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Designed as a whole life plan, Tata AIG Life Mahalife Gold provides insurance coverage to the policyholder until the age of 100 along with guaranteed payouts @ 5% of the sum assured payable from the 10th policy year onwards until death or maturity age of 100, whichever is earlier. The scheme may also declare bonuses — which are not guaranteed — from the 6th policy year. This plan has a limited premium-paying term of 15 years.
Features
Tata AIG Life Mahalife Gold can also be bought in the name of the policyholder's children no sooner than they are born. This means that the parents need to pay the premium for 15 years while children will en-cash the guaranteed payouts from the 10th policy year until they survive or reach the maturity age of 100 years. The death benefit in this case shall accrue to the grandchildren who, as the nominee of the child in whose name this policy has been taken, will receive the sum assured.
Tata AIG Life Mahalife Gold has been cleverly crafted to benefit three generations - tax benefit on premium payment to parents, guaranteed income to children through their life span and an assured lumpsum payment equal to sum assured to the grandchildren. The scheme thus suits those having such a foresight and the willingness to invest for an immensely long unforeseen future.
Where the scheme does disappoint is on the returns front. The guaranteed payout of 5% per annum that accrues from the 10th policy year, does not appear lucrative enough to take care of the financial needs that may arise then, considering the time value of money and ever increasing inflation.
The premiums charged by this plan are high. So, investing money here implies securing a future source of regular income at 5% p.a. for life. With interest rates known to fluctuate quite often, this proposition may not turn out to be highly rewarding if the rates, in future too, were to quote far more than 5%, like they do today.
However, those seeking to provide for a secondary source of regular income, especially for their children, may consider an investment
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