number of guaranteed returns.
Features of Tata AIA Life Insurance Money Maxima
The features of the Tata AIA Life Insurance Money Maxima can be summed up as follows:
- It offers flexibility in regard to the policy terms which helps achieve time-bound goals.
- It offers a host of rider plans which expands the overall protection offered by the plan.
- It offers life coverage for the entire policy tenure.
- It offers a host of guaranteed loyalty addition which promotes better savings.
- It offers tax benefits under Section 80 C and 10 (10D) of the Income Tax Act, 1961.
- At the end of the policy term, investors get the benefits of the basic sum assured along with guaranteed loyalty additions and bonuses.
Benefits of Tata AIA Life Insurance Money Maxima
The main benefits of the Tata AIA Life Insurance Money Maxima can be listed as follows:
- Maturity Benefits: The plan offers the Minimum Guaranteed Sum Assured on maturity of the plan. In addition to that, you will also receive the Simple Reversionary Bonus along with the Terminal Bonus. However, the policy should be in force and there should not be any due premiums.
- Guaranteed Loyalty Addition (GLA): On the basis of the policy term chosen by the investor, a Guaranteed Loyalty Addition or GLA will be payable on maturity of the policy or death of the policy holder (whichever is earlier).
- Death Benefit: In the case of the death of the insured individual, a Sum Assured on death will be paid out along with the vested Simple Reversionary Bonus and Terminal Bonus. The total amount will, however, be subject to a minimum of 105% of the total amount paid through premiums as on the date of the individual's death.
Eligibility Criteria for Tata AIA Life Insurance Money Maxima
The eligibility criteria for the Tata AIA Life Insurance Money Maxima is given below:
|Minimum age of entry||12 years|
|Maximum age of entry||50 years|
|Maximum age of maturity||75 years|
|Term of policy||12 years to 30 years|
|Term for premium payment||Same as the policy term|
|Mode of payment||Monthly or Semi-annual or Annual|
|Minimum basic sum assured||Rs.1 lakh (in multiples of Rs.1,000)|
|Minimum premium amount||Rs.12,000 per annum|
With the added benefits of surrendering the policy at any point in time of the policy tenure, death benefits, tax benefits, reinstatement feature, free look period, and so on, the Tata AIA Life Insurance Money Maxima is one of the best options to invest in.
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