Tata AIG Life's new offering - Tata AIG Life Maha Guarantee Flexi
- A traditional non participating endowment plan with Flexible Policy Terms and Double Life Cover from policy inception
- Upto 100% Guaranteed Loyalty Additions (Provided all premiums are paid and the policy is in force)
Tata AIG Life Insurance Company Limited (Tata AIG Life) has strengthened its traditional product portfolio by launching Tata AIG Life Maha Guarantee Flexi. This is a traditional non-participating endowment life insurance plan which provides customers with increased flexibility through a wide range of policy terms. In addition, customers can attach Tata AIG Life Family Income Benefit Rider (UIN: 110A019V01) to provide Readjustment Income to their families in case of an unforeseen event which provides an additional 1% sum assured every month for a period of 100 months.
The key benefits of this plan are:
- Flexible policy terms ranging from 5 – 30 years
- Guaranteed Loyalty Addition (Provided all premiums are paid and the policy is in force): Starting from 25% - 100% of basic sum assured
- Maturity benefit: the basic sum assured along with guaranteed loyalty addition
- Double cover: Twice the basic sum assured from policy inception
- Tata AIG Life Family Income Benefit Rider (UIN: 110A019V01) - this rider provides the surviving family with Re-adjustment Income i.e. regular income to cope with the immediate financial implications of the insured’s death/total permanent disability
- Discounts on sum assured equal to or more than ' 2,00,000
Speaking on the occasion of the launch of the product, Mr. Suresh Mahalingam, MD & CEO, Tata AIG Life Insurance Company Ltd. said, “ At Tata AIG Life, we constantly look for new ways to provide customers with more: more choices, more flexibility and more new benefits. Tata AIG Life Maha Guarantee Flexi has been designed and developed keeping this objective in mind so that it fulfills the changing protection and savings needs of our customers. Our traditional product portfolio has always been our strength and with the introduction of our latest offering we continue to add force to our existing array of insurance solutions.”
The policy can be purchased for any individual between the age of 18 years to 60 years. Additionally, a sum assured discount is provided for policies with a sum assured equal to or more than Rs 200,000.
The premium paid under this plan is eligible for tax benefits under section 80C of the Income Tax Act, 1961. The proceeds of life insurance enjoy tax benefits under section 10(10D).