Tata AIA Life Insurance Company Limited (Tata AIA Life) announced the launch of Tata AIA Life Insurance MahaLife Supreme (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.
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The plan is also UNIQUE in terms of the Life Cover it offers, which is highest of the following three conditions, resulting in superior Life Cover than most life insurance plans:
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For entry age below 45 years at entry |
For entry age equal to or greater than 45years at entry |
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Death benefit will be higher of the following: • Basic Sum Assured • Policy Term x 0.5 x Annualized Premium • 105% of “Total Premiums Paid†^ till date |
Death benefit will be higher of the following:
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^Amount equal to the total premiums paid during the premium payment term of the policy excluding interest, tax, underwriting extra premiums and loading for modal premiums, if any.
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 Guaranteed Annual Income (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. The payouts depend on the Premium Size as per table below:
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Option A |
Option B |
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Premium Bands (`) |
GAI as % of Basic Sum as Assured |
Premium Bands (`) |
GAI as % of Basic Sum Assured |
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15,000 – 19,999 |
9.50% |
20,000 – 29,000 |
6.00% |
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20,000 – 29,000 |
9.80% |
30,000 – 49,999 |
6.30% |
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30,000 – 49,999 |
10.10% |
>= 50,000 |
6.60% |
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>= 50,000 |
10.40% |
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- The Basic Sum Assured (BSA) is defined as 10 times of Annualized Premium
- For the purpose of Death Benefit and Basic Sum Assured , the “Annualized Premium†shall be the premium paid in a year excluding the underwriting extra premiums and loading for modal premiums, if any.
In addition to the Guaranteed Annual Income (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
Announcing the launch of MahaLife Supreme, Mr. Suresh Mahalingam, Managing Director & CEO Tata AIA Life, said, “In this festive season, we are very happy to present a solution that can help our customers ‘Open Doors to a Guaranteed Future’. 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.â€
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.
