Tata AIA Life Insurance iRaksha TROP Plan

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Introduction/Overview

Tata AIA Life Insurance iRaksha TROP Plan is an online traditional term plan with Return of Premium option which provides life coverage in event of premature death during the policy term and thereafter returns the total premiums paid in case of maturity.

Key Features

  • It is a non-participating traditional term plan with return of premium option.
  • It can be only bought online through the insurer’s website
  • Premium payment can be regular, limited or single pay

Benefits

  • On death of the policyholder, a sum higher of the Basic SA/ 10 times the annual premium/105 times total premiums paid/ total premiums paid is paid to the nominee
  • On maturity, the total premiums paid are returned to the policyholder
  • Income tax benefit on the premium paid as per Section 80C and on the claim received under Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

65 years

Maturity Age (Last Birthday)

-

75 years

Policy Term (PT) in years

10

30

Premium Paying Term (PPT) in years

Regular pay, single pay or limited payment term of 5 years if policy term is 10-30 years or 10 years if policy term is 15-30 years

Premium Paying Frequency

Annual or half-yearly

Yearly Premium

Depends on Sum Assured

Sum Assured

50 lakhs

No limit

Details About Premium

Annual premium in Rupees for a coverage of 1 crore

Age

Policy term

Single pay

Regular pay

Limited pay (5 years)

Limited pay (10 years)

30

20

182,600

19,22

53,500

30,000

30

25

218,500

17,100

61,600

33,600

35

20

264,000

26,800

75,900

42,800

35

25

320,100

24,400

88,800

48,700

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: Policyholder is allowed to surrender the policy on which a value which is higher of the Guaranteed Surrender Value (GSV) or the Cash Surrender Value (CSV) is paid.

GSV = GSV Factor * total premiums paid

CSV = CSV Factor * 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.

Additional Features or Riders

  • Discount in premium for non-smokers
  • Female lives are charged lower premium
  • Rebates for choosing high Sum Assured

Exclusions

  • In case of suicide committed within 12 months of policy inception only the total premiums paid is returned to the nominee and in case of 12 months of policy revival, 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.