Tata AIA Life term plan is entitled to secure families across the countries of Asia Pacific nations. there are various Tata AIA term plans such as Tata AIA life Insurance Sampoorna Raksha, Tata AIA Life Insurance Sampoorna Raksha+, Tata AIA Life Insurance iRaksha TROP, Tata AIA Life Insurance iRaksha Supreme and Tata AIA Life Maha Raksha Supreme that help the policyholders to ensure their families in case something goes wrong .

Tata AIA Life Insurance Company

Tata AIA Life Insurance Company consists of AIA Group Ltd and Tata Sons Ltd. So, this insurance company is called the joint venture between these two companies. Tata AIA Life Insurance Company operates the insurance business spanning over 18 markets in the Asia Pacific region. It is reported that Tata AIA Life Insurance Company has collected the premium worth of INR 1397 crore in 2017-18 sessions. In addition, the company has maintained its claim settlement ratio which is 98%. Apart from that, the company won the Golden Peacock Award for Risk Management in 2016. The Tata AIA Life Insurance Company started its operation on 1st April 2001.

Tata AIA Term Plan

Tata AIA term plan offers a wide variety of packages for the people. It has reasonable premiums, income tax benefits, and various modes of paying the premium.

Term Plan

Policy term

Entry age (Min-Max)

Maturity Age

Sum Assured (Min-Max)

Tata AIA Sampoorna Raksha Term Insurance

10-40 years (regular pay)

15-40 years (limited pay)

18-70 years

80 years

50,000,00-no limit

Tata AIA Sampoorna Raksha+ Term Insurance

10-30 years(regular pay)

15-30 years(limited pay)

18-70 years80 years50,000,00- no limit

Tata AIA Life Insurance iRaksha TROP

10-30 years

18-65 years

75 years

50,000,00-no limit

Tata AIA  iRaksha Supreme Term Insurance

10-40

18-70 years

80 years

50,000,00-no limit

Tata AIA Maha Raksha Supreme Term Insurance

10-40 years

18-70 years

80 years

5,000,000-no limit

Sampoorna Raksha – Tata AIA Term Plan

Tata AIA Life Insurance Sampoorna Raksha brings the opportunity to enjoy life freely. The policyholder can get the lump sum benefit for death or can enjoy both the lumpsum benefit and monthly income.

Tata AIA Sampoorna Raksha Term Plan Benefits & Features

There is a huge benefit of this Tata AIA term insurance plan. The policyholders can cover their life by acquiring this term insurance plan.

  • The policyholder can enjoy the discount of a high sum assured for higher coverage.
  • According to the Income Tax laws, the policyholder can avail the tax benefit under 10(10D) and 80C.
  • Both the smokers and female may avail the lower rates of premium.
  • The policyholder have access to choose the limited or regular PPT (premium paying term)
  • This Tata AIA term plan can cover up to the age of 80 years or up to the 40 years.

The policyholders can access the death benefit in four different options.

  1. Death Benefit

Option 1: Paying of Sum Assured on Death

Under this option, during the continuation of the policy if the policyholder dies, the death benefit is immediately payable to the nominee. As soon as the death benefit paid, the policy shall be terminated. It is important to know that no other amenities would be availed by the nominee under this Tata AIA term plan.

Option 2: Paying of Sum Assured on death and receive the monthly income for 10 years.

  • During the continuation of the policy, if the policyholder dies the death benefit is immediately payable to the nominee. Apart from that, the nominee will have the chance to obtain the monthly income of 1% of the sum assured for ten years. This monthly income mode will start from the next month from the date of death.
  • In addition to that, the nominee shall have another income mode to obtain. The nominee may achieve the future benefit of income which is called as the computed value. This income of future can be calculated as the factor of discounting which is multiplied by the sum assured. The factor of discounting should be calculated by using the interest rate of 7.5% per year.

It is essential to know that no other amenities would be availed by the nominee under this policy excepting future income.

Option 3: Paying of enhanced sum assured for death

During the continuation of the policy, if the policyholder dies the death benefit is immediately payable to the nominee. As soon as the death benefit is paid, This Tata AIA term plan shall be terminated. It is important to know that no other amenities would be availed by the nominee under this policy.

Option 4:Paying of enhanced Sum Assured on death and receive the monthly income for 10 years.

  • During the continuation of the policy, if the policyholder dies the death benefit immediately payable to the nominee. Apart from that, the nominee will have the chance to obtain the monthly income of 1% of the sum assured for ten years. This monthly income mode will start from the next month from the date of death.
  • In addition to that, the nominee shall have another income mode to obtain. The nominee may achieve the future benefit of income which is called as the computed value. This income of future can be calculated as the factor of discounting which is multiplied by the sum assured. The factor of discounting should be calculated by using the interest rate of 7.5% per year.

It is essential to know that no other amenities would be availed by the nominee under this Tata AIA term plan except for the future income.

