Tata AIA Life Maha Raksha Supreme

What does it do?

This policy offers two variants- Pure protection cover and Extra protection cover. Pure protection cover is a simple term policy where the nominees receive death benefit on death of the policyholder and the policy ends. Extra protection cover is an enhanced version with a waiver-of-premium option which will continue to provide protection in case of total permanent disability of the insured, without future premiums. Once a claim is admitted under the waiver-of-premium benefit, all rider benefits will terminate.
Both variants offer an additional life stage plus option which allows policyholders to increase cover at future milestone events such as marriage or birth of a child. The sum assured can be increased by 10 to 50 per cent of basic sum assured, subject to maximum of Rs 50 lakh, for additional premium. The sum assured should be increased within a year of the milestone event and it cannot be availed after 50 years of age and in the last 10 years of the policy. This option needs to be selected at the time of policy purchase.
This policy also features a payout accelerator benefit that pays 50 per cent of basic sum assured if insured person is diagnosed with any of the covered critical illnesses, and he is not expected to survive longer than 6 months.
Death benefit under both variants of the policy will include basic sum assured and additional sum assured from the life stage plus option and exclude the payout accelerator benefit if paid earlier.
Apart from above benefits, this policy offers riders like accidental disablement benefit, critical illness and surgical benefits which can be bought by paying extra premiums.