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Tata AIA Life Insurance MahaLife Gold Plan

What is the Plan all About?

Tata AIA Life Insurance MahaLife Gold is a participating whole life plan that helps fulfill both short term and long term financial goals, along with the life long coverage up to 85 years. This plan helps achieve you & your family’s dreams such as buying a home, education for children, enjoying post-retirement life, etc.

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What are the Key Features?

  • Lifelong coverage up to 85 years
  • Regular income for a long period
  • Guaranteed Annual Coupons
  • Annual Non Guaranteed Cash Dividends
  • Lump sum at maturity
  • Choose rider to enhance protection
  • Get policy loan
  • Large sum assured discount
  • Avail tax benefits

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured before maturity of the policy, Sum Assured on death is payable to the nominee, provided the policy is in force. The death benefit payable under this plan should be at least 105% of all the premiums paid, till the date of death.

    Sum Assured on Death is higher of Minimum Guaranteed Sum Assured on maturity or 10 times of Annualized Premium. The Policy terminates on the death of the life insured and no other benefit will then be payable.

Maturity Benefit

    On survival of the life Insured till the end of the policy term, Minimum Guaranteed Sum Assured on maturity along with last Guaranteed Annual Coupon and last Non-Guaranteed Cash Dividend is payable.

Guaranteed Annual Coupons

    Guaranteed Annual Coupons are payable at every policy anniversary from the 10th policy anniversary till maturity or death, whichever is earlier. The Guaranteed Annual Coupon Rate is Rs 55 per Rs 1000 of basic sum assured.

Non Guaranteed Cash Dividends

    Non Guaranteed Cash Dividends are paid annually from the 6th policy anniversary onwards. These dividends are paid till the maturity or death, whichever is earlier provided the policy is in force. These dividends are based on the Company’s performance.

Loan Benefit

    Policy Loan is available for Tata AIA Life Insurance MahaLife Gold.

Surrender Value

    Surrender Value is higher of Special Surrender Value or Guaranteed Surrender Value. Surrender Value can be acquired on paying at least the first full policy year’s premium.

Tax Benefit

    This policy provides tax benefits under section 80C & 10 (10D) of the Income Tax Act, subject to amendments from time to time.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 30 Days 55 Years
Age at Maturity - 85 Years
Policy Tenure 85 Years Minus Age At Entry -
Premium Paying Term 15 Years -
Premium Paying Mode Annually, Semi Annually & Monthly -
Basic Sum Assured Rs 1 Lac No Limit (subject To Underwriting)
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, on payment of additional rider premium.

How the Plan Works?

Raman at 35 years, wants to buy Tata AIA Life Insurance MahaLife Gold to get the dual benefits of savings and protection. He opts the plan with the policy term of 50 years, premium paying term of 15 years, basic sum assured of Rs 5 Lacs, and the annual premium is Rs 67,900.

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the maturity of the policy term, he receives Rs 5 Lacs along with last Guaranteed Annual Coupon and last Non-Guaranteed Cash Dividend. The maturity amount payable helps fulfill your financial obligations.

Scenario B: Raman dies during the Term of the Policy

In the event of demise of Mr. Raman during any policy year, the nominee/legal heir will receive Rs 5 Lacs. The death benefit payable provides financial cover for the family.

Benefit Illustration:

Tata AIA Life Insurance MahaLife Gold Plan Benefit Illustration