Option 1 and 2 of the sum assured for death would be explained as the higher of the following:

  • Annualised premium is 10 times.
  • All paid premium 105% (excepting the extra premium of underwriting and modal loading)
  • Guarantee of minimum sum assures on maturity.
  • Paying off the Assured absolute amount on death.

The sum assures for option 1 and 2 is the assured absolute amount.

Option 3 and 4 of the enhanced sum assured for death would be explained as the higher of the following:

  • Annualised premium is 10 times
  • Paying off all the premiums 105% (excepting the extra premium of underwriting and modal loading)
  • Guarantee of minimum sum assures on maturity.
  • Paying off the Assured absolute amount on death.
  • The enhanced sum assure for option 3 and 4 is assured absolute amount.
  • The basic sum assured is the enhanced sum assured. It is reported that the basic sum assure is enhanced by 5% simple rate per year at the anniversary of policy till the period of death which is subject to 200% maximum.
  • It is very important to know that maturity benefit does not vest upon the above-mentioned four options.
  • When the policyholder pay premium in a year, it is called the “Annualised Premium” excepting the underwriting additional premiums.
  • It is essential to know that all the duties, cesses, surcharges and taxes will be collected independently above the policy of the premium.

Note: In case the policyholder is dead without paying the due, then the claim is payable to the nominee after deducteing the due amount of the policyholder.

  1. Preferential rates of the premium:

People always want to get rewarded for maintaining a healthy lifestyle. Hence, this Tata AIA term plan has brought special rates for both females and non-smokers (people who choose to achieve the top level protection in their life).

For limited and regular pay:

  1. The payment modes of flexible premium:

All of you have the flexible premium option. They can pay monthly, quarterly, half-yearly and annually.

ModeModal loading
Monthly6%
Quarterly4%
Half Yearly2%
Annually0%
  1. Lapse

For Regular Pay:

When the policyholder does not pay the full premium of the policy by the given grace period, the policy will be lapsed from the due date of preliminary unpaid premium and no amenities will be given. However, the policy may still be re-established within the two years from the due date of initial unpaid premium.

For Limited Pay:

When the policyholder does not pay the full premium of first 2 years of policy by the Grace Period for the Limited Pay 5 and the Limited pay 10 policies, the policy will be lapsed from the date of initial unpaid premium. It is better to know that no benefits will be provided. The policy can however, be reestablished within two years from the date of the initial unpaid premium.

  1. Surrender benefit:

The policyholder is often advised by the agent to continue the policy till getting the suitable policy term. However, if the policyholder is not able to maintain the policy due to unfavourable circumstances, he or she can surrender the policy

Regular pay: There is not any existence of surrender benefit under this Tata AIA term plan.

Limited pay: If the policyholder pay the premiums for at least 2 and three years for Limited Pay 5 and Limited pay 10 policies, he or she can surrender the policy anytime until getting maturity. How the surrender value is paid is mentioned below:

  • The reduced benefit of paid up

Regular pay: There is not any existence of reduced paid-up under this plan for the option of regular pay.

For Limited pay: In this case, the policy will be transferred into Reduced paid-up policy by non- payment

The policy of reduced paid up is non-payment non-forfeiture benefit. The policy of such reduced paid-up can be rejuvenated within two years from the charge date of initial unpaid premium. The process can be executed by making payment of all the due premiums with interest which is mentioned in the Revival section. Once the policy gets the reduced paid-up status and is not rejuvenated till the edge of the revival period, it is going to continue in the status of the reduced paid up.

When the policy is transferred into a policy of Reduced Paid –up, the subsequent enhancement will have happened under option 3 and option 4 on the basis of sum assured of reduced paid-up which is subject to 200% maximum of reduced sum assured paid up.

The amenities should be paid in case the reduced paid-up policies are mentioned below.

The factor of reduced paid up= no of paid premium divided by no of premium should be payable during the whole policy term.

In case the policy is reduced paid up, the benefit will be payable as mentioned below:

  1. Revival

If the premium remain in a non-payment mode and crossed the grace period and that is subject to not being surrendered, the policyholder may get the chance to revive the policy by the two years after the charge date of initial unpaid premium and prior the date of maturity  should subject to

  • The written application of the policyholder for the revival.
  • The latest health certificate of insured and proofs of insurability
  • The proofs of payment of the overdue premiums which should be calculated with interest.
  1. Flexibility of extra coverage

The policy holders have the right and flexibility to modify their product by adding below mentioned optional rider. The policyholder can attach the optional rider at the time of Tata AIA term plan inception.

The accidental death of Tata AIA Life insurance Rider (UIN:110B028V01)

In this regard, the Rider may not compulsory for the policyholder. The policyholder may have the access to the rider for extra nominal cost.

  1. Grace Period:

If any policyholder is not able to pay their premium in the prescribed time, 15 days of grace period for monthly system and 30 days of grace period for all other system will be given. According to the terms and conditions of our policy, during this time, the policy of the policyholder will be considered under the risk cover.

