TATA AIA Life Insurance Company has been fined a sum of Rs. 10 lacs by the ...
Tata AIA Life Insurance Company Limited (Tata AIG Life) announced the launch of it’s new term insurance plan, Tata AIA Life Insurance Maha Raksha Supreme. The plan has two cover options - Pure Protection Cover and Extra Protection Cover.
- Pure Protection Cover is the basic form of life insurance where the nominee will receive the Basic Sum Assured in the event of the insured’s demise.
- Extra Protection Cover offers insurance cover combined with an inbuilt Waiver of Premium option, which ensures that in case the insured suffers from Total Permanent Disability, the future premiums are waived and the policy will continue for life insurance protection.
With both these options, there is also an inbuilt Payout Accelerator Benefit, whereby in case the insured is diagnosed with a terminal illness and hence not expected to survive for a period greater than 6 months, 50% of the chosen Basic Sum Assured is paid out to the insured on diagnosis of the terminal illness. This can help them take care of any sickness / living expenses or settling any major responsibilities in their life. The balance 50% of Sum Assured is payable on death.
Speaking on the launch of the product, Mr. Suresh Mahalingam, Managing Director, Tata AIA Life, said, “An unfortunate event in the life of the bread earner of the family may seriously affect the “Standard of Living (SOL)” of his loved ones and burden them with unexpected liabilities. One of the best ways to avoid such a situation and ensure that the financial need of one’s dependant family is protected is through a comprehensive Term Insurance plan. With Tata AIA Life Insurance Maha Raksha Supreme, our customers will also have the choice of increasing the cover amount for future milestone events like marriage and birth of a child, without going through the hassles of fresh medical underwriting by opting for Life Stage Plus option. This feature is a unique way of protecting your insurance from de-valuing over a period of time.”
Commenting on the occasion, Mr. Vijay Sinha, Senior Vice President, Marketing, Product Development and Agency Training at Tata AIA Life, said, “According to a Swiss Re report, India has a staggering Protection Gap of over US $ 6.7 Trillion which is the third largest in the Asia Pacific. This implies that for every Rs.100 that needs to be spent on life insurance cover, only Rs. 7.4 is spent in India on insurance and savings put together, thereby leaving a huge 92.6% protection gap overall. Our latest offering ‘Tata AIA Life Insurance Maha Raksha Supreme’ has been designed to address this staggering ‘Protection Gap’ and drives alignment with the customer’s needs at different stage of life cycle. Our endeavour shall be to help our customers and prospects “Find this Gap” and take adequate steps to fill it. The entire focus shall be on helping our clients “Mind the Gap”.
The customers can further enhance their cover by choosing from an array of riders for additional protection by paying an additional premium. The plan comes with minimum Sum Assured of Rs. 50 lacs. The plan offers special rates for women and non-smokers. There is a High Cover Discount for policies with Sum Assured equal to or more than Rs. 1 crore. The customers also have the option of paying for the policy as Single Premium or Regular premiums, depending on their convenience. Tata AIA Life Insurance Maha Raksha Supreme is available to individuals between the ages 18 – 70 years for the Pure Protection Cover option and ages 18 – 55 years for the Extra Protection Cover option.