Tata AIA Term Insurance

Few responsibilities are as big as being the only earner in a family. In case of unfortunate events, there will be no one to ensure the financial security and safety of the individual’s family. Since family comes first and caring for the security of your loved ones is of utmost important, your family can meet all uncertainties if you take out the right insurance policy that meets their requirements.

Term plans from Tata AIA are the ideal solutions for those wish to secure the financial future of their family. The three main protection solutions offered by Tata AIA include iRaksha TROP, iRaksha Supreme and Maha Raksha Supreme.

Types of TATA AIA Term Insurance Plans:

  1. Tata AIA iRaksha TROP
  2. TATA AIA iRaksha Supreme
  3. Tata AIA Life MahaLife Supreme

Tata AIA Life iRaksha TROP

Tata AIA Life Insurance iRaksha TROP is a non-participating, non-linked online term insurance plan that not only ensures that your family will be financially secure in the unfortunate event of your demise, but also ensures that your family will receive all the premiums you have paid when the term of the policy ends. Please note that the premium amount that you receive does not include tax, interest, or underwriting additional premium.

Feature

Description

Entry age

Minimum: 18 years

Maximum: 65 years

Policy term

Minimum: 10 years

Maximum: 35 years

Sum assured

Minimum: Rs.50 lacs

Maximum: No limit

Premium payment

Minimum annual premium: Rs.17,854

Maximum annual premium: depends on the sum assured

Premium payment frequency

Single, semi-annual, annual, 5 years for policy terms between 10 and 30 years, 10 years for policy terms between 15 and 30 years

Tata AIA Life iRaksha Supreme

Tata AIA Life Insurance iRaksha Supreme is a non-participating, non-linked online term insurance plan that is tailored to ensure that your family will be financially protected in case of the unfortunate death of the policyholder.

Feature

Description

Entry age

Minimum: 18 years

Maximum: 70 years

Maximum age at maturity

80 years

Policy term

Minimum: 10 years

Maximum: 40 years

Sum assured

Minimum: Rs.50 lacs

Maximum: No limit

Premium payment term

Limited pay – 5 / 10 years

Single and regular pay – 10 to 40 years

Premium payment frequency

Semi-annual, annual

Tata AIA Life MahaLife Supreme

The MahaLife Supreme policy from Tata AIA is a non-participating, non-linked, limited premium-paying endowment assurance policy that helps individuals plan their savings outflow as well as the required regular yearly income inflow. It also provides the other important benefits synonymous with life insurance policies. The plans offer customers two options (A and B) of making premium payments for a certain period (usually 12 or 15 years), and guaranteed yearly income will be granted to you for 18 or 20 years respectively.

Feature

Option A

Option B

Entry age

Minimum: 18 years

Maximum: 50 years

Minimum: 18 years

Maximum: 50 years

Maximum age at maturity

85 years

80 years

Policy term

Minimum: 35 years

30 years

Sum assured

10X annualised premium

10X annualised premium

Premium payment term

15 years

12 years

Minimum premium per annum

Rs.15,000

Rs.20,000

Features and Benefits of Tata AIA Term Insurance:

  • The minimum age to apply for a Tata AIA Term Insurance plan is 18 years.
  • The maximum age to apply for a Tata AIA Term Insurance plan is 70 years.
  • Individuals who apply for a Tata AIA Term Insurance plan must either be self-employed or salaried.
  • The maximum tenure for these plans is 40 years.
  • The minimum sum that can be assured with these plans is Rs.5 lacs and the maximum sum has no limit but is subject to underwriting.
  • The only exclusion is if the policyholder commits suicide within the first year of the policy.
  • Individuals who wish to avail a Tata AIA Term Insurance plan must furnish documents such as identity proof, age proof, income proof, address proof and PAN number.

Tata AIA Term Plan FAQs:

1.Q. Are there any savings options better than a Tata AIA life insurance plan?

A.If you are looking for a plan that ensures the financial security of your family in case of the unfortunate event of your demise, a Tata AIA Life Insurance policy is your best bet. There are three policies to choose from depending upon your financial requirements, viz. iRaksha TROP, iRaksha Supreme and MahaLife Supreme.

2.Q. Do all policies have the same modes of payment?

A.Most policies allow customers to make premium payments either on a monthly, quarterly, semi-annual or annual basis.

3.Q. What options does the company provide to make premium payments?

A.Customers of Tata AIA can make premium payments through the internet, ECS, cash, or cheque.

4.Q. What are the consequences if I fail to make premium payments on time?

A.Customers who fail to pay their premium on time will receive a grace period of 30 days. If the premium is not paid within the grace period, the insurance policy will be blocked and you will then be given two years to revive it if you want to continue receiving the benefits you had signed up for.

5.Q. Do the terms of the policy vary for smokers and non-smokers?

A.Yes, non-smokers will receive preferential rates of premium as they lead a healthier lifestyle.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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