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.
The Tata AIA Life Insurance MahaLife Gold Plan requires prospective applicants to meet certain requirements. These are as follows:
|Minimum Age at Entry||1 month|
|Maximum Age at Entry||55 years|
|Maximum Maturity Age||85 years|
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.
|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:
|Policy Term||85 years (minus the entry age)|
|Premium Payment Term||15 years|
|Premium Payment Frequency||Monthly, Half-Yearly, Yearly|
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:
|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:
|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.|
The TATA AIA Life Insurance MahaLife Gold Plan comes with only one rider. This is:
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,.
|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.|
The Tata AIA Life Insurance MahaLife Gold Plan comes with a few tax benefits. These are as follows:
There are several aspects related to this plan that allows policyholders to save big. These are some of the key aspects:
|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|
There are plenty of reasons why you should buy the MahaLife Gold Plan from TATA AIA Life. These are as follows: