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  • Tata AIA Life Insurance Wealth Maxima Plan

    Tata Aia Life Insurance

    When you want the best in life, the finances need to be able to give you the best. And good financial planning can help you with that, Tata AIA Life Insurance Wealth Maxima is a non-participating unit linked whole life insurance plan that maximizes your financial security in the long term. For you childrens education, your laid back retirement plan, an investment under this plan will help you achieve those long term goals.

    The key features of Tata AIA Life Insurance Wealth Maxima

    • The basic sum assured
      • For single pay - 1.25 times of the single pay.
      • For limited pay - the higher of 10 * annual premiums at the beginning of the policy or 0.5 * policy term * annual premiums.
    • Get protection for life with paying premiums in one shot or over a short period of time.
    • Choose your investment plan, with the flexibility of having 6 different fund options.
    • Get a top-up facility further increase your financial portfolio.
    • Want to take a loan, get to make partial withdrawals after the policy has been in effect for 5 years to meet an financial expenses.
    • Enjoy Tax benefits under section 80C and 10(10D) of the Income Tax Act 1961.
    • Get a boost to your investments, with regular loyalty additions credited to your policy.
    • A grace period of 30 day will be provided to make regular premium payments, policies on monthly mode the grace period would be 15 days.
    • Customize your plan, by adding a choice of 3 additional unit deducting riders.
    • Enhanced Systematic Money Allocation or Regular Transfer investment portfolio strategy, choose between them.
    • Free look period of 15 days is provided to you, you can decide if you are satisfied with the terms and conditions of the policy. A 30 day free look period will be offered is the policy source is through distance marketing.
    • There are many optional riders you add to your policy, these can be added to the policy at the start or inception of the policy. The riders are applicable for the payment term you have chosen. If you have chosen the limited pay option, the riders available are
      • Tata AIA Life Insurance Waiver of Premium (Linked) Rider
      • Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider
      • Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider

    If you have chosen the single pay option, then the riders applicable is Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider.

    The eligibility criteria for Tata AIA Life Insurance Wealth Maxima plan:

    Particulars

    Details

    Minimum issue age

    30 days

    Maximum issue age

    60 years

    Maturity age

    100 years

    The premium paying terms, methods and modes are in the table mentioned below:

    Particulars

    Details

    Policy Term

    100 years minus the issue age

    example 100 years - issue age (30) = policy term of 70 years

    Premium paying modes

    Premium can be paid annually, half yearly, quarterly, monthly, or in a lump sum single payment

    Paying term for premiums

    Single pay

    Limited pay - 7, 8, 9, 10, 15 and 20 years

    Minimum premium

    Single pay - Rs. 5, 00, 000

    Limited pay - Rs. 2, 50, 000 per annum

    Maximum premium

    No limit

    Benefits/Advantages of the Tata AIA Life Insurance Wealth Maxima Plan

    1. Maturity Benefit - At the end of the policy term if the policyholder has survived, he/she will receive the total fund value which will be valued at an applicable net asset value (NAV) on the date the policy matures.
    2. Death Benefit - In case of the unfortunate demise of the policyholder during the term of the policy, the nominee or the legal heir will get the benefits. This benefit will be the highest of the basic sum assured minus any partial withdrawals from a single or regular premium fund value.OR will get a total maturity benefit plus loyalty additions exclusive of taxes.
    3. Loyalty additions - As a reward to your loyalty, at a rate of 0.20% of the unit in each fund under a regular premium account loyalty additions will be credited.

    How does the Tata AIA Life Insurance Wealth Maxima work ?

    Let’s take an example of Mr. Jain, a healthy male aged at 35 years, paying a fund premium of Rs. 5, 00, 000 per annum. He makes these payment in an annual mode. He’s chosen a fund allocation of 50% in a large capital equity fund and 50% in a whole life mid cap equity fund.

    Age

    Annual Premium

    Policy Term

    Premium paying term

    Premium Multiple Chosen

    Basic sum assured

    35

    5,00,000

    65

    Single

    1.25

    6,25,000

    35

    5,00,000

    65

    7

    17.5

    8,750,000

    35

    5,00,000

    65

    10

    17.5

    8,750,000

    35

    5,00,000

    65

    15

    17.5

    8,750,000

    The non guaranteed benefits are at the discretion of the company.

    Riders

    The riders available with the Tata AIA Life Insurance Wealth Maxima

    1. Tata AIA Life Insurance Waiver of Premium (Linked) Rider - This rider waives all future premiums of the basic policy when the policyholder is totally and permanently disabled.
    2. Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider - With this rider, the policyholder will have future premiums waived in the case of death or a permanent disability before the policyholder is 65 years of age or if premium payment term is at the end whichever is earlier. The rider is allowed for a entry age of 18 years till 57 years with a maximum of 65 years (maturity age).
    3. Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider - By adding this rider the policyholder ensures the protection of his/her family. In the case of any unfortunate incident occurring leading to disability or even death. The company will be paying the policyholder’s nominee an amount equal to the rider sum assured in case of an accidental death, and in case of disabilities or burns due to an accident, The nominee will be paid a percentage of the rider sum assured.

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