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  • Tata Aia Mahalife Gold Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Every person needs a life insurance policy these days so that they can ensure the financial security of their family to an extent. It is absolutely essential to own a policy because inflation is rising year on year and going by the current estimates the more money a person has access to, the easier leading a life would be. The Tata AIA Life Insurance MahaLife Gold Plan is one such plan which offers coverage for up to 85 years and also offers several key benefits to the policyholder and their nominees.

    Eligibility - Who the Tata AIA Life Insurance MahaLife Gold Plan is for

    The Tata AIA Life Insurance MahaLife Gold Plan requires prospective applicants to meet certain requirements. These are as follows:

    Particulars Details
    Minimum Age at Entry 1 month
    Maximum Age at Entry 55 years
    Maximum Maturity Age 85 years

    Sum Assured and Premium Range - What you pay and what it costs

    Sum Assured: Sum Assured is the amount a policyholder and their family will receive if he/she succumbs to an unfortunate incident or reaches maturity age.

    Amount Details
    Minimum Sum Assured Rs.1 lakh
    Maximum Sum Assured No limit Note that Sum Assured will be in the multiples of Rs.1,00,000

    Premium Range: Here are all the details regarding premiums under this policy:

    Particulars Details
    Policy Term 85 years (minus the entry age)
    Premium Payment Term 15 years
    Premium Payment Frequency Monthly, Half-Yearly, Yearly

    Plan coverage - What the Tata AIA Life Insurance MahaLife Gold Plan covers

    The TATA AIA Life Insurance MahaLife Gold Plan comes with a number of interesting features for the benefit of the policyholder. These are as follows:

    Particulars Details
    Death Benefit If a policyholder succumbs to an unfortunate incident, the beneficiaries will receive the Sum Assured on Death, which would be greater than and equal to 105% of the total premiums paid at the time of death. Sum Assured on Death under this policy will be higher of the following:
    • 10 times the annualised premium
    • Minimum Guaranteed Sum Assured on Maturity
    The Death Benefit will be paid irrespective of any other survival benefits that are already paid.
    Maturity Benefit If a policyholder survives till the maturity of the policy, they will receive a sum equal to the Basic Sum Assured under this policy.
    Guaranteed Annual Coupon The Guaranteed Annual Coupon (GAC) is an exclusive benefit this policy offers. Basically, if the policy reaches 10 years and is still active, the policyholder will receive a GAC of Rs.55 per Rs.1,000 Basic Sum Assured.
    Non-Guaranteed Cash Dividends This is basically a benefit paid by the insurer once the policy reaches 5 years. In this case, the company may offer a certain cash dividend to the person assured till the maturity of the policy or the person insured’s death. However, this benefit is not guaranteed and is primarily dependent on the company’s performance in the market.

     

    Add-ons/ riders - Additional coverage under the TATA AIA Life Insurance MahaLife Gold Plan

    The TATA AIA Life Insurance MahaLife Gold Plan comes with only one rider. This is:

    • TATA AIA Life Insurance Accidental Death and Dismemberment: This policy can be added onto the base policy at the time of inception so as to enhance the overall coverage a person gets. Once the policyholder buys this rider, they need to pay a certain premium at a frequency chosen by them to keep the policy active. If the person insured dies or sustain a severe bodily harm like dismemberment of their limbs, burns due to an accident and the like, a rider sum assured will be paid.

    Exclusions- What the TATA AIA Life Insurance MahaLife Gold Plan doesn’t cover:

    If the policyholder commits suicide, whether insane or sane, within 12 months of the policy’s initiation, the nominees will be paid the total premiums paid. The payout can only be done if the policy is active. On the other hand, if the person insured commits suicide after 12 months of reinstating or reviving the policy, the nominees will be paid the higher of either the total premiums paid and the acquired surrender value at the time of death of the person insured.

    Other key features - Free Look Period, Policy Loan, Nomination etc,.

    Features Details
    Free Look Period A policyholder can return the policy in case they don’t like the terms and conditions offered to them. However, the return of the policy must be completed within 15 days by submitting the policy document along with the reason for doing the same. The company will deduct proportionate risk premiums and cost it has incurred towards stamp duty and medical expenses before refunding the premium. Note: Free Look Period of 30 days is allowed if the product is sold through Distance Marketing means.
    Assignment Assignment facility is available based on Section 38 of the Insurance Act
    Nomination Nomination facility is available based on Section 39 of the Insurance Act
    Policy Loan This policy come with a policy loan facility, wherein a policyholder can avail a loan of up to a certain percentage of the total surrender value of the policy.
    Grace Period A Grace Period of 30 days is offered if a policyholder does not pay the pending premium on a due date. After the completion of these 30 days the policy will lapse.
    Policy Revival A lapsed policy can be revived provided that the policyholder submits a request within 2 years of the last unpaid premium. Upon receiving such a request, the company will ask the policyholder to pay all the due premiums along with a penalty for not paying them within the set dates.
    Surrender Benefit If a policyholder chooses to surrender their policy before its maturity date, the company will pay out a surrender benefit which is the higher of either the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV). Guaranteed Surrender Value = Total premiums paid + GSV Factor - any GAC already paid SSV = SSV factor * Reduced Paid-up Sum Assured
    Reduced Paid-up Plan If the policyholder pays the premiums for at least one policy year and fails to do so for the subsequent years, the policy will be turned into a Reduced Paid-up Plan, wherein the Sum Assured for the total number of premium paid years will be given to the policyholder.

    Tax Benefits:

    The Tata AIA Life Insurance MahaLife Gold Plan comes with a few tax benefits. These are as follows:

    • Deductions on premiums paid will be applicable based on Section 80C of the Income Tax Act.
    • Deductions on death benefit and survival benefit will be applicable based on Section 10 (10D) of the Income Tax Act.

    How you can save with the Tata AIA Life Insurance MahaLife Gold Plan:

    There are several aspects related to this plan that allows policyholders to save big. These are some of the key aspects:

    • Discount: If a policyholder opts for a higher Sum Assured, they will receive a discount which will be fixed based on ‘per Rs.1,000’ Basic Sum Assured. Here’s what the Discount looks like:
    Basic Sum Assured Discount (Per Rs.1,000 Basic Sum Assured)
    Rs.2.5 lakh or lower Nil
    Rs.2.5 lakh to Rs.3.49 lakh 2.30
    Rs.3.5 lakh to Rs.3.99 lakh 5
    Rs.4 lakh or more 6
    • Online availability: This policy is available to be bought online and can also be serviced digitally. From paying premiums to making withdrawals, everything can be done on the interest from the comfort of a policyholder’s home.

    Why you should buy the MahaLife Gold Plan from TATA AIA Life:

    There are plenty of reasons why you should buy the MahaLife Gold Plan from TATA AIA Life. These are as follows:

    • Coverage till 85 years: There are very few plans, which offer coverage up to the age of 85 years, and the MahaLife Gold Plan from TATA AIA Life in one of them.
    • Claim Tracking: This plan is made for the technologically aware individuals and it allows people to track their claims online on the company’s official website. All a person needs are some key details regarding their application number and they can know about their claim status within minutes.