Money Maxima is a non-linked insurance plan which not only provides you cover but also ensures that your investment gets maximised with time so that you can take care of your family and help yourself achieve your various goals. Along with various benefits including death benefit and maturity benefit, the plan also offers a rider plan which adds extra layer of protection. Apart from that you are also eligible to enjoy certain guaranteed additions to your funds if you pay your premium timely. You can also withdraw a certain amount of money as loan as well.
Before you decide to take this plan, it is important to know the eligibility criteria.
|Parameters||Criteria for eligibility|
|Minimum age at entry||12 years|
|Maximum age at entry||50 years|
|Maximum age at maturity||75 years|
Sum Assured and Premium*
Sum Assured is the minimum amount you will get from the insurer provided that all the premiums have been duly paid. The sum assured will not contain any benefits or bonuses that you may be entitled to.
Premium payable will be decided at the beginning of your policy and will depend on your sum assured, policy term and premium payment term.
All the relevant information on sum assured and premiums for this particular plan are given in the tables:
|Minimum Sum Assured||Rs.1 lakh|
|Maximum Sum Assured||As per your need and requirements|
|Minimum term of the policy||12 years|
|Maximum term of the policy||30 years|
|Premium Payment Mode||
|Premium Payment Term||Same as your policy term|
|Minimum Premium Amount**||Rs.12,000 per annum|
|Half-Yearly Premium Rate||0.51 x Annual Premium Rate|
|Monthly Premium Rate||0.0883 x Annual Premium Rate|
*The premium amount can change based on the entry age of policyholder, policy term, payment mode, etc.
**Based on the minimum annual premium requirement. This can change based on the entry age, plan option chosen, policy term, etc.
Under this plan you are eligible for various benefits, the primary amongst them being death and maturity benefit.
|Death Benefit||In the event of the insured’s unfortunate death, the beneficiary will be eligible for death benefit. The death benefit payable under this plan is the highest of:
|Maturity Benefit||The insured will be eligible to get the maturity value which will include guaranteed sum assured plus bonuses when the policy attains maturity.|
This plan provides a Rider or Add-on plan called Tata AIA Life Insurance Accidental Death and Dismemberment Rider. This rider plan can be only availed when you take up this plan in the beginning.
There is an exemption for suicide attached with this plan. If the insured commits suicide within one year of the purchase of the policy, the beneficiary will be entitled to be paid the total premium paid.
Other Key Features
|Grace period||A grace period of 30 days are provided if the mode of premium payment is yearly, half-yearly and quarterly. 15 days if the mode of payment is monthly.|
|Free look period||A free look period of 15 days are provided.|
|Revival||One can revive their policy within two years of the date of the unpaid premium.|
|Surrender value||The policy can be surrendered at any point of time given that the premium for the first policy year has been paid.|
|Loan||Loan is available under this plan.|
|Nominee||Nomination is allowed under Section 39 of the Insurance Act, 1938.|
|Assignment||Assignment is allowed under Section 38 of the Insurance Act, 1938.|
|Guaranteed Loyalty Addition||Depending on your policy term you will be eligible to be paid the guaranteed loyalty addition.|
You are eligible for various tax benefits under Section 80C of the Income Tax Act, 1961. This plan also allows you to enjoy tax benefits under Section 10(10D) of the Income Tax Act, 1961. Since, tax laws are subject to change, it is advisable to consult a tax advisor incase of any queries.
Other benefits – How you can save with the Tata AIA Life Insurance Money Maxima Plan
There are various other benefits that you can enjoy under this plan.
The Money Maxima Plan aims to not only provide you protection and secure your family’s future but also ensure that your investment grows with time. Along with tax and maturity benefits that you are eligible for, this particular plan also gives you the option to avail rider plans that add on extra layer of protection. The option to revive your plan as well as get loyalty additions with time makes it a popular option.
TATA AIA is a joint venture between Tata Sons Ltd. and AIA Group Limited. Considered to be one of the best insurers in India, the company is a recipient of the prestigious ‘Golden Peacock’ award for Risk Management. The company is one of the best when it comes to taking care of their customers as they enjoy a 100% success in addressing of grievances. They also enjoy 96% success in settling claims, which only adds to them being one of the best insurance companies in India currently.
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