Tata AIA Term Insurance Review – Forbes Advisor INDIA

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Tata AIA Sampoorna Raksha Supreme

The Tata AIA Sampoorna Raksha Supreme is the most comprehensive and best-selling term plan amongst all the other term insurance plans of Tata AIA. This term plan provides multiple plan options like Life, Life Plus, Life Income and Credit Protect option which comes with the live coverage up to 100 years.

Key Features:

Under the “Life Option”, the life assured is entitled for a death benefit, where the sum assured is paid to the nominee in case of a demise of the life assured. If the policyholder chooses the top-up or life stage option, then the death benefit includes an extra sum assured. This option also has an in-built payor accelerator benefit, that provides 50% of the sum assured towards any diagnosis of terminal illness.
Under the “Life Plus Option”, the life assured can receive a survival benefit of 105% of the total premiums paid at the end of the policy term, provided if the policy is not terminated earlier. This option also has an in-built payor accelerator benefit, that provides 50% of the sum assured towards any diagnosis of terminal illness.
Under the “Life Income Option”, the policyholder is entitled to receive regular monthly income along with the death benefits. This option also has an in-built accelerator benefit, that provides 50% of the sum assured towards any diagnosis of terminal illness.
Under the “Credit Protect Option”, the total sum assured is received as a death benefit to the nominee of the life assured, if all the premiums have been paid up to date. This option also has an in-built payor accelerator benefit, that provides 50% of the sum assured towards any diagnosis of terminal illness.
This plan offers the whole life coverage up to 100 years of age.
The minimum sum assured for this policy is INR 1 lakh, with no limit on the maximum sum assured amount.
Lower premium rates for women and non-smokers.
Add-on riders:

1. Extra coverage against unforeseen events such as accidental death or disability, critical illnesses and terminal illnesses.

2. The policyholder has an option to extend the coverage of the specific rider under the same plan.

3. The policyholder has an option to receive the balance premium amounts on maturity of the policy.

4. Option to choose benefit payout as a lump sum, monthly income for 10 years, or a combination of lump sum and income for a fixed period.

5. Option to choose one or more risk covers from illness, hospitalization and disability. Provides extensive coverage against major and minor illnesses with multiple claims features.

Who is Eligible for Tata AIA Sampoorna Raksha Supreme

TATA AIA Insta Protect Solution

The Tata AIA Insta Protect Solution is another kind of term insurance plan which comes with a useful combination of a life cover along with optional covers such as critical Illness, hospitalization expenses, accidental death and total and permanent disability.

Key Features:

The sum assured packages range from INR 25 lakh up to INR 70 lakh.
Option to choose flexible premium payouts such as single, limited or regular options.
Along with the death life cover, the Insta Protect policy also offers other optional benefits:

1. Criticare Plus Benefit : The policyholder is entitled to receive a lump sum payout on the diagnosis of any listed 40 critical illnesses such as cancer or cardiac attack. The coverage is received up to INR 10 lakh, as per the sum assured package chosen.

2. Hospicare Benefit: This benefit takes care of day to day hospitalization expenses and covers 0.5% of the sum assured, if the policyholder is hospitalized in case of a medical emergency.

3. Accidental Total and Permanent Disability Benefit: The policyholder is entitled to receive a lump sum payout, in case of any total and permanent disability.

4. Accidental Death: This benefit pays an additional lump sum payout to the life assured’s nominee, in case of their accidental death.

Who is Eligible for Tata AIA Insta Protect Solution?

Minimum and maximum entry age: 18 years and 45 years.
Minimum and maximum maturity age: 23 and 75 years.

Tata AIA Saral Jeevan Bima

The Tata AIA Saral Jeevan Bima is a simple and pure risk premium term plan which aims to provide financial protection to the life assured’s family in case of his or her death during the policy term. This plan also offers the flexibility to the policyholder to choose premium payout options and premium paying term as per their convenience.

