Tata AIA Term Insurance Review

Tata AIA Sampoorna Raksha Supreme

Tata AIA Sampoorna Raksha Supreme is the longest term and best selling policy among all Tata AIA insurance plans. This system offers several plan options like Life, Life Plus, Life Income and Credit Protect option which comes with 100 years coverage.

Essentials:

  • Under the “Life Option”, the life assured is entitled to a death benefit, while the sum assured is paid to the nominee in the event of the death of the life assured. If the owner chooses an advanced option or stage of life, then the death benefit includes an additional sum assured. This method also has the benefit of the payer, who pays 50% of the amount determined for the diagnosis of each disease.
  • Under the “Extended Life Option”, the assured will receive a survival benefit of 105% of the total premium paid at the end of the policy term, unless the policy has already been terminated. This method also has the benefit of the payer, who pays 50% of the amount determined for the diagnosis of each disease.
  • Under “Annuity Life”, the policyholder is entitled to receive a fixed monthly income along with death benefits. This method also has the benefit of creating accelerators, which provide 50% of the funds determined for the diagnosis of each disease.
  • Under the “Credit Protect Option”, the entire sum assured is received as a death benefit to the nominee of the life assured, if the entire sum has been paid to date. This method also has the benefit of the payer, who pays 50% of the amount determined for the diagnosis of each disease.
  • The plan provides lifetime coverage up to 100 years of age.
  • The minimum sum assured for the scheme is INR 1 lakh, with no limit on the sum assured.
  • Lower rates for women and non-smokers.
  • Additional passengers:

1. To provide additional support in unexpected situations such as accidental death or disability, critical illness and terminal illness.

2. The carrier has the option to increase the coverage of the passenger under the same plan.

3. The policyholder has the option of receiving the remaining amount at maturity.

4. The method of choosing the payment of benefits as a lump sum, monthly income for 10 years, or a combination of all income and income for a fixed period.

5. Option to choose one or more perils from illness, medical and disability. They provide more information against major and minor diseases with many claims.

Who is Eligible for Tata AIA Sampoorna Raksha Supreme

TATA AIA Insta Protect Solution

Tata AIA Insta Protect Solution is another type of term insurance that comes with a useful combination of life cover along with optional covers like Critical Illness, medical expenses, accidental death and total disability.

Essentials:

  • Guaranteed packages range from INR 25 lakh to INR 70 lakh.
  • A choice of flexible premium payment options such as single, limited or fixed options.
  • Along with life cover, the Insta Protect policy also offers other benefits:

1. Criticare Plus Benefit : The policyholder is entitled to a premium for any of the 40 specified critical illnesses such as cancer or heart disease. Coverage is available up to INR 10 lakh, depending on the insurance package chosen.

2. Patient Care Benefit: This benefit takes care of daily hospital expenses and covers 0.5% of the sum assured, if the policyholder is hospitalized in an emergency.

3. Critical Risk Benefit and Permanent Disability: The representative is entitled to receive a lump sum payment, in case of any and all permanent disability.

4. Accidental Death: This benefit pays an additional sum to the nominee and the life assured, in case of accidental death.

Who is Eligible for Tata AIA Insta Protect Solution?

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

Tata AIA Saral Jeevan Bima

Tata AIA Saral Jeevan Bima is a simple and pure risk plan that aims to provide financial security to the family of the life assured in case of death during the policy period. The system also provides flexibility to policyholders to choose premium payment options and premium payment timings as per their requirement.

Essentials:

  • The guaranteed amount ranges from INR 5 lakh to INR 50 lakh.
  • Assured life has a choice of payment options such as single, fixed and premium.
  • Lower rates for women and non-smokers.
  • They provide a death benefit, where the sum assured is paid to the nominee in case of an unfortunate death.
  • The death benefit for regular and limited benefits is the highest of 10x per annum, or 105% of the total premium paid or the total sum assured to be paid on death.
  • The lump sum death benefit is the higher of 125% of the lump sum or the sum assured on death.
  • There is no maturity and survival benefit under this plan.
  • Additional passengers:

1. Accidental death benefit

2. Accidental and permanent total disability benefits

Who is Eligible for Tata AIA Saral Jeevan Bima?

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

Tata AIA Maha Raksha Supreme

Tata AIA Maha Raksha Supreme is a scheme that aims to provide better flexibility in choosing life support and benefits as well as a choice of payment options. The plan also has an enhanced premium benefit, which provides 50% of the base sum assured if the representative is diagnosed with any illness.

Essentials:

  • Sum assured starts from INR 50 lakh with no limit on the amount.
  • They provide lifetime support up to 100 years.
  • Under a life plan, the representative can opt for a lifetime increase beyond the sum assured, upon reaching a certain milestone or milestones such as marriage or the birth of a child.
  • In the additional payment benefits, the representative receives 50% of the basic sum assured in case of any illness.
  • They provide death benefit, under both regular and limited payment method, the sum assured is whichever is higher of the sum assured or 10 times the annual value or 105% of the sum assured up to the date of death. However, under the single payment option, it can be the higher of the guaranteed base amount or 125% of the single cost.
  • Lower rates for non-smokers and women.
  • The depositor has the right to choose from different types of payment such as single, partial or fixed. There is also flexibility in choosing policy terms and frequency, such as annual, semi-annual, quarterly or monthly payments.
  • There is no maturity benefit under this plan.
  • If the policyholder has opted for a life cover of INR 1 crore and above, then he can get a discount on the cover by opting for regular and single payments. If the policyholder chooses to have premium life cover under the low premium option, then the discount is built into the premium rates.
  • Additional passengers:

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

2. The carrier has the option to increase the coverage of the passenger under the same plan.

3. The policyholder has the option of receiving the remaining amount at maturity.

4. The method of choosing the payment of benefits as a lump sum, monthly income for 10 years, or a combination of all income and income for a fixed period.

5. Option to choose one or more perils from illness, medical and disability. They provide more information against major and minor diseases with many claims.

Who is Eligible for Tata AIA Maha Raksha Supreme?

  • Minimum entry age: 18 years.
  • Entry age: Single salary is 70 years and minimum salary is 65 years.
  • Lifetime maturity: 100 years.

Tata AIA Life iRaksha TROP

Tata AIA Life iRaksha TROP is an online term plan that comes with premium returns. This means that the entire amount paid will be refunded for the life assured beyond the policy term.

Essentials:

  • They provide death benefit along with RoP.
  • They offer the option to choose between regular, single and partial payment options.
  • Lower rates of non-smokers and female legal owners.
  • Discounts for choosing a higher guaranteed amount.
  • They provide lifetime support up to 100 years.
  • Additional passengers:

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

2. The carrier has the option to increase the coverage of the passenger under the same plan.

3. The policyholder has the option of receiving the remaining amount at maturity.

4. Option to choose from five risk covers from sickness, illness and disability. They provide more information against major and minor diseases with many claims.

Who is Eligible for Tata AIA iRaksha TROP?

  • Minimum entry age: 18 years.
  • Entry age: Single salary is 70 years and minimum salary is 65 years.
  • Lifetime maturity: 100 years.