This is a non-linked endowment plan that offers financial protection to the life insured’s family in case the policyholder meets with an untimely death. The plan provides benefits such as the sum assured along with additional returns which are paid in the form of a bonus. Some of the key features of this plan are listed below:
An individual will have to meet the eligibility criteria listed below to avail the Tata AIA Life Insurance iRaksha Supreme Plan:
|Minimum Age of Entry||5 years (As of last birthday)|
|Maximum Age of Entry||65 years (As of last birthday)|
|Maturity Age||75 years (As of last birthday)|
|Minimum Policy Term||10 years|
|Maximum Policy Term||30 years|
The sum assured is based completely on the premiums that you will be required to pay to avail the benefits of the policy. The sum assured for Tata AIA Life Insurance iRaksha Supreme Plan is listed below:
|Minimum Basic Sum Assured||Rs.1 lakh|
|Maximum Basic Sum Assured||Rs.20 crore|
Premiums are paid to the insurer to purchase a policy from them so that the individual can come under the umbrella of benefits and coverage that this plan has to offer. The premiums that a policyholder will have to pay towards a Tata AIA Life Insurance iRaksha Supreme Plan are listed below:
|Premium Payment Term||Payment term is same as that of the policy|
|Premium Payment Frequency||
|Minimum Premium Paid||
|Rebate||The insurance company offers its customers a rebate of 1% on any annualized premium that is paid which amounts to Rs.20,000 or more|
*Premiums paid vary based on age, location, plan term and other factors
Premiums for a Tata AIA Life Insurance iRaksha Supreme Plan can be made using any of the following ways:
The Tata AIA Life Insurance iRaksha Supreme Plan offers a number of different benefits and these are listed in the table below:
|Death Benefits||A death benefit that is equal to the sum that is assured will be paid to the nominee or beneficiary of the policy along with any additional bonuses that need to be paid.|
|Tax Benefits||As per the prevailing tax laws.|
|Maturity Benefits||The sum that is assured will be paid to the policyholder along with any additional bonuses that need to be paid at the time of completion of the policy.|
If the policyholder commits suicide within a year from the date of commencement of the policy, whether the policyholder is sane or insane at the time of death, no death benefit shall be payable to the nominee or beneficiary of the policy.
If the policyholder commits suicide within a year from the date of revival or reinstatement, the surrender value shall be payable to the nominee or the beneficiary of the policy provided that the policyholder has made premium payments for 3 full years.
Other Key Benefits
|Free Look Period||In case the policyholder is not satisfied with the “Terms and Conditions” of the policy, a 15 day period is provided where the insured can return the policy back to the insurer.|
|Assignment||Assignment is allowed as per the prevailing tax laws under Section 38 of the Insurance Act, 1938.|
|Nomination||Nomination is allowed as per the existing tax laws under Section 39 of the Insurance Act, 1938.|
|Grace Period||A grace period of 15 days is provided for monthly mode from the due date of making a premium payment. A time period of 30 days is provided for other modes of premium payment which is for 6 months and 1 year. If the policyholder fails to make the premium payments within the grace period, the policy will lapse.|
|Loan Facility||Loan facility is provided for this plan. A loan amounting to 90% of the available surrender value will be available for the policyholder to apply for. Minimum loan amount is Rs.1,000. If the loan amount along with the interest exceeds the surrender value, the policy shall terminate and the outstanding loan amount will be recovered out of the surrender proceeds.|
|Policy Lapse||The plan shall not acquire any type of value if the premium for the policy is not paid for the first three plan years. The policy shall acquire a guaranteed paid up value if you stop paying your premiums. This paid up value shall be paid at the time of maturity or as death benefits.|
|Revival||A 2 year revival period is offered where no benefits shall be payable during this period. This policy can be revived by paying the outstanding premiums that are due along with the interest that has accumulated from the date of the first unpaid premium. This can be done within 2 years from the date of the first unpaid premium.|
|Terminal Bonus||Terminal bonus is generally announced by the company at the end of the financial year and will be credited to the plan at the end of the policy year.|
|Simple Revisionary Bonus||This is a percentage of amount that is declared by the company as the sum assured. This percentage is not fixed and is liable to changes from time to time.|
A policyholder can enjoy tax benefits on any premium that is paid towards Tata AIA Life Insurance iRaksha Supreme Plan under the prevailing tax laws under Section 80C and for withdrawals or maturity amount under 10(10D) of the Income Tax Act, 1961. Tax benefits are subject to changes without prior notice so it is important that the policyholder consults a Tax Advisor to stay informed about any changes made.
Other Benefits - How you can save with the Tata AIA Life Insurance iRaksha Supreme Plan
Listed below are the benefits that you can avail by choosing the Tata AIA Life Insurance iRaksha Supreme Plan:
Tata AIA Life Insurance Company is the product of a joint venture between Andhra Bank, Bank of Baroda, and Legal and General (UK). Incorporated in the year 2009, Tata AIA Life Insurance Company has rolled out a number of insurance products at attractive rates and which offer a large number of benefits to its customers. The company has over 8,000 branches located across country. Tata AIA Life Insurance Company Life draws on its team’s experience in wealth management and banking to provide some of the best products which addresses a number of concerns such as savings, retirement, health and protection. The company is technology driven and follows the principle of putting its “customers first” which is why a lot of people in the country opt to do business with Tata AIA Life Insurance Company.
The Tata AIA Life Insurance iRaksha Supreme Plan is a term insurance policy that is easily available online and also provides protection for your family in the unfortunate case of your demise. The payout from this policy ensures that your family does not have to change the way they live and this sum of money can help them live a comfortable lifestyle.