Mumbai, India : Tata AIA Life Insurance, regarded as one of
India's reliable life insurance providers, presents Maha Raksha Supreme Select,
a term insurance plan designed to meet all your changing financial
responsibilities that come with different life stages. This established
solution offers life cover with return of premium option, flexible premium
payment and multiple benefits benefits that ensure continued relevance for
today's families.
Key highlights of Tata AIA Maha Raksha Supreme Select
·
Life Stage option offers an increase in coverage
upon significant life events (marriage, birth of a child, home loan, etc).
·
Annual Top-Up feature enables you to increase
coverage, maintaining pace with inflation and increased financial obligations,
annually.
·
Return of premium option will return 100% of
total premiums paid to you at the end of the policy term on survival.
·
FlexiPay benefit allows premium to be deferred
for a maximum of twelve months without losing coverage.
·
Instant payout of ₹3 Lakh after claim intimation.
·
50% of life cover paid on diagnosis of terminal
illness. Remaining amount paid on death. Also future premiums will be waived
off and policy benefits will continue.
·
Joint Life option will cover both partners and
includes an option for the survivor to continue cover.
·
0% GST on premiums paid. Further, avail tax
benefit under Section 80C on premiums paid. Death benefit is completely tax
free
·
Discounts for women policyholders, salaried
personnel and Tata group employees
Benefits Tata AIA Maha Raksha Supreme offers
Maha Raksha Supreme Select has been designed with a focus on
adaptability. Through the Life Stage Coverage option, policyholders may
increase their term insurance cover at
important life events, ensuring protection aligns with changing
responsibilities. The Top-Up Benefit further enhances cover annually, helping
families stay prepared for inflation and growing expenses.
For customers who prefer financial value along with protection, the plan
offers maturity benefits. Under specific variants, 100% of premiums paid
(excluding modal loading and discounts) are returned at the end of the policy
term. This makes the plan a compelling choice for those who want the dual
advantage of protection and value recovery in their life insurance journey.
The Payor Accelerator Benefit ensures that in the case of a terminal
illness diagnosis, 50% of the base sum assured is paid immediately. Future
premiums are waived, relieving policyholders of additional financial burden and
offering their families timely support during difficult times.
With its Joint Life option, Maha Raksha Supreme Select allows couples to
avail coverage under a single plan. If one life insured passes away, the
surviving policyholder may continue coverage under a single premium plan,
ensuring long-term protection.
Additionally, 15% lower premium rates for women and 8.5% discount for
salaried personnel reflects Tata AIA’s efforts to make life insurance affordable and inclusive for a wider
customer base.
The plan’s FlexiPay feature allows policyholders to defer premium
payments for up to 12 months while keeping full coverage active. If a claim
arises during this period, the sum assured is paid after deducting unpaid
premiums. This flexibility supports policyholders during short-term financial
challenges without compromising their family’s security.
Tata AIA Maha Raksha Supreme Select simplifies claims by offering an
instant payout benefit. After three policy years, ₹3 Lakh is paid after
claim intimation, while the remaining assured sum is disbursed after due
process. This quick access to funds provides immediate relief to families.
The plan includes a renewability option that allows customers to extend
their coverage term up to five times at maturity. This ensures financial
protection continues through later years, offering reassurance to policyholders
planning for long-term security through term insurance.
Term plans are exempted from GST. Additionally, premiums paid toward the
plan are eligible for deductions under Section 80C, while payouts are eligible
for exemptions under Section 10(10D) of the Income Tax Act, 1961. This makes
the plan both protective and tax-efficient.
Variants of Tata AIA Maha Raksha Supreme Select
Tata AIA Maha Raksha Supreme Select offers four plan options to suit
different needs.
·
Life Secure Option: Provides
death benefit to the nominee; no maturity benefit if the policyholder survives
the term.
·
Life Secure Plus Option: Returns 100%
of premiums paid at maturity, along with any opted Life Stage or Top-Up
benefits.
