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MahaLife Gold Plus Plan
Introduction/Overview MahaLife Gold Plus is a traditional participating Whole Life plan covering the individual till 85 years of age. The plan aims to maximize wealth through bonus participations. Key Features 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 augment savings.
Details About Premium
Details About Premium Annual premium in Rupees and benefit illustration Policy Details 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. Inclusions 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 Exclusions 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
Benefits
The Guaranteed Annual Coupons based on the Sum Assured are paid annually form the 11the policy year till 30th policy anniversary Non-Guaranteed Cash Dividends are paid annually form the 6th policy year till maturity or death whichever is earlier On Maturity, the Sum Assured and the last annual coupon and cash dividend (if any) is paid On death the Sum Assured on death subject to a minimum of 105% of total premiums paid is paid to the nominee The Sum Assured on death is the higher of 10 times the annual premium or SA on Maturity Income tax benefit under Sections 80C and 10(10D) for premiums paid and claims received respectively
MahaLife Gold Plus Plan
Introduction/Overview MahaLife Gold Plus is a traditional participating Whole Life plan covering the individual till 85 years of age. The plan aims to maximize wealth through bonus participations. Key Features 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 augment savings.
Details About Premium
Details About Premium Annual premium in Rupees and benefit illustration Policy Details 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. Inclusions 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 Exclusions 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
Benefits
The Guaranteed Annual Coupons based on the Sum Assured are paid annually form the 11the policy year till 30th policy anniversary Non-Guaranteed Cash Dividends are paid annually form the 6th policy year till maturity or death whichever is earlier On Maturity, the Sum Assured and the last annual coupon and cash dividend (if any) is paid On death the Sum Assured on death subject to a minimum of 105% of total premiums paid is paid to the nominee The Sum Assured on death is the higher of 10 times the annual premium or SA on Maturity Income tax benefit under Sections 80C and 10(10D) for premiums paid and claims received respectively