Nothing gets better than buying a term plan with high sums at low premiums.

TATA AIA iRaksha Supreme Term Plan

TATA AIA life insurance is a collaboration between TATA Sons and AIA Group. TATA Sons have a stock hold of 51% while the AIA group owns the balance holdings of 49%. The Company boasts of a perfect combination of experience and efficiency. TATA's pre-eminent leadership position in India and AIA's presence as the largest, independent listed pan-Asian life insurance group in the world spans across 18 markets in the Asia Pacific region, making it one of the leading insurance companies in India.

One of the most attractive and affordable term plan offered by TATA AIA

The TATA AIA iRaksha Supreme Insurance plan is a pure term insurance plan. This is a non-linked, non-participating, online term insurance plan. This plan stands by its name by helping you take care of your family's financial needs. This affordable term plan offered by TATA AIA will definitely ensure you peace of mind.

Features of TATA AIA iRaksha Supreme Plan

The features of the TATA AIA iRaksha Supreme Term insurance plan are mentioned below:

  • This plan offers financial protection in case of any unfortunate demise.
  • Offers convenience by giving options for premium payment – regular pay wherein you can pay the premium till the end of the policy period, limited pay wherein you pay the premiums for a tenure of 5 or 10 years and be covered for a longer duration, single pay wherein you make the premium payment only once for the entire term chosen.
  • Offers discounts in premium for non-smokers for maintaining a healthier lifestyle.
  • Offers discounts in premium for female insured.
  • Offers tax benefits under the Section 80C and 10(10 D) under the Income Tax Act.
  • Offers coverage for a longer duration.

Benefits of TATA AIA iRaksha Supreme Plan

The benefits of the TATA AIA iRaksha Supreme Term insurance plan is mentioned below:

  • Death Benefit : In case of death of the insured during the policy period, TATA AIA iRaksha Supreme Term insurance plan will pay your nominee death benefit which is higher of:

    • Sum Assured
    • 10 times the annual premium
    • 105% of the total premiums paid till the death of the insured
  • Flexibility: Offers you flexibility to select your policy term between 10 to 40 years.

  • Maturity benefit: This plan doesn't offer any maturity benefit.

  • Tax benefits: Section 80C and 10(10D) under the Income Tax Act provides tax benefits for premiums paid regularly.

  • Discounts: Offers special discounts for non-smokers and women policy holders.

  • Premium payment: Offers convenience and flexibility to pay the premiums for this plan either regular, single or limited pay.

Eligibility Criteria of TATA AIA iRaksha Supreme Plan

The eligibility criteria for buying the TATA AIA iRaksha Supreme Term Insurance plan is mentioned below:

Entry AgeMin. 18 years and Max. 70 years
Policy Term AgeMin. 10 years and Max. 40 years
Maturity AgeMin. 28 years and Max. 80 years
Premium Payment ModeRegular, Limited pay & Single pay
Premium Payment FrequencyAnnual/ Semi Annual
Min Basic Sum AssuredRs.50 lakh and maximum no limit

Documents required for Tata AIA iRaksha supreme term plan

For Tata AIA iRasksha Supreme Term plan, an individual would have to fill up an ‘Application form or a Proposal Form’ with his/her correct medical history and other KYC documents along with address proof. Basis the sum assured and age of the individual, a medical examination may be required.

Product details

Tata AIA Life Insurance iRaksha Supreme is a non-linked non participating, term insurance plan. This plan is specially designed to be an online pure term solution that ensures that the policyholder gets very attractive and easily affordable price and the much needed peace of mind. As this plan is available online, the process of purchase is hassle-free since an individual can buy it at his/her convenience of location and time. All one needs to do is log on to the official website and choose the life cover required.

Premium detail

The indicative sample annual premium for a healthy 30 year old individual for a Sum Assured of Rs. 1,00,00,000 is as follows-

GenderSmoker/Non SmokerPolicy Terms (yrs.)Regular Pay (Rs.)Limited (10) Pay (Rs.)Limited (5) Pay (Rs.)Single Pay (Rs.)
FemaleNon Smoker256300102001890085900
FemaleSmoker2593001590031800129000
MaleNon Smoker2570001590021900100300
MaleSmoker25109001880037600153700

Other Details of TATA AIA iRaksha Supreme Plan

Some of the important details with regards to TATA AIA iRaksha Plan are mentioned below:

Surrender value : You may surrender your TATA AIA iRaksha Term Insurance Plan anytime and get the below surrender benefits:

  • In case the premiums for 7 years are paid and only if the policy is limited pay for 10 years or it is a regular pay.
  • In case the premiums for 3 years are paid and only if the policy is limited pay for 5 years.
  • In case of a single pay, you may surrender the policy any time.

Grace period : Grace period is nothing but the time offered to you to make the premium payments post the due date.

  • This plan offers a grace period of 30 days from the premium payment due date in case of any modes of premium payment.

Tax benefits : The below tax benefits are offered under the TATA AIA iRaksha Term plan:

  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

Free look cancellation: This plan offers you the liberty to cancel the plan within 30 days of the receipt of the policy documents, in case you aren't happy with the coverages offered and wish to cancel the same. This can be done only if no claim has been made.

Exclusions of TATA AIA iRaksha Supreme Plan

A term plan doesn't cover anything and everything. The exclusion list under the TATA AIA iRaksha Supreme Plan are mentioned below:

The claims would not be admitted under the below exclusions:

Suicide : In case the insured suffers a death due to suicide in the first policy year and whether the insured was medically sane or insane, then TATA AIA iRaksha Supreme Term Insurance Plan would not pay any death benefit. However, if the Life Assured commits suicide within the first year of the date of reinstatement of policy, then TATA AIA iRaksha Supreme Term Insurance Plan would not pay any death benefit except the surrender value, if any, will be paid.

Review of TATA AIA iRaksha Supreme Plan

TATA AIA iRaksha Term Insurance Plan takes care of your overheads associated with liabilities and offers a peace of mind by making arrangements for a financially secured life for your loved ones. It is the most recommended online term insurance plan that offers a maximum coverage at a very reasonable rate. The various discounts on premiums offered make this plan the most desired plans. This plan helps you to maintain your family's standard of living post your demise.

FAQs on Tata Aia iraksha Supreme Term Plan

Can I buy this term / protection product online?

Yes, you can buy an insurance product online

Can I buy an insurance product for my child or spouse?

Yes, you can buy an insurance product for your child or spouse

Do I need to submit any documents after applying online?

Yes, you need to submit a few documents such as your KYC documents when you wish to buy the plan online

In case I wish to cancel the application before the policy is issued, what should I do?

You get a free look period of 30 days before the policy is issued. In case you do not wish to continue, you can cancel the policy

What is the tax benefit available with this plan?

As a policyholder, you can avail tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961