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Tata AIA iRaksha TROP Brochure

Tata AIA iRaksha TROP Brochure has brought a comprehensive plan for an individual to secure the financial need of its family during the policy term while ensuring the premium return after the maturity of the plan. This plan is a Non-linked, Non-Participating, Individual Life Insurance Savings Plan.

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The TROP refers to 'Term Plan with Return of Premium.' This term plan is designed to provide the ultimate financial security to an individual by offering flexible premium options to choose from with several other benefits. 

Note: Know more about what is term insurance first before reading this article.

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Eligibility Criteria of Tata AIA iRaksha TROP 

Tata AIA iRaksha TROP Brochure has some eligibility criteria that one needs to keep in mind before making an investment. To make it simple to understand, all the eligibility criteria from the plan mentioned above are drawn below in a simplified manner. One should go through them all before deciding to make an investment.

Parameters 

Conditions 

iRaksha TROP

Minimum Entry Age

18(Single, regular, limited pay 5 and 10)

Maximum Entry Age

65(limited pay 10) 

 

70(single, regular, limited pay 5)

Minimum Sum Assured

50,00,000

Maximum Sum Assured

No limit

Policy Term

10-40 years 

Premium Paying Term

Single, regular, limited pay for 5 and 10 years 

Now one can read all these eligibility criteria and find out whether the plan suits their requirements or not. Knowing all this information in advance will be very useful to make an informed decision regarding policy buying. 

Salient Features of TATA AIA iRaksha TROP

Tata AIA iRaksha TROP Brochure is a carefully formulated term plan with the facility of return of premium to provide every possible financial assistant to the policyholder. The TROP brochure has distinctive features designed to meet the needs of every kind of investor. Let's walk through the features of the plan to understand why one should invest in the plan while keeping their financial agenda in mind. 

Features of Tata AIA Life Insurance iRaksha TROP

  • The plan offers two kinds of benefits to the policyholder, life insurance coverage and return of premium paid after maturity in case of survival of the policyholder.
  • The plan allows policyholders to make payments through single, regular, and limited payment methods. 
  • Low premium rates for healthy individuals who are non-smokers through preferential premium rates.
  • Female policyholders will get a discount on premium rates.
  • Discount is available on rates if one chooses to opt for a higher level of protection.
  • Optional riders are also available at the nominal amount to provide additional benefits to the policyholder. 
  • Certain tax benefits are also applicable.

*Tax benefit is subject to change in tax laws.*

Benefits of Tata AIA iRaksha TROP

The term plan carries a series of advantages with it. We will discuss the advantages of the Tata AIA iRaksha TROP Brochure, making the plan suitable for a wide range of investors. 

Benefits of Tata AIA Life Insurance iRaksha Trop

  1. Death Benefit

    This term plan makes sure that the nominee will receive the Sum Assured in case of the policyholder's unfortunate death. Death benefits will be paid in one of the following mentioned ways. 

    • Basic Sum Assured in the term plan
    • 10 times the Annualized Premium paid
    • 105% of the total premium paid up to the day of death
    • Maturity sum assured
  2. Maturity Benefit

    In case of the survival of the policyholder after the maturity of the term plan, the policyholder will get back the total premium paid (excluding loading for modal premiums). 

  3. Surrender Benefit

    If something happens and policyholders decide to surrender the term plan, they will still receive some benefits, as mentioned in the policy documents. Suppose a policyholder has chosen the Single pay payment method. In that case, they can surrender the policy anytime during the term plan. If they opted for the Regular or Limited pay method, they should have paid at least two years of premium in order to avail of the surrender benefits. 

  4. Revival Benefit

    If policyholders want, they can revive their term plan within the five years of the first unpaid premium date. They need to submit some required documents like a written application by the policyholder to revive the term plan, health certificate of the policyholder, and they also need to pay all the due premium with interest. 

  5. Tax Benefit

    Policyholders can get tax benefits under the prevailing tax laws if they decide to invest in the term plan. To avail of any tax benefit, they need to consult with their tax consultant. 

    *Tax benefit is subject to change in tax laws*

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The Process to Purchase the Plan

People who want to purchase the term plan can visit the insurer's official website, where they can find the required information about the purchase process and other essential details. If one wants, they can also call the insurer's sales representative, who will assist them in the buying process. One must go through all the policy details before buying a term plan and keep all the required documents ready.  

Documents Required 

Those who are interested in buying the Tata AIA iRaksha TROP Brochure need to submit some documents to the insurer. The documents required are: 

For address proof, any of the following documents will be accepted: 

  • Aadhaar card
  • Passport
  • Driving License 
  • Voter’s Id
  • Ration Card
  • Phone/Electricity bill

For Identity proof person need to submit any of the following documents:

  • Aadhaar Card
  • PAN Card
  • Passport
  • Driving License 

For Income proof, the following documents will be considered valid:

  • Bank statement (from last 6 months)
  • Salary slip (from last 3 months)
  • Income tax returns 
  • Latest from 16

Additional Features 

Some additional features are attached to this term plan. One should be aware of them too; this will help them make a better decision regarding the policy investment. The additional features are as follows: 

  1. Additional Coverage

    If policyholders want, they can add extra advantages to their term plan by adding riders at the start of the term plan. The rider available in this term plan is accidental death and dismemberment rider. Please visit the nearest insurer's branch office or contact the insurer's insurance advisor for more information regarding the term plan. 

