Tata AIA Shubh Rakshak

Key Features of the Tata AIA Shubh Rakshak 

The key features of the Tata AIA Shubh Rakshak are as follows: 

• Choose from 4 death benefit options: Life promise option, Life promise plus option, Joint life promise option, and Joint life promise plus option

• You can get covered under this term insurance plan for your whole life

• Get an accelerated 50% of the base sum assured on the diagnosis of a terminal illness

• You get an inbuilt waiver of premium on the diagnosis of a terminal illness

• There is a special discount for salaried customers on the first-year premiums

• You can receive an additional first-year premium discount for achieving different milestones

• You get the flexibility to get your spouse covered under the same term insurance plan with the joint life option

• You can choose for your nominee to receive death benefits as installments or a lump sum 

• You get the option of deferring premium payments by up to 12 months with the FlexiPay benefits

• You receive a premium holiday due to pregnancy, as well as 15% lower premiums for female customers

• Your nominee will receive an instant payout as a claim intimation benefit 

• You can enhance your base sum assured with the optional rider benefits, with unique health and wellness benefits

• You also get the choice to transfer the legacy sum assured to your child with the Family Plan option

What are the OPD Benefits Offered with Tata AIA Shubh Rakshak?

The TATA AIA Shubh Rakshak plan comes with a wide range of OPD, health, and wellness benefits that go beyond insurance protection. Here are the key benefits explained in simple terms:

1.  Wallet Benefits for Health Expenses

   • Vaccination Wallet – Get up to ₹2,000 credited for prescribed vaccinations.

   • Pharmacy Wallet – Up to ₹1,000 credited for prescribed medicines.

   • Diagnostic Wallet – Up to ₹1,000 credited for medical tests.

   • Spectacles Wallet – Up to ₹1,000 credited for purchasing spectacles.

2. Preventive Health Check-ups

   • Annual health check worth up to ₹2,500 per person.

   • Coverage for two lives, giving a combined value of up to ₹5,000.

3. Doctor Consultations

   • Four in-clinic doctor consultations per year, with credits worth up to ₹4,000.

   • Cashless mode available for hassle-free payments.

4. Lifestyle & Condition Management (Cashless)

   • Personalized diet and health plans with expert guidance for 3 months.

   • Includes fitness and motivation tracking, plus diagnostic tests as per condition.

   • Benefit valued at ₹10,000.

5. Medical Second Opinion & Case Management

   • Expert medical opinions for critical illnesses.

   • Case management services worth up to ₹1,500.

6. Dental & Physiotherapy Services

   • Dental Wellness – Two consultations per year for two persons, worth ₹2,000.

   • Women Care – Two gynaecologist consultations per year, worth ₹2,000.

   • Physiotherapy Sessions – Five physiotherapy visits annually, worth ₹5,000.

   • Teleconsultations – Up to 48 online consultations per year, worth ₹28,000.

7. Discounts & Savings

   • Discounts on diagnostics worth up to ₹500.

   • Discounts on medicines worth up to ₹100.

8. Total Annual Benefits

   Together, these benefits add up to an estimated ₹64,000 in value per year, covering preventive care, consultations, diagnostics, medicines, and wellness support.

Benefits Offered Under the Tata AIA Shubh Rakshak 

1. Death Benefits

   For a Single Premium policy, the death benefit is the higher of either the "Sum Assured on Death" or 125% of the single premium paid. For a Limited or Regular Premium policy, the death benefit is the higher of the "Sum Assured on Death" or 105% of the total premiums paid up to the date of death. The policyholder can select a flexible payout option for the death benefit, which may be disbursed as a lump sum, a staggered income stream, or a combination of both.

2. Maturity Benefits

   100% of the total premiums paid will be returned to the policyholder on the survival of the policy term. 

3. Dependent Care

   The policyholder gets the option to choose the most suitable payout option, whether the death benefit payout should be made in lump sum, a monthly income, or lump sum + monthly income. In case the monthly income option is selected, you get the option of choosing a level income payout or an increasing income payout.