If the policy holder does not pay the premium at the end of the grace period, the policy will be lapsed. In addition to, if the policyholder does not pay the premium of first 2 and 3 policy years for the Limited Pay 5 and 10 years within the grace period, the policy will be lapsed. If the claim happens during the grace period, and the due premium is not still paid, the amount of the claim will be deducted from the claim amount.

  1. Free look period:

If any policyholder is not satisfied with the features of the policy, he or she has the right to discard the policy by sending the written document to the company. After completing this step, he or she will be credited with all the premiums which he or she once paid after deducting the —-

  1. Amount of risk premium
  2. Cost of medical examination and stamp duty

This type of notice should be signed by the policyholder and should be received by the company directly within the fifteen days since the date of the policy document receipt. This 15 days somehow may go to 30 days, if the policy is sourced through the distance method.

The risk premium of proportionate should be determined as per the below mentioned manner:

(enhanced sum assured on death/sum assured on death+ future benefits of income, if any, the interest rate of the term deposite at SBI domestic for more than 1 year but less than 2 year should be multiplied by the number of days it cover/365).

  1. Decrease or increase on sum assure:

The policyholder will not get any access to post inception of the policy on the increase or decrease on sum assure.

  1. Policy loan:

There is not any existence of policy loan under this Tata AIA term plan.

  1. Plan conversion:

The conversion of the plan is not allowed.

  1. Tax benefit:

The policyholder may have access to enjoy the tax benefit in this plan as per the section of 80C of the Income tax act, 1961.The amenities of the Income tax are available as per the law of the income tax. The policy holer is always asked to consult with the agent to discuss about the tax benefit available under any policy from an insurance provider.

  1. Assignment

According to the section 38 under the Insurance Act of 1938, the assignment is allowed for this Tata AIA term plan. 

  1. Nomination:

According to the section 39 under the Insurance Act of 1938, the nomination is allowed under Tata AIA Life Insurance Sampoorna Raksha plan.

  1. Exclusion

If any policyholder commits suicide whether in insane or sane state of mind within the 12 months from starting of the insurance, the nominee may be entitled to all the premiums .

Sampoorna Raksha+  Tata AIA Term Plan

This Tata AIA term insurance plan is designed to offer financial security to one’s family in her/his absence. It not only offers financial assurance to the family but also offers lumpsum amount of return after completing the maturity period.

Sampoorna Raksha+  Tata AIA Term Plan – Benefits

The policyholder can enjoy the death benefit by choosing either of the following two options;

  1. The policyholder can opt for lumpsum benefit as Sum assured; or
  2. can get lumpsum benefit as sum assured on death and monthly income for upcoming ten years.
  • In case the policyholder lives till this Tata AIA term plan attains its maturity, he or she will get back all the premiums already paid by them.
  • The policy covers the policyholder’s life from 40 years to 80 years of age.
  • The policyholder can have the choice to choose Limited or Regular Pay (10 or 5 years) premium paying term.
  • Those who are non-smokers and female can enjoy the lowest premium rates.
  • The policyholder can get the protection with the help of optional rider.
  • The policyholder can get the tax benefit under the section of 80C and 10(10D).
  1. Death benefit:

Option 1: Paying of sum assured on death. It means that if the policy holder dies during the policy term, the nominee will be paid death benefit immediately.

After completing the payment of death benefit, no other benefit will be given under Tata AIA term plan.

Option 2: Paying of Sum assured on death for the next ten years. It means that if the policy holder dies during the policy term, the nominee will be paid death benefit immediately.

In addition to that,  the nominee will also receive monthly income which is equal to 1% of basic sum assured for the upcoming ten years beginning from the last anniversary of death.

Furthermore, the nominee can also have another income mode to receive future benefit of income, also known as as the computed value. This income of future can be calculated as the factor of discounting which is multiplied by the sum assured. The factor of discounting should be calculated by using the interest rate of 7.5% per year.

Here, it’s important to understand that this tata AIA term plan will be terminated with giving the death benefit and no other benefit will be given under this plan.

Sum assured on death  may be offered in either of following options:

  • 10 times of yearly premium.
  • 105% of all the paid premiums.
  • The abosolute amount paid on death.
  • Minimum guaranteed sum assured given on plan,s maturity

The absolute amount which is paid on death is called the basic sum assured.

The minimum guaranteed sum assured is when the policyholder paid all the premiums (excluding modal loading and underwriting of extra premium).

The annualised premium is the premium paid within a year in accordance with basic sum assured chosen by the policyholder excluding the modal premiums and the extra premiums of underwriting, if any

All the cesses, taxes, surcharge and duties will be collected independently above the premium of the policy.

Note: If any premium is due and any claim is submitted under this policy, the premium amount shall be collected from this claim amount.

