Tata AIA Maha Raksha Supreme Plan

Tata AIA Maha Raksha Supreme is a comprehensive term insurance plan that provides a complete array of options to fulfill your family’s needs for financial protection. 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 plan in India.  

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Get ₹1 Cr. Life Cover at just ₹449/month+
Why Tata Aia Life Insurance? Know More
98.02% Claim Settlement Ratio+
4 Hours Claim Settlement+
40 Critical Illnesses Benefit+
Whole Life Cover+
Accidental Death Benefit+

Why Tata Aia Life Insurance?

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  • 98.02% Claim Settlement Ratio

    The company ensures your loved ones receive the financial support needed in your absence, hassle-free.

  • 4 Hours Claim Settlement

    With ‘Express Claims’, TATA AIA endeavors to provide claim payment within 4 hours for policies with Death Benefit upto 50 Lacs.

  • 40 Critical Illnesses Benefit

    Additional Payout on 40 Critical Illnesses including Minor and Major Cancer related, Cardiac related and other Critical Illnesses. This benefit safeguards your family against financial urgency resulting from these illnesses.

  • Whole Life Cover

    Ensure financial protection and create a financial cushion for the family even in your absence with a whole life cover plan.

  • Accidental Death Benefit

    One death every minute in India happens due to a road accident. This optional benefit provides your loved one’s additional pay-out in case of death due to an accident.

*Tax benefit is subject to changes in tax laws.

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Disclaimers

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Key Features of Tata AIA Maha Raksha Supreme Plan

  • It is a pure protection cover

  • You can easily increase your protection cover at specific life stages, using the life stage plus option without performing new medical underwriting

  • The inbuilt payout accelerator benefit offers 50% of SA during terminal illness diagnosis. This helps with different expenses when required most.

  • Pay premium as a regular premium or as a single premium to suit your needs.

  • Discounted premium rates for females.

  • Option to increase coverage through riders.

  • Discounted premium rates for non-smokers.

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

Eligibility Criteria of Tata AIA Maha Raksha Supreme Plan

Entry Age 18 years to 60 years
Maturity Age (Max) 85 years
Policy Term 5 years to 85 years
Premium Payment Option Limited Pay/ Pay for Policy term minus 1
Modes of Paying Premiums (in Regular pay) Yearly/Semi-yearly/Quarterly/Monthly

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

Benefits of Tata AIA Maha Raksha Supreme Plan

  1. Inbuilt Payout Accelerator Benefit

    The plan offers an inbuilt accelerator benefit that enhances the death benefit payable in the event of 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 death benefit, as stated in the brochure will be paid to your beneficiary/nominee in case of death within the policy tenure, provided the plan is in force.

  2. 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.

  3. Discounts on Premium Rates

    As discussed, special premium rates are offered for non-smokers and females. Additionally, discounts are also offered on high coverages.

    Life Cover Regular Pay Single Pay
    50 Lakhs No Discount No Discount
    1 Crore 0.2 per 1000 SA 0.5 per 1000 SA
  4. Additional Benefits- Riders

    You have the option to customize the plan by adding the Tata AIA Life Insurance Death & Dismemberment (ADDL) rider. The term riders can only be added at the start of the policy and enhance the coverage of the base plan.

  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

Option of Plan Conversion- Not Available

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.

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 Plan for NRIs

NRIs who live in a foreign country is 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 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 plans 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.

Enhance Coverage Using Riders: Tata AIA Life Insurance Accidental Death & Dismemberment Rider make sure the protection of your loved ones by paying an amount equivalent to the rider SA in case of accidental death.

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