Tata AIA Life Protect Supreme (USD Denominated) - IFSC Term Insurance

Key Features of Tata AIA Life Protect Supreme (USD Denominated)

• USD-denominated term insurance plan designed for NRIs, PIOs, and OCIs.

• These dollar denominated term plans offer high life cover starting from USD 50,000 to support long-term financial protection needs.

• Inbuilt Terminal Illness Benefit that pays 50% of the base sum assured on diagnosis of a covered terminal illness.

• Multiple protection variants with optional accidental death, disability, critical illness, and waiver of premium benefits.

• Covers 57 critical illnesses under the Critical Illness option.

• Life Stage Option allows policyholders to increase coverage during milestones such as marriage, childbirth, or home loan disbursal.

• Flexible premium payment options, including Regular Pay and Limited Pay variants.

• Separate premium rates for female and non-smoker applicants.

• Policy term flexibility up to age 82 under the base plan.

• Waiver of future premiums on accidental total and permanent disability under selected options.

Plan Options Available Under Tata AIA Life Protect Supreme: 

The following plan options are available under this term insurance plan: 

• Life

• Extra Life

• Extra Life with Disability Cover

• Health Plus

• Comprehensive 

For all the riders, the benefit payout will be made in lump sum. The customer can choose the rider sum assured at the time of policy inception.

Benefits of Tata AIA Life Protect Supreme (USD Denominated)

Death Benefits

In case of the death of the policyholder, the death benefit will be paid as the highest of the following, given that all the premiums have been duly paid: 

• 105% of the total premiums paid up to the date of death

• An absolute amount to be paid on death

Life Stage Option

Under the life stage option, the life assured can increase the base sum assured of the policy in case of marriage, birth/adoption of a child, or home loan borrowing. 

Rider Options Available

Terminal Illness

The plan offers an inbuilt terminal illness benefit called the ‘Payor Accelerator Benefit’, where the 50% of the benefit amount will be paid as lump sum on the diagnosis of a terminal illness claim. On terminal illness diagnosis, the future premiums for the base benefit and cover enhancement options will be waived off, and the policy will continue.

Accidental Death Benefit Rider

On the death of the life assured due to an accident, the benefit will be paid to the nominee given that the death of the life assured occurs within 180 days from the date of the accident. 

Accidental Total and Permanent Death (ATPD) Rider

In case of the accidental total and permanent disability of the life assured due to an accident, the benefit will be paid if the disability occurs within 180 days of the accident.

Critical Illness (CritiCash)

The rider sum assured will be paid under this rider, if the life assured outlives 7 days after the first diagnosis of any of the covered critical illnesses. The rider covers 57 illnesses, and in case of diagnosis of a minor critical illness, 25% of the rider sum assured or USD 10,000, whichever is lower, will be paid.

Waiver of Premium on ATPD

In case of the occurrence of the covered event, the rider will waive off all future premiums that would have been payable under the base plan. 

Discounts

Customers can get staff discount and existing customer discounts of 10% on the first year premiums.

Eligibility Conditions of Tata AIA Life Protect Supreme

Here are the eligibility details you need to satisfy before buying this plan:

Guidelines for Applicants from the UAE

Guidelines for Transgender Customers

Mandatory documents 

• Copy of District Magistrate for issuing a certificate of identity as a transgender person

• Copy of certificate issued by the Medical Superintendent or Chief Medical Officer

Mandatory VMER with Grid medicals

• If case is within NML limit – VMER + MER + BPB required

• If case is above NML limits – VMER + Grid medicals as per Male life + HIV (If HIV is not already part of medical grid) required

Guidelines for Agriculturist Customers

• The minimum income criteria will be self-employed, 12500USD will be applicable and verified income from ITRs and Form J will be considered.

• The educational qualification should be graduate

• Submit the Land ownership papers and mandi receipts in LAs name

• The sum assured will be capped at 62500 USD based on the eligibility

• Medical + Video MER is mandatory

Guidelines for Homemakers

• Eligibility based on husband’s insurance: 50% of the husband’s term insurance cover. 

Or

• Eligibility based on household income: The combined income of the homemaker and the spouse, the homemaker will receive a maximum sum assured of 125000 USD.

