The Maha Raksha Supreme Plan from Tata AIA Life Insurance is designed to make you and your loved ones feel secure, and help you provide them with the financial security and protection they may need in your absence. This is a non-linked, non-participating term Insurance plan. With this plan you can enhance your coverage with additional riders, female applicants get additional benefits and much more.
Eligibility for Maha Raksha Supreme Plan
- An entry age of minimum 18 years, and maximum age of 70 years, will be eligible to take up this policy.
- The policy has a maximum maturity age of 80 years.
Features of Maha Raksha Supreme Plan
The Tata AIA Term plan comes with a number of attractive features including:
- The plan offers you different options of protection. There are different options which you can choose from:
- Pure Protection Cover - This option is the the simplest form of life insurance cover.
- Life Stage Plus Option - This protection feature helps you cover all your major expenses incurred in marriage, childbirth etc.With this policy you can make either a single premium payment or regular premium payment during the tenure of the policy. The monthly and quarterly modes of payments will be accepted for regular payment.
- The policy offers a minimum sum assured of Rs. 50 lakhs. There is no limit on the maximum sum assured.
- The policy offers rebates to female applicants on premium rates.
Benefits of Maha Raksha Supreme Plan
- Death Benefit - On the death of the policyholder, the nominee will receive the sum assured at the time of death along with any additional sum assured that has been opted for under Life Stage Plus Option. This amount will be paid out after any benefits that have been already paid. The sum assured will be the basic sum assured x 10 times the annualised premium or 125% of the single premium.
- Tax Benefit: Tax benefits are available under this policy as per Section 80C of the Indian Income Tax Act, 1961. Life insurance proceeds will be deductible as per section 10(10D) of the same act.
- Payout Accelerator Benefit - The payment of the inbuilt payout accelerator benefit, is payable at the time, wherein the insured is terminally ill.
- Life Stage Plus Option - you can increase the coverage over and above the basic sum assured. The additional sum assured must be taken within 1 year from date of marriage, or the birth of your child or even in the case of adoption of a child (this will be allowed for only 2 children). This facility to increase coverage will be available 3 times within the policy term.
- Grace Period - The policy offers a grace period of 30 days for yearly, half yearly and quarterly mode policies. The same is 15 days for monthly mode policies.
- Free - Look Period - A period of 15 days will be given to the policyholder as a free-look period. If the policyholder isn’t happy with the terms and conditions of the policy, he/she can return the policy within this period.
- Reinstatement Benefit - The policy can be reinstated within 2 years from the date of its lapse. This is done at the company’s discretion, and the policyholder needs to submit the following documents:
- A written application requesting the for reinstatement or revival will be required.
- The policyholder’s latest current health certificate, and other documents.
- All unpaid and due premiums have to be paid with interest, and the policy will be in effect from the date of reinstatement.
- High Cover Discount - If the amount is above Rs. 100 crores and above. The discount offered under the regular pay will be Rs. 0.2 for every Rs. 1,000 of the basic sum assured. A discount of Rs. 0.5 will be given for every Rs. 1,000 of the basic sum assured.
Mr. Raj is a 40 year old male, and he decides to take up this policy. He chooses a policy for a term of 10 years and sum assured of Rs. 5,00,000. He makes an annual payment of Rs. 21,000 and after making 5 premium payments, Mr. Raj dies tragically. His nominee will receive either 10 times of the annual premiums paid, or the basic sum assured or, 105% of all premiums paid til his death. Once the amount is paid, the policy will terminate.
- What are the policy terms offered by this plan?
The policy terms offered with this plan are minimum 10 years to maximum 40 years.
- Are there any exclusions under this policy?
Yes, in case the policyholder commits suicide within 12 months of the policy start, the nominee will be total premiums paid.
- Does the plan have any surrender value?
No, the plan does not offer any surrender value.
- Are there any maturity benefits offered under this plan?
No, there is no maturity benefit under this plan.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017