  1. Maturity benefit:

If the policyholder survives till the finish of the policy term, all the paid premiums will be returned (excluding the modal loading and extra premiums of underwriting)

  1. Survival benefit:

There is not survival benefit offered under this Tata AIA term plan.

  1. Preferential rates of the premium:

People always want to get rewarded for maintaining a healthy lifestyle. Here, this term plan has brought the special rates for both females and non-smokers. The people who choose to achieve the top level protection in their lives.

  1. For limited and regular pay:

The payment modes for flexible premium:

All of you have the flexible premium option. They can pay monthly, quarterly, half-yearly and annually.

ModeModal loading
Monthly6%
Quarterly4%
Half Yearly2%
Annually0%
  1. Lapse

When the policyholder does not pay the full premium of first 2 years of policy by the Grace Period, the policy will be lapsed from the charge date of initial unpaid premium. It is better to know that no benefits will be provided. The policy somehow can be reestablished by the two years from the charge date of the initial unpaid premium.

  1. Surrender benefit

The policyholders are often advised by the agent to continue the policy till getting the selected policy term. However, if the policyholder is not able to maintain the policy due to unfavourable circumstances, he or she can surrender this Tata AIA term plan.

The special surrendered value and the Guaranteed surrendered value should be acquired by the policy and during the term of the policy it can be surrendered at any given time after fulfilling the following criteria:

  • In the case of limited pay (5 years), at least the premiums of two full years should be paid.
  • In the case of Regular and Limited Pay (10 years) , at least the premiums of three full years should be paid.

The paying of surrender benefit = higher  of (special surrender value, guaranteed surrender value) , where

  1. Special Surrender Value = The factor of the special surrender value should be multiplied by the whole paid premiums (excluding the modal loading and extra premiums of underwriting)
  2. Guaranteed Surrender Value = The factor of the guaranteed surrender value should be multiplied by all the whole paid premiums.

The factor of the surrender value may vary as per the premium paying term, surrender year of the policy and the policy term.

Tata AIA term plans may review the factor of the special surrender value from time to time depending on the special surrender value and the experience which will be subject to the IRDA’s prior approval.

  1. Revival:

If the premium amount is even after the grace period and is subject to not being surrendered, the policyholder may get the chance to revive the policy by the two years after the date of initial unpaid premium and prior the date of maturity  should  subject to:

  1. The written application rom the policyholder for the policy revival.
  2. The latest health certificate of insured and proofs of insurability
  • The proofs of payment of the overdue premiums which should be calculated with interest.

The revival of the policy shall be based on the final decision of the Tata AIA term plan underwriting team.

  1. Flexibility of additional coverage

The policy holders have the right and flexibility to modify their product by adding below mentioned optional rider. The policyholder can attach the optional rider at the time of policy inception.

The accidental death of Tata AIA Life insurance Rider (long scale) (UIN: 110B028V01)

In this regard, the rider may not compulsory for the policyholder. The policyholder may have the access to the rider for extra nominal cost.

  1. Grace Period

If any policyholder is not able to pay their premiums in the given time frame, 15 days of grace period for monthly system and 30 days of grace period for all other system will be given. According to the terms and conditions of our policy, during this time, the policy of the policyholder will be considered under the risk cover.

If Tata AIA term policy holder does not pay the premium at the end of the grace period, the policy will be lapsed. In addition, if the policyholder does not pay the premium of first 2 and 3 policy years for the limited pay 5 and 10 years at the final of the grace period, the policy will be lapsed. If the claim happens during the grace period, and the due premium is not still paid, then the amount of the claim will be deducted from the claim amount.

  1. Free look period

If any policyholder is not satisfied with the features of the policy, he or she has the right to discard the policy by sending a written application to the company. After completing this step, he or she will be credited with all the premiums which he or she once paid after deducting the —-

  1. Amount of risk premium
  2. Cost of medical examination and stamp duty

This type of notice should be signed by the policyholder and should be received by the company directly within the fifteen days since the date of the policy document receipt. These 15 days somehow may go to 30 days, if the policy is sourced through the distance method.

The risk premium of proportionate should be determined as per the below mentioned manner:

Future income benefits of Net present value + sum assured on death at 7.5% per year should be multiplied by the mortality rate multiplied by the number of days it cover/365) 

  1. Decrease or increase in sum assured

The policyholder will not get any access to post inception of the policy on the increase or decrease on sum assure. 

  1. Policy loan

There is not any existence of policy loan under this Tata AIA term plan. 

  1. Plan conversion:

The conversion of the AIA Life Insurance Sampoorna Raksha+ plan is not allowed.

  1. Tax benefit:

The policyholder may have access to enjoy the tax benefit in this plan as per the section of 80C of the Income tax act; 1961.The amenities of the Income tax are available as per the law of the income tax. The policy holder is always asked to consult with the agent to discuss about the tax benefit under the policy of the any insurance.

  1. Assignment

According to the section 38 under the Insurance Act of 1938, the assignment is allowed.

