Robinhood Insurance Broker Private Limited

Product Info

UIN

110N108V01

Status

Active

Launch Date

26/11/2013

Withdrawn Date

Product Overview

Tata AIA Life Insurance MahaLife Magic is Non-Linked, Participating, Endowment Assurance Plan. Under this limited pay plan, you pay premiums just for 9 years and get a cover for 18 years.

Product Description

  • Lower entry age – now start from age 12.
  • Bonuses to augment your maturity amount.
  • Potential for upside with the bonus components

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Unique Features

  • Pay for a limited period of 9 years and enjoy Insurance Protection for 18 years
  • Sum assured along with compound reversionary bonus and terminal bonus is paid on maturity

Eligibility Criteria

(Age as on last birthday) 12 years
Max entry age (Age as on last birthday) 55 years
Max maturity age  73 years
Policy term 18 years
Premium Payment Term 9 years
Payment Mode  Annual/ Semi-annual/ Monthly
Minimum Basic  Sum Assured  Rs 2,00,000
Maximum Basic  Sum Assured No limit but subject to financial underwriting
Higher Sum Assured  Higher Sum Assured; the Large Sum Assured Discount rates as below will be applicable:
Sum Assured Rs. Discount (Premium Rate Adjustment per Rs. 1000 SA)
Less than 250000 Nil
250000-299999 1.2
300000- 399999  2.5
400000+ 3.25

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Product Benefit

  • Maturity Benefit :
    On maturity, you will receive Minimum Guaranteed Sum Assured on maturity plus vested Compound Reversionary Bonus plus Terminal Bonus, if any, provided the policy is in force and all due premiums have been paid.
  • Death Benefit :
  1. In the unfortunate event of death, Sum Assured on death along with vested Compound Reversionary Bonus and Terminal Bonus (if any) is payable to the nominee / legal heir provided the policy is in force
  2. Total amount will be subject to a minimum of 105% of Total Premiums Paid
  3. Sum Assured on death” shall be the higher of the following
    - 10 times Annualised Premium
    -  Minimum Guaranteed Sum Assured on maturity

Other Policy Features

  • Terminal Bonus: Declared for the policies which have completed 10 years, expressed as a percentage of the sum assured.
  • Compound Reversionary Bonuses: An annual bonus will be declared as a percentage of the sum assured. Once declared it becomes a guaranteed part of the sum assured and next year's bonus will be calculated on the enhanced sum assured of sum assured plus previous year's bonus.
  • Surrender:
  1. The policy can be surrendered any time during the term of the policy, provided at least the first full year’s premium has been paid.
  2. The surrender value payable is higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).
  • Guaranteed Surrender Value: Guaranteed Surrender Value = (Total Premiums Paid * GSV factor for premium) + (vested Compound Reversionary Bonus, if any *GSV factor for Compound Reversionary Bonus)
  • Special Surrender Value: Special Surrender Value will be calculated as follows: Special Surrender Value Factor x (Reduced Paid-up Sum Assured + vested Compound Reversionary Bonuses, if any
  • Death benefit in case of Reduced Paid-up policies:
  1. Sum Assured on death x (Number of premiums paid)/ (Number of premiums payable, during the entire policy term) plus Vested Compound Reversionary Bonus will be payable
  2. This total amount will be subject to a minimum of 105% of Total Premiums Paid, as on the date of death.
  • Maturity benefit in case of Reduced Paid-up policies: Minimum Guaranteed Sum Assured on maturity x (Number of premiums paid)/ (Number of premiums payable, during the entire policy term) along with vested Compound Reversionary Bonus, shall be payable.
  • Revival/ Reinstatement:
  1. If unable to pay premium within the grace period, you may reinstate/revive the same within two years after the due date of the first unpaid premium and before the date of maturity
  2. Company would require

- A written application from you for reinstatement/revival.
- Current health certificate of insured and other evidence of insurability satisfactory to the Company.
- Payment of all overdue premiums with interest
- Repayment or reinstatement of any Indebtedness outstanding at the due date of the premium at default plus interest.

  • Loan: Policy Loan is available in Tata AIA Life Insurance MahaLife Magic.

Add-ons

Not Available

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

Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961

Claim Process

Know Claim Process of TATA AIA Life Insurance Mahalife Magic

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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