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Tata AIA Life Insurance MahaLife Supreme Plan

What is the Plan all About?

Tata AIA Life Insurance MahaLife Supreme is a limited premium, non-linked, & non-participating endowment assurance plan that helps you to attain both your savings and life insurance protection. This plan provides the guaranteed annual income that ensures regular in-flow of funds.

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What are the Key Features?

  • Guaranteed Annual Income
  • Lump sum amount on maturity
  • Choice from option A/option B
  • Enjoy limited premium payment option
  • Choose rider to enhance protection
  • Avail tax benefits

What are the Plan Benefits?

Death Benefit

    In case of an unfortunate demise of the life Insured during the policy term, Sum Assured on death is payable to the nominee.

    Sum Assured on death for option A is higher of 105% of the Total Premiums Paid, 105% of Basic Sum Assured, or Maturity Sum Assured. Under option B, Sum Assured on death is higher of 105% of the Total Premiums Paid, 130% of Basic Sum Assured, or Maturity Sum Assured.

    This benefit is paid irrespective of Guaranteed Annual Income already paid.

Maturity Benefit

    Maturity benefit for Option A is {140% - (0.1% * Age at entry)} * Basic Sum Assured. Maturity benefit for Option B is {120% - (0.1% * Age at entry)} * Basic Sum Assured.

Guaranteed Annual Income

    For Option A, you will receive Guaranteed Annual Income (GAI) from the end of the 16th policy year and it is paid every year for 20 years till death or maturity, whichever is earlier. GAI is 9.50%/9.80%/10.10%/10.40% per annum of basic sum assured for premium bands of Rs 15,000-19,999/Rs 20,000 - 29,999/Rs 30,000 - 49,999/greater than or equal to Rs 50,000 respectively.

    For Option B, you will receive Guaranteed Annual Income (GAI) from the end of the 13th policy year and it is paid every year for 18 years till death or maturity, whichever is earlier. GAI is 6%/6.3%/6.6% per annum of basic sum assured for premium bands of Rs 20,000 - 29,999/Rs 30,000 - 49,999/greater than or equal to Rs 50,000 respectively.

    The last installment of Guaranteed Annual Income is paid along with the maturity benefit under the plan.

Loan Benefit

    Policy Loan is available in Tata AIA Life Insurance MahaLife Supreme.

Surrender Value

    Surrender Value payable is higher of Special Surrender Value or Guaranteed Surrender Value. The policy can be surrendered any time during the term of the policy, provided at least two full policy years’ premiums have been paid.

Tax Benefit

    Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961 and the life insurance proceeds enjoy tax benefits as per Section 10(10D) of the said Act.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 50 Years
Age at Maturity - 85 Years (for Option A), 80 Years (for Option B)
Policy Tenure 35 Years (for Option A), 30 Years (for Option B) -
Premium Paying Term 15 Years (for Option A), 12 Years (for Option B) -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount Rs 15,000 (for Option A), Rs 20,000 (for Option B) -
Sum Assured 10 Times Of Annualized Premium -
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider can be opted under this plan to enhance the coverage, on payment of additional rider premium.

How the Plan Works?

Raman at 35 years, wants to buy Tata AIA Life Insurance MahaLife Supreme to save regularly for a robust corpus plus life cover. He chooses option A with annual premium of Rs 50,000 with the basic sum assured of Rs 5 Lacs.

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the maturity of the policy term, the maturity benefit is Rs 6,82,500. The maturity benefit helps you fulfill your financial obligations.

Scenario A: Raman dies during the Policy Term

If Mr. Raman dies during the policy term, his nominee will get the death benefit as Sum Assured on death (as applicable).

Benefit Illustration under the plan:

Tata AIA MahaLife Supreme Plan Scenario

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