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Tata AIA Life Maha Raksha Supreme Plan

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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!!

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

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