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
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
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
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 |