The Tata AIA Life Insurance MahaLife Gold Plus is a short-term investment plan that enables policyholders to get complete protection and meet their long-term financial goals. Be it buying a new home, arranging for your child’s wedding or higher education, this participating whole life plan by Tata AIA Life Insurance provides complete solutions through life cover and guaranteed returns until the age of 85 years.
Tata AIA Life Insurance MahaLife Gold Plus Plan Details
Eligibility Criteria
| Particulars | Details |
| Policy Name | Tata AIA Life Insurance MahaLife Gold Plus Plan |
| Policy Type |
|
| Entry Age | 30 days – 55 years |
| Policy Term | 85 years minus age at entry |
| Maturity Age | 85 years |
| Premium Paying Term | 15 years |
| Payment Mode |
|
| Sum Assured |
|
| Modal Loading |
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Features of Tata AIA Life Insurance MahaLife Gold Plus
The Tata AIA Life Insurance MahaLife Gold Plus plan comes with a number of features. They are:
- Life-Long Coverage up to the Age of 85 Years: This insurance plan provides the policy owner with a lifelong insurance cover up to the age 85 years. And the best part is that you can get this lifelong coverage with the premium payment term of only 15 years.
- Inflation Protection Cover: You can enhance your protection by adding the inflation protection cover so that you do not feel the pinch when the purchasing value of money falls.
- Regular Income: This insurance plan allows the Life Insured to receive regular income for a long period of time to supplement his/her earnings for a stable future.
- Guaranteed Annual Coupons: You stand a chance to get Guaranteed Annual Coupons from the 10th to 30th policy anniversary if you go for the Tata AIA Life Insurance MahaLife Gold Plus Plan.
- Non-guaranteed Cash Dividends: When you opt for this insurance plan, you may be eligible to receive non-guaranteed cash dividends annually from 6th policy onwards until the end of the policy term.
- Enhanced Protection with Riders: The insurer provides its customers with an opportunity to add rider benefits to their existing insurance policy for enhanced protection.
- Lump Sum at Maturity in Addition to Regular Income:The policy owner will also receive a lump sum amount at the end of the policy term in addition to regular income.
Surrender Value of MahaLife Gold Plus
In case one wants to surrender the policy after purchasing it, he/she has the option of doing so by paying the premium of the first full year. The surrender value payable is higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).
Guaranteed Surrender Value = (Total Premiums Paid x GSV factor^) – Total Guaranteed Annual Coupons already paid, if any.
Special Surrender Value= SSV Factor^ x Reduced Paid-up Sum Assured
Reduced Paid-up Sum Assured = (Number of premiums paid)/(Number of premiums payable, during the entire policy term) x Basic Sum Assured
The Special Surrender Value Factors vary according to the age of the Insured and policy year of surrender. Company has the right to review the basis for calculating the SSV factors from time to time based on the experience.
Suggested Read: Tata AIA Life Insurance MahaLife Gold – Eligibility, Features & Claim
Revival of MahaLife Gold Plus
If a policyholder fails to pay the premium even after the Grace Period, and also, is not interested in surrendering, he/she has the option of reviving the policy within two years after the due date of the first unpaid premium and before the date of maturity.
However, the insurance provider would need certain documents for this. They are: written application for reinstatement/revival; current health certificate of Insured and other evidence of insurability satisfactory to the Company; payment of due premiums with interest; repayment or reinstatement of any Indebtedness outstanding at the due date of the premium at default plus interest.
Exclusions under MahaLife Gold Plus
If an insured dies due to suicide within 12 months from the date of commencement, the nominee gets the benefit of “Total Premiums Paid.” However, to avail this benefit, the policy should be valid.
If an insured dies due to suicide within 12 months from the date of reinstatement or revival, the nominee can avail the benefit of “Total Premiums Paid” or the acquired surrender value as on the date of death. However, to get this benefit, the policy must be on.
Benefits of this plan
Tata AIA Life Insurance MahaLife Gold Plus plan ensures financial stability for the policyholder and his/her loved ones along with a Life Cover. This insurance plan comes with various benefits. Some of them are:
Guaranteed Annual Coupons: Life Insured benefit is paid by the insurer at every anniversary of the policy after the 10th policy year till the 30th policy year or the death of the policyholder (whichever is earlier). The rate of these coupons is based on the Basic Sum Assured chosen by the policyholder.
| Basic Sum Assured | Guaranteed Annual Coupon Rate (per Rs. 1,000 Basic Sum Assured) |
| Less than Rs. 5,00,000 | 55 |
| Rs. 5,00,000 – Rs. 9,99,999 | 60 |
| Rs. 10,00,000 and above | 65 |
Non-Guaranteed Cash Dividends: Starting from the 6th policy anniversary, non-guaranteed cash dividends are paid out annually to the policyholder. This benefit is also payable till the end of the policy term or the death of the insured (whichever is earlier). This benefit is not guaranteed since it depends on the market performance of Tata AIA Life Insurance.
