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) | |
| Minimum | 18 |
| Maximum | 70 |
| Maximum Maturity Age (years) | 80 |
| Policy Term (years) | |
| Minimum | 10 |
| Maximum | 40 |
| Sum Assured (Rs) | |
| Minimum | 50 lakh |
| Maximum | No Limit |
| Premium Payment Frequency | Yearly, Half-yearly, Single |
| Premium Payment Term | Single/ 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 Cover | Cover remains fixed for the tenure of the policy |
| Other Features | |
| Free Look Cancellation | In 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 Period | A grace period of 30 days is allowed after due date of premium payment |
| Lapsed Policy Reinstatement | Policy 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 Benefits | Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply. |
| Exclusions | In 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 Value | Policy 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 Value | Single 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 | |
| Address | Tata 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 On | 1800 267 9966 or 1860 266 9966 |
| Annual Premium Option for Men under Regular Premium Pay | ||||||||
| Policy Term (in years) | Age (in years) | |||||||
| 20 | 25 | 30 | 40 | 50 | 60 | 70 | ||
| 10 | 3600 | 3700 | 3900 | 6250 | 13050 | 30100 | 84650 | |
| 15 | 3600 | 3700 | 3900 | 6600 | 14200 | 34300 | NA | |
| 20 | 3750 | 3800 | 4150 | 7150 | 15500 | 34300 | NA | |
| 25 | 3750 | 3850 | 4250 | 7500 | 16500 | NA | NA | |
| 30 | 3750 | 3950 | 4450 | 8000 | 17850 | NA | NA | |
| 35 | 3700 | 4050 | 4600 | 8449 | NA | NA | NA | |
| 40 | 3750 | 4100 | 4750 | 8850 | NA | NA | NA | |
| 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) | |||||||
| 20 | 25 | 30 | 40 | 50 | 60 | 70 | ||
| 10 | 25250 | 26100 | 27900 | 46250 | 100550 | 230750 | 625550 | |
| 15 | 30550 | 32300 | 36300 | 66600 | 149650 | 361950 | NA | |
| 20 | 35100 | 38640 | 45300 | 88000 | 202050 | 500100 | NA | |
| 25 | 39650 | 44850 | 55150 | 110100 | 260450 | NA | NA | |
| 30 | 45300 | 51750 | 65250 | 133350 | 321200 | NA | NA | |
| 35 | 49300 | 58900 | 75550 | 159000 | NA | NA | NA | |
| 40 | 54350 | 66100 | 86300 | 185450 | NA | NA | NA | |
| 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) | |||||||
| 20 | 25 | 30 | 40 | 50 | 60 | 70 | ||
| 10 | 5550 | 5750 | 6100 | 10250 | 23300 | 54640 | 154250 | |
| 15 | 6650 | 7000 | 7850 | 14550 | 34200 | 84700 | NA | |
| 20 | 7550 | 8250 | 9700 | 19000 | 45850 | 116450 | NA | |
| 25 | 8500 | 9600 | 11700 | 23600 | 58850 | NA | NA | |
| 30 | 9450 | 11000 | 13750 | 28500 | 72350 | NA | NA | |
| 35 | 10500 | 12450 | 15850 | 33850 | NA | NA | NA | |
| 40 | 11550 | 13900 | 18050 | 39450 | NA | NA | NA | |
| 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) | |||||||
| 20 | 25 | 30 | 40 | 50 | 60 | 70 | ||
| 10 | 3600 | 3700 | 3900 | 6250 | 13250 | 30100 | 84650 | |
| 15 | 4000 | 4200 | 4650 | 8300 | 18550 | 45100 | NA | |
| 20 | 4450 | 4850 | 5600 | 10650 | 24550 | 61250 | NA | |
| 25 | 4950 | 5550 | 6700 | 13100 | 31250 | NA | NA | |
| 30 | 5450 | 6300 | 7800 | 15750 | 38200 | NA | NA | |
| 35 | 6000 | 7100 | 8950 | 18600 | NA | NA | NA | |
| 40 | 6600 | 7900 | 10150 | 21600 | NA | NA | NA | |
| 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) | |||||||
| 20 | 25 | 30 | 40 | 50 | 60 | 70 | ||
| 10 | 3350 | 3450 | 3600 | 5550 | 11150 | 24650 | 68350 | |
| 15 | 3350 | 3450 | 3600 | 5750 | 11950 | 27950 | NA | |
| 20 | 3350 | 3500 | 3750 | 6200 | 13100 | 31100 | NA | |
| 25 | 3400 | 3550 | 3900 | 6600 | 14250 | NA | NA | |
| 30 | 3400 | 3600 | 4000 | 6950 | 15400 | NA | NA | |
| 35 | 3450 | 3700 | 4150 | 7350 | NA | NA | NA | |
| 40 | 3500 | 3750 | 4250 | 7700 | NA | NA | NA | |
| 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) | |||||||
| 20 | 25 | 30 | 40 | 50 | 60 | 70 | ||
| 10 | 23150 | 23800 | 25255 | 40200 | 83750 | 188600 | 510150 | |
| 15 | 27850 | 29200 | 32305 | 56850 | 123700 | 295750 | NA | |
| 20 | 31800 | 34400 | 39807 | 74350 | 166500 | 410450 | NA | |
| 25 | 35700 | 39800 | 47959 | 92500 | 214600 | NA | NA | |
| 30 | 39650 | 45550 | 56360 | 111650 | 265400 | NA | NA | |
| 35 | 43850 | 51500 | 64912 | 132900 | NA | NA | NA | |
| 40 | 48100 | 57550 | 73863 | 155200 | NA | NA | NA | |
| 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) | |||||||
| 20 | 25 | 30 | 40 | 50 | 60 | 70 | ||
| 10 | 5100 | 5250 | 5550 | 9000 | 19500 | 44650 | 125200 | |
| 15 | 6100 | 6350 | 7000 | 12450 | 28350 | 69200 | NA | |
| 20 | 6900 | 7400 | 8550 | 16100 | 37850 | 95500 | NA | |
| 25 | 7650 | 8550 | 10200 | 19900 | 48550 | NA | NA | |
| 30 | 8500 | 9700 | 11900 | 23900 | 59850 | NA | NA | |
| 35 | 9350 | 10950 | 13650 | 28350 | NA | NA | NA | |
| 40 | 10250 | 12150 | 15500 | 33050 | NA | NA | NA | |
| 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) | |||||||
| 20 | 25 | 30 | 40 | 50 | 60 | 70 | ||
| 10 | 3350 | 4350 | 3600 | 5550 | 11150 | 24650 | 68350 | |
| 15 | 3650 | 3800 | 4150 | 7150 | 15400 | 36750 | NA | |
| 20 | 4050 | 4350 | 5000 | 9050 | 20250 | 50150 | NA | |
| 25 | 4500 | 4950 | 5850 | 11100 | 25750 | NA | NA | |
| 30 | 4950 | 5600 | 6800 | 13250 | 31600 | NA | NA | |
| 35 | 5400 | 6250 | 7750 | 15600 | NA | NA | NA | |
| 40 | 5850 | 6900 | 9100 | 18100 | NA | NA | NA | |
| Indicative premiums for Rs 50 lakh sum assured.Premiums are exclusive of service tax and cess. | ||||||||
