Raksha Plan from Tata AIG Life Insurance
This is a pure term insurance policy which offers high coverage at low and an affordable premium which is best suited for people with high financial responsibilities. In such policies, if the policy holder dies then the nominee is given the sum assured. If the policyholder survives the entire term, then he does not get anything in return.
Key Features of Raksha Plan
§ It is a pure Term Insurance Policy with Death Benefit only
§ This plan provides for an option to shift to any of the Tata AIG Savings Plans
§ Adequate Life Cover with low premium
Benefits you get from Raksha Plan
Death Benefit – In case of death of the policy holder, the nominee gets the sum assured under the plan as selected at the beginning of the policy tenure.
Maturity Benefit – There are no maturity benefits under this plan.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions and other restrictions in Raksha Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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Not Specified
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No Limit
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Policy Term (in years)
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10
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25
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Premium Payment Term (in years)
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Equal to policy term
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Equal to policy term
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Entry Age of Policyholder
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18
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50
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Age at Maturity
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-
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59
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Single premium
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NA
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NA
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Payment modes
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Yearly, Half-Yearly, Quarterly and Monthly
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Sample illustration of premium amount in Raksha Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 15 lakhs and Policy Term = 25 years
Additional Features and Benefits of Raksha Plan
Riders – There are no riders are available in this policy
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the policy lapses. It can be re-instated within 5 years of lapsation by paying up all due premiums with interest. However, the discretion of revival lies with the Insurer.
You want to surrender the policy – Not allowed in this plan.
You want a loan against your policy – Loan facility is not provided under this policy.
Alternate term plans from different insurance companies
iTerm Plan from Aegon Religare
Max New York Life Platinum Protect
Reliance Term Plan
Other term insurance plans from Tata AIG Life Insurance
Tata AIG Life Plus
Tata AIG Assured Lifeline
