The Tata AIA Life Insurance MahaLife Gold Plus is a limited-premium paying, non-linked, participating plan. The plan comes with a host of benefits for the policyholder and the nominees. It is a whole life insurance plan that secures the future of the policyholder for up to 85 years. Policyholders can enjoy the benefits of this plan by paying premiums only for the first 15 years.
The Inflation Protection Cover, which comes with the plan, safeguards your wealth from the effects of inflation. What’s more, in addition to guaranteed payouts, you also receive a lump sum amount at maturity. The life cover and financial rewards offered by this plan will help secure the lives of your dependants. You can also customize and enhance this plan with additional riders and avail tax benefits.
Insurance providers have certain expectations regarding the age of prospective policyholders, based on which they offer plans. Listed below are the eligibility criteria applicable for this plan.
|Parameters||Criteria for eligibility|
|Minimum age at entry||0 years (30 days)|
|Maximum age at entry||55 years|
|Maximum age at maturity||85 years|
It is vital for a policyholder to know what their Sum Assured is purchasing a policy, as it can help plan for future needs. Your Sum Assured for the Tata AIA Life Insurance MahaLife Gold Plus Plan will depend on your annual premiums. The minimum and maximum Sum Assured for this policy are listed below:
|Minimum Sum Assured||Rs.2 lakh|
|Maximum Sum Assured||Can vary, subject to the board’s underwriting policy.|
A premium is a certain sum of money that the policyholder pays to the insurer on a regular basis. The premium is what will decide your Sum Assured. For the Tata AIA Life Insurance MahaLife Gold Plus Plan, policyholders only need to pay their premiums for a limited period of time, but can enjoy the returns through their lifetime.
|Policy term||85 years minus the entry age|
|Maturity age||85 years|
|Premium Payment Mode||
*Premiums vary based on age, location, plan term, GST/taxes and other factors
The Tata AIA Life Insurance MahaLife Gold Plus Plan offers policyholders and their nominees several benefits, both guaranteed and non-guaranteed (subject to how well the company performs). Listed below are the benefits:
|Death Benefit||If the policyholder meets with an untimely demise, the insurer will pay the nominee/legal heir the death benefit. The sum paid will include Sum Assured on death and an additional percentage of Basic Sum Assured, if applicable.
The Sum Assured on death will be the higher of:
|Maturity Benefit||If the policyholder survives till maturity, the insurer will pay a maturity benefit that will include the following:
|Guaranteed Annual Coupon||Guaranteed Annual Coupons will be payable to the policyholder starting from the 10th policy year till the 30th policy year, or until the death of the policyholder, whichever happens first.|
|Non-Guaranteed Cash Dividends||Non-Guaranteed Cash Dividends will be paid starting from the 6th policy year till maturity of the policy or death of the life assured. However, this sum is not guaranteed and will be paid based on the annual performance of the company.|
|Inflation Protection Cover||This policy also provides policyholders protection from inflation with an Inflation Protection Cover. Here, you get an additional percentage of the Basic Sum Assured at specific periods during your policy term.|
The Tata AIA Life Insurance MahaLife Gold Plus Plan can be enhanced by opting for the following rider at the inception of the policy:
Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider: This rider ensures extra protection to policyholders and their nominees. In case the policyholder meets with an accidental death, the insurer will pay the nominee the Rider Sum Assured. If the policyholder suffers from body dismemberment, the insurer will pay a percentage of the Rider Sum Assured. In certain cases, the insurer can even pay double the benefits.
The Tata AIA Life Insurance MahaLife Gold Plus Plan has a suicide exclusion. If the policyholder commits suicide within the first policy year, the nominee will be paid the sum of the total premiums paid. If the policyholder commits suicide within 12 months after reviving the policy, the nominee will be paid an amount that’s the higher of the sum of the total premiums paid or the Surrender Value that the policy has acquired, as on the date of death.
Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.
A few other features that can help you make an informed decision and get the most out your plan are:
|Free-Look Period||A policyholder can return the policy, if they are not satisfied with the policy terms, within 15 days or 30 days in case the policy is purchased through distance marketing.|
|Grace Period||For this policy, a grace period of 15 days is offered to policyholders who pay premiums on a monthly basis. A grace period of 30 days is offered for all other payment modes. If the due premium has not been paid within the grace period, the policy will lapse.|
|Policy Loan||Policyholders can avail a loan against this policy.|
|Assignment||Assignment is permitted under Section 38 of the Insurance Act, 1938.|
|Nomination||Nomination is permitted based on Section 39 of the Insurance Act, 1938.|
|Policy Revival||The policyholder can revive a lapsed policy within two years since the last due unpaid premium. To revive the policy, the policyholder needs to:
|Surrender Value||The policyholder can surrender the policy anytime, as long as the first year’s premiums have been paid. The insurer will pay the policyholder a Surrender Value, which is the greater of the Guaranteed Surrender Value or the Special Surrender Value.|
|Reduced Paid-up Plan||If the policyholder has paid all due premiums for at least the first policy year, but has failed to pay the subsequent premiums, the policy will be converted into a Reduced Paid-Up Plan.|
All premiums paid towards the Tata AIA Life Insurance MahaLife Gold Plus Plan are eligible for tax benefits under Section 80(C) and 10(10D) of the Income Tax Act, 1961. Ensure you consult with a tax advisor from time to time to know if any changes have been made to the tax laws.
While the benefits of being enrolled under the Tata AIA Life Insurance MahaLife Gold Plus Plan are many, customers are also provided a few other benefits:
The MahaLife Gold Plus Plan offers both policyholders and their dependants a host of benefits. Being a limited-premium paying plan, the policyholder can enjoy the benefits of this plan long after he/she has finished paying the due premiums. Not just that, it also offers life cover till the age of 85 years.
Tata AIA Life Insurance Company, a collaboration between Tata Sons Ltd. And AIA Group Ltd. has a presence in over 18 markets across the world. For the financial year 2015-2016, Tata AIA Life Insurance has a Claim Settlement Ratio 96.8%. The company was also the recipient of the Golden Peacock Award for risk management in 2016.