Term Insurance 819 views February 16, 2021

A life insurance plan helps mitigate the financial loss a family could face in case the insured member dies during the policy term. But with Tata AIA Life Insurance iRaksha TROP, not only you can enjoy life coverage and secure the future of your loved ones but also get back the paid premiums on maturity. Some of the exciting features that make this policy so popular among customers are as follows.

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  1. Two benefits in a single plan
  2. Flexibility to choose a premium payment term
  3. Preferential premium rates for non-smoker policyholders
  4. Lower premium rates for women customers
  5. Premium discounts on choosing a higher level of protection
  6. Availability rider options to enhance your protection
  7. Tax benefits

You would certainly want to know more about these features in detail. Well, don’t worry! Here, we will discuss the same in detail along with other important aspects of Tata AIA Life Insurance iRaksha TROP, such as the policy term, benefits, eligibility criteria, etc. Do read to know more!

Key Features of the Tata AIA Life Insurance iRaksha TROP

We are showing key features of the Tata AIA Life Insurance iRaksha TROP in detail so that you can understand better. Have a look!

  1. One of the most amazing things about this plan is that policyholders can enjoy two benefits with a single plan. These two benefits are protection and return of premium. The protection benefit will provide insurance coverage against an unfortunate demise, while you will get back all your premiums in case you survive until maturity.
  2. Policyholders can also get a grace period of 15 days or 30 days from your premium due date within which they can pay the premium without impacting their policy benefits.
  3. You can also enjoy tax benefits on the premium paid and benefits received under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively.
  4. Tata AIA Life Insurance iRaksha TROP acknowledges the healthy lifestyle habits of an individual by offering preferential premium rates to non-smokers. Other than this, women policyholders who choose a high level of protection will also get special rates according to the premium payment mode. To know more, you can check the below table.
    Sum AssuredDiscount on premium per INR 1,000 sum assured 
    For Regular and Limited PayFor Single Pay
    INR 75,00,000 - INR 99,99,9990.21.5
    INR 1,00,00,000 and above0.32

What is the Policy Term and Premium Payment Term?

In the case of Tata AIA Life Insurance iRaksha TROP, the policy term can range from 10 to 40 years, which can help decide the premium payment term for you. Check the same in the below table.

Policy TermPremium paying term
10 to 40 yearsRegular pay, Single Pay, Limited Pay (5 years)
15 to 40 yearsLimited Pay (10 years)

Individuals who choose regular and limited pay can choose to pay the premium in any of these modes – annual, semi-annual, quarterly and monthly.

What will be the Sum Assured for Tata AIA Life Insurance iRaksha TROP?

You can choose a sum assured of INR 50,00,000 and can also increase it in the multiples of INR 1,00,000 with no maximum limit.

Tata AIA Life Insurance iRaksha TROP Benefits

The plan comes with death and maturity benefits that we stated above. But how much amount will you get regarding these is explained below. Take a look.

Death Benefit

If the policyholder dies during the policy term, the plan will provide death benefits to the nominee to overcome the financial loss. This benefit can be the highest of the following amounts

  1. Basic sum assured
  2. 10 times the annualized premium (excluding the taxes)
  3. 105% of all the total premiums paid up to the date of death
  4. Maturity sum assured

Maturity Benefits

If the insured person survives until maturity i.e. the end of the policy term, the company will return the total premiums paid until maturity.

Tata AIA Life Insurance iRaksha TROP Eligibility Criteria

Keep in mind the following conditions when choosing Tata AIA Life Insurance iRaksha TROP.

  1. The entry age depends on the premium paying term. For Single pay, regular pay, and limited pay of 5 years, the entry age can range from 18 to 70 years. However, for limited pay of 10 years, the entry age can be 18 to 65 years.
  2. The maturity age can be as high as 100 years.

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