Tata AIA Maha Raksha Supreme Select Plan

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

• This term insurance plan offers up to 15% lower premiums for female customers

• Defer premium payments by up to 12 months with the FlexiPay Benefits

• Nominees get instant payout on claim intimation

• 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.

Eligibility Criteria of Tata AIA Maha Raksha Supreme Select Plan

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

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. FlexiPay Benefits
   This feature allows customers to delay the premiums by upto 12 months from the premium due date. This feature is available free of cost and is available for both limited and regular pay premiums only. In case of death during this period, the unpaid premiums will be deducted from the sum assured, and the remaining amount will be paid to the nominee. In case the policyholder survives this period, the policyholder has to pay the premiums applicable to the deferred payment period and the new payment period as well.

5. Instant Payout on Claim Intimation
   This term insurance plan offers an instant payout on claim intimation of Rs. 3 Lacs as an accelerated instant death benefit within 1 day to provide immediate financial support to the family of the deceased. This payout will only be made if the policy has completed its waiting period of 3 years from the date of policy inception/renewal.

6. Optional Benefits- Riders
   You have the option to customise the plan by adding the following term insurance riders.
   These term riders can only be added at the start of the policy to 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

7. Tax Benefit
   Get tax benefits on the premium amount paid u/s 80C of the Income Tax Act, 1961. Additionally, the term insurance tax benefits offer payout 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.

• 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

• 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.

• 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.

Tata AIA Life Insurance Maha Raksha Supreme Select 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

Indian individuals like NRIs, PIOs, or OCIs who live in a foreign country can now buy a term insurance for NRI in India. This allows people to ensure the financial protection of their family members living in their home country in the event of an evetuality.

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.

Tata AIA Maha Raksha Supreme Select Plan for Self-employed and Business Owners

Now self employed individuals and business owners can also buy Tata AIA Maha Raksha Supreme Select to ensure the financial protection of their family in their absence. These term insurance plans for self-employed offer the required financial stability to your family in case of an eventuality like your untimely death, permanent disability, or the diagnosis of a terminal or critical illness.

Different types of Plans

Term Insurance Plan

View Plans

Life Insurance

View Plans

Best Term Insurance Companies

View Plans

TROP

View Plans

Term Insurance For Senior Citizen

View Plans

Term Insurance For Spouse

View Plans

Term Insurance For Family

View Plans

Term Insurance For NRI

View Plans

Best Term Insurance Plan

View Plans

Life Insurance Corporation of India

View Plans

What is Term Insurance?

View Plans

Term Insurance Calculator

View Plans

1 Crore Term Insurance

View Plans

2 Crore Term Insurance

View Plans