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  • Tata AIA iRaksha Supreme Online Term Plan

    Tata AIA Term Plan

    With the Tata AIA iRaksha Supreme, you get a pure online term plan that ensures your peace of mind at an attractive and affordable price. Put all your fears to rest with this pure protection plan at an affordable price, for them to fulfill their needs, dreams with financial stability you would’ve given them, when you were there. You can now, buy this plan at your convenience of time, location and without any issues and hassles - online. The eligibility for this online plan is an individuals needs to be between the age of 18-70 years, with a minimum of Rs. 50, 00, 000 as a sum assured, there isn’t a limit for the maximum subject to underwriting in multiples of Rs. 1, 00, 000 and the term of this plan can be from 10 - 40 years.

    The key features and benefits of Tata AIA iRaksha Supreme Online Term Plan

    • This plan is a Life protection plan and provides financial protection against the unfortunate demise of the insured.
    • You can choose from 3 different premium payments to suit your requirements, they are: Regular Pay, Limited Pay, and Single Pay.
    • Under the Regular Pay - the individual pays a premium until the end of the policy term end. Limited Pay - under this type of payment the individual pays a premium for a specified/limited period of time of 5 years or 10 years and remain covered for a longer period of time. Single Pay - this premium payment is an option to make a payment at once for the entire term of the policy.
    • Individual who lead a healthier lifestyle get preferential premium rates for non-smokers.
    • Female applicant enjoy lower rate of premium
    • All applicants enjoy tax benefits under sections 80C and 10(10D) of the Income-Tax Act, 1961

    Complete Features And Benefits Of iRaksha Supreme Online Term Plan

    Entry age

    18 years to 70 years

    Plan validity/term

    • Minimum 10 years

    • Maximum 40 years

    Renewability

    Lapsed policies can be reinstated within 2 years of the date on which they lapsed

    Sum assured

    • Minimum: Rs. 50 lakhs

    • Maximum: No limit

    Premiums

    • Minimum annual premium: Approximately Rs. 3,876

    • Maximum annual premium: depends on the sum assured

    • Non-smokers get to pay lower premiums

    • Women also get to pay lower premiums

    • Discounts on premiums may also be offered to those opting for a higher sum assured; Rs. 75 lakhs and above

    • Premiums are calculated based on age, sum assured, the premium paying term and lifestyle

    Premium payment frequency/mode

    • The premium can be paid annually or semi-annually

    • The premium can be a single pay premium, i.e. paid in one lump sum

    • The regular pay premium will be paid throughout the term of the policy

    • Premiums can also be paid for a limited period of 5 or 10 years

    • The grace period for paying the premiums is 30 days from the due date

    Coverage

    • The death benefit paid out at the end of the policy term is the highest of the sum assured, 10 X annual premium and 105% of the premiums paid

    • The sum assured will always be in multiples of Rs. 1 lakh

    • If the premium is not paid within the grace period then the policy will lapse in case of a regular pay policy

    • if the policy is a 5 year limited pay policy and the premium has been paid for 3 years, then, if further premiums are not paid, the policy will be considered paid up for a sum assured based on the 3 premiums paid

    • If the policy is a 10 year limited pay policy then, upon non-payment of premiums after 7 years, the policy will be considered paid up and continue with reduced sum assured

    • The sum assured cannot be increased or decreased once the policy is active

    Riders / Add-on covers

    Accidental Death and Dismemberment Long Scale Rider

    • The minimum sum assured is Rs. 50,000

    • The minimum sum may also be the minimum sum assured of the parent plan

    • The max sum assured depends on the sum assured under the parent plan

    • Premiums are paid with the premium for parent policy

    • The premium is paid for the same duration as the premium of the parent policy

    Surrender period/value

    • Regular pay policies have no surrender value

    • 5 year limited pay policies will pay a surrender benefit provided the premium is paid for 3 years

    • 10 year limited pay policies will also have a surrender value if the premium is paid for 7 years

    • Single pay policies can be surrendered at any time

    Freelook period

    • 30 days from the day you receive the policy document

    • Upon return of the policy the premium paid will be refunded

    • Cost of stamp duty and cost of cover for the days the policy was active may be deducted

    An example – How Tata AIA iRaksha Supreme Online Term Plan Work?

    Mr. Rohan Dhawan is a 38 year old healthy male, who does not smoke. He buys Tata AIA Life Insurance iRaksha Supreme for a Sum Assured of Rs. 100,00,000 for a Policy Term of 40 years with Regular Pay. His annualized premium works out to be Rs. 10,000

    In case of Mr. Dhawan's unfortunate death anytime during the policy term, provided the policy is in force, his nominee will be paid Rs. 100,00,000 as the death benefit.

    Tata AIA iRaksha Supreme Online Term Plan – FAQs

    1. Q. What is the minimum and maximum Sum Assured under Tata AIA iRaksha Supreme?
    2. The minimum sum assured is Rs. 50, 00, 000 and the maximum is no limit.

    3. Q. Is a medical examination required when I buy life insurance? If yes, is the cost borne by the company?
    4. A person buying the policy for over Rs. 5,00, 000 has to get a medical examination done, this amount differs from company to company. Most cases the insurance company bears the cost of this medical examination.

    5. Q. What is the minimum and maximum entry age under Tata AIA iRaksha Supreme?
    6. The minimum entry age is 18 years, while the maximum is 70 years.

    7. Q. Do I need life insurance if I am not the sole breadwinner of my family?
    8. If you are not the sole earning member or don’t contribute to your family's source of income, you don’t need a life insurance coverage.

    Other TATA AIA Online Term Plans

  • Tata AIA Life Insurance iRaksha TROP
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