TATA AIA Life Mahalife Gold Plan
Tata AIA Mahalife Gold is a dedicated savings plan that may help you to save funds over time while receiving a life insurance payout for the protection of your family. This savings policy gives you the security of guaranteed returns along with the benefit of getting consistent income for the duration of the policy. To obtain this life insurance coverage, the policyholder is only required to pay premiums for a brief period of time.
Additionally, the policy guarantees return for a stable financial future. By guaranteeing that one leaves a legacy for three generations through yearly returns and bonuses till 85 or 100 years of age, Tata AIA Life Insurance MahaLife Gold offers a total solution.
Read on to know more about the Tata AIA Mahalife Gold’s eligibility criteria, key features and benefits, exclusions, and more.
Here is the eligibility criteria for Tata AIA Mahalife Gold Plan.
Minimum- 0 years (30 days)
Maximum- 55 years (for 6 years premium payment term)
60 years (for 8 years and 15 years)
|Maturity Age||85 years or 100 years|
|Policy Term||85 years minus Entry Age OR 100 years minus Entry Age|
|Payment Mode||Annual / Semi-Annual / Monthly|
|Minimum Basic Sum Assured||Rs. 1,00,000|
|Maximum Basic Sum Assured||No Limit, subject to underwriting|
Key Features and Benefits of Tata AIA Mahalife Gold Plan
Here is the list of the frequently asked questions related to Tata AIA Mahalife Gold Plan.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
What Are The Things Not Covered Under Tata AIA Mahalife Gold Plan?
The nominee or beneficiary of the policyholder shall be entitled to at least 80% of the total premiums paid up to the date of death or the surrender value available as on the date of death, whichever is higher, provided the policy is in force, in the event of death by suicide within 12 months from the date of commencement of risk under the policy or the date of revival of the policy, as applicable.
How Does the Tata AIA Mahalife Gold Plan Work?
Let’s take an example to understand!
A man, named Mr Naresh Parihar, is looking for a savings cum investment plan that can help him fulfill his dreams. After getting many suggestions from friends and searching on the internet, he stumbled upon the Tata AIA Mahalife Gold Plan and found it a great deal of investment. Mr Naresh, then, decided to choose the plan.
Here’s what he will get under different circumstances.
|Policy Term||Premium Payment Term (Years)||Basic Sum Assured||Annual Premium||Total Guaranteed Annual Coupons||Minimum Guaranteed Sum Assured on Maturity||Total Non- Guaranteed Cash Dividends|
|45 Years||6||10,00,000||3,47,380||Rs. 19,80,000||Rs. 10,00,000|
Benefits @4% Rs. 11,20,000
Benefits @ 8% Rs. 45,20,000
Frequently Asked Questions
No, the life insurance coverage provided by this policy is a required benefit and is included in the savings plan. However, you can select the life insurance policy term based on your needs.
The savings policy begins providing consistent income in the form of guaranteed* annual coupons on the 10th anniversary of the policy until policy maturity. If a non-guaranteed cash dividend is declared, it will be paid out on the 6th anniversary of the policy onward until maturity.
Tata AIA Mahalife Gold provides a guaranteed annual coupon that will be paid out starting on the 10th policy anniversary until maturity and, if declared, a non-guaranteed cash dividend that will be paid out starting on the 6th policy anniversary until maturity. A maturity benefit equal to the basic sum assured is also given to you upon reaching maturity.