Tata AIA Shubh Rakshak Select

Key Features of the Tata AIA Shubh Rakshak Select

The key features of this term insurance plan are as follows: 

• Choose from 4 death benefit options

• Get whole life cover for guaranteed protection of loved ones.

• 50% of the base sum assured will be accelerated on the diagnosis of terminal illness as per the selected plan option

• The policy has an inbuilt waiver of premium on terminal illness

• Salaried customers can receive special discounts on first year premiums

• Flexibility to choose spouse cover option and to receive death benefit as lump sum and/or installments

• You can defer premium payments by up to 12 months with the flexi pay benefits

• Female customers can get a premium holiday due to pregnancy and 15% lower premiums

• The policy offers instant payout on claim intimation

• You can enhance the base protection with comprehensive riders with unique health and wellness benefits

Plan Options Available Under Tata AIA Shubh Rakshak Select

Life Secure Option

The policy offers an effective sum assured at the time of policy purchase, which is paid in case the policyholder suffers an untimely death during the policy term. The effective sum assured for the calculation of death benefit would include any cover enhancement options, top up SA, or the education secure options. On the diagnosis of a terminal illness, 50% of the effective benefit will be paid and the policy with remaning amount will continue with the remaining premiums waived off. On survival of the policy term, no benefit is payable.

Life Secure Plus Option

All the benefits mentioned in the life secure option, plus the return of 100% of the total premiums paid on survival of the policy term, excluding the modal premium loadings, discounts, life stage, or top up SA options, will be paid to the policyholder.

Joint Life Secure Option

The life assured and the spouse of the life assured would be covered under the same plan, and the policyholder would choose the effective SA at the time of policy purchase. On the death of the first or both covered lives during the policy term, the effective sum assured minus any terminal illness benefit will be paid to the nominee. In case of accidental death, the additional amount equal to the effective SA will be paid as per the selected payout option. The benefit paid will include any cover enhancements, like life stage benefits or top up SA options and the education secure benefit. In case of death of the second life assured before the first, the effective sum assured will be paid, and the policy will continue. The policy also has a 50% payor accelerator benefit, wherein, on the diagnosis of a terminal illness, 50% of the death benefit is paid to the policyholder. 

Joint Life Secure Plus Option

The benefits are the same as the joint life secure option, and in case of both individuals surviving the policy term, the 100% of the total premiums paid will be returned to the policyholders, excluding the Life stage or top up SA benefits. 

Benefits Offered With Tata AIA Shubh Rakshak Select

Death Benefits: For an in-force policy, the nominee receives the highest of three values: a multiple of premium paid, 105% of total premiums paid, or the effective sum assured on death. The payout can be taken as full lump sum, staggered income, or a mix of both, based on the option chosen at purchase. Once the death benefit is paid, the policy ends.

Maturity Benefits: Under Life Secure and Joint Life Secure, there is no maturity benefit. Under Life Secure Plus and Joint Life Secure Plus, if the life assured survives till the end of the policy term, the policy pays back 100% of total premiums paid (for the base benefit and eligible top-up/life stage additions).

Dependent Care: This option lets the nominee receive the death benefit as a monthly, quarterly, half-yearly, or annual income stream for up to 30 years, instead of only a lump sum. The nominee can also choose a combination of lump sum plus staggered payouts, and even convert the remaining future payouts into a discounted lump sum whenever needed.

Tata AIA Health Buddy: 

Cover enhancement options: The plan offers three cover enhancement choices.

• Life Stage lets you increase cover after specific life events in up to 4 tranches within 180 days.

• Top-Up SA automatically increases cover by 5% to 20% at every policy anniversary with extra premium. 

• Education Secure adds a separate cover for the future higher education cost of up to 3 nominated children. 

• Life Stage and Top-Up SA cannot be chosen together, but Education Secure can be added separately.

Renewability option at maturity: At maturity, the policyholder can extend the policy term up to 5 times, subject to underwriting and extra premium based on attained age and extension tenure. This is available only for Life Secure / Life Secure Plus with Regular Pay, and only if no prior claim has been made and no benefit has expired.

Cover continuation benefits: Available only under Joint Life Secure / Joint Life Secure Plus, this option must be selected at inception. On the first death, the surviving life can continue cover through a new single premium Life Secure or Life Secure Plus policy, with the single premium amount deducted from the death claim payout.

Accidental death benefits: This applies only to Joint Life Secure / Joint Life Secure Plus. If both lives die simultaneously due to an accident, the nominee receives an additional Effective Sum Assured over and above the regular death benefit.

