TATA AIA Life Insurance Maha Raksha Supreme is a non-linked, non-participating term insurance plan which aims to provide protection to you and ensure that the future of your family is safe and secured. You have the option of choosing your sum assured based on which the policy term and the premium payable will be decided. You also have the option of paying your premium as a single premium or a regular premium based on your convenience. This plan also provides the option of getting discounts on your premiums if you are a female and a non-smoker. You are also eligible for various benefits including tax benefits as well.
Before you decide to purchase the plan, it is important to know the eligibility criteria.
|Parameters||Criteria for eligibility|
|Minimum age at entry||18 years|
|Maximum age at entry||70 years|
|Maximum age at maturity||80 years|
*Ages mentioned above are as on the policyholder’s last birthday.
Sum Assured and Premium*
Sum Assured is the minimum amount the insured will get from the insurer. You have the option to choose your sum assured as per your financial requirements as per this plan. There are two modes of premium payment for this plan .i.e. Single term and regular term. The premium to be paid will depend on the sum assured and your policy term. Relevant information on the sum assured and premium is given in the table below.
|Minimum Sum Assured||Rs.50 lakh|
|Maximum Sum Assured||No Limit|
|Policy Term||10-40 years|
|Premium payment option||
|Premium payment mode||
*The premium amount can change based on the entry age of policyholder, policy term, payment mode, etc.
|Death Benefit||In the unfortunate event of the insured’s death, the death benefit will be payable to the nominee.
The death benefit payable if the premium payment option is regular pay:
|Inbuilt payout accelerator benefit||This plan helps you in accelerating your death benefit payable in case you are terminally ill and your chances of surviving are not more than six months. You will be eligible to receive 50% of your sum assured upon diagnosis and the nominee will receive the death benefit upon your death.|
This particular plan provides you with a rider or an add-on plan called TATA AIA Life Insurance Accidental Death and Dismemberment Rider. In case of your death, the nominee will receive a lump sum equal to the rider sum assured. If you are physically dismembered then the nominee will receive a percentage of the rider sum assured. In case of any certain kind of accidents which results in your death or dismemberment, the benefits will be doubled.
There is an exemption attached to this plan. In case the insured commits suicide within a year of the purchasing or the revival of the plan, the nominee will be entitled to receive a lump sum equal to the total premium paid.
Other Key Features
|Grace Period||A grace period of 30 days is provided it the mode of premium payment is Yearly, Half-Yearly or Quarterly. 15 days if the mode of regular premium payment is monthly. No grace period is provided it the premium payment option is a single term.|
|Free-Look Period||A free-look period of 15 days is provided.|
|Reinstatement||You have the option of reinstating your policy within two years of the date your plan lapsed.|
|Surrender Benefit||If your premium payment option is Regular then no surrender benefit will be payable. If your premium payment option is single then the surrender benefit that you will be eligible for will be calculated as per: 75% x (the difference between the total policy term and policy term completed)/policy term x single premium|
|Assignment||Assignment is allowed according to Section 38 of the Insurance Act,1938.|
|Nomination||Nomination is allowed under Section 39 of the Insurance Act,1938.|
|Life Stage Plus option||This option allows you to increase your cover, above and over the sum assured in case of your marriage, the birth of your child or you legally adopting any child. The request for the availing of this feature must be made 30 days before your policy anniversary. You cannot enjoy this feature if you are age 50 years and above and is not available in the last 10 years of your policy.|
You will be eligible for various tax benefits under Section 80C of the Income Tax Act, 1961. Since tax laws are subject to amendments, it is advisable to consult a tax consultant before making any tax-related decisions.
There are various other benefits that you can enjoy under this plan.
The Maha Raksha Supreme Plan is a non-linked, non-participating term insurance plan which aims to provide cover to you and ensure that your family’s future is safe and secure regardless of whether you are around or not. You have the option of choosing your sum assured as per your financial requirements and goals for the future. You have two options through which you can choose to pay your premiums, single pay and regular pay. This plan are laced with various features which is designed to make sure that you never face any kind of financial burden during various stages of your life. If you are diagnosed with any condition where your chance of survival is not more than six months, then the nominee will be paid 50% of the sum assured and death benefit in case of your death. You can also increase your sum assured if you get married, borne or adopt a child which helps you in ensuring that incase you are not there tomorrow, your loved ones are financially covered. A rider or an add-on plan is also provided which adds an extra layer of protection to you and your family. Apart from that, you are also eligible for various other benefits including tax benefits.
TATA AIA Life Insurance is a joint venture between TATA Sons and AIA Group Limited. It is considered to be one of the topmost insurers in the country and is recipients of various awards including the ‘Golden Peacock’ award for risk management. The company boasts of having a 96% success rate in settling claims and are known to take great care of their customers for they have 100% success rate in addressing their consumers grievances which goes on to show their might as one of the most reputed and one of the best insurance companies in India today.