·
Joint Life Secure Option: Covers both
spouses under one plan; death benefit paid if either passes away, no maturity
payout.
·
Joint Life Secure Plus Option: Covers both
spouses; returns 100% of premiums at maturity, including any chosen Life Stage
or Top-Up benefits.
To strengthen coverage further, policyholders may add
riders at policy inception or policy anniversaries. Tata AIA Health Buddy
provides below additional benefits at nominal charge:
·
Accidental Death Benefit: Pays an
additional sum assured if death occurs due to an accident.
·
Accidental Total and Permanent Disability:
Provides financial support if the insured suffers a permanent disability caused
by an accident.
·
Waiver of Premium: Waives all future
premiums in case of disability or critical illness, ensuring that the policy
remains active without extra financial pressure.
·
Critical Illness Cover: Offers protection
against 40+ critical illnesses including cancer and cardiac conditions.
· Doctor
Teleconsultations: Connect with top doctors in a few clicks - anytime,
anywhere.
· Medical
Second Opinion: Get medical
second opinion from specialists, a health concierge for end-to-end support and a case doctor for guidance
throughout the process.
·
Preventive Health checkup & discounted
Vaccination: Get preventive health checkup. Order medicines from home and
enjoy extra discounts. These additional benefits allow individuals to customise their term
insurance plan according to their specific needs, adding another layer of
security for their loved ones.
About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata AIA) is
a joint venture Company formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA).
Tata AIA Life combines 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, spanning 18 markets in the Asia Pacific region. Tata AIA
reported a total Premium Income of INR 25,692 crore for FY24, up 25% from FY23.
The Company continues to rank among the Top 3 Private Insurers in Individual
Weighted New Business Premium (IWNBP) with an IWNBP income of INR 7,413 crore.
The Individual Death Claims Settlement ratio improved to 99.41%. The Company
also achieved industry-leading Persistency performance (based on premiums),
ranking #1 in four out of five cohorts.
About the Tata Group
Founded by Jamsetji Tata in 1868, the Tata group is a
global enterprise, headquartered in India, comprising 30 companies across ten
verticals. The group operates in more than 100 countries across six continents,
with a mission 'To improve the quality of life of the communities we serve
globally, through long-term stakeholder value creation based on Leadership with
Trust’.
Tata Sons is the principal investment holding company
and promoter of Tata companies. Sixty-six percent of the equity share capital
of Tata Sons is held by philanthropic trusts, which support education, health,
livelihood generation and art and culture.
In 2023-24, the revenue of Tata companies, taken
together, was more than $165 billion. These companies collectively employ over
1 million people.
Each Tata company or enterprise operates independently
under the guidance and supervision of its own board of directors. There are 26
publicly listed Tata enterprises with a combined market capitalisation of more
than $365 billion as on March 31, 2024.
About AIA
AIA Group Limited and its subsidiaries (collectively
“AIA” or the “Group”) comprise the largest independent publicly listed
pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned
branches and subsidiaries in Mainland China, Hong Kong SAR (1), Thailand,
Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the
Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau
SAR (2), and a 49% joint venture in India. In addition, AIA has a 24.99%
shareholding in China Post Life Insurance Co., Ltd.
The business that is now AIA was first established in
Shanghai more than a century ago in 1919. It is a market leader in Asia
(ex-Japan) based on life insurance premiums and holds leading positions across
the majority of its markets. It had total assets of US$286 billion as of 31
December 2023.
AIA meets the long-term savings and protection needs
of individuals by offering a range of products and services including life
insurance, accident and health insurance and savings plans. The Group also
provides employee benefits, credit life and pension services to corporate
clients. Through an extensive network of agents, partners and employees across
Asia, AIA serves the holders of more than 42 million individual policies and over
18 million participating members of group insurance schemes. AIA Group Limited
is listed on the Main Board of The Stock Exchange of Hong Kong Limited under
the stock codes “1299” for HKD counter and “81299” for RMB counter with
American Depositary Receipts (Level 1) traded on the over-the-counter market
under the ticker symbol “AAGIY”.