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Tata AIA Life Maha Guarantee Flexi

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Tata AIA Life Maha Guarantee Flexi Plan
 
Tata AIA Life Maha Guarantee Flexi Plan is a Non-Participating Endowment Plan. This is a Traditional Plan without Bonus Facility.
 
How it works – In this plan, premium needs to be paid till the end of the Policy Tenure. This plan provides for Guaranteed Loyalty Addition according to the number of policy years. The higher the Policy Tenure, higher would be the Loyalty Addition payable, provided all premiums are paid. Guaranteed Loyalty Addition ranges from 25-100% for Policy Tenures 5-30 years.
 
When the policy matures, the Basic Sum Assured + applicable Guaranteed Loyalty Addition would be payable as Maturity Benefit, provided all due premiums had been paid till date. However, if the Life Insured dies within the Policy tenure, twice the Basic Sum Assured is paid to the nominee as Death Benefit and the policy terminates.
 
There are 4 additional riders in this plan- Accidental Death and Dismemberment (Long Scale), Accidental Death and Dismemberment (Short Scale), Critical Illness (Lumpsum Benefit) Rider and Family Income Benefit (FIB) Rider.
 
 
Key Features of Tata AIA Life Maha Guarantee Flexi Policy
 
  • This is a Non-Participating Endowment Plan
  • Premium needs to be paid till the end of the policy tenure
  • This plan provides for Guaranteed Loyalty Addition according to the number of policy years
  • Guaranteed Loyalty Addition ranges from 25-100% for Policy Tenures 5-30 years
  • Sum Assured + applicable Guaranteed Loyalty Addition would be payable on Maturity
  • Twice the Basic Sum Assured would be paid as Death Benefit
  • There is discount for high Sum Assured in this plan
  • There are 4 additional riders in this plan
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS


 
 
Benefits you get from Tata AIA Life Maha Guarantee Flexi Insurance Plan
 
Death Benefit – If the Life Insured dies within the policy tenure, twice the Basic Sum Assured is paid to the nominee as Death Benefit and the policy terminates.
 
Maturity Benefit – When the policy matures, the Basic Sum Assured + applicable Guaranteed Loyalty Addition would be payable as Maturity Benefit, provided all due premiums had been paid till date.
 
Guaranteed Loyalty Addition (GLA) — is paid according to the Policy Year provided all due premiums have been paid.

 

Policy Term
GLA
Policy Term
GLA
5
25%
18
64%
6
28%
19
67%
7
31%
20
70%
8
34%
21
73%
9
37%
22
76%
10
40%
23
79%
11
43%
24
82%
12
46%
25
85%
13
49%
26
88%
14
52%
27
91%
15
55%
28
94%
16
58%
29
97%
17
61%
30
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 and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
 
 
Eligibility in Tata AIA Life Maha Guarantee Flexi Insurance Policy
 

 

 
Minimum
Maximum
Sum Assured (in Rs.)
1,00,000
No Limit
Policy Term (in years)
5
30
Premium Payment Term (in years)
Equal to PT
Entry Age of Life Insured (in years)
18
60
Age at Maturity (in years)
-
65
Premium (in Rs.)
5,000 p.a.
No Limit
Payment modes
Yearly, Half-yearly, Quarterly, Monthly
 
 
Sample illustration of Premium Amount in Tata AIA Life Maha Guarantee Flexi Plan
 

The below illustration is for a healthy person opting for a Sum Assured = Rs. 2,00,000 and Rs =5,00,000 with Death Benefit= Rs 4,00,000 and Rs 10,00,000 respectively and Maturity Benefit = Rs 2,80,000 and Rs 7,00,000 respectively.

Tata AIA Maha Guarantee Flexi Sample Premiums


 

Additional Features and Benefits of Tata AIA Life Maha Guarantee Flexi Plan
 
Riders- There are 4 additional riders available with this plan-
  1. Accidental Death and Dismemberment (Long Scale)
  2. Accidental Death and Dismemberment (Short Scale)
  3. Critical Illness (Lumpsum Benefit) Rider
  4. Family Income Benefit (FIB) Rider
 
 
What happens if?
 
You stop paying the premium - If the policy holder stops paying the premium, the insurance cover will cease and the policy will lapse. The policy will acquire a Paid Up Value if at least 3 years’ premiums have been paid. However it can be revived within 2 years from the first unpaid premium after fulfillment of certain terms and conditions and payment of due premiums and interest.
 
You want to surrender the policy – Surrender is allowed after completion of 3 policy years.
Guaranteed Surrender Value = 30% of all basic premiums paid - 1st years premium
 
You want a loan against your policy - There is no loan available under this plan.
 
 
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