Tata AIA Mahalife Gold

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Tata AIA MahaLife Gold Plan

 

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.

 

 

Key Features of Tata AIA MahaLife Gold Insurance Policy

 

  • Guaranteed yearly payout of 5% of sum assured from the 10th policy anniversary
  • Enhance the payouts that you get each year through annual cash dividends
  • Your dreams are fully protected throughout your life with a life cover till age 100
  • Tax benefits for both the premiums paid and for the maturity benefit under relevant sections
  • Create an income stream for life, get a lifelong coverage with a limited 15 year payment

 

 

 

Tata AIA MahaLife Gold Policy Details

 

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)

 

 

Sample illustration of returns for Tata AIA Life MahaLife Gold Insurance Plan

 

Sum Assured                       = Rs. 3 lakhs

Life Expectancy                   = 80 years
Tata AIG Maha Life Gold Sample Illustration

 

 

Bonus offered in Tata AIA MahaLife Gold Plan

 

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
 

  Compare Endowment Plans
 

Benefits you get from Tata AIA MahaLife Gold Plan

 

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.)

0

20% of sum assured

1

40% of sum assured

2

60% of sum assured

3

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).

 

 

Eligibility conditions in Tata AIA MahaLife Gold Policy

 

 

 

Minimum

Maximum

Sum Assured (in Rs.)

25,000

No Limit

Entry Age (in years)

30 days

60 years

Maturity Age (in years)

100 years

Premium Paying Term (in years)

15 years

Payment modes

Monthly, Quarterly, Half yearly & Yearly

Annual Premium

2,500

No Limit

Single premium

NA

NA

 

 

Additional Features and Benefits of Tata AIA MahaLife Gold Policy

 

Riders – A host of riders can be purchased along with Tata AIA MahaLife Gold Policy

 

 

Type of Rider

Available with Policy

Accidental Death Benefit

Yes

Accidental Death & Dismemberment

Yes

Critical illness (or dread diseases) benefit

Yes

Waiver of Premium

Yes

Payor Benefit

Yes

Term Rider

Yes

 

 

Some other Savings Plans from Tata AIA Life Insurance

 

 

Tata AIA Life Maha Guarantee
Tata AIA Life Maha Guarantee Flexi
Tata AIA Shubh Life
Tata AIA Assure Golden Years

Compare Endowment Plans

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