Tata AIG Life MahaLife Gold is has been introduced to offer steady income as well as insurance coverage to the insured’s life. In this policy the premiums are payable only for the first fifteen years and this premium can also be used to cover the future premiums of the children. In short, this policy is the ideal tool for planning a retirement.
Some of the basic features of Tata AIG Life MahaLife Gold insurance policy are as follows:
- In this policy the insured is eligible to get a guaranteed five percent annual coupon every year. The coupon would be received by him or her after the successful completion of the tenth year of the policy.
- Apart from this the insured is also eligible to get yearly cash dividends after the successful completion of the sixth year of the policy. The dividend usually depends on the present performance of the company.
- As per the present income tax laws, the sum assured is fully exempted from Income Tax.
Some of the key benefits that this insurance policy offers to its policy holder are as follows:
- In this policy the cash dividends and the five percent guaranteed coupon is fully exempted from income tax. Furthermore, the premium that is paid to make this policy safe and functional is also eligible for tax benefit as per section 80C of the Income Tax Act. Even the money that has been received under this plan is eligible for tax benefit under section 10(10D).
- Riders for serious Illness, , Accident and Disability are offered is yet another feature of this policy and that can obtained by the insured without paying any additional money. This insurance policy is available for persons between 0 years and 60 years of age.