Tata AIA Life Maha Guarantee Plan
Tata AIA Life Maha Guarantee Plan is a guaranteed return, non-participating endowment plan. It offers a high and increasing life cover and meets your need for a secured investment option.
Tata AIA Life Maha Guarantee Plan is non-traditional guaranteed plan with Guaranteed Annual Addition & Guaranteed Maturity Additions. You can choose to pay regular or limited premium and get double life cover which increases with annual guaranteed additions.
Key Features of Tata AIA Life Maha Guarantee Insurance Plan
- Guaranteed Returns
- High and increasing life cover
- Limited premium payment option
- Discount on large Sum Assured of Rs. 2 lakh or more
Benefits you get from Tata AIA Life Maha Guarantee Insurance Policy
Death Benefit – In case of death of the Life Insured before the maturity of the policy, the nominee will be paid Twice the Basic Sum Assured and Accrued Guaranteed Additions, provided the policy is in force and all due premiums have been paid.
Maturity Benefit – On maturity, the company guarantees to pay 100% of the Basic Sum Assured + Accrued Guaranteed Additions + Guaranteed Maturity Addition, provided the policy is in force and all due premiums have been paid.
Guaranteed Additions – Guaranteed Additions are paid on death, surrender or maturity. It is accrued at the end of each policy year for which premiums have been paid, as per the rate below:
|
Policy Term
|
Guaranteed Addition (as a % of Basic Sum Assured)
|
|
10
|
2.5%
|
|
15
|
3.5%
|
|
20
|
5.0%
|
Guaranteed Maturity Addition – Guaranteed Maturity Addition is payable as per the rate below:
|
Policy Term
|
Guaranteed Maturity Addition (as a % of Basic Sum Assured)
|
|
10
|
10%
|
|
15
|
25%
|
|
20
|
50%
|
Income Tax Benefit – Premiums paid are eligible for tax benefit under section 80C of the Income Tax Act, 1961. Life insurance proceeds also are eligible for tax benefit under section 10(10D).
Eligibility conditions and other restrictions in Tata AIA Life Maha Guarantee Policy
|
|
Minimum
|
Maximum
|
|
Sum Assured (in Rs.)
|
1,00,000
|
-
|
|
Entry Age of Policyholder (in years)
|
18
|
45
|
|
Age at Maturity (in years)
|
-
|
65
|
|
Policy Term (in years)
|
10, 15 or 20
|
|
Premium Payment Term (in years)
|
Regular pay or Limited pay of 5 years
|
Sample illustration of premium of Tata AIA Life Maha Guarantee Plan
Age at Entry = 25 years & 45 years
Policy Term = 20 years
Sum Assured = Rs. 5,00,000
Death Benefit at policy inception = Rs. 10,00,000
Maturity Benefit = 12,50,000
|
Age
|
Basic Sum Assured
|
Death Benefit at policy inception
|
Regular Annual Premium
|
Maurity Benefit
|
|
25 years
|
5,00,000
|
10,00,000
|
39,205
|
12,50,000
|
|
45 years
|
5,00,000
|
10,00,000
|
45,725
|
12,50,000
|
Additional Features and Benefits of Tata AIA Life Maha Guarantee Plan
Riders – Accidental Death Benefit Rider is an optional rider available at an extra cost to enhance protection
You stop paying premiums – At any time during the policy term, if you stop paying premiums, the company gives you a grace period of 31 days from the due date. If you fail to pay during this time, then the policy will lapse. The policy can acquire a paid-up value after you have paid premiums for at least 3 years.
The policy can be reinstated or revived only at the company’s discretion within 2 years from the date of lapse.
Other Endowment Plans from Tata AIA Life
Tata AIA Maha Guarantee Flexi Plan
Tata AIA Life Shubh Life Plan
Tata AIA Life Assure Security & Growth Plan
Tata AIA Assure Golden Years Plan
Tata AIA Maha Life Supreme
Some Endowment Plans from different insurance companies
Birla Sun Life Rainbow Plan
ICICI Pru Guaranteed Savings Insurance Plan
HDFC Life Sampoorn Samridhi Plan
IndiaFirst Life Secure Save Plan
