Tata AIA Life iRaksha Supreme Plan

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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)
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.

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