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.
^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.
|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.
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|
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.
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