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Investment Plans 282 views February 15, 2021
People look to secure their as well as their family’s future, which can be best ensured with a life insurance plan. But if you are looking for a plan that can help you fulfill both current aspirations along with long-term needs, Tata AIA Life Insurance Mahalife Gold Plan can be the right fit for you! When you choose this plan, you are securing your family’s future in case you are not around to support them. We are showing some key features that make it one of the popular insurance plans among customers below. Have a look!
- Lifetime coverage up to the age of 85 or 100 years by paying a premium for 6, 8 or 15 years
- Regular income
- Guaranteed annual coupons from the 10th policy year onwards
- Non- guaranteed cash dividends every year from the 6th policy year onwards
- Lump sum payout at maturity
- Enhanced protection through riders
- Loan against policy up to 65% of the surrender value
- A grace period of 15 or 30 days
- A free look period of 15 days to 30 days
- Flexible premium payment modes
- Tax benefits
Now, you would want to know these key features in detail. Well, you’re in the right place as we will talk about the same along with its benefits, eligibility criteria, the sum assured, etc. Keep reading to know more!
Table of Contents
Highlights of the Tata AIA Life Insurance Mahalife Gold Plan in Detail!
In this section, we are explaining key features of the Tata AIA Life Insurance Mahalife Gold Plan so that you can understand them better. Do check!
Lifelong Coverage with Limited Premium Payment Term
With Tata AIA Life Insurance Mahalife Gold Plan, policyholders can enjoy coverage up to the age of 85 years or 100 years by paying a premium amount for 6, 8, or 15 years. Individuals can choose a policy term of 85 years minus the age at the time of entry or 100 years minus the age at the time of entry. Suppose an individual is 20 years old, the policy term can be 65 years or 80 years.
Guaranteed Annual Coupons
One of the most striking features of the Mahalife Gold Plan is the guaranteed annual coupons that policyholders will start receiving every year from the 10th policy year until maturity or death of the life insured (whichever is earlier). Do remember that policy should be in force to get this benefit. The rate of your guaranteed annual coupon stands at INR 55 per INR 1,000 of the basic sum assured.
Non-guaranteed Cash Dividends
Unlike guaranteed annual coupons, policyholders will start to receive cash dividends every year starting from the 6th policy year until the maturity or the death of the life insured. However, you should remember that these dividends are not guaranteed and depend on the company’s performance.
Option to Choose Rider for Additional Coverage
If you want to enhance your overall coverage, this policy provides you the flexibility to choose additional rider options by paying an additional rider premium over and above the basic premium. There are two rider options that you can choose from – Accidental Death and Dismemberment Rider and Waiver of Premium Rider. With the accidental death & dismemberment rider option, the company will pay a sum assured in case of death or severe injuries due to accident. The waiver of premium rider, on the other hand, will ensure the waiver for all future premiums in case the insured person dies during the policy term.
Discount on Premium Rates
Policyholders choosing a large sum assured amount will also get a discount on the premium that you can see in the below table. Have a look!
| Basic Sum Assured | Discount per INR 1,000 of the Basic Sum Assured |
|---|---|
| Less than INR 2,50,000 | Nil |
| INR 2,50,000 - INR 3,49,999 | 2.3 |
| INR 3,50,000 - INR 3,99,999 | 5 |
| Above INR 4,00,000 | 6 |
What is the Minimum Basic Sum Assured for Tata AIA Life Insurance Mahalife Gold Plan?
In the case of the Mahalife Gold Plan, the minimum basic sum assured stands at INR 1,00,000 while there is no maximum limit.
Tata AIA Life Insurance Mahalife Gold Plan Benefits
A policyholder can enjoy several benefits while choosing the Tata AIA Life Insurance Mahalife Gold Plan. We are showing these benefits below. Please check!
Maturity Benefit
If an individual survives until the policy term, he or she will receive the minimum guaranteed sum assured on maturity, equaling the basic sum assured. Do remember the policy should be in force and all due premiums have been paid to get this benefit. The company will also provide guaranteed annual coupons and non-guaranteed cash dividends along with maturity benefits.
Death Benefits
In an unfortunate case where the policyholder dies during the policy term, the company will provide death benefits to the nominee. Do remember that 105% of the total premiums should have been paid until the date of death. The sum assured on death can be higher of the following.
- 10 times the annualized premium amount ( excluding taxes, rider premium, etc.)
- The minimum guaranteed sum assured on the maturity
Tata AIA Life Insurance Mahalife Gold Plan Eligibility Criteria
Before choosing this Mahalife Gold Plan, you should remember the following conditions that you need to meet.
- The minimum entry age for any individual stands at 0 years (30 days).
- The maximum entry age for 55 years or 60 years depending on the premium payment term.
- The maximum maturity age can be 85 years or 100 years.