  2. Grace Period

    If a policyholder, due to some reason, is unable to pay the premium on time, the provider will allow a grace period of 15 days in the case of monthly mode and 30 days of time for all other payment modes. If they make a premium payment within the grace period, the policy will continue to be in force. 

  3. The facility of Free Look Period

    If the policyholder is not sure about carrying the policy forward after buying the term plan, they can cancel the policy within 15 days of receiving the policy receipt. The time can be extended to 30 days if the policy is bought through distance marketing mode. After the cancellation of the term plan, the policyholder will receive the premium paid after the deduction of all the costs mentioned in the policy document. 

  4. Non-Forfeiture Benefits

    Policyholders will get non-forfeiture benefits in the form of paid-up/surrender benefit, but they come with some prerequisite conditions: Policyholders must have paid the payment of two full years in case of regular and limited pay (5/10) years but they if have made the single pay they are eligible for these benefits anytime during the term plan. 

  5. Reduced Paid-up Benefit

    Suppose the policyholder does not pay a premium even after the end of the grace period and is eligible for the non-forfeiture benefits mentioned above. In that case, they will get reduced paid-up benefits in the form of the reduced death benefit, reduced maturity benefit, and reduced paid-up Sum assured. 

Terms and Conditions 

There are a few terms and conditions involved in the term plan. Let's take a look at them.

  1. Smoker/Non-smoker Rates 

    There are different premium rates applicable to smokers and non-smokers. If policyholders have mentioned themselves as non-smokers, they have to take a cotinine test and other health check-ups. If the policyholder is not satisfied with the test result, the insurer will return the entire premium paid after cutting charges borne by the insurer for medical tests. 

  2. Policy Loan

    There is no such facility provided to take a loan under this term plan.

  3. Assignment

    Under this term, plan assignment is allowed as per Section 38 of the Insurance Act, 1938.

Key Exclusions

If policyholder committed suicide within the 12 months of the risk commencement or revival of the policy, the nominee would receive the benefit of at least 80% of the total premium paid or surrender value till the date of death, whichever is higher but to get these benefits the policy must be in force.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

FAQs

  • Q1. What is the meaning of a Non-linked, Non-Participating term plan?

    A1. A Non-linked policy means that the term plan one is buying is not related to the market; here, the market refers to all the instruments where companies invest in getting returns. Thus, a Non-linked plan will not be subject to market ups and downs and will receive the Sum assured irrespective of market behaviour. A Non-participating plan means the policyholder will not receive any bonuses or add-ons during the term plan. They will receive the fixed Sum assured if the policyholder died during the term plan. 
  • Q2. What is Maturity benefit?

    A2. The Tata AIA iRaksha TROP Brochure provides the advantage of maturity benefit, which means if the policyholder remains alive after the end of the term plan, he/she will be entitled to receive the premium paid during the entire term plan. 
  • Q3. What is the advantage of buying a TROP plan?

    A3. Unlike other conventional term plans, policyholders will lose all the premium paid if he/she survives after the end of the term plan. In the TROP plan, the premium paid will be returned to the policyholders if they lived after the maturity of the term plan. Trop plan is a two-in-one policy, i.e., term life insurance plus a saving plan. 
  • Q4. How many premium payment frequency options are available in this term plan?

    A4. This term plan is designed to provide as much as possible flexibility to the policyholders when it comes to the premium payment. The policyholders can choose from annual, semi-annual, quarterly, monthly, and single payment methods.
  • Q5. At what age should I buy the term plan?

    A5. It is advised to buy the term plan as young as possible. In the case of the Tata AIA iRaksha TROP Brochure, the minimum entry age is 18 years. The younger you are fewer premiums one has to pay, and in some cases, they even do not require to go through medical tests. 
  • Q6. Can I increase the Sum Assured under this plan?

    A6. This term plan does not allow policyholders to increase or decrease the Sum assured in the plan. They will receive whatever 'sum assured' mentioned in their policy documents. 
  • Q7. How Can I check the current policy status of my plan?

    A7. If policyholders want, they can check the policy status of their term plan by visiting the official website of the insurer. They need to click on the "track application tab," and it will ask for some details from the policyholder; once entered, the current policy status will be displayed.
  • Q8. What if I failed to pay a premium on time?

    A8. There can be some situations when the policyholder would be unable to pay the premium in such cases; the insurer provides the grace period of 15 days in the case of monthly payment method and 30 days of grace period for all other payment modes.
  • Q9. What is the procedure to settle a claim?

    A9. The insurer provides a hassle-free and transparent method for the claim settlement. One must submit all the required documents asked by the insurer, and once they did it, the claim settlement process will start, and the process will be completed within seven working days.
  • How to calculate the term insurance premium online?

    Ans: You can easily calculate the term insurance premium online by using the term insurance calculator online tool
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