Tata AIA Shubh Maha Life Plus Health

This plan helps you save regularly and receive income later, along with a lump sum payout at the end of the policy term. It is suitable for those who want to plan for retirement or future financial stability, with the benefit of a steady income after a few years.
 

How it Works

• You pay regular premiums for a fixed number of years
• You choose an age between 50 and 70 (in steps of 5 years) till when you want the higher cover.
• You also select a Deferment Period — a waiting time (minimum 10 years) during which no income is paid out.
• Once the deferment period ends, you start receiving annual income payouts. These payouts come from bonuses declared by the insurer.
• At the end of the policy term, you receive a lump sum payout, which includes the sum assured on maturity and any accumulated bonuses.
• Protection against critical illness, accidental death and disability.

Example

Mr. Verma, aged 35, chooses the Deferred Income Plan and pays ₹5,00,000 every year for 10 years.  He selects a 12-year deferment period, which means he will not receive any payouts during the first 12 years.

• From the 13th year onwards, he starts receiving annual income payouts as declared by the insurer.
• At the end of the 30-year policy term, he receives a lump sum amount, which includes his assured maturity benefit, and any bonuses accumulated over the years.

This plan helps you save funds while you work and then provides you with a steady income after you retire. You also get a lump sum amount at the end of the plan.
 

How It Works:

• You pay regular premiums for a certain number of years.
• You choose an age between 50 and 70 (in steps of 5 years) till when you want the higher cover.
• After you reach that age, and if all your premiums are paid, you start getting yearly income payments basis the income start year selected. These payments are made from bonuses declared by the insurer.
• When the plan ends, you get a lump sum amount, which includes your maturity amount and any bonuses earned.
• Protection against critical illness, accidental death and disability.

This plan gives you regular payouts after retirement and a final payout at the end.
 

Example

Ayush is 30 years old. He chooses this plan and pays ₹5,00,000 every year for 10 years. He picks age 50 as the higher cover end age. And income start year as 61, Ayush begins to get yearly payments from bonuses (if declared). At the end of the plan, he receives a lump sum amount that includes his maturity payout and bonuses.