Tata Aia Maha Raksha Supreme Select Plan
TATA AIA Life Insurance Company
Our Verdict
Tata AIA Maha Raksha Supreme is ideal for individuals seeking pure protection with a terminal illness payout. It offers strong add-ons like disability and critical illness riders but lacks maturity benefits. Best for those prioritizing long-term family financial security.
About the Plan
Tata AIA Life Insurance's Maha Raksha Supreme is a non-linked, non-participating term plan providing pure protection. It offers a death benefit, paying the highest of the sum assured, 10 times the annualized premium, or 105% of total premiums paid. The Payout Accelerator Benefit provides 50% of the sum assured if diagnosed with a terminal illness (life expectancy of six months or less). Policyholders can enhance coverage with the Life Stage Plus feature, ensuring financial security for beneficiaries during unforeseen events.
About the Plan
Eligibility
• Entry Age :
18 to 65 years
• Maximum Maturity Age :
75 years
• Policy Term :
20 to 55 years
• Minimum Sum Assured :
₹25,00,000
• Premium Payment Term :
Regular Pay or Limited Pay (10 or 15 years)
• Premium Payment Frequency :
Yearly, Half-Yearly, or Monthly
• Citizenship :
Indian residents and NRIs (subject to underwriting)
Eligibility
Features of the Product
Payout accelerator benefit
Payout accelerator benefit equal to 50% of the basic sum assured under the policy shall be paid to the insured, provided the policy is in force and the life expectancy of the insured under the policy is established to be no greater than 6 months due to a ‘terminal illness’.
Life stage Plus Option
You also have the option to take an additional sum assured, over and above the basic sum assured, provided the policy is in force, without any further medical underwriting on the occurrence of a prescribed lifestyle event.
Total Permanent Disability Payout
The Tata AIA Maha Raksha Supreme Select plan pays a lump sum of 50% of the base sum assured if the policyholder is diagnosed with a terminal illness. The policyholder will also no longer need to pay any future premiums.
Premium Payment Customizations
The policy offers a FlexiPay Benefit that allows the policyholder to defer premium payments for up to 12 months
The policy offers a Return of Premium Option
The policy offers a grace period of 15 days for monthly premiums and 30 days for other premium payment modes
Exclusions
Suicide within the first 12 months of policy commencement or revival, only returning 80% of premiums paid.
Death due to participation in hazardous activities like adventure sports, racing, or extreme sports.
Pre-existing diseases and conditions not disclosed at the time of policy issuance.
Death or disability due to war, terrorism, civil commotion, or military service.
Death resulting from drug abuse, alcohol consumption, or substance intoxication.
Death due to criminal activities, illegal acts, or participation in unlawful activities.
Self-inflicted injuries, including attempted suicide, leading to death or disability.
Any medical conditions arising from nuclear contamination, radiation exposure, or biological warfare.
Critical illnesses diagnosed within the initial waiting period, as per policy terms.
Death due to pregnancy-related complications, except when explicitly covered under add-on benefits.
Exclusions
Accidental Death Benefit Rider - Provides an additional lump sum payout if the policyholder dies due to an accident, ensuring extra financial security for the nominee.
Critical Illness Rider - Pays a lump sum amount upon diagnosis of covered critical illnesses such as cancer, heart attack, or stroke, helping with medical expenses.
Total and Permanent Disability Rider - Offers financial support if the policyholder becomes permanently disabled due to an accident or illness, ensuring continued financial stability.
Waiver of Premium Rider - Waives all future premiums if the policyholder is diagnosed with a critical illness or suffers total and permanent disability, keeping the policy active.
Terminal Illness Benefit Rider - Provides an advance payout if the policyholder is diagnosed with a terminal illness, offering financial assistance for treatment and personal needs.
Add-ons
If you are a woman
The policy offers a 15% discount on premiums for female policyholders
If you smoke
Higher premiums for smokers.
Note :
Grace period : The Tata AIA Maha Raksha Supreme Select policy offers a grace period of 15 days for monthly premium payments and 30 days for all other modes, allowing policyholders extra time to pay overdue premiums without policy lapse.
Free look period : The Tata AIA Maha Raksha Supreme Select plan offers a free look period of 15 days (30 days for online policies), allowing policyholders to review terms and cancel for a full refund if unsatisfied.
Suicide Clause: If the policyholder commits suicide within 12 months of policy inception or revival, Tata AIA Maha Raksha Supreme Select refunds at least 80% of total premiums paid or the available surrender value, whichever is higher.
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About the Company
Tata AIA Life Insurance Company Limited is a leading life insurance provider in India, established in 2001 as a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. This partnership merges Tata's renowned leadership and trust in India with AIA's extensive experience across 18 markets in the Asia-Pacific region. The company is headquartered in Mumbai, India.
A wide variety of products are available from Tata AIA Life Insurance to accommodate different protection requirements and financial objectives. Their portfolio consists of Unit Linked Insurance Plans (ULIPs) that give market-linked returns, savings plans that combine wealth growth and life insurance, and term insurance for family stability. Additionally, they offer retirement plans including annuities and pensions for post-retirement income as well as health insurance to cover medical costs. Every plan offers different policy terms, variable premium alternatives, and extra riders for increased coverage, guaranteeing customised solutions for each policyholder's particular requirements.