The Tata AIG Life Maha Life Gold is a unique policy which can be considered as a vehicle of planning for the fund of the retirement. It gives insurance coverage for the life and also renders a steady income. The premiums under this policy are payable for only first 15 years and then it provides cover for the present expenses also.
The key features of the Tata AIG Life Maha Life Gold are:
- The total assured sum is paid under Tata AIG Life Maha Life Gold tax-free as per current Income Tax Laws.
- A guaranteed annual coupon of 5% of the sum assured every year for the rest of the insured’s term from the 10th policy anniversary.
- Yearly cash profits are available from the 6th policy anniversary onwards (depending on Company performance).
- The minimum age for the policy should be 0 years and the maximum age for the policy should be 60 years.
- Accident, Disability, Term and Critical Illness riders are available for extra security at a small additional cost. (For juveniles, only Pay or Benefit Rider is available).
- The guaranteed 5% coupon and non-guaranteed cash profits are exempted of tax according to the latest Income Tax Laws.
- Premiums paid under Tata AIG Life Maha Life Gold plan are entitled for tax benefits under Section 80C of the Income Tax Act, 1961. Any sum received under this plan is not liable from tax under section 10(10D) of the Income Tax Act, 1961.