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Tata AIA Life iRaksha Supreme

Objective

This is an online pure term policy that aims to provide financial assistance to the family members in case something happened to bread winner of the family.


What does it do?

The policy pays sum assured to nominees on unfortunate demise of the insured person. It does not pay any maturity benefit on survival. Single and limited pay policyholders are allowed to surrender the policy in case of need. Surrender value will be calculated as per the predefined formula.
The policy has another useful feature that covers insured even if he stops paying premiums after completing 3 years (for 5 year Limited Pay policy) and 7 years (for 10 year Limited Pay policy). The nominee will receive a reduced sum assured in case something happened to the insured with such a policy.


Pros

The policy offers discounts on opting a high sum assured.
Women and non-smokers enjoy lower premium rates.
One can surrender the policy in case of an emergency.
Premium paid towards the policy qualify for tax benefits.


Cons

Policies paying premium regularly cannot be surrendered.


Suited for

This policy can be taken by anyone with access to internet and looking for minimum coverage of Rs 50 lakh.


Our View

An online term plan is the best kind of life insurance. This is a decent policy. We recommend regular premium payment over single or limited pay options. The reason we say this is because in case something goes wrong in early years of the policy, you have already paid a huge chunk of amount as premium to the insurance company.

Eligibility
Entry Age (years) 
Minimum18
Maximum70
Maximum Maturity Age (years)80
Policy Term (years) 
Minimum10
Maximum40
Sum Assured (Rs) 
Minimum50 lakh
MaximumNo Limit
Premium Payment FrequencyYearly, Half-yearly, Single
Premium Payment TermSingle/ Equal to policy term/ Limited Pay- 5 years/ Limited Pay- 10 years
Premium Factor (multiply with annual premium)Half Yearly: 0.51 times annual premium;
Policy CoverCover remains fixed for the tenure of the policy
Other Features 
Free Look CancellationIn case, you are not satisfied, you may choose to cancel the policy within 30 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace PeriodA grace period of 30 days is allowed after due date of premium payment
Lapsed Policy ReinstatementPolicy may be revived within two years from the due date of premium payment provided the insurer is satisfied of policyholder's health. Policyholder will be required to pay all unpauid premiums with interest.
Tax BenefitsSection 80C, 10 (10D) of the Income Tax Act, 1961 would apply.
ExclusionsIn case of death by suicide during the first policy year, whether medically sane or insane no death benefit is payable. Further, if the Life Assured under the policy,commits suicide, within one year from the date of reinstatement of policy, no death benefit except the surrender value, if any, will be paid.
Paid Up ValuePolicy will acquire a Paid Up Value in case of non payment of premiums provided 3 and 7 years premiums have been paid in full for 5 and 10 years Limited Pay policies respectively. Paid Up Value will be calculated as: (Total Premiums paid excluding extra premium, interest and service tax/ Total Premiums Payable)* Sum Assured
Surrender ValueSingle Pay policies and Limited pay policies are allowed to surrender. Single Pay policies can surrender at anytime whereas, Limited Pay policies can surrender only after completion of 3 and 7 years for 5 and 10 Pay policies respectively. Surrender.value will be calculated as: Surrender Value Factor * (Outstanding policy term/policy term)* Total premiums paid excluding extra premiums, interest and service tax.
Customer Service 
AddressTata Aia Life Insurance Company Ltd.(Reg 110): 14th Floor,Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai 400013.
Mail To[email protected]
Call On1800 267 9966 or 1860 266 9966
Annual Premium Option for Men under Regular Premium Pay
Policy Term (in years)Age (in years)
20253040506070
103600370039006250130503010084650
1536003700390066001420034300NA
2037503800415071501550034300NA
25375038504250750016500NANA
30375039504450800017850NANA
353700405046008449NANANA
403750410047508850NANANA
Indicative premiums for Rs 50 lakh sum assured.Premiums are exclusive of service tax and cess.
Annual Premium Option for Men under Single Premium Pay
Policy Term (in years)Age (in years)
20253040506070
1025250261002790046250100550230750625550
1530550323003630066600149650361950NA
2035100386404530088000202050500100NA
25396504485055150110100260450NANA
30453005175065250133350321200NANA
35493005890075550159000NANANA
40543506610086300185450NANANA
Indicative premiums for Rs 50 lakh sum assured.Premiums are exclusive of service tax and cess.
Annual Premium Option for Men under Limited Pay- 5 years
Policy Term (in years)Age (in years)
20253040506070
10555057506100102502330054640154250
15665070007850145503420084700NA
207550825097001900045850116450NA
2585009600117002360058850NANA
30945011000137502850072350NANA
3510500124501585033850NANANA
4011550139001805039450NANANA
Indicative premiums for Rs 50 lakh sum assured.Premiums are exclusive of service tax and cess.
Annual Premium Option for Men under Limited Pay- 10 years
Policy Term (in years)Age (in years)
20253040506070
103600370039006250132503010084650
1540004200465083001855045100NA
20445048505600106502455061250NA
254950555067001310031250NANA
305450630078001575038200NANA
3560007100895018600NANANA
40660079001015021600NANANA
Indicative premiums for Rs 50 lakh sum assured.Premiums are exclusive of service tax and cess.
Annual Premium Option for Women under Regular Premium Pay
Policy Term (in years)Age (in years)
20253040506070
103350345036005550111502465068350
1533503450360057501195027950NA
2033503500375062001310031100NA
25340035503900660014250NANA
30340036004000695015400NANA
353450370041507350NANANA
403500375042507700NANANA
Indicative premiums for Rs 50 lakh sum assured.Premiums are exclusive of service tax and cess.
Annual Premium Option for Women under Single Premium Pay
Policy Term (in years)Age (in years)
20253040506070
102315023800252554020083750188600510150
1527850292003230556850123700295750NA
2031800344003980774350166500410450NA
2535700398004795992500214600NANA
30396504555056360111650265400NANA
35438505150064912132900NANANA
40481005755073863155200NANANA
Indicative premiums for Rs 50 lakh sum assured.Premiums are exclusive of service tax and cess.
Annual Premium Option for Women under Limited Pay- 5 years
Policy Term (in years)Age (in years)
20253040506070
1051005250555090001950044650125200
15610063507000124502835069200NA
20690074008550161003785095500NA
2576508550102001990048550NANA
3085009700119002390059850NANA
359350109501365028350NANANA
4010250121501550033050NANANA
Indicative premiums for Rs 50 lakh sum assured.Premiums are exclusive of service tax and cess.
Annual Premium Option for Women under Limited Pay- 10 years
Policy Term (in years)Age (in years)
20253040506070
103350435036005550111502465068350
1536503800415071501540036750NA
2040504350500090502025050150NA
254500495058501110025750NANA
304950560068001325031600NANA
3554006250775015600NANANA
4058506900910018100NANANA
Indicative premiums for Rs 50 lakh sum assured.Premiums are exclusive of service tax and cess.

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