  1. Nomination –

According to the section 39 under the Insurance Act of 1938, the nomination is allowed.

  1. Exclusion

If any policyholder commits suicide whether in insane or sane state of mind within the 12 months from starting of the insurance, the nominee may be entitled to all the premiums (excluding the modal loading and the underwriting extra premiums)

iRaksha TROP Tata AIA Term Plan

Tata AIA Life Insurance iRaksha TROP is an ideal term insurance plan for the policyholders as it ensures their peace of mind by giving their families much needed financial assitsnace when they are not around anymore to take care of their dependents.

iRaksha TROP Term Plan – Features:

Under this Tata AIA term plan, the policyholders get the chance to enjoy two benefits under one plan.

  • The policyholders may get the opportunity to provide financial security to their family by acquiring this Tata AIA term plan. It is going to help their families be financially safe and secure in case something happens to them.
  • If the policyholders survive till the maturity of the plan, they will get the refund of full premiums that are paid by them.

There are 3 premium paying options available for the policyholder.

  1. Regular pay: the policyholder can continue to pay the premium till the end of the preferred policy term.
  2. Single pay: the policy holder can avoids to pay the premium on regular basis. He or she can pay the premium once over the chosen term of the entire policy.
  • Limited pay: they can pay the premium for a limited period of 10 or 5 years and get covered for a longer period.
  • The policyholder can enjoy the discount of a high sum assured for higher coverage.
  • According to the Income Tax laws, the policyholder can avail the tax benefit under 10(10D) and 80C.
  • Both the smokers and female may avail the lower rates of premium. 
  1. Death Benefit:

In case of policyholder’s untimely demise, Tata AIA term plans take the initiative to provide the death benefit to the nominee. Death benefits are as below:

  • Basic sum assured
  • 105% of all the paid premiums.
  • 10 times of the annualised premium.
  • Maturity benefit.
  1. Maturity benefit:

If the policyholder survives till the finish of the policy term, all the paid premiums will be returned.

  1. Preferential rates of the premium:

People always want to get rewarded for maintaining a healthy lifestyle. Here, this Tata AIA term plan has brought the special rates for both females and non-smokers. The people who choose to achieve the top level protection in their life.

  1. Non-forfeiture benefit:

There are certain conditions for availing the non-forfeiture benefit. The conditions of the non-forfeiture benefit are as below:

  • Paying of the premiums of complete two years for limited pay (5 years)
  • Paying of the premiums of complete three years for limited pay and regular pay. (10 years)
  • Anytime during the term of the policy for single pay.

If any  policyholder is elegible to obtain the amenities of non-forfeiture but the premiums are not still paid by him or her during the policy term, the policy may acquire the paid up benefit.

The structure of the paid up benefit are given below:

  1. Reduced death benefit

Paid up sum assured = number of paid premiums/ the sum of premiums payable * sum assured.

  1. Reduced maturity benefit

The value of the paid up= total paid premiumsin your Tata AIA term plan.

Note: the amenities of paid up is not for those who choose for “single pay”.

  1. Surrender benefit

The policyholder is often advised by the agent to continue the policy till getting the suitable policy term. However, if the policyholder is not able to maintain the policy due to unfavourable circumstances, he or she can surrender the policy

You need to know the surrender value which is mentioned below:

Surrender benefit = higher of (cash surrender value or guaranteed surrender value)

where,

Guaranteed Surrender Value = The factor of the guaranteed surrender value should be multiplied by all the whole paid prmeiums.

Cash Surrender Value = the factor of the cash surrender value should be multiplied by all the pai premiums.

Both these Guaranteed Surrender Value and Cash Surrender Value will be available in the documents of the policy.

  1. Decrease and increase in sum assured

Any decrease and increase of the sum assured under this plan is not available.

  1. Grace Period

The policyholders get to access the grace period under this plan. 30 days of the grace period from the charge date for both offline as well as online modes will be given for making payment of each consecutive premium.

  1. Policy Revial/Reinstatement

If the premium remain in a non-payment mode and crossed the grace period and that is subject to not being surrendered, the policyholder may get the chance to revive the policy by the two years after the charge date of initial unpaid premium and prior the date of maturity  should subject to:

  • The written application of the policyholder for the revival.
  • The latest health certificate of insured and proofs of insurability
  • The proofs of payment of the overdue premiums which should be calculated with interest.
  1. Free look up period

If any policyholder is not satisfied with the features of the policy, he or she has the right to discard the policy by sending the written document to the company. After completing this step, he or she will be credited with all the premiums which he or she once paid after deducting the —-

  • Amount of risk premium
  • Cost of medical examination and stamp duty

This type of notice should be signed by the policyholder and should be received by the company directly within the fifteen days since the date of the policy document receipt. This 15 days somehow may go to 30 days, if the policy is sourced through the distance method.

  1. Policy loan

There is not any existence of policy loan under this plan.

