Tata Aia Iraksha Trop Plan

There aren’t too many financial instruments like a term insurance policy which offers guaranteed sum to a person insured’s family in case they meet an untimely death. Considering the present times, owning such a policy is of paramount importance. The TATA AIA Life Insurance iRaksha TROP is one of those which offers the dual benefit of coverage and return of premium for a policyholder. While the former is available throughout the policy term, the latter kicks in at the time of maturity.

This plan allows policyholders to choose a term that is suitable to them and also receive the benefits based on their financial needs. Also, female customers can opt for the same benefits while paying a slightly lower premiums.

Eligibility - Who the Tata AIA Life Insurance iRaksha TROP Plan is for

People looking to buy this policy need to meet the following criteria. This is as follows:

Particulars	Details
Minimum Age at Entry	18 years
Maximum Age at Entry	65 years
Maximum Age at Maturity	75 years
Plan Type	Term plan

Sum Assured and Premium Range - What you pay and what it costs

Sum Assured: Here’s what the Sum Assured looks like:

Amount	Details
Minimum Sum Assured	Rs.50 lakh
Maximum Sum Assured	No limit Note that Sum Assured will be in the multiples of Rs.1,00,000

Premium Range: Here’s what the premium range looks like:

Particulars	Details
Premium Payment Term	10 to 30 years*
Premium Payment Term	15 to 30 years*
Payment Mode	Regular/ Single/ Limited premium payment up to 5 years for 10 to 30 year terms. Limited pay of 10 years for 15 to 30 year terms.

Here’s what the sum assured and premium payment looks like for a regular, non-smoking person.

Age at Entry	Sum Assured Chosen	Policy Term	Single Pay	Regular Pay	Limited Pay (10 years)	Limited Pay (5 years)
35 years	Rs.1 crore	25 years	Rs.3,20,100	Rs.24,400	Rs.48,700	Rs.88,800
35 years	Rs.1 crore	20 years	Rs.264,000	Rs.26,800	Rs.42,800	Rs.75,900
30 years	Rs.1 crore	25 years	Rs.218,500	Rs.17,100	Rs.33,600	Rs.61,600
30 years	Rs.1 crore	20 years	Rs.182,600	Rs.19,200	Rs.30,000	Rs.53,500

Plan coverage - What the Tata AIA Life Insurance iRaksha TROP Plan covers

This plan comes with some extensive coverage features. They are as follows:

Features	Details
Maturity Benefit	Upon maturity of the policy, all the premiums paid will be returned to the person insured.
Death Benefit	If the person insured succumbs, the beneficiaries will receive the higher of the following: 105% of the total premiums paid Maturity benefit 10 times the annualised premium Basic Sum Assured

Exclusions - What the Tata AIA Life Insurance iRaksha TROP Plan doesn’t cover

If the policyholder commits suicide, whether insane or sane, within 12 months of the policy’s initiation, the nominees will be paid the total premiums paid. The payout can only be done if the policy is active. On the other hand, if the person insured commits suicide after 12 months of reinstating or reviving the policy, the nominees will be paid the higher of either the total premiums paid and the acquired surrender value at the time of death of the person insured.

Other key features - Free Look Period, Policy Loan, Nomination etc,.

Features	Details
Free Look Period	A policyholder can opt to return the policy in case he/she doesn’t like the terms and conditions. However, the return of the policy must be completed within 15 days by submitting the policy document along with the reason for doing the same. The company will deduct proportionate risk premiums and cost it has incurred towards stamp duty and medical expenses before refunding the premium.
Assignment	Assignment facility is available based on Section 38 of the Insurance Act
Nomination	Nomination facility is available based on Section 39 of the Insurance Act
Policy Loan	This policy does not offer a policy loan.
Grace Period	A Grace Period of 30 days is offered if a policyholder does not pay the pending premium on a due date. After the completion of these 30 days the policy will lapse.
Policy Revival	A lapsed policy can be revived provided that the policyholder submits a request within 2 years of the last unpaid premium. Upon receiving such a request, the company will ask the policyholder to pay all the due premiums along with a penalty for not paying them within the set dates.
Surrender Benefit	If a policyholder chooses to surrender their policy before its maturity date, the company will pay out a surrender benefit based on this formula: SV = Higher of GSV or CSV Here SV stands for Surrender Value, GSV for Guaranteed Surrender Value, and CSV for Cash Surrender Value GSV = Total premiums paid along with the applicable GSV Factor CSV = Total premiums paid along with the applicable CSV Factor

 

Tax Benefits:

The Tata AIA Life Insurance iRaksha TROP Plan comes with a few tax benefits. These are as follows:

• Deductions on premiums paid will be applicable based on Section 80C of the Income Tax Act.
• Deductions on death benefit and survival benefit will be applicable based on Section 10 (10D) of the Income Tax Act.

How you can save with the Tata AIA Life Insurance iRaksha TROP Plan:

There are several aspects related to this plan that allows policyholders to save big. These are some of the key aspects:

• Online availability: This policy is available to be bought online and can also be serviced digitally. From paying premiums to making withdrawals, everything can be done on the interest from the comfort of a policyholder’s home.
• Savings for female policyholders: As mentioned earlier in the document, this policy offers the same benefits at a much lower premium, thereby helping save on money.
• Offers on Higher Sum Assured: This policy allows you to save on premiums provided that you opt for a higher sum assured.