TATA AIA Life Mahalife Gold Plan

Here is the list of the frequently asked questions related to Tata AIA Mahalife Gold Plan.

1. Guaranteed Annual Coupons: As long as the policy is still in effect, Guaranteed Annual Coupons will be paid out at each policy anniversary beginning with the 10th anniversary of the policy until maturity or until the insured’s death, whichever comes first. For every 1,000 Basic Sum Assured, there are 55 Guaranteed Annual Coupons issued.

2. Non-guaranteed Cash Dividends: Commencing with the sixth policy anniversary, non-guaranteed cash dividends will be paid yearly. If the policy is still in effect for the full Basic Sum Assured at that time, these dividends will be paid until the plan’s maturity or until the insured’s death, whichever comes first. These will depend on the Company’s performance and are not guaranteed.

3. Maturity Bene­fit: If the policy is in force and all required premium payments have been made, you will receive a Minimum Guaranteed Sum Assured at maturity that is equal to the Basic Sum Assured.

4. Death Benefi­t: If the insured person unluckily passes away before the policy’s maturity, the sum assured on death—subject to a minimum of 105% of all premiums paid up to the time of death—will be paid to the nominee or legal heir as long as the policy is still in effect. No further benefits under the policy will be payable after the insured person’s death, and the policy will come to an end.

5. The Flexibility of Additional Coverage: By purchasing the following optional riders and paying a separate rider premium in addition to your standard policy premium, you have the option to increase your coverage.

6. Grace Period: Each additional premium may be paid during a Grace Period of fifteen (15) days for monthly modes and thirty (30) days for all other modes following the due date. Your policy is regarded as being in effect at this time, providing risk coverage in accordance with the policy’s terms and conditions. The Policy will expire and lose all of its value if any premium is not paid by the end of the Grace Period, unless otherwise specified under the non-Forfeiture Provisions.

7. Revival: If a premium remains unpaid after the Grace Period and the policy has not been surrendered, you may reinstate it within five (5) years of the first unpaid premium’s due date but before the policy’s maturity date. Though, the

In order to revive your policy, the company will need the following from you: a) a written application; b) a current health certificate for the insured; c) payment of all past-due premiums with interest; d) repayment or revival of any debt that was outstanding at the time the premium was due at default plus interest.

8. Free Look Period: If the terms and conditions or features of the policy do not meet your needs, you have the right to cancel it by giving written notice to the company outlining your concerns and receiving a refund of all premiums paid without interest, less the following deductions: a) proportionate risk premium for the period of coverage; b) costs associated with the medical examination and stamp duty, as well as any applicable taxes, cesses, and levies incurred in order to issue the policy.

9. Tax Bene­fits: According to Section 80C of the Income Tax Act of 1961, premium payments made under this plan are tax-deductible. However, modifications may be made from time to time. According to Section 10(10D) of the aforementioned Act, life insurance proceeds also benefit from tax advantages.