  1. Tax benefit:

The policyholder may have access to enjoy the tax benefit in this plan as per the section of 80C of the Income tax act; 1961.The amenities of the Income tax are available as per the law of the income tax. The policy holder is always asked to consult with the agent to discuss about the tax benefit under the policy of the any insurance.

  1. Assignment

According to the section 38 under the Insurance Act of 1938, the assignment is allowed.

  1. Nomination:

According to the section 39 under the Insurance Act of 1938, the nomination is allowed.

  1. Exclusion

If any policyholder commits suicide whether in insane or sane state of mind within the 12 months from inception date of the insurance, the nominee may be entitled to all the premiums (excluding the modal loading and the underwriting extra premiums)

  1. Non-smoker/smoker rates:

The company has set the rates for both smoker and non-smoker under this plan. If any policyholder declares himself or herself a non-smoker, he or she will be asked to appear for the cotinine test along with the other medical test by the doctor. If any policyholder or the insured person does not comply with the smoker/non-smoker status, the company will be obliged to refund all the premiums without interest after deducting the amount of medical test.

Notes to superscripts:

The meaning of “total paid premiums” is the premium is paid by the policyholder during the premium paying term. This type of amount should be excluded from tax, interest, underwriting extra premium and the loading for the premiums of modal.

Let’s come to the other matter of the plan. The death benefit and the maturity benefit is based on the premiums paid during the premium paying term. The policy will be terminated upon the death of the policyholder.

The factor of the surrender value differs according to the term of the policy and the year of the policy of surrender. The company has the responsibility to review the factor of value of the cash surrender from period to period depending on the experience and of course that will be the approval from IRDA, Govt of India.

iRaksha Supreme Tata AIA Term Plan

Tata AIA Life Insurance iRaksha Supreme is an online Tata AIA term plan. The insurance seekers are benefitted by this ideal solution of term insurance as it gives them complete peace of mind when it comes to their family’s safety.

This Tata AIA term plan allows the policyholders to access citizen wants to secure their life at a reasonable price. Here are some of the key features of Tata AIA Life Insurance iRaksha Supreme plan.

Tata AIA iRaksha Supreme Term Plan – Features

The one of the important features of any insurance plan is life protection. It is obvious to say that this plan carries the life protection for its innumberable customers.

  • This plan offers financial protection to the policyholder’s family against the unfortunate death of the policyholder.

The customers have the access to enjoy the various premium payment mode of the plan.

There are three premium paying options available for the policyholders.

  1. Regular pay: the policyholder can continue to pay the premium till the end of the preferred policy term.
  2. Single pay: the policy holder doesn’t need to pay the premium on regular basis. He or she can pay the premium once over the chosen term of the entire policy.
  3. Limited pay: they can pay the premium for a limited period of 10 or 5 years and get covered for a longer period.
  4. The company may offer benefit of rate to the customers when they may have acquired the higher level protection sum assured of 75 lacs and above.
  5. Apart from that, the customer may enjoy the tex benefit as per the income tax rule, 1961, under the section of 80C and 10(10D).

Tata AIA iRaksha Supreme Term Plan – Benefits

  1. Death benefit

Tata AIA term plans take the initiative to provide the death benefit to mentioned nominee. Death benefits are as below:

  • Basic sum assured
  • 105% of all the paid premiums.
  • 10 times of the annualised premium.

The annualised premium is those premium which is given by the policyholder once in a year depending on the basic sum assured.

  1. Maturity benefit:

There is no existence of maturity benefit under this Tata AIA term plan.

  1. Non-forfeiture benefits

The policyholder is often advised by the agent to continue the policy till getting the suitable policy term. However, if the policyholder is not able to maintain the policy due to unfavourable circumstances, he or she can surrender the policy.

Factor of the surrender value*(policy term/outstanding policy term)*total premium paid.

The policy can be surrendered after paying off premium for full 7 and 3 years for 10 and 5 pay policies, respectively in the case of Limited Pay option.

Under this Tata AIA term plan of the Regular Pay, policy surrender is not appropriate.

The factor of the surrender value will be available in the document of the policy.

  1. Paid up benefit

In case, the policyholder does not pay the premium within the grace period, the policy will automatically acquire paid up value, provided premium have been paid for 7 and 3 years, for 10 and 5 pay policies, respectively.

Paid up sum-assured = (number of paid premiums/total number of payable of premiums)* sum assured.

  1. Decrease and increase in sum assured

Any decrease and increase of the sum assured under this plan is not available.

  1. Grace Period

The policyholder may access the opportunity of grace period under this plan. Thirty days of the grace period from the charge date for both the modes will be given for making payment of consecutive premium. If any policy is not paid during the grace period, the policy will be lapsed from the charge date of the initial unpaid premium.

