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Overview
Tata AIA has introduced a term plan that covers terminal illnesses. You can avail 50% of the basic sum assured if diagnosed with any terminal illness during the policy term.
If you bought your plan at an early age and now plan to get married, you might feel that the sum assured you chose would be insufficient for the new chapter of your life. For this, Maha Raksha Supreme offers a Life Stage Plus option that helps you increase the basic sum assured with upcoming future responsibilities such as marriage and childbirth, without undergoing any medical tests again.
Key Features of Tata AIA Maha Raksha Supreme Term Plan
Life Stage Plus Option
The Life Stage Plus Option allows you to increase your sum assured at important milestones such as marriage, childbirth, and adoption of a child, without further medical tests.
Payout Accelerator Benefit
Under the inbuilt Payout Accelerator Benefit, you can receive up to 50% of the basic sum assured if diagnosed with any terminal illness where the chance of survival is not greater than 6 months.
Special Rates for Non-Smokers and Women
Tata AIA Maha Raksha Supreme term plan offers special premium rates for non-smokers and women upon choosing a higher sum assured amount.
Free Look Period
If you are unsatisfied with Tata AIA Maha Raksha Supreme, you will get a 15-day free look period if you bought the policy offline, and 30 days if you bought it online.
Grace Period
Tata AIA Maha Raksha Supreme term plan offers a 15-day grace period for monthly premium payments and 30 days for all other payment modes if you miss the premium due date.
Riders Associated with Tata AIA Maha Raksha Supreme Plan
You can add the following riders to your Tata AIA Maha Raksha Supreme:
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Tata AIA Life Insurance Accidental Death and Disability Rider
In case of the policyholder's demise or disability due to an accident, a payout is paid to the nominee.
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Tata AIA Non-Linked Comprehensive Protection Rider
This rider provides coverage for various unforeseen events, such as death, disability due to accident, a wide range of critical illnesses, or terminal illnesses.
Benefits of Tata AIA Maha Raksha Supreme Term Plan
Death Benefit
Upon the death of the insured during the policy term, Tata AIA Maha Raksha Supreme will provide a death benefit to the nominee.
Surrender Benefit
Tata AIA Maha Raksha Supreme term plan offers the surrender benefit for the single pay option only; regular pay option customers cannot opt for the surrender benefit.
Tax Benefits
Tata AIA offers term insurance tax benefits under Section 80C of the Income Tax Act, 1961, for up to ₹1.5 lakhs of the total premium paid in the same financial year.
Exclusions
- Death due to a pandemic is not covered.
- Death caused by adventure sports.
- If a policyholder commits suicide within the first 12 months of purchasing the policy, no death benefits are paid to their nominee. Either premiums paid to date or the surrender value of the policy, whichever is higher, is paid to them.
