Tata Aia Mahalife Supreme Plan

The MahaLife Supreme Plan from Tata AIA Life Insurance is a non-participating, non-linked, endowment plan that help policyholders to save and  earn regular income, along with providing  the benefits of a proper life insurance coverage.

This is a Limited Premium Paying plan which comes with guaranteed annual income.  On maturity, policyholders get both a percentage of the Basic Sum Assured and a Guaranteed Annual Income as applicable. The plan comes with options of increased protection with riders.

There are 2 plan options available to the policyholder under the MahaLife Supreme Plan, based on varying premium payment terms and policy terms.

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

To apply for either Option A or Option B of the Tata AIA Life Insurance MahaLife Supreme Plan, one must ensure that they fulfill all of the following criteria:

Parameters	Option A	Option B
Entry age - minimum	18 years	18 years
Entry age - maximum	50 years	50 years
Maturity age - maximum	85 years	80 years

Sum Assured and Premium Range - What you get and what it costs?

Sum Assured: The Basic Sum Assured under Tata AIA Life Insurance MahaLife Supreme Plan is 10 times the annual premium for both the options.

Premium Range: Policyholders can choose to pay their premiums in monthly, quarterly, semi-annual or annual frequencies as per their convenience. The premium rates are calculated for each mode as follows:

• Annual Premium: Annual Premium Rate x 1
• Semi-Annual Premium: Annual Premium Rate x 0.51
• Quarterly Premium: Annual Premium Rate x 0.26
• Monthly Premium: Annual Premium Rate x 0.0883

Parameters	Option A	Option B
Policy Terms	35 years	30 years
Premium Payment Terms	15 years	12 years
Minimum Annual Premium	Rs.15,000	Rs.20,000

*Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.

Plan Coverage - What the Tata AIA Life Insurance MahaLife Supreme Plan covers?

Guaranteed Annual Income: The plan provides the policyholder with a guaranteed yearly income, making sure that they have steady flow of funds to meet their needs. Guaranteed Annual Income comes as a percentage of Basic Sum Assured paid each year on survival in keeping with the tables below, as long as the policy remains in force:

• For Option A: Guaranteed Annual Income (GAI) starts from the end of 16th year of the policy if the policyholder has paid premiums in all the preceding 15 years. GAI is payable each year for 20 years till the unfortunate demise of the policyholder or end of policy term, whichever earlier.

Premium Band	GAI as % of Sum Assured
Rs.15,000 - Rs.19,999	9.50%
Rs.20,000 - Rs.29,999	9.80%
Rs.30,000 - Rs.49,999	10.10%
Greater than or equal to Rs.50,000	10.40%

• For Option B: Guaranteed Annual Income starts from end of the 13th year of the policy if the policyholder has paid premiums in all the preceding 12 years. GAI is payable each year for 18 years till the unfortunate demise of the policyholder or end of policy term, whichever earlier.

Premium Band	GAI as % of Sum Assured
Rs.20,000 - Rs.29,999	6.0%
Rs.30,000 - Rs.49,999	6.3%
Greater than or equal to Rs.50,000	6.6%

Death Benefit: In case of the policyholder’s unfortunate demise before the policy maturity, the death benefit will be provided to the nominee as cited below:

• Option A: Sum Assured on death is the highest of:
• 150% of base Sum Assured
• 105% of the total paid-up premiums
• Sum Assured on maturity
• Option B: Sum Assured on death is the highest of:
• 130% of base Sum Assured
• 105% of the total paid-up premiums
• Sum Assured on maturity

Maturity Benefit: The policyholder also gets a maturity value as a percentage of the Basic Sum Assured. This value depends on their age at policy entry and the option they chose, and is payable only if the policy is still in force and all premiums due have been paid off. The last installment of GAI will also be paid along with maturity benefit at the time of policy maturity.

