Tata AIA Life Insurance iRaksha Supreme Plan

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Introduction/Overview

Tata AIA Life Insurance iRaksha Supreme is an online pure term plan which provides a high life coverage at very cheap rates so that the family is secured against premature death of the policyholder

Key Features

  • This is a non-participating pure term plan which is available only through the website of the insurer
  • High coverage can be opted for at minimalistic rates
  • Premium can be paid regularly, for a limited term of 10 or 5 years or via Single pay

Benefits

  • On death of the policyholder, the nominee gets the death benefit which is higher of the Sum Assured/10 times Annual Premium/ 105% of total premiums paid

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

70 years

Maturity Age (Last Birthday)

-

80 years

Policy Term (PT) in years

10 years

40 years

Premium Paying Term (PPT) in years

Regular pay – equal to policy term

Limited Pay – 5/10 years

Premium Paying Frequency

Annual / half-yearly

Yearly Premium

Depends on Sum Assured

Sum Assured

50 Lakhs

No limit

Details About Premium

Annual premium in Rupees for a policy term of 25 years for an individual aged 30 years for a cover of 1 crore

Gender

Smoking habit

Single pay

Regular pay

Limited 5 pay

Limited 10 pay

Female

Non-smoker

85,900

6,300

18,900

10,200

Female

Smoker

129,000

9,300

31,800

15,900

Male

Non-smoker

100,300

7,000

21,900

11,900

Male

Smoker

153,700

10,900

37,600

18,800

Policy Details

Grace Period: 30 days grace period is allowed for payment of premium. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: the policy cannot be surrendered under regular premium payment option. In case of single pay, the policy can be surrendered any time after inception. But in case of limited pay policies, the policy can be surrendered only if 3 or 7 years’ premium has been paid for 5 or 10 pay options respectively.

Surrender Value = Surrender Value Factor * (outstanding policy term/policy term)* total premiums paid

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

  • The policy covers only death during the policy term. There is no maturity benefit

Additional Features or Riders

  • Non-smokers are rewarded with a discount in premium rates
  • Female lives are charged lower premiums
  • Opting for Sum Assured of values 75 Lakhs and above also attracts discounts in premium rates

Exclusions

  • For suicides within 12 months of policy inception, total premiums paid is returned to the nominee and if suicide is committed within 12 months of policy reinstatement, higher of total premiums paid or the acquired Surrender value is paid to the nominee

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.