Tata AIA Life Insurance Maha Raksha Supreme Plan

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Introduction/Overview

Tata AIA Life Insurance Maha Raksha Supreme is a non-participating Term Insurance plan that aims to protect the family in the event of premature death of the policyholder by providing financial support.

Key Features

  • It is a non-participating traditional term plan
  • There is an option called Life Stage Plus which if chosen at the time of proposal allows an additional increase in Sum Assured up to a maximum of 50 Lakhs in the event of marriage or child birth during the course of the policy
  • Under the inbuilt Payout Accelerator Benefit, the policyholder is entitled to receive 50% of the Sum Assured any time during the term of the policy if he is diagnosed with a critical illness which is terminal in nature
  • There is no limit on the coverage amount subject to underwriting guidelines
  • Flexibility in premium payment which can be regular or single

Benefits

  • The insured will get only death benefit which will be equal to higher of the Basic Sum Assured or 10 times the annual premium or 105% of the total premiums paid
  • Life Stage Plus benefit enables the policyholder to increase the Sum Assured by 10%-50% up to a maximum of 50 Lakhs
  • The Payout Accelerator benefit provides a part of the Sum Assured during terminal illnesses
  • 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

70 years

Maturity Age (Last Birthday)

-

80 years

Policy Term (PT) in years

10 years

40 years

Premium Paying Term (PPT) in years

Regular – equal to policy term

Or

Single pay

Premium Paying Frequency

Annually, half-yearly, quarterly, monthly

Yearly Premium

Depends on Sum Assured

Sum Assured

5 Lakhs

No Limit

Details About Premium

Annual premium in Rupees

Age

Sum Assured

Policy Term

Regular Pay

Single Pay

35

50 Lakhs

30

9300

139600

35

1 crore

30

16600

274200

40

50 lakhs

20

11500

127300

40

1 crore

20

21000

249600

Policy Details

Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days in annual, half-yearly or quarterly mode. If the premium is not paid in the grace period, the policy lapses

Policy Termination or Surrender Benefit: under the regular premium option, there is no surrender benefit but under the Single Premium option, the Surrender Value is calculated as being equal to 75%*(policy term – policy term completed)/ policy term

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 female lives
  • Discount in premium for non-smokers
  • There is also a discount for high Sum Assured for coverages of 1 crores and above

Exclusions

  • In case of suicide within a year of policy inception or revival, the nominee will receive only the total premiums paid and not the Sum Assured
  • There is no maturity benefit under the plan
  • Life stage plus option is not available in the last 10 policy years

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof. Medical examination may be required in some cases, based on the sum assured and the age of the person. In case of availing the Life Stage Plus option, Marriage Certificate/ Birth Certificate of the new born child /Adoption Deed may also be required

Written By: PolicyBazaar - Updated: 15 September 2015