Tata AIA Life Insurance launched MahaLife Supreme, a limited premium paying, non- linked, non-participating, endowment insurance plan.
The plan offers a guaranteed annual income after the premium payment term till end of the chosen policy term, where customers will also get a guaranteed lump-sum at maturity, with the benefit of life insurance protection throughout the policy term, a Tata AIA Life release said.
"In this festive season, we are very happy to present a solution that can help our customers open doors to a guaranteed future. Our new product enables our customers to make the smart choice by planning both their savings outflow and the required regular guaranteed annual income inflows with the assurance of a long term insurance protection," Tata AIA Life Managing Director and CEO Suresh Mahalingam said.
MahaLife Supreme can be bought by the individuals from age 18 to 55 years with the maximum maturity age being 90 years for option 'A' and 85 years for option 'B' and provides policyholders tax benefits.
In option 'A', term of the plan is 35 years and premiums have to be paid till the 15th year, while in option 'B', the term of the plan is 30 years and premiums have to be paid till the 12th year.
Tata AIA Life is a joint venture between Tata Sons and AIA Group, a leading independent listed pan-Asia life insurance group spanning 15 markets in the Asia Pacific.