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  • Tata Aia Iraksha Trop Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.