Tata AIA Life Maha Raksha Supreme Plan

Invest In Tax Saving Mutual Funds Online

Download Tax Saving Mutual Fund Application Forms

Buy Gold Mutual Funds

Call 0 94 8300 8300 (India)

 

Tata AIA Life Maha Raksha Supreme

	Objective		This is an offline term insurance policy with two variants. Both variants aim at providing financial security to family members of insured person. The second variant- Extra protection cover provides waiver-of-premium benefit if insured develops total permanent disability.
What does it do?		This policy offers two variants- Pure protection cover and Extra protection cover. Pure protection cover is a simple term policy where the nominees receive death benefit on death of the policyholder and the policy ends. Extra protection cover is an enhanced version with a waiver-of-premium option which will continue to provide protection in case of total permanent disability of the insured, without future premiums. Once a claim is admitted under the waiver-of-premium benefit, all rider benefits will terminate. Both variants offer an additional life stage plus option which allows policyholders to increase cover at future milestone events such as marriage or birth of a child. The sum assured can be increased by 10 to 50 per cent of basic sum assured, subject to maximum of Rs 50 lakh, for additional premium. The sum assured should be increased within a year of the milestone event and it cannot be availed after 50 years of age and in the last 10 years of the policy. This option needs to be selected at the time of policy purchase. This policy also features a payout accelerator benefit that pays 50 per cent of basic sum assured if insured person is diagnosed with any of the covered critical illnesses, and he is not expected to survive longer than 6 months. Death benefit under both variants of the policy will include basic sum assured and additional sum assured from the life stage plus option and exclude the payout accelerator benefit if paid earlier. Apart from above benefits, this policy offers riders like accidental disablement benefit, critical illness and surgical benefits which can be bought by paying extra premiums.
Pros		The policy offers premium discount for opting sum assured above Rs 1 crore. Riders can be added or deleted anytime during the policy term. Terminal illness benefit is an advantage. Women enjoy lower premium rates. Premiums paid under this policy qualify for tax benefits.
Suited for		Both variants of the policy are useful. The waiver-of-premium rider is suitable for all as it allows the cover to continue without paying premiums if insured person gets permanently disabled.
Our View		This policy is worth buying if you are looking to buy a traditional pure term insurance policy through intermediaries. Although it is a bit expensive compared to online term policies, it offers many benefits. Inbuilt waiver-of-premium benefit, payout accelerator benefit, optional riders, optional life stage plus option make this a comprehensive policy.
Eligibility
Entry Age (years)
Minimum		18
Maximum		70 for Pure Protection; 55 for Extra Protection
Maximum Maturity Age (years)		80 for Pure Protection; 65 for Extra Protection
Policy Term (years)
Minimum		10
Maximum		40
Sum Assured (Rs)
Minimum		50,00,000
Maximum		No Limit
Premium Payment Frequency		Yearly, Half-yearly/ Quarterly/ Monthly/ Single
Premium Payment Term		Single/Regular Pay
Premium Factor (multiply with annual premium)		0.51 for Half-yearly, 0.26 for Quarterly, 0.0883 for monthly mode
Policy Cover		Policy cover remains constant throughout policy term if insured did not opt for Life Stage Plus Option. Policy Sum Assured increases at significant stages of life if insured opted for Life Stage Plus Option at time of purchasing policy.
Other Features
Free Look Cancellation		In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace Period		A grace period of 31 days is allowed.
Lapsed Policy Reinstatement		If premium are not paid before the expiry of the grace period from the premium due date, the policy will lapse. If the Policyholder fails to reinstate a policy within this two year period from the premium due date, the policy will terminate. On reinstatement, all outstanding premiums, with interest will be payable..
Tax Benefits		Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply.
Exclusions		In case of death by suicide during the first policy year, whether medically sane or insane no death benefit is payable. Further, if the Life Assured under the policy,commits suicide, within one year from the date of reinstatement of policy, no death benefit except the surrender value, if any, will be paid.
Surrender Value		Only Single Pay policies can be surrendered after completion of one policy year. The surrender value will be calculated as: 75% * (Policy term less policy duration in complete years)/Policy term * Single Premium.
Customer Service
Address		Tata Aia Life Insurance Company Ltd.(Reg 110): 14th Floor,Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai 400013.
Mail To		Customercare@tataaia.com
Call On		1800 267 9966 or 1860 266 9966
Additions to the Plan
Available Rider(s)		Tata Aia Life Accidental Death Benefit (ADB) Rider: It covers death due to an accident. Tata Aia Life Accidental Death and Disablement (Long Scale) (ADDL) Rider: It covers accidental death and disablement as per detailed in policy document. A double indemnity is payable for certain accidental deaths as mentioned in the policy document. Tata Aia Life Accidental Death and Disablement (Short Scale) (ADDS) Rider: This Rider covers Accidental Death and Dismemberment as per detailed in policy schedule. Tata Aia Life Surgical Benefit Rider: It covers more than 900 surgeries and pays a pre fixed percentage of Sum Assured. Once selected, Surgical Benefit Sum Assured cannot be changed throughout policy term. The Surgical Benefit Rider Sum Assured will increase 5% per annum from 2nd year onwards subject to a maximum amount of 150% of initial Surgical Benefit Rider Sum Assured. Tata Aia Life Critical Illness Lump Sum Benefit Rider: This Rider covers 6 critical illnesses: Cancer, Stroke, Heart Attack, Coronary Bypass Surgery, Chronic Renal Failure, Major Organ Transplant.
Rider Conditions
Entry Age (years)
Minimum		Higher of 18 years or minimum entry age under the policy
Maximum		50 years for Critical Illness rider and 55 for other riders
Maximum Maturity Age (years)		Lower of maturity age under policy or70 years for ADB Rider / 65 years for other riders
Sum Assured (Rs)
Maximum		Sum Assured of the basic policy
Rider Premium (Rs)		Rider premiums vary for each individual. It depends on age, sum assured and health condition of the insured. For an instance a healthy 30 year old male will be required to shell out following annual premiums on a 2 lakh sum assured for a policy term of 10 years: Accidental Death Benefit: Rs 200 Accidental Death and Disablement (Short Scale) Benefit: Rs 320 Accidental Death and Disablement (Long Scale) Benefit Critical Illness Benefit: Rs 334 Surgical Benefit: Rs 2536

