Tata AIA Life Insurance MahaLife Gold

General

1. Why do I need a savings plan?

A savings plan helps you create a long-term financial plan to save money so that you can accumulate a financial corpus over the years. The policy premiums you pay will offer a life cover to your family for unforeseen emergencies and also build the savings fund for the fulfilment of your future goals.

2. Who should buy a savings plan?

A savings plan can be used to fulfil different goals, depending on one’s individual needs. Some people can choose to utilise their savings corpus as a retirement fund or handle major expenses such as education fees, a new business, a lavish holiday, a second income etc., while others can use it for making further investments. A savings fund can also be useful as an emergency fund for future use.

3. How to choose a life insurance policy?

Your choice of a life insurance policy may depend on a multitude of factors such as:

• Your current income
• Your family’s future needs
• Future financial commitments
• Your ability to pay the policy premiums
  
• Any unforeseen emergencies to be met
  
  

4. What does a non-linked savings plan mean?

A non-linked life insurance savings plan means that the returns received on the policy are not linked to the market performance. In the case of Unit-Linked Insurance Plans (ULIPs), you invest in investment funds, and the returns will be dependent on the market and fund performance, which is not the case with savings plans

Policy

1. What are the benefits offered under the Tata AIA Life Insurance Mahalife Gold?

Mahalife Gold offers a guaranteed annual coupon which will be paid out from the 10th policy anniversary until maturity and a non-guaranteed cash dividend which will be paid out from the 6th policy anniversary onwards till maturity, if declared. Additionally on maturity, you receive a maturity benefit which is equal to the basic sum assured.

2. What taxes can I claim on this life insurance savings plan?

This life insurance savings plan allows you to claim tax deductions under Section 80C of the Income Tax Act for the premiums paid towards the policy, while you can also avail of tax benefits on the policy’s death benefit/maturity benefit, as applicable, under Section 10(10D) of the Income Tax Act.

3. Is the life cover under this plan optional?

No, the life cover under this policy is not an optional benefit and is a part of the savings plan. You can, however, choose the policy term for the life cover as per your needs.

4. When can I receive regular income from the savings policy?

The savings policy starts offering regular income in the form of guaranteed annual coupons from the 10th policy anniversary until policy maturity and a non-guaranteed cash dividend which will be paid out from the 6th policy anniversary onwards till maturity, if declared

Cover

1. Can I increase or decrease the life cover under this plan?

No, you cannot increase or decrease the life cover/the basic sum assured under the policy once you have chosen the basic sum assured during the policy purchase.

2. What riders does the Tata AIA Life Insurance Mahalife Gold offer?

The riders offered under the Tata AIA Life Insurance Mahalife Gold are:

Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN:110B033V02 or any other later version) and Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V02 or any other later version.

3. Do I need to pay additional premiums for the riders?

Yes, the riders are optional and additional benefits can be added to the base policy as per your needs.

Hence, they carry an additional but nominal premium charge.

4. What are the premium payment options under the Tata AIA Life Insurance Mahalife Gold?

The Tata AIA Life Insurance Mahalife Gold offers a Limited Pay premium payment term, and you can choose a premium payment frequency of annual, semi-annual, or monthly premium payments.

Claim

1. Do I have to file a maturity claim if I survive the policy term?

Yes, you will have to file a maturity claim to receive the benefits under this policy if you survive the policy term. You can contact our customer care team to receive guidance on the claim process.

2. What is the claim procedure for this savings plan?

You can file a claim with us through any of the channels given below:

Send us an email: customercare@tataaia.com

Call us at - 1860-266-9966 (local charges apply)

Visit any of our Tata AIA Life Insurance Company branch offices.

Write to us:

The Claims Department,

Tata AIA Life Insurance Company Limited

B- Wing, 9th Floor,

I-Think Techno Campus,

Behind TCS, Pokhran Road No.2, Close to Eastern Express Highway, Thane (West) 400 607. IRDA Regn. No. 110

3. How can my nominee file a claim from abroad?

If your nominee wants to file a claim offline from another country, they will have to courier their documents, as needed, to a representative in India who can visit the Tata AIA Life Insurance branch with the papers to file a claim. To file the claim online, the nominee can simply send soft copies of the required documents to us through email.
​​​​​​​

4. Is there any reason why a claim can get rejected?

Claims are often rejected if and when:

• the nominee details are incorrectly mentioned or are missing
• any pre-existing health conditions are not disclosed during policy purchase
• false or incorrect, personal policyholder information is mentioned Please click here to know the list of documents needed for filing and settling a claim.

• This is not a contract of insurance. The precise terms and conditions of this plan are specified in the Policy Contract.
• Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs and the Surrender Value payable may be less than the total premium paid.
• This Product Brochure should be read along with Benefit Illustration.
• This Product is underwritten by Tata AIA Life Insurance Company Ltd. This plan is not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance.
• Insurance cover is available under this product.
• In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
  
• Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
• HDFC Bank Limited (4621612) (IRDAI Registration No: CA0010) is the Corporate Agent of Tata AIA Life Insurance Company Limited and does not underwrite the risk or act as an insurer. HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. 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 HDFC Bank and the Insured.
• Tata AIA Life Insurance Company Limited (IRDAI Regn. No.110 • CIN: U66010MH2000PLC128403). Registered & Corporate Office: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai - 400013. Trade logo displayed above belongs to Tata Sons Ltd and AIA Group Ltd. and is used by Tata AIA Life Insurance Company Ltd under a license. For any information including cancellation, claims and complaints, please contact our Insurance Advisor / Intermediary or visit Tata AIA Lifes nearest branch office or call 1-860-266-9966 (local charges apply) or write to us at customercare@tataaia.com. Visit us at: www.tataaia.com L&C/Advt/2020/Feb/301
  
  ​​​​​​​“As per recent changes in section 10(10D) of Income Tax Act, where the amount of aggregate annual premium payable in the financial year in case of Traditional plans (all non-unit linked plans except Annuity, Pension and Pure Risk Plans) issued on or after 1st April 2023 exceeding INR 5,00,000 the benefits of the policy/policies shall not be eligible for exemption under section 10(10D) except in case of death”. The customer is requested to seek advice of a tax advisor with respect to his/her personal tax liabilities under the Indian Income-tax law."