iRaksha Supreme:TATA AIA Life Online Term Insurance Plan

iRaksha Supreme: Online Term Insurance Plan offered by TATA AIA Life

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Your family deserves the assurance that the standard of life which you have provided them will always be available at all times. However, we cannot foresee eventualities beforehand. Hence, we need to make plans in advance to ensure that our family members do not have to compromise on the standards in our absence. They should not be burdened with debt and financial obligations in case of an untoward incident which may happen to the breadwinner. On 25th January 2013, Tata AIA Life Insurance launched “iRaksha Supreme”, an online term insurance plan. This plan offers high life coverage at cheap rates which secures the family against premature death of the policy holder. This non-participating term plan is available online.

Choices of Premium Payment

The attractive and affordable policy can be bought from any location at any time with the click of a mouse. In a few simple steps you can opt for the life cover when required. It offers the choice of premium payment which will suit your convenience. You can opt for:

  • Regular Pay: You can choose to pay premium till the end of the policy term annually or semi-anually
  • Limited Pay: You can choose to pay premium for a limited period of 5 to 10 years and get coverage for a longer time period.
  • Single Pay: You can pay the premium once in lump sum for the entire coverage.

Preferential Rates Offered Under the Plan

Preferential rates are offered to policy holders who follow a healthy lifestyle and abstain from smoking. Additionally, women can avail the benefits of the policy at lower rates. For customers who opt for high level of protection, Rs. 75 lakhs or above, rate benefits are offered. It is important to note that if you invest in iRaksha Supreme, you will be eligible for tax benefits under section 80 C of the Income tax Act, 1961.

The age at entry for TATA AIA iRaksha Supreme Plan is 18 years and the maximum age is 65 years. The maximum age at maturity is 75 years. Let’s take a look at the features and benefits of iRaksha Supreme:

Entry Age

18 years to 65 years

Term of the plan

Minimum:10 years, Maximum:35 years

Provision for renewability

The lapsed policy can be renewed within 2 years from the date of the lapse

Sum assured

Minimum: Rs.50 lakhs, Maximum: No Limit

Premium

  • Minimum annual premium: Rs.17,854
  • Maximum annual premium: Calculated on total sum assured
  • Premium differs between men and women
  • Premium differs between non-smokers and smokers
  • Depends on the applicant’s age. Higher for those whose age is closer to the maturity.
  • Premium also depends on payment frequency (whether regular, limited or single pay)

Surrender Period

The lender pays the surrender benefit if:

  • 3 years premium is paid and the policy is limited pay for 10 years or regular pay
  • 2 years premium is paid and the policy is limited pay for 5 years
  • A single pay policy can be surrendered at any time.

Free look period

30 days

 

If you opt for high level of protection, discount is offered as described below:

For Regular and Limited Pay:

Sum Assured in Rupees

Discount Every 1000 of Sum Assured

75,00,000 -99,99,999

0.1

1,00,00,000 -1,99,99,999

0.15

2,00,00,000 - 4,99,99,999

0.2

5,00,00,000 and above

0.25

 

For single pay:

Sum Assured in Rupees

Discount Every 1000 of Sum Assured

75,00,000 - 99,99,999

0.5

1,00,00,000 and above

1

 

Cancelling the policy in the free look period

This policy comes with a free look period of 30 days after the policy is handed over. If you are not satisfied with the terms and conditions and features of the policy you can cancel the policy by providing a notice to the company. You will get a refund of all the premiums which you paid without interest after the deduction of proportionate risk premium, stamp duty, and medical examination cost which you may have incurred while issuing the policy. 

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