Eligibility Conditions for the Tata AIA Shubh Rakshak

Additional Benefits of the Tata AIA Shubh Rakshak

1. Cover Enhancement Options

   • Life Stage Benefits

   With the cover enhancement options, you can enhance your base coverage of the term insurance by 50% at marriage, 25% at the birth or adoption of the 1st and 2nd child, and 100% on home loan disbursal. 

   • Top-up Sum Assured

   With the top-up option, the policyholder can increase the base sum assured of their policy by a fixed amount at each policy anniversary by paying an additional premium for every increase in life cover. The sum assured can be increased at a fixed rate every year, selected at the time of policy purchase, ranging from 5% to 20%. 

2. Renewability at Maturity 

   At maturity, the policyholder has the option to extend the term of their policy. This feature can be exercised more than once, depending on the insurer’s terms and underwriting approval. An additional premium will need to be paid for the extended term, and this will be based on factors such as:

   • The policyholder’s attained age at maturity.

   • The policy term chosen for extension.

   • The type of policy option selected (for example, Life Promise or Life Promise Plus).

   This benefit ensures that individuals who wish to continue their protection beyond the original term can do so without having to purchase an entirely new policy.

3. Cover Continuation Benefit

   If either of the insured lives under the Joint Life Promise or Joint Life Promise Plus options passes away, the surviving life assured has the option to continue the policy. They can choose to carry on the plan either as a single-premium policy or as a regular-premium policy. The coverage amount, policy term, and premium will be recalculated based on the surviving life assured’s age and chosen policy details.

   This option ensures that even after the unfortunate death of one insured, the other remains protected without having to start from scratch with a new policy.

4. Accidental Death Benefits

   If the insured dies due to an accident during the policy term, an additional benefit is payable on top of the base sum assured. The amount paid is equal to the Base Sum Assured or a defined value, depending on the plan chosen.

   For this benefit, “accident” refers to sudden, unforeseen, and involuntary events caused by external, visible, and violent means. This provides extra financial security to the family in case of accidental death.

5. Flexi Pay Benefits

   The Flexi Pay option allows policyholders to defer their premium payments if needed. A Premium Deferment can be chosen after at least five policy years have been completed. The deferment can last for a maximum of 12 consecutive months, during which:

   • No interest is charged on the deferred premium.

   • The deferred amount can be repaid later, along with regular premiums.

   • The policy remains active during the deferment period.

   This feature provides flexibility to policyholders in managing their finances by allowing a break in premium payments during times of financial difficulty, without losing coverage.

6. Instant Payout on Claim Intimation

   There is an instant payout on the claim intimation by the nominee of the policy. This benefit is available after the completion of the 3 year waiting period from the date of policy inception or policy revival. The instant payout on claim intimation will be of 3 Lacs and can help the policyholders take care of their financial needs, like funeral costs and more.

7. Family Plan Option

   With this feature, the life assured can transfer the legacy sum assured to their child, given that all the premiums are paid, and the primary life assured survives till the end of their policy term.

8. Super Retirement Benefits

   The Super Retirement Benefit offers policyholders the choice to receive 100% of the Total Premiums Paid as an annuity upon retirement.

   • This benefit helps secure post-retirement income by converting premiums into guaranteed income.

   • Policyholders can also opt for a lump sum withdrawal of the benefit if desired.

9. Waiver of Premium on Husband’s Death

   In the unfortunate event of the husband’s death, all future premiums are waived off under this benefit.

   • This ensures the policy remains in force and provides uninterrupted coverage.

   • There are two options available: waiver on natural death or waiver on accidental death of the husband.

10. Premium Holiday Due to Pregnancy

    This feature provides flexibility for women policyholders by allowing them to take a break from premium payments for 12 months during pregnancy.

    • Up to two such Premium Holidays are available, spaced at least two years apart.

    • During the holiday period, the policy continues without interruption, and premiums resume after the holiday ends.