If you apply for the IFSC Term insurance via Policybazaar, Tata AIA Life Insurance Company would consider the husband’s Credit Bureau estimated income for the homemaker. VMER eligibility on NRI homemakers would be age band (18-40 years), minimum income (18750 USD), and a graduate.

What are the Standalone Surrogates that can be Used a Replacement for Standard Financials?

Here are the standalone surrogates that can be used as a replacement for standard financials:

• Car IDV: Derived Income = IDV*2

  • Min IDV of 5000 USD

  • IDV calculator based on inputs from Vahan API

  • Car to be in current owner’s name for more than 6 months

  The vehicle registration should be in the name of the Life Assured (with RC Book) & Copy of Car Insurance or Information should be validated through VAAHAN website mandatorily.

• Investment Portfolio: Derived income = Invested Amount *5%

  • Investments submitted should be more than 6 months old from the date of application form.

  • Investment proof should be in the name of self or in the name of minor children FD/MF funds must be active and not matured.

• Home Loan EMI: Annual Income = 24 x Monthly EMI – Documentation will be submitted and assessed by UW

Standard Income Proof Documents

• Recent Appointment Letter (Not more than 3 months old) [Mariners may be allowed basis last assignment contract]

• Bank statement showing latest 6 months’ salary credits, pls note if bank statement is provided salary slip is not mandatory. However, only copies of salary slip (without bank credit proof) cannot be considered.

• For salaried applicants from top companies, accepted up to 375000 USD basis declared income, subject to proof of employment.

• Latest Form 16 / Form 16 A

• Latest Income Tax Returns (ITR) along with CA certified (as applicable) Computation of income for last three years. Average Income of 2 years will be considered for computing eligibility. For Salaried: Latest year ITR required [Only ITR 1 is considered without Computation of income]. If eligibility is not met detailed ITR copy can be provided for justifying the coverage offered.

*Latest ITR along with COI is a mandatory else cover will restrict to minimum cover as per product criteria.

• CA certified / Audited Profit and Loss (P&L) account & audited Balance Sheet for last 2 years. (Average income will be considered).

  For MRS only Minimum income criteria can be considered basis Latest year income

• EPFO Salary details - only for Policy Bazaar channel. [Average of 6 months EPFO deductions X 200 = Assessed income

Additional Policy Details of Tata AIA Life Protect Supreme

Grace Period

The plan provides a grace period after the premium due date to help policyholders continue their coverage without immediate policy lapse.

• 15 days grace period is available for monthly premium mode.

• 30 days grace period is available for all other premium payment modes.

• The policy remains active during the grace period.

• If the premium is not paid within this period, the policy may lapse from the due date of the unpaid premium.

Revival Benefit

If the policy lapses due to non-payment of premiums, it can be revived within 5 years from the date of the first unpaid premium.

To revive the policy, the policyholder may need to:

• Submit a revival request

• Provide health and underwriting documents if required

• Pay all outstanding premiums along with applicable interest

Once revived, the policy benefits become active again as per the prevailing underwriting guidelines.

Surrender Benefit

The surrender value available under the plan depends on the premium payment option selected.

• Under the Regular Pay option, surrender value may not be available.

• Under Limited Pay, surrender benefits may become available after payment of at least 2 full years’ premiums.

• The surrender value is calculated based on the applicable unexpired risk premium value factor.

Free Look Period

After receiving the policy document, the policyholder gets a free look period to review the policy terms and conditions.

• The policy can be cancelled within 30 days of receiving the policy document if the policyholder is not satisfied with the terms.

• On cancellation, the insurer refunds the premium paid after deducting applicable charges such as medical examination expenses, stamp duty, and proportionate risk premium.

Exclusions

Like most life insurance plans, certain situations and conditions are not covered under the policy.

• Suicide within 12 months from policy commencement or revival is excluded under the plan, subject to applicable refund conditions.

• Terminal Illness Benefit claims arising due to attempted suicide during the exclusion period are not payable.

• Rider-specific exclusions may apply for accidental death, disability, and critical illness benefits.

It is important to read the policy brochure carefully to understand all exclusions, waiting conditions, and claim-related terms before purchasing the plan.