Robinhood Insurance Broker Private Limited

Product Info

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Product Overview

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.

Product Description

  • Guaranteed yearly payout of 5% of sum assured from the 10th policy anniversary
  • Enhance the payouts that you get each year through annual cash dividends
  • Your dreams are fully protected throughout your life with a life cover till age 100
  • Create an income stream for life, get a lifelong coverage with a limited 15 years payment

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Unique Features

  • Tata AIA Life MahaLife Gold is a traditional whole life plan with bonus facility
  • The plan provides insurance cover till age 100 years
  • The plan also provides non-guaranteed cash dividends from the 6th policy year

Eligibility Criteria

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

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Product Benefit

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

Other Policy Features

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)

Add-ons

  • Accidental Death Benefit :
    The rider provides for an addition benefit amount equivalent to the Tata AIA Life Accidental Death Benefit Rider sum assured purchased, in case of death due to an accident.
  • Accidental Death & Dismemberment (long scale) :
    ADDL Rider Sum Assured purchased and percentages of the rider sum assured as per schedule of benefits is payable in case of accidental dismemberment or severe burns
  • Accidental Death & Dismemberment (short scale):
    ADDS Rider Sum Assured purchased and percentages of the rider sum assured as per schedule of benefit is payable in case of accidental dismemberment.
  • Critical illness lump sum (or dread diseases) benefit :
    In case you are diagnosed with a critical illness, or need surgery, this benefit provides you with a lump sum amount
  • Critical illness Accelerated benefit Rider :
    In case you are diagnosed with a critical illness, or need surgery, this benefit provides you with a lump sum amount
  • Waiver of Premium :
    In case the insured of the basic policy becomes disabled before he or she reaches age 60, all the future premiums of the basic policy and this rider will be waived up to maturity of the basic policy or until the insured reaches age 60 , whichever is earlier.
  • Payor Benefit :
    In case of an unfortunate death or disability, all the future payments for the policy up to the expiry of the Tata AIA Life Payor Benefit Rider will be waived off by us.
  • 5 year renewable Term Rider :
    In case of unfortunate death of the insured, while the policy is in force & before the maturity date, his/her nominee will get the rider sum assured
  • 10/15/20/25 years Term Rider :
    In case of an unfortunate death of the insured, while the policy is in force & before the maturity date, his/her nominee will get the rider sum assured
  • Term to age 60 Rider :
    In case of an unfortunate death of the insured, while the policy is in force & before the maturity date, his/her nominee will get the rider sum assured

Exclusions

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.

Tax Benefits

Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C.

Claim Process

Know Claim Process of Tata AIA Life MahaLife Gold

Claim Process

Company Overview

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.

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