Tata AIG MahaLife Gold is a good whole life insurance plan which doubles up as a great Child Plan. It ranks among the few good whole life insurance plans available in the market. If you are looking at a long term and safe investment for your child this can be a good option.
Key Features of Tata AIG MahaLife Gold Policy
How does it work?
For a healthy male aged 30, for a life coverage of Rs. 3,00,000 the annual premium works out to Rs. 26,823 per year for 15 years. From the 10th policy anniversary onwards, you will get a guaranteed payment of Rs. 15,000 each year, till age 100.Assuming a life expectancy of 80 years, over a period of 50 years, you will have received Rs. 6,15,000 guaranteed. In addition to this, non – guaranteed payouts totaling to Rs. 10,88,100 will also be made from the 6th policy anniversary onwards. Therefore the total payout you will have received is Rs. 20,03,100 (i.e. guaranteed + non guaranteed payouts)
If taken for a child, it becomes an even better value proposition. Your wise decision today can benefit 3 generations. First, you get tax benefits for the premiums paid. Secondly, your child gets guaranteed & non – guaranteed income for life with a lifelong coverage. Finally, your grandchildren can get the sum assured, which acts as a legacy. For a child aged 5 years, the premium for a coverage of Rs. 3,00,000 works out to Rs. 26,823 . From the 10th policy anniversary onwards, you will get a guaranteed payment of Rs. 15,000 each year, till age 100. Assuming a life expectancy of 80 years, over a period of 75 years, you will have received Rs. 9,90,000 guaranteed. In addition to this, non – guaranteed payouts totalling to Rs. 17,85,600 will also be made from the 6th policy anniversary onwards. Therefore the total payout you will have received is Rs. 30,75,600 (i.e. guaranteed + non guaranteed payouts).
Death Benefit – In case of death of the policy holder, the nominee gets the sum assured + 5% of Guaranteed Cash accumulated every year + Dividends/Bonus declared by the company.
Maturity Benefit – The policy holder will get the Sum Assured if the person survives till the age of 100.
Income Tax Benefit
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The maturity amount you receive from this plan are exempt from tax under section 10(10D).
To take this insurance plan and for any further Query reply me with mobile number at mahaalifegold@gmail.com
Key Features of Tata AIG MahaLife Gold Policy
- Guaranteed yearly payout of 5% of sum assured from the 10th policy anniversary
- Enhance the payouts that you get each year through annual cash dividends
- Your dreams are fully protected throughout your life with a life cover till age 100
- Tax benefits for both the premiums paid and for the maturity benefit under relevant sections
- Create an income stream for life, get a lifelong coverage with a limited 15 year payment.
How does it work?
For a healthy male aged 30, for a life coverage of Rs. 3,00,000 the annual premium works out to Rs. 26,823 per year for 15 years. From the 10th policy anniversary onwards, you will get a guaranteed payment of Rs. 15,000 each year, till age 100.Assuming a life expectancy of 80 years, over a period of 50 years, you will have received Rs. 6,15,000 guaranteed. In addition to this, non – guaranteed payouts totaling to Rs. 10,88,100 will also be made from the 6th policy anniversary onwards. Therefore the total payout you will have received is Rs. 20,03,100 (i.e. guaranteed + non guaranteed payouts)
If taken for a child, it becomes an even better value proposition. Your wise decision today can benefit 3 generations. First, you get tax benefits for the premiums paid. Secondly, your child gets guaranteed & non – guaranteed income for life with a lifelong coverage. Finally, your grandchildren can get the sum assured, which acts as a legacy. For a child aged 5 years, the premium for a coverage of Rs. 3,00,000 works out to Rs. 26,823 . From the 10th policy anniversary onwards, you will get a guaranteed payment of Rs. 15,000 each year, till age 100. Assuming a life expectancy of 80 years, over a period of 75 years, you will have received Rs. 9,90,000 guaranteed. In addition to this, non – guaranteed payouts totalling to Rs. 17,85,600 will also be made from the 6th policy anniversary onwards. Therefore the total payout you will have received is Rs. 30,75,600 (i.e. guaranteed + non guaranteed payouts).
Death Benefit – In case of death of the policy holder, the nominee gets the sum assured + 5% of Guaranteed Cash accumulated every year + Dividends/Bonus declared by the company.
Maturity Benefit – The policy holder will get the Sum Assured if the person survives till the age of 100.
Income Tax Benefit
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The maturity amount you receive from this plan are exempt from tax under section 10(10D).
To take this insurance plan and for any further Query reply me with mobile number at mahaalifegold@gmail.com
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