FlexiPay benefits: FlexiPay allows the policyholder to defer premiums for up to 12 consecutive months while keeping full cover active, with no extra interest or charges. It can be used only after 5 full policy years, is available for Regular and Limited Pay, and can be used again only after a 5-year gap from the previous deferment period. If a claim occurs during deferment, unpaid premiums are deducted from the payout.

Instant payout on claim intimation: For in-force policies with minimum ₹1 crore cover, the nominee can receive an instant ₹3 lakh advance within 1 working day of claim registration, provided the death happens after completion of 3 policy years from inception or revival. This is an accelerated part of the total death claim, and the remaining sum assured is paid after full claim assessment.

Super retirement benefits: This feature allows the policyholder to receive 100% of total premiums paid back from the 30th policy year or on reaching age 70, whichever is earlier, but not during the last 10 policy years. It is available only for Life Secure and Joint Life Secure, for entry age up to 50 years. If the full proceeds are used to buy an annuity from Tata AIA, the payout gets an additional 5% of total premiums paid.

Premium holiday due to pregnancy: Female life assureds can defer premiums for 12 months during pregnancy while keeping full cover active. This can first be used after paying 2 full years’ premiums, is available for Regular and Limited Pay, and can be used a maximum 2 times with a 2-year gap between each holiday.

Child education protect: Available only with Life Secure and Life Secure Plus, this feature pays a pre-defined regular income for up to 3 children after the life assured’s death until the chosen child age is reached. The payout continues even if the child passes away earlier, and can be taken in monthly, quarterly, half-yearly, or annual mode.

Waiver of premium on husband’s death: This option is available only for female life assureds. On the husband’s death, either due to any reason or accident only, all future premiums are waived, while the policy continues in force till maturity with full benefits intact.

Health management services: Eligible life assureds can access complimentary value-added health management services such as medical consultation, second opinion, coaching, treatment support, and recovery case management through Tata AIA’s partner providers. These services are optional, free of cost, and available only while the policy is in force.

Eligibility Conditions to Buy Tata AIA Shubh Rakshak Select

Here are the eligibility conditions to buy this Tata AIA term insurance plan: 

Additional Details of the Tata AIA Shubh Rakshak Select

Riders: The plan allows add-on riders such as the Comprehensive Protection Rider, Comprehensive Health Rider, Vitality Protect, and Vitality Health. Rider sum assured generally cannot exceed the base sum assured, except where accidental death rider rules permit separately.

Premium payment modes: Premiums can be paid in Single Pay, Annual, Half-Yearly, Quarterly, or Monthly mode. No loading applies on Single and Annual mode, while Half-Yearly, Quarterly, and Monthly modes carry modal loading as per plan rates.

Discounts: The plan offers multiple premium discounts, including Salaried Discount for customers choosing ₹50 lakh or higher base sum assured, Staff Discount for Tata/AIA group employees and eligible family members, Existing Customer Discount, Special Event Discount (such as first job, marriage, or childbirth), and a 1% Single Mother Discount on all premium instalments.

Non-forfeiture benefit on premium discontinuance: If a non-single pay Life Secure Plus or Joint Life Secure Plus policy’s premium remains unpaid after the grace period, it can move into Reduced Paid-Up status after at least 1 full year’s premium payment. The cover continues till maturity with a Reduced Paid-Up Factor = premiums paid ÷ premiums payable, and both death and accidental death benefits get reduced accordingly unless the policy is revived earlier.

Surrender benefits: Under Life Secure / Joint Life Secure / Child Education Protect, surrender value is paid as Unexpired Risk Premium Value (URPV), which is zero for Regular Pay, available after 2 full years in Limited Pay, and available any time after premium payment in Single Pay. Under Life Secure Plus / Joint Life Secure Plus, surrender value is the higher of GSV or SSV, available after 1 policy year for Regular/Limited Pay with PPT ≥ 5 years, and immediately for Single Pay or PPT below 5 years.

Grace period: The policy remains in force with full risk cover during the grace period. It is 15 days for monthly mode and 30 days for annual, half-yearly, and quarterly modes.

Revival period: A discontinued policy can be revived within 5 years from the due date of the first unpaid premium and before maturity, subject to written request, health evidence, underwriting approval, and payment of all overdue premiums with interest. 

Free look period: The policyholder gets 30 days from receipt of the policy document to cancel if unsatisfied. The refund equals all premiums paid minus proportionate risk premium for days covered, stamp duty, and medical examination costs including GST.