Tata AIA Life Insurance MahaLife Supreme Plan

Death Benefit

In case of an unfortunate demise of the life Insured during the policy term, Sum Assured on death is payable to the nominee.

Sum Assured on death for option A is higher of 105% of the Total Premiums Paid, 105% of Basic Sum Assured, or Maturity Sum Assured. Under option B, Sum Assured on death is higher of 105% of the Total Premiums Paid, 130% of Basic Sum Assured, or Maturity Sum Assured.

This benefit is paid irrespective of Guaranteed Annual Income already paid.

Maturity Benefit

Maturity benefit for Option A is {140% - (0.1% * Age at entry)} * Basic Sum Assured. Maturity benefit for Option B is {120% - (0.1% * Age at entry)} * Basic Sum Assured.

Guaranteed Annual Income

For Option A, you will receive Guaranteed Annual Income (GAI) from the end of the 16^th policy year and it is paid every year for 20 years till death or maturity, whichever is earlier. GAI is 9.50%/9.80%/10.10%/10.40% per annum of basic sum assured for premium bands of Rs 15,000-19,999/Rs 20,000 - 29,999/Rs 30,000 - 49,999/greater than or equal to Rs 50,000 respectively.

For Option B, you will receive Guaranteed Annual Income (GAI) from the end of the 13^th policy year and it is paid every year for 18 years till death or maturity, whichever is earlier. GAI is 6%/6.3%/6.6% per annum of basic sum assured for premium bands of Rs 20,000 - 29,999/Rs 30,000 - 49,999/greater than or equal to Rs 50,000 respectively.

The last installment of Guaranteed Annual Income is paid along with the maturity benefit under the plan.

Loan Benefit

Policy Loan is available in Tata AIA Life Insurance MahaLife Supreme.

Surrender Value

Surrender Value payable is higher of Special Surrender Value or Guaranteed Surrender Value. The policy can be surrendered any time during the term of the policy, provided at least two full policy years’ premiums have been paid.

Tax Benefit

Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961 and the life insurance proceeds enjoy tax benefits as per Section 10(10D) of the said Act.

Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider can be opted under this plan to enhance the coverage, on payment of additional rider premium.

Raman at 35 years, wants to buy Tata AIA Life Insurance MahaLife Supreme to save regularly for a robust corpus plus life cover. He chooses option A with annual premium of Rs 50,000 with the basic sum assured of Rs 5 Lacs.

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the maturity of the policy term, the maturity benefit is Rs 6,82,500. The maturity benefit helps you fulfill your financial obligations.

Scenario A: Raman dies during the Policy Term

If Mr. Raman dies during the policy term, his nominee will get the death benefit as Sum Assured on death (as applicable).

Benefit Illustration under the plan: