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Tata AIA Maha Raksha Supreme Select Plan

Tata AIA Maha Raksha Supreme Select is a comprehensive term insurance that provides financial benefits to your family in case of your unfortunate death during the policy tenure. Your family can use the benefit amount to pay off any remaining loans or debts. With this term insurance plan, you can secure your family’s future, whether you live in India or abroad. NRIs are also eligible to buy a Tata AIA Maha Raksha Supreme Select plan in India.

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Key Features of Tata AIA Maha Raksha Supreme Select

Here are the key features of Tata AIA Maha Raksha Supreme Select:

  • You can choose the most suitable death benefit from the 7 options available

  • Accelerated payout of 50% of the sum assured on the diagnosis of a terminal illness

  • The plan has an inbuilt waiver of premium on the diagnosis of terminal illness

  • You get the flexibility to cover your spouse within the same plan

  • Choose to get coverage for your whole life with the whole life cover option

  • You can enhance your coverage with riders for personalised health and wellness benefits

  • The plan offers upto 15% lower premiums for female customers

  • You can select for the benefits to be paid in lump sum or regular installments

  • Get tax benefits u/s 80C and 10(10D) of the ITA, 1961.

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₹75
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Eligibility Criteria of Tata AIA Maha Raksha Supreme Select Plan

Parameters Minimum  Maximum 
Entry Age 18 years for all the other options 45 years for the Legacy Secure Plus option 60 years
Maturity Age (Max) 29 years 100 years
Policy Term 10 years 81 years
Sum Assured 2 Crores 20 Crores
Premium Payment Option Limited Pay/Regular Pay/Single Pay
Premium Payment Modes Yearly/Semi-yearly/Quarterly/Monthly

++Premiums can easily be calculated using Tata AIA Maha Raksha Supreme Premium Calculator.

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Benefits of Tata AIA Maha Raksha Supreme Select Plan

Here is a list of benefits offered by Tata AIA Maha Raksha Supreme Select in India:

  1. Choose From 7 Plan Options

    Tata AIA Maha Raksha Supreme Select offers the following plan options. You can go through the various options and choose the most suitable one for your profile:

    • Life Secure Option: This option pays the sum assured on the death of the life assured, and on maturity, no benefit is paid.

    • Life Secure Plus Option: The death benefit will be paid upon the death of the policyholder, whereas on maturity, 100% of the total premiums paid are returned.

    • Joint Life Secure Option: This option covers the lives of both spouses under the same plan and pays the death benefit on the death of either of the covered lives. No maturity benefit is payable on the survival of the policy term.

    • Joint Life Secure Plus Option: The option pays a death benefit to the nominee on the death of either of the life covered and if both survive till maturity, 100% of the total premiums are paid to the life assured.

    • Step-up Secure Option: Under this, the life assured selects the base life cover and the step-up period at the time of policy purchase, and the effective sum assured is paid on the death of the policyholder. No maturity amount is paid on the survival of the policy term.

    • Step-up Secure Plus Option: The policyholder chooses the base sum assured and step-up period. The effective life cover is paid on death, and 100% of the total premiums paid are returned on the survival of the policy term.

    • Legacy Secure Plus Option: This option provides increasing life cover for the whole life and pays a lump sum amount at two milestone ages. 25% of the total premiums are returned at the age of 80/15th policy year (whichever is earlier) and the remaining 75% at the age of 85/25th policy year (whichever is earlier).

  2. Inbuilt Payout Accelerator Benefit
    The plan offers an inbuilt accelerator benefit that enhances the death benefit payable in the event of a terminal illness diagnosis where the chances of survival are not more than 6 months. 50 percent of your chosen sum assured is paid in case of diagnosis, and the remaining 50% will be paid as a death benefit to your beneficiary/nominee in case of death within the policy tenure, provided the plan is in force.

  3. Death Benefit
    In case of a policyholder’s death during the policy term, provided the policy is active, the death benefit paid to the beneficiary/nominee will be SA on death along with Additional SA under Life Stage Plus Option.
    SA on death is defined as the highest of the below points for Regular Pay:

    • Basic SA

    • 10X of Annualized Premium

    • 105% of the Total Premium amount paid

    SA on death is defined as the highest of the below points for Single Pay

    • Basic SA

    • 125% of the single premium

    The plan will terminate on the policyholder’s death and no other benefit under the plan shall be paid.

  4. Additional Benefits- Riders
    You have the option to customise the plan by adding the following riders. The term riders can only be added at the start of the policy and enhance the coverage of the base plan.

    • Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider 

    • Tata AIA Life Insurance Non-Linked Comprehensive Health Rider

    • Tata AIA Vitality Protect

    • Tata AIA Vitality Health

  5. Tax Benefit
    Get tax benefits on the premium amount paid u/s 80C of the Income Tax Act, 1961. Additionally, the term insurance payout enjoys tax savings benefits as per Section 10(10D) of the ITA, 1961.

Policy Details of Tata AIA Maha Raksha Supreme Select

  • Life Stage Benefits: Under the life stage benefit option, you can increase the sum assured of the policy at any of the important milestones of life like marriage, birth of 1st or 2nd child, or home loan disbursal.

  • Payout Options: You can choose for the payout to be made in lump sum payments or regular instalments. The regular instalments can be done in monthly, quarterly, half-yearly, or yearly modes.

  • Top-up Sum Assured: Under this, you can increase the life cover at every policy anniversary by paying additional premiums.

  • Education Secure: People with kids between the ages of 4 to 19 can opt for this option and increase their sum assured to provide for higher education costs. 

  • Renewability at Maturity: The Tata AIA Maha Raksha Supreme Select offers the option of renewing the plan at maturity to extend the policy benefits for a longer term.

  • Grace Period: The grace period is 15 days for monthly modes and 30 days for all other modes. The plan will remain active during this time. If any regular premium amount remains unpaid at the last of the grace period, the plan shall lapse from the due date of the 1st unpaid premium.

  1. Reinstatement

    The plan may be revived within 2 years from the lapse date, subject to:

    • Written application of policyholder for revival

    • Providing the policyholder’s current medical certificate

    • Payment of all overdue regular premiums with interest

  2. Free Look Period

    If you are not satisfied with the T&Cs of the plan, you have the option to cancel the plan by providing a written application to the insurer and receive a refund of all the premium amount paid without any interest after deducting (proportionate premiums, stamp duty charges, and medical costs.

  3. Surrender Benefit

    No Surrender benefit is available in the plan for the regular pay option. You have the option to surrender the plan anytime during the policy term while choosing the single pay option.

    The formula for Surrender Value for Single Pay = 75% X (policy term minus policy term in complete years)/Policy Term X Single Premium.

Exclusions

If the policyholder commits suicide within 12 months, whether sane or insane condition from the commencement/reinstatement date, the nominee shall be eligible for the total premium amount paid provided the plan is in force.

Tata AIA Maha Raksha Supreme Select Plan for NRIs

NRIs who live in a foreign country are allowed to buy a term insurance plan in India. All people of Indian basis, irrespective of their status of citizenship in India, can take such a plan in their home country to protect themselves and their families.

Tata AIA Maha Raksha Supreme Select Plan offers various benefits to NRIs:

  • Tele-Medical Examination: Geographical boundaries are no longer an obstacle for NRI customers who wants to buy term insurance plans in India. Tata AIA offers an option to schedule a video or Telemedical check-up from their residential country.

  • Long-Term Protection: Tata AIA Maha Raksha Supreme Select plans to provide longer protection to the policyholder and his/her family members.

  • Financial Stability: This plan helps NRIs in protecting the family’s future by offering financial stability even when the family’s sole earner is not around.

  • Early Payout on Terminal Illness: The policyholder gets an early claim on terminal illness in a Tata AIA plan that pays out to beneficiaries if the breadwinner dies within a fixed time.


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