Tata AIA Life Mahalife Supreme Plan

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Tata AIA Life Insurance Mahalife Supreme Plan
 
Tata AIA Life Insurance Mahalife Supreme Endowment Insurance Plan is an Endowment Plan with Limited Payment Facility. It is a Traditional Plan without Bonus facility.
 
How it works – In this plan, premium needs to be paid according the policy option selected. There is a choice between 2 options in this plan which needs to be opted at Policy Inception.
  1. Option A- Policy Term is 35 years while Premium Paying Term is 15 years
  2. Option B- Policy Term is 30 years while Premium Paying Term is 12 years
 
This plan provides for Guaranteed Annual Income based on the plan choice you have opted for and the Premium Amount. The Guaranteed Annual Income would start after the Premium Paying Term is over, i.e. after 15 years for Option A and after 12 years for Option B and would continue till the end of the Policy Tenure or death of the Life Insured, whichever is earlier.
 
The Guaranteed Annual Income (GAI) is paid according to the following table:

 

Premium Bands
GAI as % of Sum Assured for Option A
GAI as % of Sum Assured for Option B
Rs 15,000 to Rs 19,999
9.50%
Not Applicable
Rs 20,000 to Rs 29,999
9.80%
6.0%
Rs 30,000 to Rs 49,999
10.10%
6.3%
>=Rs 50,000
10.40%
6.6%
 

On Policy Maturity, i.e. after the Guaranteed Annual Income has been paid throughout the entire tenure after the Premium Paying Term is over, a certain percentage of the Basic Sum Assured is paid as Maturity Benefit which depends on the Age at Entry and the Option Selected.

 

 

 

 

Key Features of Tata AIA Life Mahalife Supreme Insurance Policy
 
  • It is an Endowment Plan with Limited Pay Option
  • In this plan, there is Guaranteed Annual Income which depends on the plan choice and the Premium Amount
  • There is a choice between 2 options in this plan
    • Option A- Policy Term is 35 years while Premium Paying Term is 15 years
    • Option B- Policy Term is 30 years while Premium Paying Term is 12 years
  • In this plan, there is a steady and Guaranteed Annual Income to provide a regular inflow of funds
  • On maturity, a Lump Sum amount is payable as a percentage of Basic Sum Assured as well as applicable Guaranteed Annual Income
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Benefits you get from Tata AIA Life Mahalife Insurance Plan
 
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the Death Benefit and policy terminates. The Death Benefit varies according to the Age at Entry of the Life Insured
  • If Age at Entry <45 years, then Death Benefit would be higher of:
    • Basic Sum Assured
    • Policy Tenure X 0.5 X Annualized Premium
    • 105% of Total Premiums Paid till date
  • If Age at Entry >=45 years, then Death Benefit would be higher of:
    • Basic Sum Assured
    • Policy Tenure X 0.25 X Annualized Premium
    • 105% of Total Premiums Paid till date
 
Maturity Benefit – A certain Percentage of the Sum Assured is paid as Maturity Benefit on completion of Policy Tenure along with the regular Guaranteed Annual Income which is paid after the completion of the Premium Paying Term till the end of the Policy Term. The Maturity Benefit depends on the Option Selected:
  • For Option A, Maturity Benefit is {140% - (0.1% x Age at entry)} x Basic Sum Assured + applicable Guaranteed Annual Income at Maturity
  • For Option B, Maturity Benefit is {120% - (0.1% x Age at entry)} x Basic Sum Assured + applicable Guaranteed Annual Income at Maturity
 
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.

 
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Eligibility conditions and other restrictions in Tata AIA Life Mahalife Supreme Plan
 
 
Minimum
Maximum
Sum Assured (in Rs.)
10 X Annualized Premium
Policy Term (in years)
Option A= 35 and Option B=30
Premium Payment Term (in years)
Option A= 15 and Option B=12
Entry Age of Life Insured (in years)
18
55
Age at Maturity (in years)
-
90 for Option A
85 for Option B
Annualized Premium
15,000 for Option A
20,000 for Option B
No Limit
Payment modes
Annual, Semi Annual, Quarterly and Monthly
 
 
Sample illustration of Tata AIA Life Mahalife Supreme Endowment Insurance Plan
 
The below illustration is for a Health Male opting for Option A with Annual Premium= Rs. 50,000 and hence Basic Sum Assured=Rs. 5,00,000. The Guaranteed Annual Income would be=Rs. 52,000.
Tata AIA Life MahaLife Supreme Plan Sample Benefit Illustation
 
 
Additional Features and Benefits of Tata AIA Life Mahalife Supreme Plan
 
Riders – There is no additional riders in this plan.
 
 
What happens if?
 
You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease. If at least 2 years’ premiums have been paid then the policy is converted to a Paid Up Policy. The policy can however be reinstated if it is done within 2 years of the due date of the first unpaid premium.
 
You want to surrender the policy – There are Surrender Benefits in this plan any time during the term of the policy, provided at least first two full year's premiums have been paid. The Surrender Benefit is higher of:
  • Guaranteed Surrender Value= 30% of Total Premiums Paid till date -1st years premiums, irrespective of any Guaranteed Annual Income already paid
  • Cash Surrender Value= Cash Value of the benefit payable on Surrender
 
You want a loan against your policy – Loan facility is allowed in this plan provided the policy acquires Surrender Value.
 
 
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