TATA AIA Life Term Insurance Plan – generalknowledgequestions.in Tipper

TATA AIA Life Term Insurance Plan

Tata AIA Life Insurance : Tata AIA Life Insurance Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company formed by Tata Sons Private Limited and AIA Group Limited, Tata Sons owns 74%, AIA holds 26% share. Tata Life Insurance offers a wide variety of insurance products to all types of people, groups and enterprises, and is one of the largest private sector insurers in India, supplying life, health and group insurance to its customers. . To cater to various insurance needs, Tata AIA Life Insurance Company Limited operates in several life insurance segments such as Protection Plans, Wealth Plans, Child Plans, Savings Plans, Group Plans, Micro-Insurance Plans etc.

TATA AIA Life Insurance Policy

Company Name Tata AIA Life Insurance Ltd
Claim Settlement Ratio (FY 20-21) 98.02%
Express Claims Within 4 hours
CEO & MD Mr Naveen Tahilyani
Minimum age18 years to 70 years
Policy term Min. 10 years
Tata AIA Life Insurance Ltd

TATA AIA Life Best Term Insurance Plans 2024

  • TATA AIA Life Sampoorna Raksha Plan
  • TATA AIA Life Sampoorna Raksha+ Plan
  • TATA AIA Life iRaksha TROP Plan
  • TATA AIA Life Maha Raksha Supreme Plan

TATA AIA Life Sampoorna Raksha Plan

TATA AIA Life Sampoorna Raksha Plan is a comprehensive life insurance plan offered by Tata AIA Life Insurance Company Limited. This plan is designed to provide financial protection to your loved ones in case of any unfortunate event. Here are some key features of the TATA AIA Life Sampoorna Raksha Plan:

Affordable Premiums: The plan offers affordable premium options, making it accessible to a wide range of individuals.

Death Benefit: In the event of the policyholder’s unfortunate demise during the policy term, the plan provides a lump sum amount to the nominee(s) chosen by the policyholder.

Additional Protection: The plan offers additional protection through optional riders such as Accidental Death Benefit Rider, Accidental Total and Permanent Disability Benefit Rider, etc., which can be added to the base policy for enhanced coverage.

Flexible Policy Term: Policyholders can choose a policy term that suits their financial goals and requirements.

Tax Benefits: The premiums paid towards the policy are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Additionally, the death benefit received by the nominee(s) is tax-free under Section 10(10D) of the Income Tax Act.

TATA AIA Life Sampoorna Raksha+ Plan

The TATA AIA Life Sampoorna Raksha+ Plan is an enhanced version of the Sampoorna Raksha Plan, offering additional benefits and features. Here are some key features of the TATA AIA Life Sampoorna Raksha+ Plan:

Comprehensive Coverage: Like the Sampoorna Raksha Plan, this policy offers comprehensive coverage to provide financial protection to your loved ones in the event of your untimely demise.

Flexible Premium Payment Options: Policyholders have the flexibility to choose from various premium payment options, including regular premium payment mode or limited premium payment mode, depending on their financial preferences.

Enhanced Protection Riders: The Sampoorna Raksha+ Plan typically offers additional riders beyond what the base plan provides. These riders may include options like Critical Illness Rider, Waiver of Premium Rider, and others, which can be added to the policy for enhanced coverage against specific risks.

Customizable Policy Terms: Policyholders can customize the policy term based on their financial goals and requirements, allowing for greater flexibility in planning for the future.

Tax Benefits: As with most life insurance plans, premiums paid towards the Sampoorna Raksha+ Plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Additionally, the death benefit received by the nominee(s) is generally tax-free under Section 10(10D) of the Income Tax Act.

TATA AIA Life iRaksha TROP Plan

The TATA AIA Life iRaksha TROP (Term with Return of Premium) Plan is a type of term insurance plan offered by Tata AIA Life Insurance Company Limited. Here are some key features of this plan:

Term Insurance with Return of Premium: Unlike traditional term insurance plans where the premiums paid are not returned if the insured survives the policy term, the iRaksha TROP Plan provides a return of premiums paid at the end of the policy term if the insured survives. This feature provides both protection and savings benefits.

Financial Protection: The plan offers a lump sum death benefit to the nominee(s) in case of the policyholder’s demise during the policy term. This benefit helps provide financial security to the insured’s family members or dependents.

Flexible Policy Term: Policyholders can choose a policy term that suits their needs, ranging from a minimum to a maximum term offered by the plan.

Option to Customize Coverage: Depending on individual requirements, policyholders may have the option to enhance their coverage by adding riders such as Accidental Death Benefit Rider, Accidental Total and Permanent Disability Benefit Rider, Critical Illness Rider, etc., for an additional premium.

Tax Benefits: Premiums paid towards the TATA AIA Life iRaksha TROP Plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Additionally, the death benefit received by the nominee(s) is generally tax-free under Section 10(10D) of the Income Tax Act.

No Maturity Benefit: It’s important to note that if the insured survives the policy term, the return of premium at the end of the term constitutes the maturity benefit. There is no additional maturity benefit apart from the return of premiums paid.

TATA AIA Life Maha Raksha Supreme Plan

The TATA AIA Life Maha Raksha Supreme Plan is a comprehensive life insurance plan offered by Tata AIA Life Insurance Company Limited. Here are some key features of this plan:

Comprehensive Protection: The Maha Raksha Supreme Plan offers comprehensive protection to policyholders and their families by providing a lump sum death benefit in the event of the policyholder’s demise during the policy term. This benefit helps ensure financial security for the insured’s loved ones.

Flexible Policy Term: Policyholders have the flexibility to choose a policy term that aligns with their financial goals and requirements. The policy term options typically range from a minimum to a maximum term offered by the plan.

Choice of Premium Payment: This plan typically offers various premium payment options, including regular premium payment mode or limited premium payment mode, allowing policyholders to select a payment option that suits their financial preferences.

Enhanced Protection Riders: Policyholders may have the option to enhance their coverage by adding riders such as Accidental Death Benefit Rider, Critical Illness Rider, Waiver of Premium Rider, etc., for an additional premium. These riders provide additional financial protection against specific risks.

Tax Benefits: Premiums paid towards the TATA AIA Life Maha Raksha Supreme Plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Additionally, the death benefit received by the nominee(s) is generally tax-free under Section 10(10D) of the Income Tax Act.

Loan Facility: Some insurance plans offer a loan facility against the policy’s cash value, providing liquidity in times of financial need. However, the availability of this feature may vary depending on the specific terms and conditions of the Maha Raksha Supreme Plan.

Why is term insurance important?

Term 1 insurance serves an important purpose in providing protection to your loved ones and keeping them safe from financial hardships in your absence. However, our insurance needs also change at different stages of life.
Tata AIA Sampoorna Raksha Supreme Plan can help you meet some important milestones and help you better protect the financial future of your loved ones at different stages of life. Apart from this, there are many benefits of buying a term insurance plan at an early age.

Tata AIA’s health insurance plans

  • Child Care Cover
  • Hospital Cover
  • Disability Cover
  • Death Cover
  • Whole Life Cover
  • Family Coverage
  • Indexation Benefit

Tata AIA also offers accident and health insurance, savings plans, employee benefits, credit life, and pension services to corporate clients.

As with any insurance product, it’s essential to carefully review the policy terms and conditions, including coverage options, premium payments, exclusions, and limitations. Consulting with a financial advisor can help you determine if the TATA AIA Life Maha Raksha Supreme Plan is suitable for your specific financial needs and goals.

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