Tata AIA MahaLife Gold is a Traditional, Whole life insurance plan wherein you pay premiums for just 15 years and get a life cover till the age of 100. This plan also offers a guaranteed annual income throughout your lifetime.
Eligibility Criteria | |||||
---|---|---|---|---|---|
Minimum | Maximum | ||||
Sum Assured (in Rs.) | 25,000 | No Limit | |||
Premium Payment Term (in years) | 15 years | ||||
Entry Age (in years) | 30 days | 60 years | |||
Minimum Annual Premium | Rs. 2500 | ||||
Age at Maturity(in years) | 100 years | ||||
Maximum Renewal Age | 74 years | ||||
Premium - Unisex | Yes | ||||
Payment modes | Monthly, Quarterly, Half yearly & Yearly |
Benefit | Description | ||
---|---|---|---|
Maturity Benefit | The policy holder will get the Sum Assured if the person survives till the age of 100. | ||
Survival Benefit | Guaranteed annual cash payment of 5% of sum assured from the 10th policy year and non-guaranteed annual cash bonus starting from the 6th policy anniversary. | ||
Death Benefit | In case of death of the policy holder, the nominee gets the sum assured + 5% of Guaranteed Cash accumulated every year + Dividends/Bonus declared by the company. | ||
Notes-: In case the policyholder dies before the age of 4, the following payouts would be payable | |||
Age at the time of death | Amount Payable (Rs.) | ||
0 | 20% of sum assured | ||
1 | 40% of sum assured | ||
2 | 60% of sum assured | ||
3 | 80% of sum assured |
Feature | Description | |||||
---|---|---|---|---|---|---|
Surrender | The policy can be surrendered any time during the term of the policy, provided at least the 3 full year's premium has been paid. The guaranteed surrender value is 30% of the total premium paid excluding the 1st year premium. | |||||
Modal Factor | Monthly Premium | 0.0883 of Annual Premium | ||||
Quarterly Premium | 0.26 of Annual Premium | |||||
Semi-Annual Premium | 0.51 of Annual Premium | |||||
Grace Period | TATA AIA provides a grace period of 31 days for all modes of premium from the due date. | |||||
Reduced Paid-up | If at least 3 years premiums are paid. It is Benefit, which is offered to you, wherein the sum assured gets reduced in proportion to the number of premiums actually paid to the total number of premiums payable. | |||||
Revival/ Reinstatement | If a premium is in default beyond the Grace Period and subject to the Policy not having been surrendered, you may reinstate/revive the same within 5 years after the due date of the first unpaid premium and before the date of maturity. | |||||
Guaranteed Surrender Value | Guaranteed amount of cash value of the policy = 30% of total amount of the premiums of the basic policy (excluding the 1st year premium and all extra premiums of the basic policy ) | |||||
Automatic premium Loan | In case the life assured is not able to pay the premium within the grace period, then the premium due will be advanced as an automatic loan to you. Provided the policy has acquired a cash value. | |||||
Policy Loan | Policy Loan is available in Tata AIA Life Insurance MahaLife Gold | |||||
Guaranteed Amount against policy | 5% of the Sum Assured from 10th policy anniversary - up to age 100 or death | |||||
Paid on maturity or death ( age of 100) |
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy,
the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C.
Know Claim Process of Tata AIA Life MahaLife Gold
TATA AIA Life Insurance Company Limited is a joint venture between TATA Sons Ltd. and AIA Group Ltd. The company combines TATA's pre-eminent leadership position in India and AIA's presence as the largest, independent listed Pan-Asian life insurance group in the world spanning 17 markets in Asia Pacific.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.