Key Features:

The sum assured ranges from INR 5 lakh up to INR 50 lakh.
The life assured has the option of choosing premium payout options such as single, regular and premium.
Lower premium rates for women and non-smokers.
Provides death benefit, where the sum assured is given to the assured’s nominee in case of their unfortunate demise.
The death benefit for regular and limited pay is the highest of either the 10x annualized premium, or 105% of total premiums paid or absolute amount assured to be paid on death.
The death benefit for single pay is the highest of 125% of single premium or absolute amount assured to be paid on death.
There is no maturity and survival benefit under this plan.
Add-on riders:

1. Accidental death bene­fit

2. Accidental total and permanent disability bene­fit

Who Is Eligible For Tata AIA Saral Jeevan Bima?

Minimum and maximum entry age: 18 years and 65 years.
Maximum maturity age: 70 years.

Tata AIA Maha Raksha Supreme

The Tata AIA Maha Raksha Supreme is a term plan which intends to offer better flexibility in terms of choosing life coverage and its benefits along with an option to choose the premium payouts. This plan also has an in-built payout accelerator benefit, which provides 50% of the basic sum assured if the policyholder is diagnosed with any of the terminal illnesses.

Key Features:

The sum assured ranges from INR 50 lakh with no limit on maximum amount.
Provides the whole life coverage up to 100 years.
Under life stage option, the policyholder can opt for an increase in the life coverage over and above the basic sum assured, upon attaining a specific stage or milestone such as marriage or birth of a child.
In payout accelerator benefit, the policyholder receives 50% of the basic sum assured if they are diagnosed with any of the terminal illnesses.
Provides death benefit, under the regular and limited premium payment mode, the sum assured is the highest of the basic sum assured or 10 times the annualized premium or 105% of the total premiums paid up to the date of death. However, under the single payment option, it can be the highest of either the basic sum assured or 125% of the single premium.
Lower premium rates for non-smokers and women.
The policyholder has the liberty to choose from various premium payment modes as single, limited or regular. There is also a flexibility to choose the policy terms and frequencies, like whether to pay the premiums on an annual, semi-annual, quarterly or monthly basis.
There is no maturity benefit under this plan.
If the policyholder has opted for a life coverage amount of INR 1 crore and and above, then they can avail a discount on the cover under regular and single premium payment options. In case the policyholder has opted for a higher life cover under limited pay option, then the discount is built into the premium rates.
Add-on riders:

1. Option to choose one or more risk covers such as critical illness, accidental death and disabilities and terminal illness.

2. The policyholder has an option to extend the coverage of the specific rider under the same plan.

3. The policyholder has an option to receive the balance premium amounts on maturity of the policy.

4. Option to choose benefit payout as a lump sum, monthly income for 10 years, or a combination of lump sum and income for a fixed period.

5. Option to choose one or more risk covers from illness, hospitalization and disability. Provides extensive coverage against major and minor illnesses with multiple claims feature.

Who is Eligible For Tata AIA Maha Raksha Supreme?

Minimum entry age: 18 years.
Maximum entry age: Single pay is 70 years and limited pay is 65 years.
Maturity for a whole life: 100 years.

Tata AIA Life iRaksha TROP

Tata AIA Life iRaksha TROP is an online term plan which comes with the return on premium feature. This means that the total premium paid would be returned back to the life assured outlives the policy term.

Key Features:

Provides death benefit along with the RoP.
Offers option to choose between regular, single and limited premium payment options.
Lower premium rates for non-smokers and women policyholders.
Discount on opting a higher sum assured amount.
Offers whole life coverage up to 100 years.
Add-on riders:

1. Option to choose one or more risk covers such as critical illness, accidental death and disabilities and terminal illness.

2. The policyholder has an option to extend the coverage of the specific rider under the same plan.

3. The policyholder has an option to receive the balance premium amounts on maturity of the policy.

4. Option to choose from five  risk covers from illness, hospitalization and disability. Provides extensive coverage against major and minor illnesses with multiple claims feature.

Who is Eligible For Tata AIA iRaksha TROP?

Minimum entry age: 18 years.
Maximum entry age: Single pay is 70 years and limited pay is 65 years.
Maturity for a whole life: 100 years.

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