Option A Maturity Benefit	Option B Maturity Benefit
{140% - (0.1% x Age at entry)} x Basic Sum Assured	{120% - (0.1% x Age at entry)} x Basic Sum Assured

Riders - Additional coverage under the Tata AIA Life Insurance MahaLife Supreme Plan

 

To further add to their coverage, policyholders can choose the following rider along with their MahaLife Supreme Plan at the time of policy inception:

• Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider: This rider makes sure that the family of the policyholder is protected by paying the nominee a sum equal to the Rider Sum Assured in case of accidental death. It pays a percentage of the Rider Sum Assured in cases of severe dismemberment, like loss of limbs, severe accidental burns or loss of bodily functions. The rider uses the ADDL benefit chart to determine this percentage. The Premium Payment Term under this rider is the same as that of the MahaLife Supreme policy or premium is payable until the policyholder is 70 years of age, whichever comes earlier.

Exclusions - What the Tata AIA Life Insurance MahaLife Supreme Plan doesn’t cover?

Suicide Exclusion:

• In case of the policyholder dies as a direct result of a suicide attempt within a year of the policy commencement date, whether in a sane or an insane state of mind at the time, the nominee under the said policy will get a sum equal to the total paid-up premiums up until that point. This is valid only if the policy is still in force at the time of death.
• In case of the policyholder dies due to a suicide attempt within a year of policy revival or reinstatement, the nominee under the policy shall receive the higher of total paid-up premiums or the surrender value acquired till the date of demise of the policyholder, provided the policy is still in force at the time of death.

Other Key Features - Freelook Period, Surrender Values, Grace Period etc.

• Freelook period: From the date of receipt of the policy document, you are given 15 days to review the terms and conditions of the policy. If you have any objection to the terms and conditions, you have the option to return the policy. A refund of all premiums paid without interest after deducting proportionate risk premium for the period on cover, Stamp duty charges, and medical examination costs. For policies purchased through distance marketing, the free-look period is 30 days.
• Grace period: You will be given a grace period of 15 days for the monthly payment mode and 30 days for the other modes to pay your premium during which the policy benefits and life cover will be active. If you fail to pay the premium within the grace period, then your policy will lapse.
• Revival: You can revive the policy within 2 years from the date of first unpaid premium. Pay all due premiums till date, provide proof of insurability to revive the policy and submit a written request for reinstatement.
• Surrender Value: The policy can be surrendered any time during the policy term, provided 1 full year's premiums are paid. Surrender value is higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).

Tax Benefits - How you can save with Tata AIA Life Insurance MahaLife Supreme Plan?

Tata AIA Life Insurance MahaLife Supreme Plan offers tax benefits in two ways:

• Premiums paid are eligible for tax benefits under Section 80C of the Income Tax Act, 1961.
• Insurance proceeds received under this policy are tax exempt in keeping with Section 10(10D) of the Income Tax Act, 1961.

Other Benefits - How you can save with Tata AIA Life Insurance MahaLife Supreme Plan?

• Customer care: For any life insurance related queries, you can call Tata AIA Life Insurance Company Ltd helpline at 1860-266-9966, visit the company's website or SMS 'LIFE' to 58888.
• Premium calculator: The online premium calculator available on the company website can be used to easily calculate how much premium you need to pay for your policy.
• Application status: You can also track your application status by entering your application number and personal details on the company website.
• Grievance redressal: TATA AIA Life acknowledges grievance within 3 working days and presents resolution within 2 weeks.
• Premium payment: You can make premium payments via multiple channels such as PayTm, netbanking, Jio Money, NEFT, Electronic Bill Processing and Payment, ICICI Bank Quick Pay, and IMPS.

Why you should buy the MahaLife Supreme Plan from Tata AIA Life Insurance ?

Keeping the varying insurance needs of the customers in mind, the company had launched Tata AIA Life Insurance MahaLife Supreme Plan, an income protection plan with guaranteed returns. With this plan, you can be financially prepared for any unforeseen unfortunate events. It is  one of the top listed Pan-Asia insurance companies spanning across 17 markets. By the end of FY16, the retail Claims Settlement Ratio of TATA AIA Life was 96.8%. The company won the Golden Peacock Award for Risk Management in 2016.