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Your family deserves the assurance that the standard of life which you have provided them will always be available at all times. However, we cannot foresee eventualities beforehand. Hence, we need to make plans in advance to ensure that our family members do not have to compromise on the standards in our absence. They should not be burdened with debt and financial obligations in case of an untoward incident which may happen to the breadwinner.
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Note: Know more about what is term insurance first before reading this article.
On 25th January 2013, Tata AIA Life Insurance launched “iRaksha Supreme”, an online term insurance plan. This plan offers high life coverage at cheap rates which secures the family against premature death of the policy holder. This non-participating term plan is available online.
Choices of Premium Payment
The attractive and affordable policy can be bought from any location at any time with the click of a mouse. In a few simple steps you can opt for the life cover when required. It offers the choice of premium payment which will suit your convenience. You can opt for:
Term Plans
Preferential Rates Offered Under the Plan
Preferential rates are offered to policy holders who follow a healthy lifestyle and abstain from smoking. Additionally, women can avail the benefits of the policy at lower rates. For customers who opt for high level of protection, Rs. 75 lakhs or above, rate benefits are offered. It is important to note that if you invest in iRaksha Supreme, you will be eligible for tax benefits under section 80 C of the Income tax Act, 1961.
The age at entry for TATA AIA iRaksha Supreme Plan is 18 years and the maximum age is 65 years. The maximum age at maturity is 75 years. Let’s take a look at the features and term insurance benefits of iRaksha Supreme:
| Entry Age | 18 years to 65 years |
| Term of the plan | Minimum:10 years, Maximum:35 years |
| Provision for renewability | The lapsed policy can be renewed within 2 years from the date of the lapse |
| Sum assured | Minimum: Rs.50 lakhs, Maximum: No Limit |
| Premium |
|
| Surrender Period | The lender pays the surrender benefit if:
|
| Free look period | 30 days |
Disclaimer: Policybazaar does not rate, endorse or recommend any specific insurance provider or insurance product offered by any insurer.
If you opt for high level of protection, discount is offered as described below:
For Regular and Limited Pay:
| Sum Assured in Rupees | Discount Every 1000 of Sum Assured |
| 75,00,000 -99,99,999 | 0.1 |
| 1,00,00,000 -1,99,99,999 | 0.15 |
| 2,00,00,000 - 4,99,99,999 | 0.2 |
| 5,00,00,000 and above | 0.25 |
For single pay:
| Sum Assured in Rupees | Discount Every 1000 of Sum Assured |
| 75,00,000 - 99,99,999 | 0.5 |
| 1,00,00,000 and above | 1 |
Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.
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Cancelling the policy in the free look period
This policy comes with a free look period of 30 days after the policy is handed over. If you are not satisfied with the terms and conditions and features of the policy you can cancel the policy by providing a notice to the company. You will get a refund of all the premiums which you paid without interest after the deduction of proportionate risk premium, stamp duty, and medical examination cost which you may have incurred while issuing the policy.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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