Tata AIA Life Insurance Wealth Maxima
Tata AIA Life Insurance Wealth Maxima
The Tata AIA Wealth Maxima is a Unit Linked Whole Life Individual Savings Plan that offers market-linked returns for wealth creation and includes a protective life cover for your family's future security.
What are the Key Features of the Tata AIA Life Insurance Wealth Maxima?
Here are the key features of Tata AIA Wealth Maxima:
Flexible Premium Payment: You can choose to pay premiums once or for a limited period, and in return, you get insurance protection for your entire life.
Loyalty Additions: The policy offers regular loyalty additions that help boost your investments over time, enhancing the overall value of your plan.
Diverse Investment Options: You have the flexibility to choose from 18 different fund options, allowing you to tailor your investments according to your risk tolerance and financial goals.
Rider Customization: This investment plan offers a range of riders that you can add to your plan, providing additional coverage and benefits based on your specific needs and circumstances.
Investment Portfolio Strategy: You have the choice of opting for the Enhanced Systematic Money Allocation and Regular Transfer (SMART) Investment Portfolio Strategy. This strategy aims to optimize your investments by periodically reallocating funds based on market conditions.
Tax Benefits: The Tata AIA Life Insurance Wealth Maxima Plan offers tax benefits as per the prevailing tax laws. This can help you save on taxes while also securing your financial future.
What is the Eligibility Criteria for Tata AIA Life Insurance Wealth Maxima?
Criteria | Minimum | Maximum | |
Issue Age | 0 Years (30 days) | 60 Year | |
Maximum Maturity Age | 100 years | ||
Policy Term | 100 minus Issue age | ||
Premium Paying Term | Single Pay Limited Pay – 7/8/9/10/15 and 20 years | ||
Pay Mode | Single, Annual, Semi-Annual, Quarterly, Monthly | ||
Premium Payment | Single Pay – ₹5,00,000 Limited Pay – ₹2,50,000 per annum | There is No Limit | |
Sum Assured | For Single Pay – 1.25 times the Single Premium For Limited Pay – Higher of (10*AP) OR (0.5*Policy Term* AP) (For the purpose of Basic Sum Assured, Policy Term = 70 minus Issue age) | ||
What are the Benefits of Tata AIA Life Insurance Wealth Maxima?
Here are the benefits of Tata AIA Wealth Maxima:
Maturity Benefit:
Upon survival to the end of the policy term, you will receive the Total Fund Value.
The Total Fund Value includes the sum of Regular/Single Premium Fund Value and Top-Up Premium Fund Value.
The value is determined based on the applicable Net Asset Value (NAV) on the date of maturity.
Death Benefit:
In the event of the life insured's death during the policy term while the policy is active, the nominee/legal heir will receive a death benefit.
The death benefit is the highest of the following:
Basic Sum Assured (net of "Deductible Partial Withdrawals") from Regular/Single Premium Fund Value.
Regular/Single Premium Fund Value of the policy.
105 percent of the total Regular/Single Premiums paid until the date of death.
Additionally, the following are also payable if applicable:
105 percent of the total Top-Up Premiums paid until the date of death.
Highest of approved Top-Up Sum Assured(s).
Top-Up Premium Fund Value of the policy.
Loyalty Additions:
As a gesture of loyalty, additional units are credited to your policy each anniversary.
For policies with regular premium payments, additional units equal to 0.20% of the units in each fund are credited.
For single premium payment policies, additional units equal to 0.35% of the units in each fund are credited.
The credited units are calculated after deducting applicable charges.
Loyalty Additions are credited starting from the 11th policy anniversary for regular premium policies and the 6th policy anniversary for single premium policies.
To receive Loyalty Additions, the policy must be in force, and all due premiums must be paid.
Loyalty Additions are not applicable to the Top-Up Premium Account.
Flexibility of Partial Withdrawals:
Allows withdrawals from the Regular / Single Premium Fund after five policy anniversaries, as long as the policy is in force.
Partial withdrawal from the Top-up Premium Fund possible after five policy anniversaries from the date of accepting each Top-up Premium paid.
Minimum partial withdrawal amount of ₹5,000 for Regular Premium policy and Single Premium policy.
Partial withdrawal available only after the insured person attains 18 years of age.
Up to four partial withdrawals allowed in a policy year without any charges.
Partial withdrawals must be made first from the Top-up Premium Fund, if available, and then from the Regular / Single Premium Fund.
Partial withdrawals are not allowed if they lead to contract termination.
Flexibility of Top-ups:
Additional premium can be paid as 'Top-up Premium' while the policy is in force.
Top-up premiums can be paid anytime except during the last five years of the policy term.
Maximum of four top-ups allowed in a policy year, subject to underwriting and if all due premiums are paid.
Minimum Top-up amount is ₹5,000. Acceptance subject to prevailing underwriting rules.
Top-up premiums can be allocated across different funds as chosen by the policyholder.
Each Top-up Premium has a lock-in period of five years, except in cases of complete policy withdrawal.
Total Top-up premiums paid cannot exceed the sum of total regular premiums / single premium paid.
Charges for Top-up premiums described under "What are my Policy charges?"
Top-up Sum Assured:
Sum Assured increases by Top-up Sum Assured when a Top-up is availed, subject to underwriting.
Top-up Sum Assured = Top-Up Multiple * Top-Up Premium.
Top-Up Multiple is 1.25.
Flexibility of Premium Mode:
Premiums can be paid annually, semi-annually, quarterly, monthly, or as a single premium, according to your convenience.
Premium calculation: Monthly Premium = 0.0833 of Annualised Premium, Quarterly Premium = 0.25 of Annualised Premium, Semi-annual premium = 0.50 of Annualised Premium (subject to minimum premium conditions for each mode).
How does the Tata AIA Life Insurance Wealth Maxima Plan Work?
Tata AIA Life Insurance Wealth Maxima Plan is a ULIP policy that allows you to plan your financial future in a simple way:
Policy Setup: The policyholder selects the annual premium amount, premium payment term, payment mode, and the desired investment strategy.
Investment Funds: The policyholder can choose from five available funds for investment:
Large Cap Equity Fund
Whole Life Stable Growth Fund
Whole Life Mid Cap Equity Fund
Whole Life Aggressive Growth Fund
Whole Life Income Fund
Whole Life Short-Term Fixed Income Fund
Premium Investment: After deducting the applicable allocation charge, the premium is invested according to the chosen investment strategy.
SMART Strategy: The policyholder can opt for the enhanced Systematic Money Allocation and Regular Transfer (SMART) strategy. This involves selecting either a debt fund or an equity fund. The net premium is initially invested in the chosen debt fund. Subsequently, systematic transfers are made to the selected equity fund. This strategy shields the entire investment from market volatility, providing protection against equity exposure. This feature is available for both single pay and annual pay plans.
Death Benefit: If the policyholder passes away during the policy term, a death benefit is paid out.
Maturity Benefit: When the policy matures, the maturity benefit is paid to the policyholder.
