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Product Info

UIN

110N102V02

Status

Active

Launch Date

08/01/2014

Withdrawn Date

Product Overview

Tata AIA Life Insurance Maha Raksha Supreme is a non-linked, non-participating, pure term Insurance plan that provides a wide range of choices to satisfy your family’s specific financial needs. The plan consists of Life Stage Plus option through which you can increase your cover during future milestone events.

Product Description

  • Pure Protection Cover-the simplest form of life insurance cover
  • Choose an option to enhance your protection cover in the future
  • Pay as Single Premium or as Regular premiums to suit your convenience
  • Discounted rates for a non-smoking lifestyle

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Unique Features

  • With Life Stage Plus option you can increase cover at future milestones without any hassle of underwriting.
  • Inbuilt Payout Accelerator Benefit advances 50% of Basic Sum Assured in the event of a Terminal Illness diagnosis.

Eligibility Criteria

Entry Age  18 - 70 Years
Maturity Age  Max: 80 Years
Basic Sum Assured  Min: Rs. 5,000,000 & Max: No Limit Subject to Underwriting 
Policy Term  10 - 40 Years
Premium Payment Option Regular Pay/Single Pay
Premium payment Modes in Regular Pay Annual/Semi Annual/Quarterly/Monthly
Premium paying mode Mode Mode Factor
Semi Annual 0.51
Quarterly 0.26
Monthly 0.0883

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Product Benefit

  • Maturity Benefit: There is no maturity benefit in this plan
  • Death Benefit: 

A) "Sum Assured on death" shall be defined as the highest of the following for regular pay:

  1. Basic Sum Assured
  2. 10 times the Annualised Premium
  3. 105% of the Total Premiums Paid

B) "Sum Assured on death" shall be defined as the highest of the following for Single Pay:

  1.  Basic Sum Assured
  2. 125% of the Single Premium

C) The Policy will terminate upon death of the insured and no other benefit under the policy shall be payable.

D) “Annualised Premium” shall be the premium paid in a year with respect to the basic sum assured chosen by the policy holder

E) “Total Premiums Paid" means amount equal to the total premiums paid during the premium paying term of the policy. 

Other Policy Features

  • Surrender Benefit:
  1. There is no surrender benefit in this plan for Regular pay option.
  2. On choosing Single Pay option, you can surrender your policy any time during the policy term. 
  3. The Surrender Value for Single Pay Option = 75% * (Policy Term less Policy duration in complete years) / Policy Term* Single Premium
  • Special Premium Rates:
  1. A healthy lifestyle should be rewarded and the company offers special rates for non-smokers. 
  2. Additionally affordable rates are offered to female lives.
  • High Cover Discount: Following is the high cover discount available in your plan;
 Basic Sum Assured  Size in (Rs.) Regular Pay Single Pay
50,00,000 to 99,99,999  No discount 
1,00,00,000 and above 0.2 Per 1000 Basic  Sum Assured  0.5 Per 1000 Basic 
Sum Assure
  • Reinstatement: The policy may be reinstated, at the Company’s absolute discretion, within two years from the date of lapse, subject to:
  1. Policyholder’s written application for reinstatement/revival
  2. Production of Insured’s current health certificate and other evidence of insurability, satisfactory to the company
  3. Payment of all overdue Regular Premiums with interest.
  • Payout Accelerator Benefit:
  1. On payment of this benefit, the Death Benefit under the policy is automatically reduced by the amount paid under this benefit. 
  2. This Benefit will commence after 2 years of continuous cover since inception date. 
  3. Additional Sum Assured opted under Life Stage Plus Option will not be considered for inbuilt Payout Accelerator Benefit.
  • Payout Accelerator Benefit:
  1. Death Benefit under the policy is automatically reduced by the amount paid under this benefit during the payment of the benefit. 
  2. You will continue to pay the original premiums as and when due under the policy, even after terminal illness declaration.
  3. This Benefit will commence after 2 years of continuous cover since inception date
  4. Additional Sum Assured opted under Life Stage Plus Option will not be considered for inbuilt Payout Accelerator Benefit.

Add-ons

  • Payout Accelerator Benefit :
    Payout Accelerator Benefit advances 50% of Basic Sum Assured in the event of a Terminal Illness diagnosis, to help with expenses when needed most needed.

Exclusions

If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.

Tax Benefits

Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961

Claim Process

Know Claim Process of Tata AIA Life Insurance MahaRaksha Supreme

Claim Process

Company Overview

TATA AIA Life Insurance Company Limited is a joint venture between TATA Sons Ltd. and AIA Group Ltd. The company combines TATA's pre-eminent leadership position in India and AIA's presence as the largest, independent listed Pan-Asian life insurance group in the world spanning 17 markets in Asia Pacific.

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