11. Child Education Protect

    This option ensures that your child’s education remains secure even in your absence.

    • A pre-defined lump sum is paid to the child at the time of the life assured’s death, regardless of the child’s age.

    • This benefit is not linked to incremental cover options like Life Stage or Top-Up.

    • It guarantees uninterrupted financial support for the child’s education goals.

12. Flexible Premium Payment Modes

    TATA AIA Shubh Raksha allows customers to choose from multiple premium payment modes to suit their convenience, like Single Premium, Annual Premium, Half-Yearly Premium, Quarterly Premium, and Monthly Premium. This flexibility ensures that the policy remains affordable and easy to manage.

13. Special Discounts Available 

    TATA AIA Shubh Raksha provides a range of discounts to make coverage more affordable:

    • Salaried Discount: For salaried individuals who opt for higher coverage.

    • Staff Discount: Offered to employees of the promoter group and their associates.

    • Single Mother Discount: A special discount for single mothers.

    • Specific Event Discount: For special events like marriage, childbirth, or adoption.

    • Existing Customer Discount: For those who already hold TATA AIA life insurance products.

Rider Benefits Offered With Tata AIA Shubh Rakshak 

• Tata AIA Life Protection Rider

• Tata AIA Life Health Rider

• Tata AIA Vitality Protect

• Tata AIA Vitality Health

Policy Details of Tata AIA Shubh Rakshak

1. Non-Forfeiture Benefit on Premium Discontinuance

   If the premium is not paid and the grace period ends, the cover ceases, but a non-forfeiture benefit becomes applicable. The cover is converted into a Reduced Paid-Up policy, and the following benefits continue:

   • Reduced Paid-Up Sum Assured is payable at death or maturity.

   • Reduced Paid-Up Accidental Death Sum Assured and other applicable benefits are adjusted proportionately.

   • The policy continues in a reduced state until maturity, unless revived.

2. Surrender Benefit

   The policyholder can surrender the policy and receive a surrender value after paying premiums for a minimum period.

   • Under Life Promise, Joint Life Promise, and Child Education Protect: Only the Unexpired Risk Premium Value (URPV) is paid.

   • Single Pay: The URPV is equal to unexpired premiums, discounted and paid back.

   • Special Surrender Value (SSV): May be offered by the company depending on market conditions, subject to IRDAI approval.

3. Free Look Period

   The policyholder has 15 days (30 days for electronic or distance marketing purchases) from the date of receipt of the policy to review its terms.

   • If not satisfied, the policy can be returned for cancellation.

   • Premiums paid will be refunded after deducting the proportionate risk premium, stamp duty, and expenses incurred.

4. Waiting Period

   A waiting period applies only to certain options:

   • For Life Promise / Life Promise Plus: If death (other than accidental) occurs within 90 days from policy commencement or revival, only Total Premiums Paid will be refunded, and the policy terminates.

   • For Joint Life Promise / Joint Life Promise Plus: The same rule applies if both lives assured die during the waiting period.

   • In case of accidental death, the full cover is payable even during the waiting period.

5. Grace Period

   A 30-day grace period is provided for yearly, half-yearly, and quarterly premium modes, and 15 days for the monthly premium mode.

   • The policy remains active during this period.

   • If death occurs during this time, the claim will be paid after deducting any unpaid premiums.

6. Revival Period

   A lapsed policy can be revived within five years from the due date of the first unpaid premium.

   • All overdue premiums with interest (as declared by the company) must be paid.

   • Revival is subject to satisfactory insurability, as per Tata AIA’s underwriting rules.

Exclusions under the Tata AIA Shubh Rakshak

These deaths are not covered under the Tata AIA Shubh Rakshak plan:

• If death occurs due to suicide within 12 months of policy commencement or revival, the policy will not pay the Sum Assured.

• Instead, only 80% of Total Premiums Paid will be refunded, or the surrender value, whichever is higher.

• Other standard exclusions apply for riders (if opted).