Tata AIA Life Insurance
Tata AIA Life Insurance MahaLife Gold is a traditional participating Whole Life plan covering the individual till 85 years of age. Thus the individual is covered for a longer time and bonus declarations increase the corpus.
This plan is a participating traditional Whole life plan with limited premium payment term of 15 years
The individual is covered up to age 85 years
Guaranteed Annual Coupons and Non-Guaranteed Annual Cash Dividends provide annual income from as early as the 6th policy year
Details About Premium
Annual premium in Rupees and benefit illustration
Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days for annual and half-yearly mode. If policyholder fails to make payment within the grace period, the policy lapses
Policy Termination or Surrender Benefit: the policy can be surrendered anytime if one full years premium has been paid. The Surrender value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) where
GSV = total premiums paid*GSV Factor for premiums – total Guaranteed Annual Coupons already paid
SSV = SSV Factor *Reduced Paid-up SA
Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
The policy provides loan facility
Additional Features or Riders
There is an Inflation Protection Cover under the plan which enhances the Sum Assured at regular intervals of 15 years starting from the 15th policy year to 45th policy year @ 15% which increases by 15% every 15 years
High Sum Assured discounts for higher coverages
In case of suicide within 12 months from inception, total premiums paid is returned and within 12 months of revival, higher of total premiums paid or acquired Surrender Value is paid to the nominee.