Maturity Benefit: The policyholder will get the Minimum Sum Assured at the end of the policy term which is equal to the Basic Sum Assured provided all due premiums have been paid. The policyholder will get this benefit along with last occurred Guaranteed Annual Coupons and Non-guaranteed Cash Dividends (if any) along with Minimum Guaranteed Sum Assured on Maturity.
Death Benefit: In case of the death of the policyholder before the end of the policy term, the Sum Assured on death and an additional percentage of the Basic Sum Assured subject to a minimum of 10% of Total Premiums Paid as on the date of death will be paid by the insurance company to the legally appointed nominee of the Life Insured. This benefit will be the higher of:
- 105% of all premiums paid
- 10 times Annualised Premium
- Minimum Guaranteed Sum Assured on maturity
The death benefit is paid even if survival benefits have been paid.
Inflation Protection Cover: With the Tata AIA Life Insurance MahaLife Gold Plus, you get the added benefit of an enhanced protection i.e. you get an additional Sum Assured at specified periods. The Inflation Protection Cover is paid in addition to the Death Benefit.
| Period of Death During the Policy Term | Inflation Protection Cover (Expressed as % of Basic Sum Assured) |
| Before 15th Policy Year | 0% |
| 15th Policy Year to 29th Policy Year | 15% |
| 30th Policy Year to 44th Policy Year | 30% |
| 45th Policy Year to Maturity | 45% |
Tax Benefits: Premiums paid by the policyholders for the Tata AIA Life Insurance MahaLife Gold Plus provide tax exemption under Sections 80C and 10 (10D) of the Income Tax Act, 1961. Since the income tax laws are subject to change, your benefits may change with the change in the Income Tax laws.
Loan Facility: If the policyholder wants to meet an urgent financial need, he can avail the loan facility against his Tata AIA Life Insurance MahaLife Gold Plus plan.
FAQs
Q1. Are there any insurance riders available for Tata AIA traditional plans?
Yes. Tata AIA traditional insurance plans have 3 main insurance riders that help enhance the benefits and protection:
- Tata AIA Life Insurance Waiver of Premium Plus Rider
- Tata AIA Life Insurance Term Rider
- Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider
Q2. How can I contact Tata AIA Life Insurance?
Here are the ways to contact Tata AIA Life Insurance:
- Call: 1-860-266-9966, +91-80-67603700 (For customers outside India)
- SMS: SMS ‘SERVICE’ to 58888
- WhatsApp: 7045118888 (Monday to Saturday 9 am to 9 pm)
- Address: B- wing, 9th Floor, I-Think Techno Campus, Behind TCS, Pokhran Road No.2, Close to Eastern Express Highway, Thane(West) – 400 607
Q3. What is the Maturity Benefit in the case of Reduced Paid-up Policies?
If the Life Insured survives until the end of the policy term while the insurance plan is in the Reduced Paid-up mode, this is the Maturity Benefit that the beneficiary will receive from the company:
Maturity Benefit for Reduced Paid-up Policy = Minimum Guaranteed Sum Assured on Maturity x (Number of Premiums Paid)/(Number of Premiums Payable during the entire policy term)
The Guaranteed Annual Coupon (if applicable) calculated on the Reduced Paid-up Sum Assured is also payable along with the Maturity Benefit.
Q4. What is the Death Benefit paid to the beneficiary in the case of Reduced Paid-up Policies?
If the life insured dies during the policy term while the insurance plan is in the Reduced Paid-up mode, this is the Death Benefit that the beneficiary will receive from the company:
Death Benefit for Reduced Paid-up Policy = Sum Assured on Death + % of Basic Sum Assured x (Number of Premiums Paid)/(Number of Premiums Payable during the entire policy term)
The total death benefit for a Reduced Paid-up Policy will be subject to a minimum of 105% of total premiums paid until the date of death.
Q5. What will happen if I do not revive a Reduced Paid-up Policy?
If you do not revive a Reduced Paid-up Policy within 2 years from the due date of the first unpaid premium then the policy will stay in the Reduced Paid-up status. You will be eligible to receive the Reduced Paid-up Maturity or Death Benefit. If you want to revive the policy then you must do so within 2 years from the due date of the first unpaid premium by paying all the due premiums together with interest.