The Tata AIA Life Insurance Wealth Maxima plan is a non-participating unit linked whole life plan. The policyholder bears investment risk in the investment portfolio under the Tata AIA Life Insurance Wealth Maxima plan. All individuals aspire for the best in life. Tata AIA Life Insurance Wealth Maxima plan ensures that the policyholder is offered investment avenues for a lifetime. The investment options that can be availed with this plan by the policyholder can help the policyholder to meet his/her long term goals like retirement planning, children’s education, etc. The Tata AIA Life Insurance Wealth Maxima plan allows the policyholder to bring in force multipliers of the current market and create a legacy for the generations to come.
The policyholder can choose from 6 different investment options under the Tata AIA Life Insurance Wealth Maxima plan. These investment options are mentioned below:
In order to buy the Tata AIA Life Insurance Wealth Maxima plan, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:
|Parameters||Criteria for Eligibility|
|Minimum age at entry||0 years|
|Maximum age at entry||60 years|
|Maximum age at maturity||100 years|
|Term of the policy||100 minus the entry age|
Sum Assured – It is the amount that is paid after the end of the policy term. In case the policyholder encounters death in an unfortunate event, the sum assured is paid out to the nominee or beneficiary of the insured individual.
Premiums – It is the amount that is paid by the policyholder at one go or at regular intervals in order to keep the policy active and running. The premium payment mode that can be availed under the Tata AIA Life Insurance Wealth Maxima plan are monthly, quarterly, semi-annual and annual. The minimum premium to be paid by the policyholder under the Limited Pay plan is Rs.2,50,000 per annum. The minimum premium to be paid by the policyholder under the Single Pay plan is Rs.5,00,000. There is no limit on the maximum premium paid by the policyholder.
|Premium Payment Mode||Monthly, quarterly, semi-annual and annual|
|Premium Paying Term||
|Minimum Premium (Single Pay)||Rs.5,00,000|
|Minimum Premium (Limited Pay)||Rs.25,00,000|
|Maximum Premium||No limit|
Disclaimer – The premiums may vary depending upon factors like term of the plan, location, age, etc.
|Maturity Benefit||If the policyholder survives till the end of the policy term, he/she will get total fund value on the maturity date.|
|Death Benefit||If the policyholder encounters death in an unfortunate event and the policy is still active, the legal heir or the nominee will receive the highest of:
The rider plans or add-on plans available under the Tata AIA Life Insurance Wealth Maxima plan are as follows:
Suicide Exclusion – If the policyholder commits suicide within a period of 12 months from the date of commencement of the policy or the date of revival of the policy, whether insane or sane, the fund value will be received by the legal heir or nominee of the insured person. The amount received by the nominee will be the fund that is available of the date of demise of the insured individual. If charges are recovered after the death date, it will be refunded to the beneficiary or nominee along with the death benefit.
Other Key Features
|Free look period||In case the policyholder is not satisfied with terms and conditions of the Tata AIA Life Insurance Wealth Maxima plan, he/she can return the policy document in original within a period of 15 days. The insured person must provide the letter for cancellation stating his/her reasons of cancelling the policy. However, charges like stamp duty, proportionate risk premium and medical exam costs shall be deducted before refunding the amount to the policyholder. In case the policyholder purchases the policy via Distance Marketing, he/she can avail a free look period of 30 days. Distance Marketing involves all acts of solicitation and sale of the insurance products via SMS, voice mode, published prospectuses, etc.|
|Grace period||A grace period of 30 days can be availed by the policyholder from the date of first unpaid premium towards the Tata AIA Life Insurance Wealth Maxima plan. This is applicable for quarterly, semi-annually and annual modes of premium payment. In case of the monthly premium modes, a grace period of 15 days can be availed by the policyholder. The plan benefits do not get hampered during the grace period.|
|Revival||The policy can be revived within a period of 2 years from the first unpaid premium date.|
Tax benefits under the Tata AIA Life Insurance Wealth Maxima plan can be availed under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. Tax benefits are always subject to prevailing tax laws. It is advisable to consult a tax advisor to understand better about tax benefits that can be enjoyed.
|Partial withdrawal flexibility||In case the policyholder requires money for an emergency or something else, the Tata AIA Life Insurance Wealth Maxima plan allows him/her to withdraw from the fund. Withdrawals from the single premium funds or regular premium funds can be done after a period of 5 policy years from the issuance date of the policy. The policy must be in force for the above to be applicable.
|Premium mode flexibility||The policyholder can choose to pay the premiums as per his/her convenience in monthly, quarterly, semi-annually or annual modes.
|Top up flexibility||The policyholder can enjoy the flexibility of paying additional premium in the form of top up premium, considering that the policy is still active.
|Additional coverage flexibility||The policyholder can choose to customize the Tata AIA Life Insurance Wealth Maxima plan with the help of the following riders. In case the insured person opts for any of these riders, charges will be recovered by cancellation of units. If the policyholder wants a particular rider, it must be purchased at the time of commencement of the policy.
For Limited Pay, the following riders can be availed with the base policy:
|Top up sum assured||If the policyholder avails a top up, then the sum assured will also increase. Mentioned below ae the top up sum assured under this policy:
Tata AIA Life Insurance Company is one of the biggest insurance providers in this country. This company is a joint venture of AIA Group Limited and Tata Sons. The insurance solutions offered by them comes with great flexibility and innovation. The products are tailored as per the changing needs and requirements of the customers. Tata AIA Life Insurance Wealth Maxima plan ensures that the policyholder is offered investment avenues for a lifetime. The investment options that can be availed with this plan by the policyholder can help the policyholder to meet his/her long term goals like retirement planning, children’s education, etc. Tata AIA Life Insurance started operating in India on April 1, 2001.