Tata Aia Iraksha Trop Online Term Plan
TATA AIA Life Insurance Company
Our Verdict
Tata Smart iRaksha TROP offers life cover with a return of premiums, ensuring financial security. With riders for accidental death, critical illness, and disability, it suits individuals seeking protection with maturity benefits and added health safeguards.
About the Plan
A "Tata Smart iRaksha TROP" policy refers to a term insurance plan offered by Tata AIA Life Insurance, where "TROP" stands for "Term Plan with Return of Premium," meaning that if the policyholder survives the policy term, they will receive back all the premiums they paid throughout the policy duration, in addition to the death benefit if a claim occurs during the policy term; essentially providing a full refund of premiums upon maturity if the insured person lives through the policy period.
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
Terminal Illness
The Tata Smart iRaksha TROP plan may offer a Terminal Illness Benefit, where if the policyholder is diagnosed with a terminal illness and has a life expectancy of 12 months or less, an advance payout of the sum assured may be provided.
Benefit on Death
Sum Assured on Death is the highest of 10 times the annualized premium, 105% of total premiums paid, or the absolute sum assured.
Premium Payment Customizations
Premiums can be paid annually, semi-annually, quarterly, or monthly depending on the chosen payment frequency.
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 to the nominee if the policyholder’s death occurs due to an accident, ensuring extra financial security.
Critical Illness Rider - Offers a lump sum benefit upon diagnosis of specified critical illnesses such as cancer, heart attack, or stroke, helping cover medical expenses.
Total and Permanent Disability Rider - Pays a lump sum amount if the policyholder becomes permanently disabled due to an accident or illness, ensuring financial stability.
Waiver of Premium Rider - Waives all future premiums if the policyholder suffers from total and permanent disability or is diagnosed with a critical illness, keeping the policy active.
Terminal Illness Benefit Rider - Provides an advance payout if the policyholder is diagnosed with a terminal illness, helping cover medical treatment and personal expenses.
Add-ons
If you are a woman
Compared to male policyholders, women typically enjoy lower premium rates due to their longer life expectancy
If you smoke
The Tata AIA Smart iRaksha TROP plan offers lower premium rates for non-smokers, making life insurance more affordable for individuals who do not use tobacco. Non-smokers can enjoy preferential pricing.
The Tata AIA Smart iRaksha TROP plan does not offer preferential rates for smokers. Since smoking is associated with higher health risks.
Note :
Grace period : The grace period for the plan is 30 days for yearly, half-yearly, and quarterly premiums, and 15 days for monthly premiums.
Free look period : The free look period for the plan is 15 days for policies purchased offline and 30 days for policies bought online, allowing policyholders to review and cancel if unsatisfied.
Suicide Clause: If the policyholder dies by suicide within 12 months from the policy commencement or revival date, the nominee receives at least 80% of the total premiums paid or the 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.