The FINANCIAL -- Tata AIA Life Insurance Company announced the launch of its new plan, Tata AIA Life
Insurance Maha Raksha Supreme, a non-linked, non-participating term
insurance plan that offers customers a wide range of life protection
options to protect one’s family’s standard of living (SOL).
Protecting one’s family’s SOL is the primary objective of a life insurance plan. Adequate life insurance cover ensures that in case of an unfortunate event, the life insurance proceeds provide the dependent family with adequate financial income that will enable them to maintain the same SOL as before.
Tata AIA Insurance Maha Raksha Supreme, with its two cover options - Pure Protection cover and Extra Protection cover, can ensure the maintenance of one’s family’s SOL.
Pure Protection cover is the basic form of life insurance, where the nominee will receive the basic sum assured in the event of the insured’s demise.
Extra Protection cover offers insurance cover, combined with an inbuilt waiver of premium option, and ensures that in case the insured suffers from total permanent disability, the future premiums are waived and the policy will continue for life insurance protection.
As Tata reported, besides these options, there is also an inbuilt Payout Accelerator Benefit, where in case the insured is diagnosed with a terminal illness and not expected to survive for a period greater than six months, 50 percent of the chosen basic sum assured is paid to the insured on diagnosis of the terminal illness. This can help them take care of any sickness / living expenses or settling any major responsibilities in their life. The balance 50 percent of the sum assured is payable on death.
Speaking on the launch of the product, Suresh Mahalingam, managing director, Tata AIA Life, said, “An unfortunate event in the life of the bread earner of the family may seriously affect the SOL of his loved ones and burden them with unexpected liabilities. One of the best ways to avoid such a situation and ensure that the financial need of one’s dependent family is protected is through a comprehensive term insurance plan. With Tata AIA Life Insurance Maha Raksha Supreme, our customers will also have the choice of increasing the cover amount for future milestone events, like marriage and birth of a child, without going through the hassles of fresh medical underwriting, by opting for Life Stage Plus option. This feature is a unique way of protecting your insurance from de-valuing over a period of time.”
Commenting on the occasion, Vijay Sinha, senior vice president, marketing, product development and agency training, Tata AIA Life, said, “According to a Swiss Re report, India has a staggering protection gap of over $6.7 trillion, which is the third largest in Asia-Pacific. This implies that for every Rs100 that needs to be spent on life insurance cover, only Rs7.4 is spent in India on insurance and savings put together, thereby leaving a huge 92.6 percent protection gap overall. Our latest offering, Tata AIA Life Insurance Maha Raksha Supreme has been designed to address this staggering protection gap and drive alignment with the customer’s needs at different stages of their life cycle. Our endeavour shall be to help our customers and prospects find this gap and take adequate steps to fill it. The entire focus shall be on helping our clients mind the gap."
Customers can further enhance their cover by choosing from an array of riders for additional protection by paying an additional premium. The plan offers rider options like Tata AIA Life accidental death benefit rider; Tata AIA Life accidental death and dismemberment (long scale) rider; Tata AIA Life accidental death and dismemberment (short scale) rider; Tata AIA Life surgical benefit rider (covering more than 900 surgeries) and Tata AIA Life critical illness lump sum benefit rider (covering six critical illnesses like cancer, stroke, heart attack, coronary bypass surgery, chronic renal failure and major organ transplant).
Tata AIA Life Insurance Maha Raksha Supreme comes with a minimum sum assured of Rs50 lakh. The plan also offers special rates for women and non-smokers. There is a high cover discount for policies with sum assured equal to or more than Rs1 crore. The customers also have the option of paying for the policy as single premium or regular premiums, depending on their convenience.
Tata AIA Life Insurance Maha Raksha Supreme is available to individuals between the ages 18–70 years for the Pure Protection cover option and ages 18–55 years for the Extra Protection cover option. Premiums paid under this plan are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.