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Tata AIA Life launches MahaLife Supreme, endowment plan

Customer pays premium for a limited period and receives guaranteed annual income for chosen term with guaranteed maturity benefit as well

November 29, 2012 12:35 IST | India Infoline News Service
Tata AIA Life Insurance has launched Tata AIA Life Insurance MahaLife Supreme, a limited premium paying, non-linked, non-participating, endowment insurance plan that offers customers a guaranteed annual income post the premium payment term till end of the chosen policy term. The customers will also get a guaranteed lump sum at maturity, with the benefit of life insurance protection throughout the policy term.
The plan comes with two options:
  • Option A: where term of the plan is 35 years and premiums have to be paid till the 15th year
  • Option B: where term of the plan is 30 years and premiums have to be paid till the 12th year
MahaLife Supreme is the ideal investment avenue for customers who desire a steady and guaranteed second income with absolute peace of mind. The plan guarantees an annual income called guaranteed annual income (GAI) which commences from end of 16th policy year in case of Option A and from the end of 13th policy year in case of Option B. In both the options one earns a higher percentage of GAI with a higher amount of investment. 
The GAI will be payable as a percentage of the basic sum assured from end of 16th policy year in case of Option A and from the end of 13th policy year in case of Option B till policy term or death, whichever is earlier.
In addition to the GAI, the plan also has a guaranteed maturity benefit, which is a fixed Percentage of the Basic Sum Assured (BSA). The GMB percentage depends upon Age at Entry and will vary as follows:
  • Option A–ranges from 134.50% of BSA to 138.20% of BSA as per age at entry
  • Option B–ranges from 114.50% of BSA to 118.20% of BSA as per age at entry
Suresh Mahalingam, Managing Director & CEO Tata AIA Life, said, “Our new product MahaLife Supreme enables our customers make the smart choice by planning both their savings outflow and the required regular guaranteed annual income inflows with the assurance of a long term insurance protection.”
MahaLife Supreme can be bought by the individuals from age 18 to 55 years with the maximum maturity age being 90 years for Option A and 85 years for Option B. The policyholder can also avail of tax benefit u/s 80 C and 10 (10 D) of the Income Tax Act, 1961.







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