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  • Tata Aia Wealth Maxima Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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:

    • Whole Life Short Term Fixed Income Fund – The objective of this particular investment option is to offer stable returns in investing in the fixed income securities that come with shorter maturity periods. Under general circumstances, the fund’s average maturity is between 1 year and 3 years. The Whole Life Short Term Fixed Income Fund under the Tata AIA Life Insurance Wealth Maxima plan comes with low risk profile.
    • Whole Life Income Fund – The objective of this particular investment option is to generate income by investing in different money market instruments and debt instruments of different maturities, focussing to maximize optimal yield of balance, liquidity and safety. The Whole Life Income Fund under the Tata AIA Life Insurance Wealth Maxima plan comes with a low risk profile.
    • Whole Life Suitable Growth Fund – The objective of this particular investment option is to offer stable returns by creating a balance between the money market instruments and equities. The Whole Life Suitable Growth Fund under the Tata AIA Life Insurance Wealth Maxima plan comes with low to medium risk factor.
    • Whole Life Aggressive Growth Fund – The objective of this particular investment option is to generate high returns in the long term by mainly investing in equities, debt and money market instruments. The Whole Life Aggressive Growth Fund under the Tata AIA Life Insurance Wealth Maxima plan comes with medium to high risk factor.
    • Whole Life Mid Cap Equity Fund – The objective of this particular investment option is to generate the long term capital appreciation from the portfolio that has been invested mainly in the mid cap equity linked securities and mid cap equity. The Whole Life Mid Cap Equity Fund under the Tata AIA Life Insurance Wealth Maxima plan comes with high risk.
    • Large Cap Equity Fund – The objective of this particular investment option is to generate the long term capital appreciation from the portfolio that has been invested predominantly in equity linked securities and large cap equity. The Whole Life Short Term Fixed Income Fund under the Tata AIA Life Insurance Wealth Maxima plan comes with high risk.

    Eligibility – Who is the Tata AIA Life Insurance Wealth Maxima plan for?

    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 and Premium Range – What you get and what it costs

    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
    • Single Pay
    • Limited Pay (7 years, 8 years, 9 years, 10 years, 15 years and 20 years)
    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.

    Plan Coverage – What the Tata AIA Life Insurance Wealth Maxima plan covers

    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:
    • Single premium fund value or regular premium fund value, or
    • Basic sum assured after deduction of all withdrawals from single premium fund value or regular premium fund value, or
    • 10 times of annualised premium if the policyholder chooses limited premium payment term, or
    • 105% of the single premiums or regular premiums paid
    Along with the above, the policyholder’s nominee or legal heir also receives:
    • 105% of the top premiums, or
    • Top up fund value under the policy, or
    • Applicable top up sum assured

     

    Riders/Add-on Plans – Additional Coverage under the Tata AIA Life Insurance Wealth Maxima plan

     

    The rider plans or add-on plans available under the Tata AIA Life Insurance Wealth Maxima plan are as follows:

    • Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider – The Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider that offers coverage in case of death of the proposer or when the proposer is permanently and totally disabled due to any illness or accident.
    • Tata AIA Life Insurance Waiver of Premium (Linked) Rider – The Tata AIA Life Insurance Waiver of Premium (Linked) Rider waives off all future premiums if the insured individual is permanently and totally disabled due to any illness or accident.
    • Tata AIA Life Insurance ADDL Linked Rider – If there is any severe dismemberment like loss of bodily functions or limbs or major burns, the Tata AIA Life Insurance ADDL Linked Rider will pay a certain percentage of rider sum assured according to the ADDL (Accidental Death and Dismemberment Long Scale) chart provided by the insurer.

    Exclusions – What the Tata AIA Life Insurance Wealth Maxima plan does not cover

    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 – How you can save under the Tata AIA Life Insurance Wealth Maxima plan

    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.

    Other Benefits

    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.
    • Partial withdrawal from top up premium fund is allowed after a period of 5 policy years from the acceptance date of these top up premiums.
    • In case of the regular premium policy, the minimum withdrawal amount is Rs.5,000. It is subject to the entire fund value.
    • After the insured person reaches the age of 18 years, partial withdrawal can be done.
    • In order to make partial withdrawals, first amount must be withdrawn from top up premium fund and then single premium fund or regular premium fund. Partial withdrawal from the single premium fund or regular premium fund should be done if sufficient fund is not present in the top up premium fund.
    • In one policy year, the policyholder can carry out a maximum of four partial withdrawals.
    • In case the policyholder terminates the contract, partial withdrawal is not allowed.
    Premium mode flexibility The policyholder can choose to pay the premiums as per his/her convenience in monthly, quarterly, semi-annually or annual modes.
    • Semi-annual premium = 0.50 of the annualised premium
    • Quarterly premium = 0.25 of the annualised premium
    • Monthly premium = 0.08333 of the annualised premium
    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.
    • Payment for the top up premiums can be done at any point except the last 5 years of the plan term.
    • Top of premiums can paid up to 4 times in one particular policy year.
    • The minimum top up premium amount is Rs.5,000. However, it is subject to the underwritten conditions.
    • The allocation of the top up premiums can take place in any proportion between funds chosen by the policyholder and offered to him/her.
    • All top up premiums will come with lock-in period of 5 years from the acceptance date of the premium.
    • Top up premium can never exceed the entire single premium or regular premium paid.
    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:
    • Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider
    • Tata AIA Life Insurance Waiver of Premium (Linked) Rider
    • Tata AIA Life Insurance ADDL Linked Rider
    For Single Pay, the following rider can be availed by the policyholder:
    • Tata AIA Life Insurance ADDL Linked Rider
    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:
    • For insured individuals less than 45 years of age – 1.25 times of top up premium.
    • For insured individuals above than or equal to the age of 45 years – 1.1 times of top up premium.
    Decrease or increase in top up sum assured isn’t allowed.

     

    Why you should buy the Tata AIA Life Insurance Wealth Maxima plan from Tata AIA

    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.