  1. Reinstatement

If the premium remain in a non-payment mode and crossed the grace period and that is subject to not being surrendered, the policyholder may get the chance to revive the policy by the two years from initial unpaid premium but prior to the date of maturity:

  • The written application from the insurance holder for the revival of Tata AIA term plan.
  • The latest health certificate of insured and proofs of insurability
  • The proofs of payment of the overdue premiums which should be calculated with interest.
  1. Free look up period

If any policyholder is not satisfied with the features of the policy, he or she has the right to discard the policy by sending the written document to the company. After completing this step, he or she will be credited with all the premiums which he or she once paid after deducting the —-

  1. Amount of risk premium
  2. Cost of medical examination and stamp duty

This type of notice should be signed by the policyholder and should be received by the company directly within the fifteen days since the date of the policy document receipt. These 15 days somehow may go to 30 days, if the policy is sourced through the distance method.

  1. Policy loan

There is no existence of loan facility under this plan.

  1. Tax benefit

The policyholder have access to enjoy the tax benefit in this plan as per the section of 80C of the Income tax act; 1961.The amenities of the Income tax are available as per the law of the income tax. The policy holder is always asked to consult with the agent to discuss about the tax benefit under the policy of the any insurance.

  1. Assignment

According to the section 38 under the Insurance Act of 1938, the assignment is allowed.

  1. Nomination:

According to the section 39 under the Insurance Act of 1938, the nomination is allowed.

  1. Exclusion

If any policyholder commits suicide whether insane or sane within the 12 months from initiating of the insurance, the nominee may be entitled to all the premiums (excluding the modal loading and the underwriting extra premiums)

Maha Raksha Supreme – Tata AIA Term Plan

Tata AIA Life Insurance Maha Raksha Supreme is an online Tata AIA term plan. Below enlisted are some of the key features of the plan.

Tata AIA Maha Raksha Supreme Term Plan – Benefits & Features

One of the most important features of any insurance plan is life protection. It is obvious to say that this plan carries the life protection for its innumerable customers.

  • This plan offers the financial protection to its customer against the unfortunate death of the policyholder.
  • The policyholders can enhance their life cover in the events of the future milestone by choosing life stage plus option.
  • There is option available to increase the protection though rider.
  • Apart from that, the customer may enjoy the tex benefit as per the income tax rule, 1961, under the section of 80C and 10(10D).
  • Discounted rate for the females lives under this plan.
  1. Death benefit

Tata AIAi term plans take the initiative to provide death benefit to mentioned nominee inthe case of unfortunate demise of the policyholders. The death benefit will be the sum assured on death along with the extra sum assured under the option of Life Stage Plus. Death benefit are as below: 

  1. For the regular pay “Sum assured on death” should be explained as the higher:
  • Basic sum assured
  • 105% of all the paid premiums.
  • 10 times of the annualised premium
  1. For the single pay “Sum assured of death” should be explained as the higher.
  • 125% of single premium
  • Basic Sum assured

The existence of the policy will be end after completing the claim process and apart from that no other benefit would not be given by the Tata AIA term plan company.

The annualised premium is that premium which is given by the policyholder once in a year depending on the basic sum assured.

The “Total premiums paid” means the sum  of premium that is paid throughout the premium paying term by the policyholder.

  1. Flexibility of extra coverage

The policyholder has the extra advantage under the shade of this plan. They have flexibility to modify their product by adding the optional rider that is mentioned below. This rider only be attached at the time of inception of the policy.

Tata AIA Life Insurance Dismemberment and accidental death (Long scale) Rider (UIN: 110B028V01)

In case of accidental death, this rider can protect insured’s family by providing the lump sum amount to nominee. In case of severe fracture of the body or the loss of limbs, as per the ADDL, it will pay a percentage of the Sum assured of rider. This benefit may be doubled in case of the sudden accidental death.

Under this plan, the premium paying term will be the same as the term of the premium paying off base policy. Under the base policy, the term of the rider policy will be equal to the term of the premium payment.

  1. Option of the plan conversion

This option is available allowed under this plan.

  1. Increase/decrease in basic sum assured

There is not any existence of increase and decrease in basic sum assured under this plan.

  1. Grace period

The policyholder may get the chance of grace period of fifteen days for monthly mode and will get thirty days for other modes. The policy will be valid during this period. If any policyholder does not pay the regular premium at the end of the grace period, the policy will somehow be lapsed.

  1. Reinstatement

If the premium remain in a non-payment mode and crossed the grace period and is subject to not surrendered yet, the policyholder may get the chance to revive the policy by the two years after the charge date of initial unpaid premium and prior the date of maturity  should subject to

  • The written application of the policyholder for the revival.
  • The latest health certificate of insured and proofs of insurability
  • The proofs of payment of the overdue premiums which should be calculated with interest.

The interest rate for rejuvenation will be based on the deposit rate of SBI for 1 year to less than 2 years should be added 2 % shall be reviewed semi-annually.

