Tata AIA Term Insurance Review – Forbes Advisor INDIA

Tata Ia Sampoorna Raksha Supreme

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

Key Features:

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

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

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

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

4. Option to choose benefit payment 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 coverages for the risk of illness, hospitalization and disability. Provides extensive major and minor illness coverage 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 type of term insurance plan that comes with a useful mix of a life cover along with optional covers like critical illness, hospital expenses, accidental death, and total and permanent disability.

Key Features:

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

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

2. Hospicare Benefit: This benefit covers daily hospitalization expenses and covers 0.5% of the insured sum, if the insured is hospitalized in the event of a medical emergency.

3. Benefit for Accidental Total and Permanent Disability: The insured is entitled to receive the payment of a lump sum, in the event of any total and permanent disability.

4. Accidental Death: This benefit pays an additional lump sum to the life insured’s nominee, in the event of accidental death.

Who is eligible for Tata AIA Insta Protect Solution?

  • Minimum and maximum admission age: 18 years and 45 years.
  • Minimum and maximum expiration age: 23 and 75 years.

Tata AIA Saral Jeevan Bima

The Tata AIA Saral Jeevan Bima is a pure and simple risk premium term plan that aims to provide financial protection to the life insured’s family in the event of death during the life of the policy. This plan also offers the policyholder the flexibility to choose premium payment options and premium payment term at their convenience.

Key Features:

  • The sum insured ranges from INR 5 lakh to INR 50 lakh.
  • The life insured has the option of choosing premium payment options such as single, regular and premium.
  • Lower premium rates for women and non-smokers.
  • Provides death benefit, where the insured sum is delivered to the insured’s nominee in the event of his or her unfortunate death.
  • The death benefit for regular and limited payment is the higher of the 10x annualized premium, or 105% of total premiums paid, or the absolute amount assured to be paid in the event of death.
  • The lump sum death benefit is the higher of 125% of the lump sum premium or the absolute insured amount to be paid in the event of death.
  • There is no expiration and survivor benefit under this plan.
  • Additional passengers:

1. Accidental Death Benefit

2. Benefit for total and permanent disability due to accident

Who is eligible for Tata AIA Saral Jeevan Bima?

  • Minimum and maximum admission 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 that is intended to offer greater flexibility in the choice of life cover and its benefits along with the option of choosing premium payments. This plan also has a built-in payment accelerator benefit, which provides 50% of the basic sum insured if the policyholder is diagnosed with any of the terminal illnesses.

Key Features:

  • The sum insured varies from INR 50 lakh with no limit on the maximum amount.
  • Provides lifetime coverage for up to 100 years.
  • Under the stage of life option, the policyholder can opt for an increase in life coverage above the basic sum insured, upon reaching a specific stage or milestone, such as marriage or the birth of a child.
  • In the payment accelerator benefit, the insured receives 50% of the basic sum insured if he is diagnosed with any of the terminal illnesses.
  • Provides death benefit, under the regular and limited premium payment modality, the insured sum is the greater between the basic insured sum or 10 times the annualized premium or 105% of the total premiums paid until the date of death. However, under the single payment option, it can be the greater of the basic sum insured or 125% of the single premium.
  • Lower premium rates for non-smokers and women.
  • The policyholder has the freedom to choose between various modes of premium payment such as single, limited or regular. There is also flexibility to choose policy terms and frequencies, such as paying premiums annually, semi-annually, quarterly or monthly.
  • There is no expiration benefit under this plan.
  • If the policyholder has opted for a life cover amount of INR 1 crore and above, he or she can avail a discount on cover on the regular and single premium payment options. In the event that the policyholder has opted for higher life coverage under the limited payment option, the discount is built into the premium rates.
  • Additional passengers:

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

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

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

4. Option to choose benefit payment 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 coverages for the risk of illness, hospitalization and disability. Provides comprehensive 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: The single payment is 70 years old and the limited payment is 65 years old.
  • Maturity for life: 100 years.

Tata AIA Life iRaksha TROOP

Tata AIA Life iRaksha TROP is an online term plan that comes with the return of premium feature. This means that the full premium paid would be returned to life insurance after the term of the policy.

Key Features:

  • Provides death benefit along with RoP.
  • Offers the option to choose between regular, single and limited premium payment options.
  • Lower premium rates for non-smokers and insured women.
  • Discount when opting for a higher sum insured.
  • Offers whole life coverage up to 100 years.
  • Additional passengers:

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

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

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

4. Option to choose between five coverages for the risk of illness, hospitalization and disability. Provides comprehensive 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: The single payment is 70 years old and the limited payment is 65 years old.
  • Maturity for life: 100 years.

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