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TATA AIA Life Term Insurance Plans

It is imperative to safeguard your loved ones pecuniary security to encounter uncertainties and make your family feel fully protected. The best way is to opt for pure protection life insurance plans which are none other than Term plans known as the purest form of insurance. Tata AIA offers variety of term plans to give your family a secured and prosperous future.

Tata AIA Life has 94.47% as Claim Settlement Ratio (as per IRDAI Annual Report 2014-15).

Tata AIA Life Insurance Company offers following Term Plans:

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1. TATA AIA Life iRraksha Supreme Plan

All of us want to secure the financial future of our family, irrespective of any eventuality or unfortunate event. Tata AIA Life iRaksha Supreme is a non-linked, non-participating term plan that will safeguard your peace of mind by providing a safety net for your family. It’s an online term plan available at an extremely attractive and affordable price.

Key Features

• Flexibility to choose from different premium payment options

• Preferential premium rates for non-smokers

• Special premium rates for female policyholders

• Hassle free buying, as it is available online

Benefits

  • Death Benefit
  • In the event of demise of the life insured during the policy term, the death benefit will be paid to the nominee. The Death benefit will be the higher of Sum assured or 105% of total premiums paid or 10 times the annualized premiums.

  • Surrender Benefit
  • Surrender Benefit= Surrender Value Factor * (Outstanding Policy Term / Policy Term) * Total Premiums Paid.

  • Tax Benefit
  • Premiums paid qualify for tax benefits as per Section 80C of the Income Tax Act. Death benefit(s) are entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 70 years
Age at Maturity - 80 years
Policy Tenure 10 years 40 years
Premium Paying Term Regular, Single and Limited paying term Years -
Premium Paying Mode Semi Annually & Annually -
Sum Assured 50 Lacs No Limit (subject to underwriting)
Maturity Proceeds Nil -
Riders Not Available -

2. TATA AIA Life iRraksha TROP

Our family’s financial security is always our top priority always. To ensure their financial protection Tata AIA offers term plan with return of premium which is TATA AIA Life iRaksha TROP which is an online term plan that ensures the return of premium in case the insured survives the policy term along with the death benefit. It is a non-linked non-participating term plan assures you for financial protection of your family plus return the total premiums paid.

Key Features

• Avail dual benefits of financial protection and return of premium

• Choose from different premium payment options

• Preferential premium rates for non-smokers

• Special premium rates for female policyholders

• Special discounts on premium rates higher life cover

Benefits

  • Death Benefit
  • In case of the unfortunate death of the insured, the sum assured will be the amount which is higher of basic sum assured, 105% of total premium paid, 10 times of the annualized premium, or maturity benefit.

  • Maturity Benefit
  • Total premiums are paid back if the life insured survives the policy term as maturity benefit.

  • Surrender Benefit
  • Surrender benefit is paid as Higher of (Cash surrender value or Guaranteed surrender value).

  • Tax Benefit
  • Premiums paid qualify for tax benefits as per Section 80C of the Income Tax Act. Death benefit(s) are entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 65 years
Age at Maturity - 75 years
Policy Tenure 10 years 30 years
Premium Paying Term Regular, Limited and Single pay Years -
Premium Paying Mode Semi Annually & Annually -
Sum Assured 50 Lacs No Limit (subject to underwriting)
Riders Not Available -

3. TATA AIA Life Maha Raksha Supreme

We all want the economic protection of our family in our presence and absence both.It becomes all the more important in our absence to provide them monetary back up to lead an existing lifestyle without a compromise.The burden of our debts and loans should not fall on them in our absence.The best way to do all this is through opting for a pure term plan Tata AIA Life Insurance Maha Raksha Supreme. It is a non linked , non participatory term plan offering wide range of benefits.

Key Features

• Pure Protection cover at affordable price

• Increase protection at milestone events with Life Stage Protection benefit

• Inbuilt Payout Accelerator Benefit which pays 50% of SA in case of Terminal Illness

• Enhance coverage through Riders

• Discounted rates for females and non smokers

Benefits

  • Death Benefit
  • Upon the death of the life insured the company will to the nominee the Sum Assured on death along with Additional Sum Assured under Life Stage Plus Option, if any less Payout Accelerator Benefit already paid, if any.

  • Rider Benefit
  • This plan offers Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider which provides protection of your family by giving an amount equal to the rider sum assured in case of an accidental death. Also, in the event severe dismemberment like loss of limbs or bodily functions or severe burns due to an accident is covered.

  • Surrender Benefit
  • Surrender benefit is payable in case of Single Pay option. The Surrender Value for Single Pay Option = 75% x (Policy Term less Policy duration in complete years)/Policy Term x Single Premium. There is no surrender benefit payable for Regular pay option.

  • Tax Benefit
  • Premiums paid, qualify for tax benefits as per Section 80C of the Income Tax Act. Death benefit(s) are entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 70 years
Age at Maturity - 80 years
Policy Tenure 10 years 40 years
Premium Paying Term Regular and Single pay -
Premium Paying Mode Annually, Semi Annually, Quarterly monthly -
Sum Assured 50 Lacs No Limit (subject to underwriting)
Maturity Proceeds Nil -
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