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Tata AIA Maha Raksha Supreme Plan
Tata AIA Maha Raksha Supreme Plan
Tata AIA Maha Raksha Supreme Plan is a Term Insurance Plan with loads of additional features and benefits. It is a Traditional Plan without Bonus facility.
How it works – In this plan, premium can be paid in a lump sum under Single Premium Option or till the end of the Policy Term, under Regular Premium Option.
In this Plan, there are 2 variants:
Pure Protection Cover- This is the Basic version of the Plan without additional features
Extra Protection Cover- In this variant of the plan, an inbuilt Waiver of Premium Rider is provided in case of Total Permanent Disability. Thus, if this variant is selected and the Life Insured suffers from Total Permanent Disability during the policy tenure, the future premiums need be paid by the Insured person to keep the policy in force. The premiums would be paid by the Insurance Company itself.
This Plan has an inbuilt rider of Payout Accelerator Benefit where 50% of the Sum Assured would be paid in advance as Recovery Benefit in case of diagnosis of any Terminal Illness. There is also an in built Option where Sum Assured can be enhanced without additional underwriting in case of marriage or childbirth of the insured person.
Being a pure Term Plan, there is no Maturity or Surrender Benefit under this plan. However, if the Life Insured dies within the Policy Tenure, the Sum Assured would be paid to the nominee as Death Benefit and the policy terminates.
Key Features of Tata AIA Maha Raksha Supreme Plan
It is a pure Term Insurance Policy with Death Benefit only
There are 2 variants of this plan
Pure Protection Cover- a Basic Vanilla Term Plan without additional features
Extra Protection Cover- insurance cover combined with an inbuilt Waiver of Premium in case of Total Permanent Disability
There is an Option of increasing Sum Assured with further Underwriting in case of marriage or child birth under Life Stage Plus Option
This Plan pays 50% of the Sum Assured for diagnosis of any Critical Illness under Payout Accelerator Benefit Option
There are discounts available under this plan for high Sum Assured, Female lives and Non-Smokers
There are 5 additional riders available in this plan
COMPARE THIS PLAN WITH OTHER TERM PLANS
Benefits you get from Tata AIA Maha Raksha Supreme Plan
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the Sum Assured under the plan and the policy terminates.
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 Tata AIA Maha Raksha Supreme Plan
Sum Assured (in Rs.)
Policy Term (in years)
Premium Payment Term (in years)
Equal to policy term
Entry Age of Life Insured (in years)
70 for Pure Protection Cover
55 for Extra Protection Cover
Age at Maturity (in years)
80 for Pure Protection Cover
65 for Extra Protection Cover
Single, Yearly, Half-Yearly, Quarterly and Monthly
Sample illustration of premium amount in Tata AIA Maha Raksha Supreme Plan
The below illustration is for a healthy Male (non-tobacco user) of 30 years age opting for a Sum Assured = Rs. 1 Crore and Policy Term = 15 years
Additional Features and Benefits of Tata AIA Maha Raksha Supreme Plan
Riders – There is 1 in built rider:
Payout Accelerator Benefit - where 50% of the Sum Assured for diagnosis of any Critical Illness
And 5 Additional Riders:
Tata AIA Life Accidental Death Benefit (ADB) Rider
Tata AIA Life Accidental Death and Dismemberment (Long Scale) (ADDL) Rider
Tata AIA Life Accidental Death and Dismemberment (Short Scale) (ADDS) Rider
Tata AIA Life Surgical Benefit Rider
Tata AIA Life Critical Illness Lump Sum Benefit Rider
What happens if?
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 2 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 – There are no Surrender Benefits in this plan.
You want a loan against your policy – Loan facility is not provided under this policy.