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Overview

Tata AIA Life Insurance MahaLife Supreme Overview

UIN: 110N105V02

Time never stands still and neither do our financial needs. As we move through various stages of life, our requirements and those of our families change consistently. There are times when we can save enough and then there are times that we need these savings to provide an income that may be required as a standalone income or as a supplement to other incomes. The better we are able to understand these needs, the better we can anticipate and plan for the same.

Let's take an example of an individual in his middle age, with retirement imminent in around 12 to 15 years. He may wish to leverage his balance earning years to save into a plan which will then yield regular annual income to provide for or supplement his retirement income. Similarly, for a recently married young man, it may be important to save now and plan for a regular income that will support his child's education at desired age. A large percentage of our population would also like to ensure that this planned income they are saving for today, is totally guaranteed irrespective of any fluctuations in the financial environment.

With the above need in mind, we are pleased to present, Tata AIA Life Insurance MahaLife Supreme, a Limited Premium Paying Non-Linked Non-Participating Endowment Assurance Plan that enables you to plan both your savings outflow and the required regular annual income inflow along with the all important benefit of life insurance protection.

In this plan, you have the option to pay premiums for a limited period of either 12 or 15 years and receive guaranteed annual income^ for 18 or 20 years respectively.

L&C/Advt/2015/Oct/527

Features

Tata AIA Life Insurance MahaLife Supreme Features

  • Limited premium payment endowment plan with Guaranteed Annual Income ^
  • Choose between 2 options - based on Policy Term and Premium Payment Term as per your requirement of savings outflow and required income inflow
  • Steady and Guaranteed Annual Income^ to provide a regular inflow of funds
  • On maturity, lump sum amount payable as a percentage of Basic Sum Assured as well as applicable Guaranteed Annual Income^
  • Tax Benefits available under Section 80C and 10 (10D)

^Guaranteed Annual Income will start from the end of 16th policy year for option A and from the end of 13th policy year for option B. Option A and Option B are based on Policy Term and Premium Payment Term.

Eligibility

Tata AIA Life Insurance MahaLife Supreme Eligibility

Plan Options Option A  Option B
Min entry age 18 years 18 years
Max entry age 50 years 50 years
Max maturity age 85 years 80 years
Policy Term 35 years 30 years
Premium Payment Term 15 years 12 years
Minimum Premium* p.a. (in multiples of Rs. 1000) Rs. 15,000 Rs. 20,000
Basic Sum Assured 10 times Annualised Premium* 10 times Annualised Premium*

* Premiums are excluding applicable taxes, cesses and levies.

  • You need to choose between Option A and Option B at inception. Change in Options is not allowed during the policy term.
  • You may choose to pay your premiums in Annual, Semi-annual, Quarterly or Monthly mode as per your convenience.

Modal loading is as follows:

Annual Premium Rate Multiply Annual Premium Rate by 1 (i.e. No loading).
Semi-Annual Premium Rate Multiply Annual Premium Rate by 0.51
Quarterly Premium Rate Multiply Annual Premium Rate by 0.26
Monthly Premium Rate Multiply Annual Premium Rate by 0.0883

Disclaimer

  • This product is underwritten by Tata AIA Life Insurance Company Limited.
  • For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
  • Tax benefits and liabilities under the Policy are subject to prevailing tax laws. Tax laws and the benefits arising thereunder are subject to change. The Policyholder is advised to seek an opinion of tax advisor in relation to the tax benefits and liabilities applicable
  • All Premiums are subject to applicable taxes, cesses & levies which will entirely be borne by the Policyholder and will always be paid by the Policyholder along with the payment of Premium. If any imposition (tax or otherwise) is levied by any statutory or administrative body under the Policy, Tata AIA Life Insurance Company Limited reserves the right to claim the same from the Policyholder. Alternatively, Tata AIA Life Insurance Company Limited has the right to deduct the amount from the benefits payable by Us under the Policy.
  • Past performance is not indicative of future performance.
  • Insurance cover is available under this product.
  • In case of sub-standard lives, extra premiums will be charged as per our underwriting guidelines

INDUSIND Bank Limited (CA0001) is the Corporate Agent of Tata AIA Life Insurance Company Limited and does not underwrite the risk or act as an insurer. INDUSIND Bank Limited, 2401, Gen. Thimmayya Rd., (Cantonment), Pune - 411001. Participation by the Bank’s clients in the insurance products is purely on a voluntary basis. The contract of insurance is between Tata AIA Life and the insured and not between the bank and the insured.

Beware of Spurious Phone calls and Fictitious/Fraudulent offers:
IRDA of India clarifies to public that

  • IRDA of India or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.
  • IRDA of India does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
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  • SAVINGS RATES

  • Daily balance upto 5 lac 4 %
  • Daily balance above 5 lac and upto 10 lac 5 %
  • Daily Balance above 10 lac 6 %
  • DEPOSIT RATES

  • 1 year to 1 year 2 months 7.15 %
  • Indus Tax Saver Scheme - 5 years (upto Rs 1.5 lacs) 6.75 %
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