Tata AIA- Maha Raksha Supreme

Name:  Tata AIA- Maha Raksha Supreme

Type of policy: Term Insurance

For buying policy: Yes

If holding policy: Continue

Term insurance is a fantastic product that every single family needs to have, for its earning member(s). It is a pure life insurance policy that gives your family a cover in case of an eventuality to the bread winner. A single term policy of adequate cover will suffice for entire insurance needs.

Tata AIA Maha Raksha Supreme Plan is a Term Insurance Plan with loads of additional features and benefits. There are two variants provided by this plan, viz. Pure Protection Cover is the basic version of plan without any additional benefits. While in extra protection cover an inbuilt Waiver of Premium Rider is provided in case of Total Permanent Disability. Thus, if this variant is selected and the Life Insured suffers from Total Permanent Disability during the policy tenure, the future premiums need be paid by the Insured person to keep the policy in force. The premiums would be paid by the Insurance Company itself. There is an inbuilt rider named Payout Accelerator Benefit  with that there are 5 additional riders provided viz

  1. Tata AIA Life Accidental Death Benefit (ADB) Rider
  2. Tata AIA Life Accidental Death and Dismemberment (Long Scale) (ADDL) Rider
  3. Tata AIA Life Accidental Death and Dismemberment (Short Scale) (ADDS) Rider
  4. Tata AIA Life Surgical Benefit Rider
  5. Tata AIA Life Critical Illness Lump Sum Benefit Rider

But we recommend a standalone critical illness cover as that gives wider range of cover in terms of number of illnesses, renewability and comes at lower premium. Personal accident cover is really an additional expense to be avoided as it covers your life which is already covered by the term policy.

We typically recommend an insurance cover of 4-8 times your annual income and for as long a term as is available for your age. Find out the ideal cover for you using this calculator

Product features:

Parameter

Value

Minimum age at entry

18 years

Maximum age at entry

70 years

Minimum Policy Term

10 Years

Maximum policy term

40 years or attainment of 80 years, whichever is earlier

Minimum sum assured

Rs 5 lakh

Maximum sum assured

No Limit

 

Illustration:

Pure Protection Cover

The table shows indicative annual premium for a non-smoking male. Premiums for females may be lower. 

Your age

Term

Indicative Annual Premium

(For cover of Rs.50 lakh )

30 Years

30 Years

Rs 7900

35 years

30 years

Rs. 9,300

40 years

20 years

Rs. 11,500

Returns: No survival benefit available at the end of the term. Pure insurance must be considered an expense and not an investment. Both insurance and investment give satisfying outcomes when dealt with separately.

Better alternative

Online policies with similar features can be bought at less than half the premiums on offline policies.

Fintotal Product Analysis is the ideal place to seek unbaised and neutral view on all financial products.

Do not get fooled by agents and distributors, just check here before you make any purchases.


Explore more in a easy manner.


Table of Contents

Table of Contents