Tata AIA MahaLife Gold is a traditional whole life insurance plan in which you pay premiums for 15 years and get a life insurance cover till the age of 100. You also get a guaranteed annual income throughout your lifetime.
You can purchase this for yourself or for your child:
For a healthy male aged 30, for a life coverage of Rs. 3,00,000: the annual premium works out to Rs. 26,823 (including service tax) per year for 15 years. From the 10th policy anniversary onwards, you will get a guaranteed payment of Rs. 15,000 each year, till age 100. Assuming a life expectancy of 80 years, over a period of 50 years, you will have received Rs. 6,15,000 guaranteed. In addition to this, non – guaranteed payouts totaling to Rs. 10,88,100 will also be made from the 6th policy anniversary onwards. Therefore the total payout you will have received is Rs. 20,03,100 (i.e. guaranteed + non guaranteed payouts)
If taken for a child, it becomes an even better value proposition. Your wise decision today can benefit 3 generations. First, you get tax benefits for the premiums paid. Secondly, your child gets guaranteed & non – guaranteed income for life with a lifelong coverage. Finally, your grandchildren can get the sum assured, which acts as a legacy. For a child aged 5 years, the premium for a coverage of Rs. 3,00,000 works out to Rs. 26,823 (including service tax). From the 10th policy anniversary onwards, you will get a guaranteed payment of Rs. 15,000 each year, till age 100. Assuming a life expectancy of 80 years, over a period of 75 years, you will have received Rs. 9,90,000 guaranteed. In addition to this, non – guaranteed payouts totalling to Rs. 17,85,600 will also be made from the 6th policy anniversary onwards. Therefore the total payout you will have received is Rs. 30,75,600 (i.e. guaranteed + non guaranteed payouts)
Sum Assured = Rs. 3 lakhs
Life Expectancy = 80 years
The bonus rates declared by the company for MahaLife Gold are as mentioned below… .
Bonus rates for 2011-12 - 26.4 per thousand sum assured
Bonus rates for 2010-11 - 21 per thousand sum assured
Death Benefit – In case of death of the policy holder, the nominee gets the sum assured + 5% of Guaranteed Cash accumulated every year + Dividends/Bonus declared by the company.
In case the policyholder dies before the age of 4, the following payouts would be payable:
Age at the time of death
Amount Payable (Rs.)
20% of sum assured
40% of sum assured
60% of sum assured
80% of sum assured
Maturity Benefit – The policy holder will get the Sum Assured if the person survives till the age of 100.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The maturity amount you receive from this plan are exempt from tax under section 10(10D).
Sum Assured (in Rs.)
Entry Age (in years)
Maturity Age (in years)
Premium Paying Term (in years)
Monthly, Quarterly, Half yearly & Yearly
Riders – A host of riders can be purchased along with Tata AIA MahaLife Gold Policy
Type of Rider
Available with Policy
Accidental Death Benefit
Accidental Death & Dismemberment
Critical illness (or dread diseases) benefit
Waiver of Premium