  1. Free Look Up period

If any policyholder is not satisfied with the features of the policy, he or she has the right to discard the policy by sending the written document to the company. After completing this step, he or she will be credited with all the premiums which he or she once paid after deducting the —-

  1. Amount of risk premium
  2. Cost of medical examination and stamp duty

This type of notice should be signed by the policyholder and should be received by the company directly within the fifteen days since the date of the policy document receipt. These 15 days somehow may go to 30 days, if the policy is sourced through the distance method.

  1. Surrender benefit

For regular pay option, there is not any existence of surrender benefit under this plan.

Choosing single pay policy, the policyholder may surrender the policy anytime during the term of the policy.

For the option of single pay= 75 %*( in complete years, term of policy less policy duration)/ term of the policy* single premium.

  1. Maturity benefit

There is not any existence of maturity benefit under this plan.

  1. Policy loan

There is not any existence of the policy loan under this plan.

  1. Tax benefit:

The policyholder may have access to enjoy the tax benefit in this plan as per the section of 80C of the Income tax act; 1961.The amenities of the Income tax are available as per the law of the income tax. The policy holder is always asked to consult with the agent to discuss about the tax benefit under the policy of the any insurance.

  1. Assignment

According to the section 38 under the Insurance Act of 1938, the assignment is allowed.

  1. Nomination:

According to the section 39 under the Insurance Act of 1938, the nomination is allowed.

  1. Option of Life Stage Plus

The policy holder may have the chance to enjoy the life by acquiring the life stage plus option.

The extra sum assured may be achieved by the policyholder within 1 year of marriage date or the child birth (limited to two children). It can be achieved by submitting the written request to the concerned insurance company with valid proof. The company cannot take such request after completing the age of 50 years or it take the request within 30 days in advance of the anniversary of the policy.

The essential documents required in such cases are:

  • Child birth— birth certificate
  • Marriage of insured- marriage certificate
  • Adoption of a child legally –adoption deed.

The extra premium will be based on the gained age of the insured and the outstanding policy term at the period of executing this option and will be calculated by using the same premium table.

  1. Pay-out accelerator benefit:

After making payment of this benefit, the benefit of this policy under the policy will automatically reduced. The policyholder can continue to pay the actual premium, even after claims of terminal is admitted.

This benefit only be commenced when the policyholder completed its 2 continuous cover since start of the inception of the policy. If death  does not occur within six months time, the death benefit which is mentioned in the brochure will be given at the time of actual death. If the policyholder opts the additional Sum assured, under the option of Life Stage Plus the company will not consider the benefit.

  1. Exclusion

If any policyholder commits suicide whether insane or sane within the 12 months from initiating of the insurance, the nominee may be entitled to all the premiums (excluding the modal loading and the underwriting extra premiums)

Tata AIA Term Plans – FAQs

Q1) Do all the Tata AIA term plans possess the same process of payment?

Almost every Tata AIA term plan allows the insurance seekers to choose from the monthly, quarterly, half yearly and annualy mode to pay their premium.

Q2) What kind of options do the Tata AIA Term plans offer to its customer for making payment of their premiums?

The policyholders can make their premium payments through cheque, cash, ECS and the internet.

Q3) What are the different documents can I submit as proof of income while buying a Tata AIA term plan?

You can submit following documents as income proof while buying tata AIA term plans:

  1. Your Pan Card Copy + Income Tax Return (for the last assessment year or the current one)
  2. Your Pan Card Copy + Salary Slip ( of last 3 months from the date of application)
  • Your Pan Card Copy + Form 16 (for the last assessment year or the current one)
  1. Your Pan Card Copy + Form 16 A (for the last assessment year or the current one)
  2. Your Pan Card Copy + Salary certificate – Current financial year
  3. Your Pan Card Copy + Bank Statements (of last six months from the date of application (showing your salary credits)

Q4) What should I do if I haven’t received any communication for the online payment I have made against Tata AIA term plan?

If you haven’t received any notification for your payment made against your tata AIA term plan, you should contact the company at: esales.support@tataAIA[dot]com or customercare@tataAIA[dot]com

You need to mention your application number or quotation number or email address (the one you had mentioned while making your payment) as your reference number.

Or else, you can also contact the company’s toll free number 1-800-209-5000.

Q5) How will the company contact me if they need any additional informtion on my part (for buying Tata AIA term plans)?

The company will send you an email at your registered email address informing you about  any additional requirement. You will also receive a call from Tata AIA term plan support team on the contact detail given on your  application form.

Q6) What should I do if I need to make certain corrections to my proposal form such as correcting my name’s spoelling or other details?

Tata AIA term plan allows its subscribers to  make changes in your proposal form either by counter signing the form against the addition or cancellation that you have made. In case you have already submitted your proposl form, you can send your details through email to esales.support@tataAIA[dot]com from your registered email id.

Q7) How will I receive my refund amount if I cancel my Tata AIA term plan?

You will get your refund amount to your bank account or credit card. The maximum time frame is 15 days from the date of cancellation request to refund your amount.