Term Insurance 370 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 –

  1. Life Protection
  2. Flexible Premium Payment Term
  3. Preferential Premium Rates for Female and Non-smokers
  4. Premium Rate Benefit for High Sum Assured

Let’s learn more about the above-mentioned benefits on this page below.

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Tata AIA Life Insurance iRaksha Supreme Plan Life Protection Advantage

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-

  1. Basic Sum Assured
  2. 10X the annualized premium
  3. 105% of the total paid premiums

Tata AIA Life Insurance iRaksha Supreme Flexible Premium Payment Term

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.

  1. Single Pay – Here, you will pay a premium in a lump sum for one time only
  2. Regular Pay – In this, you can pay a premium till the end of the policy term in installments
  3. Limited Pay – Pay premiums for a limited period in installments

The following is an indicative premium for a healthy 30-year-old individual for a sum assured INR 1 Crore.

GenderNon-smokerPolicy Term (In Years)Regular Pay (In INR)Limited Pay (In INR)Single Pay (In INR)
FemaleYes256,300For 5 Years
18,900
For 10 Years
10,200
85,900
FemaleNo259,30031,80015,900129,000
MaleYes257,00021,90011,900100,300
MaleNo2510,90037,60018,800153,700

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.

Tata AIA Life Insurance iRaksha Supreme Eligibility Criteria

To buy this online term life insurance plan at Tata AIA, you need to meet the following –

  1. Entry Age – 18 to 70 Years
  2. Maximum Age at Maturity – 80 Years

Discount on Tata AIA Life Insurance iRaksha Supreme Premium Rate

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 Lakh0.10%
1 Crore to 1.99 Crore0.15%
2 Crore to 4.99 Crore0.20%
5 Crore and Above0.25%

For Single Pay

Sum Assured (In INR)Discount per INR 1,000 Sum Assured
75 lakh to 1.99 Crore0.50%
1 Crore and Above1.00%

Nonforfeiture Benefits Under Tata AIA Life Insurance iRaksha Supreme

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.

Tata AIA Life Insurance iRaksha Supreme Terms and Conditions

  1. Minimum sum assured – INR 50 Lakh
  2. The maximum sum assured limit will be subject to underwriting
  3. Policy Term – 10 to 40 Years
  4. Premium Payment Term – Regular Pay, Single Pay, Limited Pay (5 years for 10 to 40 years policy term and 10 years for 15 to 40 years policy term)
  5. Premium Payment Mode – Yearly or Half-yearly
  6. Grace period – 30 days starting from the due date of the premium
  7. Free Look period – 30 days from the date of receipt of the policy bond
  8. Revival or Reinstatement Period – 2 Years from the date of the due premium

Tata AIA Life Insurance iRaksha Supreme Plan Suicide Clause

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.

Tax Benefits Under Tata AIA Life Insurance iRaksha Supreme Plan

You are also eligible for a tax deduction Under Section 80C and 10(10D) of the Income Tax Act, 1961.

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