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Term Insurance 656 views February 17, 2021
Tata AIA Life Insurance iRaksha Supreme is a non-linked non-participating online term insurance that will provide your family the financial protection in case of an unfortunate event of death. The following are the key features of Tata AIA Life Insurance iRaksha Supreme plan –
Let’s learn more about the above-mentioned benefits on this page below.
Table of Contents
In case of an unfortunate event of death, the nominee will receive the highest of the following, provided the policy is in force and all due premiums are paid in full till the date of death-
You can pay your premium for the Tata AIA Life Insurance iRaksha Supreme plan using any one of the following, whichever is convenient to you.
The following is an indicative premium for a healthy 30-year-old individual for a sum assured INR 1 Crore.
Gender | Non-smoker | Policy Term (In Years) | Regular Pay (In INR) | Limited Pay (In INR) | Single Pay (In INR) | |
---|---|---|---|---|---|---|
Female | Yes | 25 | 6,300 | For 5 Years 18,900 | For 10 Years 10,200 | 85,900 |
Female | No | 25 | 9,300 | 31,800 | 15,900 | 129,000 |
Male | Yes | 25 | 7,000 | 21,900 | 11,900 | 100,300 |
Male | No | 25 | 10,900 | 37,600 | 18,800 | 153,700 |
Note:- The premium amount in the table above is exclusive of applicable taxes and cess. The premium rates shown here are sourced from the official brochure of Tata AIA Life Insurance iRaksha Supreme as on Feb 17, 2021.
To buy this online term life insurance plan at Tata AIA, you need to meet the following –
If you opt for a high sum assured under Tata AIA Life Insurance iRaksha Supreme plan, you will be eligible for a discount as follows:-
For Regular and Limited Pay
Sum Assured (In INR) | Discount per INR 1,000 Sum Assured |
---|---|
75 Lakh to 99.99 Lakh | 0.10% |
1 Crore to 1.99 Crore | 0.15% |
2 Crore to 4.99 Crore | 0.20% |
5 Crore and Above | 0.25% |
For Single Pay
Sum Assured (In INR) | Discount per INR 1,000 Sum Assured |
---|---|
75 lakh to 1.99 Crore | 0.50% |
1 Crore and Above | 1.00% |
Other than the above-mentioned benefits, you shall receive the following, as the case may be –
Surrender Benefit – If you don’t want to continue the policy, you can surrender it without any hassle, provided the policy is in force and all due premiums are paid. On surrender, you will receive the following –
Surrender Value Factor x (Outstanding Policy Term/Policy Term) x Total Premiums Paid
Paid-up Benefit – If you don’t pay the premium and the policy has acquired a surrender value, the policy will not lapse but get converted into paid-up. It means your policy will remain in force for the remaining policy term. And in case of death during the remaining term, the following would be payable to the nominee –
Paid-up Sum Assured = (Number of Premiums Paid/Total Number of Premiums Payable) x Sum Assured
Note:- Policy shall acquire a surrender value after policy commencement in case of Single Pay. Whereas the policy acquires a surrender value in Limited Pay if full 3 and 7 years premiums have been paid for 5 and 10 years premium payment term. Surrender value shall not be available under Regular Pay.
If you commit suicide within 12 months from the date of commencement, the nominee will get the total paid premiums only, provided the policy is in force. Whereas if you commit suicide within 12 months after revival or reinstatement, the nominee will get either the total paid premiums or the acquired surrender value/policy account value, whichever is higher, provided the policy is in force.
You are also eligible for a tax deduction Under Section 80C and 10(10D) of the Income Tax Act, 1961.