Term Insurance 418 views February 18, 2021

Tata AIA Life Insurance Maha Raksha Supreme is a non-linked non-participating term insurance plan that provides financial protection to your family in your absence. Let’s check out the benefits of this pure term life insurance plan –

  1. Pure Protection
  2. Life Stage Plus Option
  3. Payout Accelerator
  4. Flexible Premium Payment Term
  5. Accidental Death and Dismemberment (Long Scale) (ADDL) Rider
  6. Discounted Premium Rates for Females and Non-smokers

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Know more about these benefits in detail on this page below.

Tata AIA Life Insurance Maha Raksha Supreme Pure Protection Benefit

In case of an unfortunate event of your death during the policy term, provided the policy is in force, your nominee shall receive the highest of the following benefits under Tata AIA Life Insurance Maha Raksha Supreme plan.

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

Note:- The above-mentioned death benefit is for regular pay premium payment terms only. In the case of single pay, the death benefit shall be the higher of the basic sum assured or 125% of the total paid premiums.

Life Stage Plus Option Under Tata AIA Life Insurance Maha Raksha Supreme Plan

Use this option to enhance your Basic Sum Assured under Tata AIA Life Insurance Maha Raksha Supreme Plan. With the Life Stage Plus option, an additional sum assured shall be added to your basic sum assured in case of the following events:-

  1. Marriage
  2. childbirth or legal adoption (maximum of 2 children)

To get this benefit under your Tata AIA Life Insurance Maha Raksha Supreme Plan, you need to send a written request to the company with valid proof of marriage, childbirth or legal adoption. You can get the Life Stage Plus option only on the policy anniversary. And the request for the same should be received at least 30 days in advance of the policy anniversary.

Note:- You cannot get this benefit after the age of 50 years and during the last 10 policy years.

Payout Accelerator in Tata AIA Life Insurance Maha Raksha Supreme Plan

This is an inbuilt feature of the Tata AIA Life Insurance Maha Raksha Supreme plan wherein you’ll get accelerated death benefit in case you are terminally ill and there are chances of survival up to 6 months only. In such a case, 50% of your Basic Sum Assured shall be payable to you on diagnosis; and death benefit becomes payable to the nominee as mentioned above, provided the policy is in force.

Note:- If the death happens within the survival period of 6 months, the payout accelerator benefit shall be reduced from the death benefit. On the other hand, if the death happens after the survival period, the full death benefit shall be payable, provided the policy is in force.

Eligibility for Tata AIA Life Insurance Maha Raksha Supreme

You can purchase this term life insurance plan from Tata AIA if you meet the following:-

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

Flexible Premium Payment Term Options Under Tata AIA Life Insurance Maha Raksha Supreme Plan

You can pay a premium for your Tata AIA Life Insurance Maha Raksha Supreme Plan either using –

  • Single Pay Premium

Or

  • Regular Pay Premium

Whichever is convenient to you.

The following is an indicative premium for a healthy, non-smoker, male under this term life insurance plan:-

Age (In Years)Basic Sum Assured (in INR)Policy Term (In Years)Regular Pay (In INR)Single Pay (In INR)
3550 lakh309,3001,39,600
351 Crore3016,6002,74,200
4050 Lakh2011,5001,27,300
401 Crore2021,0002,49,600

Note:- The above-mentioned premium amount is exclusive of the applicable taxes and cess. The premium data is sourced from the policy document of Tata AIA Life Insurance Maha Raksha Supreme as on Feb 13, 2021.

Additional Coverage Under Tata AIA Life Insurance Maha Raksha Supreme

You can enhance your policy coverage by adding Accidental Death and Dismemberment (Long Scale) (ADDL) Rider to your Tata AIA Life Insurance Maha Raksha Supreme plan. The rider is attached only at inception and Tata AIA Life Insurance is the only option. Under this rider, you’ll get the additional sum assured in case of death or dismemberment due to an accident.

Special Premium Rates Under Tata AIA Life Insurance Maha Raksha Supreme Plan

A healthy lifestyle will help you get special rates on your premium payment, such as for non-smokers. Additionally, Tata AIA Life offers preferential rates to female lives under this term insurance.

Tata AIA Life Insurance Maha Raksha Supreme Terms and Conditions

  1. The minimum basic sum assured is INR 50,000 and the maximum basic sum assured limit is subject to underwriting.
  2. Policy Term – 10 to 40 Years
  3. Premium payment modes in regular pay – yearly, half-yearly, quarterly or monthly
  4. A grace period of 15 days will be allowed under the monthly mode, otherwise, the grace period will be 30 days.
  5. If your Tata AIA Life Insurance Maha Raksha Supreme plan lapses due to non-payment, you can revive or reinstate the policy within 2 years from the first due date of the unpaid premium.
  6. A free look period of 15 days is provided to the policyholder from the date of receipt of the policy document. This free look period could be extended to 30 days if the policy is purchased through distance marketing mode like telecommunication, SMS, internet, etc.

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