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

1. ICICI Prudential Tax Plan Invest Online
2. HDFC TaxSaver Invest Online
3. DSP BlackRock Tax Saver Fund Invest Online
4. Reliance Tax Saver (ELSS) Fund Invest Online
5. Birla Sun Life Tax Relief '96 Invest Online
6. IDFC Tax Advantage (ELSS) Fund Invest Online
7. SBI Magnum Tax Gain Scheme 1993 Invest Online
8. Sundaram Tax Saver Invest Online
9. Edelweiss ELSS Invest Online

------------------

Best Performing Mutual Funds

1. Largecap Funds Invest Online
1. DSP BlackRock Top 100 Fund
2. ICICI Prudential Focused Blue Chip Fund
3. Birla Sun Life Front Line Equity Fund
2. Large and Midcap Funds Invest Online

1. ICICI Prudential Dynamic Plan
2. HDFC Top 200 Fund
3. UTI Dividend Yield Fund
2. Mid and SmallCap Funds Invest Online

1. Reliance Equity Opportunities Fund
2. DSP BlackRock Small & Midcap Fund
3. Sundaram Select Midcap
4. IDFC Premier Equity Fund
3. Small and MicroCap Funds Invest Online

1. DSP BlackRock MicroCap Fund
4. Sector Funds Invest Online

1. Reliance Banking Fund
2. Reliance Banking Fund
5. Tax Saver MutualFunds Invest Online
1. ICICI Prudential Tax Plan
2. HDFC Taxsaver
3. DSP BlackRock Tax Saver Fund
4. Reliance Tax Saver (ELSS) Fund
6. Gold Mutual Funds Invest Online

1. Relaince Gold Savings Fund
2. ICICI Prudential Regular Gold Savings Fund
3. HDFC Gold Fund