Robinhood Insurance Broker Private Limited

Product Info

UIN

110N105V02

Status

Active

Launch Date

10/10/2013

Withdrawn Date

Product Overview

TATA AIA MahaLife Supreme is a Non-Linked, Non-Participating, a limited premium plan that offers guaranteed annual income for up to 20 years. This endowment plan enables you to plan both savings outflow and the required regular annual income inflow along with the all important benefit of life insurance protection.

Product Description

  • Limited premium payment endowment plan with Guaranteed Annual Income.
  • Choose between 2 options - based on Policy Term and Premium Payment Term as per your requirement of savings outflow and required income inflow.
  • Steady and Guaranteed Annual Income to provide a regular inflow of funds

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Unique Features

  • Tata AIA Life Insurance MahaLife Supreme is a pure protection plan without any maturity benefit.
  • The plan has 2 variants-Pure Protection Cover and Extra Protection Cover (with an inbuilt Waiver of Premium Rider is provided in case of Total Permanent Disability).
  • This Plan has an inbuilt rider of Payout Accelerator Benefit where 50% of the Sum Assured would be paid in advance as Recovery Benefit in case of diagnosis of any Terminal Illness.
  • There is an Option of increasing Sum Assured with further Underwriting in case of marriage or child birth under Life Stage Plus Option.

Eligibility Criteria

  Minimum Maximum
  Option A Option B Option A Option B
Sum Assured (in Rs.) 10 times annualised premium
Minimum Premium Rs. 15,000 Rs.20,000 No limit
Policy Term (in years) Option A - 35 years  Option B - 30 years
Premium Payment Term (in years) Option A - 15 years Option B -12 years
Entry Age (in years) 18 years 18 years  50 years  50 years 
Age at Maturity(in years) - - 85 years  80 years 
Payment modes Annual, Semi-annual, Quarterly or Monthly

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Product Benefit

Maturity Benefit: On maturity we will pay you a fixed percentage of Basic Sum Assured depending on your age at entry and option chosen. This benefit is payable, provided the policy is in force and all due premiums have been paid.
  • Maturity Benefit for Option A 
    {140% - (0.1% x Age at entry)} x Basic Sum Assured
  • Maturity Benefit for Option B
    {120% - (0.1% x Age at entry)} x Basic Sum Assured

Note:- The last installment of Guaranteed Annual Income will be paid as due along with the above mentioned maturity benefit.

Death benefit: In case of unfortunate death of the Life Assured, before the maturity of the policy, “Sum Assured on death” as defined below is payable to the nominee.
  • “Sum Assured on death” under Option A shall be the highest of the following
  1. 150% of Basic Sum Assured 130% of Basic Sum Assured
  2. 105% of the “Total Premiums Paid” 105% of the “Total Premiums Paid”
  3. Maturity Sum Assured Maturity Sum Assured
  • “Sum Assured on death” under Option B shall be the highest of the following
  1. 130% of Basic Sum Assured 130% of Basic Sum Assured
  2. 105% of the “Total Premiums Paid” 105% of the “Total Premiums Paid”
  3. Maturity Sum Assured Maturity Sum Assured

Other Policy Features

  • Surrender: Policyholder can surrender his policy any time during the term of the policy, provided at least first two full year’s premiums have been paid & the policy has completed two policy yrs. 
  • Guaranteed Surrender Value (GSV): Guaranteed Surrender Value = (Guaranteed Surrender ValueFactor X Total Premiums Paid) - Survival Benefits already paid, if any
  • Special Surrender Value (SSV): Special Surrender Value (SSV) = Special Surrender Value Factor x [(Maturity Benefit + Total amount of Guaranteed Annual Income payable throughout the policy term) x Minimum (t/n, 1) – Survival Benefits already paid, if any
  • Maturity Benefit is defined as
  1. For Option A = {140% - (0.1% * Age at entry)} * Basic Sum Assured
  2. For Option B = {120% - (0.1% * Age at entry)} * Basic Sum Assured
Factor Mode :-
Annual Premium Rate  Multiply Annual Premium Rate by 1 (i.e. No loading).
Semi-Annual Premium Rate Multiply Annual Premium Rate by 0.51
Quarterly Premium Rate Multiply Annual Premium Rate by 0.26
Monthly Premium Rate Multiply Annual Premium Rate by 0.0883
  • Revival/ Reinstatement :-
  1. In case of revival the company will require the following documents :-
    a) A written application from you for reinstatement/revival
    b) Current health certificate of life insured and other evidence of insurability satisfactory to the Company
    c) Payment of all overdue premiums with interest
  2. At the time of reinstatement/revival, if the Insured is found to be a sub-standard life, the policy would remain in lapsed status and the policyholder would be eligible only for the benefits provided under the Non-Forfeiture Provisions
  • Loan Policy :- Loan is allowed in Tata AIA Life Insurance MahaLife Supreme, provided the policy acquires Surrender Value. Interest shall be payable on each policy anniversary after the loan date and until the loan is repaid. 

Guaranteed Annual Income (GAI) :-

  • For Option A- GAI will start from end of the 16th policy year

- You pay premiums for 15 years

- You will start receiving GAI from the end of 16th policy year 

- GAI will be paid every year for 20 years till the end of the policy term or an unfortunate death of the life insured, whichever is earlier

Premium Bands Rs. GAI p.a. as % of Basic Sum Assured 
15,000 - 19,999  10%
20,000 - 29,999  10%
30,000 - 49,999  10%
>= 50,000  10%
  • For Option B GAI will start from end of the 16th policy year

- You pay premiums for 12 years

- You will start receiving GAI from the end of 13th policy year 

- GAI will be paid every year for 18 years till the end of the policy term or an unfortunate death of the life insured, whichever is earlier

Premium Bands Rs. GAI p.a. as % of Basic Sum Assured 
20,000 - 29,999  6%
30,000 - 49,999  6%
>= 50,000  7%

Add-ons

No Add-ons 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 Supreme

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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