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What is Tata AIA Maha Raksha Supreme?
Tata AIA Maha Raksha Supreme is a comprehensive life insurance plan that offers flexible coverage options to suit various needs. It provides multiple plan choices, including Life Secure, Joint Life Secure, Step-Up Secure, and Legacy Secure, each to offer life cover, financial protection, and a range of benefits. The plan ensures the policyholder’s loved ones are financially protected in death while offering maturity benefits, tax savings under Sections 80C and 10(10D), and flexibility to increase coverage at critical life stages. With optional riders, it enhances protection, making it a reliable long-term solution.
What are the key benefits of Tata AIA Maha Raksha Supreme?
Maturity Benefits:
Tata AIA Maha Raksha Supreme offers attractive maturity benefits. Under options like Life Secure Plus, Step-Up Secure Plus, and Joint Life Secure Plus, policyholders receive 100% of the total premiums paid (excluding modal premiums and discounts) at the end of the policy term. This ensures that the policyholder benefits significantly from their investment over time.
Multiple Plan Options:
The plan is designed with flexibility in mind, offering multiple options to suit different needs, including Life Secure, Life Secure Plus, Joint Life Secure, Joint Life Secure Plus, Step-Up Secure, Step-Up Secure Plus, and Legacy Secure Plus. This variety allows policyholders to select the plan that best aligns with their life goals and financial circumstances.
Payor Accelerator Benefit:
In case of a terminal illness diagnosis, the Payor Accelerator Benefit comes into play, paying out 50% of the base sum assured as a lump sum. Additionally, all future premiums will be waived off, offering financial relief during a challenging time.
Life Stage Option:
The Life Stage Option allows policyholders to increase coverage at important life events, such as marriage, the birth or adoption of children, or even home loan disbursal. This ensures that your life cover evolves alongside your changing financial needs.
Top-Up Benefit:
As your financial needs grow, the Top-Up Benefit lets you increase your life cover by a certain percentage of the base sum assured each year. This helps keep your coverage in line with inflation and rising expenses.
Tax Benefits:
Tata AIA Maha Raksha Supreme offers tax advantages under Sections 80C and 10(10D) of the Income Tax Act, 1961, making it a great option for those looking to maximize tax savings while securing their future.
Optional Riders:
For added protection, optional riders are available, which can enhance your coverage for specific risks, such as accidental death, critical illness, or disability. These riders provide extra peace of mind by addressing potential uncertainties.
Renewability Option at Maturity:
The plan also offers the option to renew the policy at maturity, up to five times. This flexibility allows policyholders to continue coverage without the need for a new policy, ensuring long-term security.
Flexibility in Payment Terms:
The Tata AIA Maha Raksha Supreme plan offers flexibility in choosing the policy term and premium payment schedule. You can select between single, limited, or regular premium payment options, based on your preferences and financial situation.
Tata AIA Maha Raksha Supreme Select Plan Options
Life Secure Option:
The Life Secure Option offers a straightforward life insurance plan where the policyholder selects the Base Sum Assured at the time of purchase. If the life assured passes away during the policy term, the nominated beneficiary will receive the death benefit, and the policy will be terminated. However, if the life assured survives until the maturity date, no additional benefits are paid, and the policy concludes.
Life Secure Plus Option:
The Life Secure Plus Option also involves choosing a Base Sum Assured at the time of purchase. In the unfortunate event of the life assured’s death, the death benefit is paid to the nominee, and the policy ends. If the life assured survives until the maturity date, the policyholder will receive an amount equal to 100% of the total premiums paid. If the “Life Stage” or “Top-up Sum Assured” options were chosen, those benefits are included as well, provided the policy is not terminated earlier.
Joint Life Secure Option:
The Joint Life Secure Option provides coverage for both the policyholder and their spouse under one plan. Similar to other options, the policyholder determines the Base Sum Assured at the beginning. In the event of death, the nominated beneficiary will receive the death benefit, and the policy will end. If both the policyholder and spouse survive the policy term, the total premiums paid are refunded, including any optional benefits such as Life Stage or Top-up Sum Assured, if selected.
Step-Up Secure Option:
The Step-Up Secure Option allows policyholders to progressively increase their life cover over time. This plan ensures growing financial protection, which adjusts to changing life circumstances, offering more coverage as time goes by.
Step-Up Secure Plus Option:
The Step-Up Secure Plus Option builds upon the previous plan, offering incremental increases in life cover with the added benefit of a lump sum payout at predefined milestones. This option suits individuals looking for long-term growth in their coverage.
Legacy Secure Plus Option:
The Legacy Secure Plus Option is designed for those who want lifelong coverage with increasing life cover throughout the policy term. It includes a lump sum payout at two milestone ages. The first milestone occurs on the 15th policy anniversary or when the insured reaches age 80, whichever comes first, with 25% of the total premiums paid being paid out. The second milestone is on the 25th policy anniversary or when the insured reaches age 85, with 75% of the premiums paid out.
Conclusion:
Tata AIA Maha Raksha Supreme is a robust life insurance plan offering extensive coverage options and flexibility. With a variety of plans like Life Secure, Step-Up Secure, and Joint Life Secure, it caters to diverse needs, providing life cover, financial security, and maturity benefits. The plan also offers milestone payouts, ensuring growing coverage as life progresses. This plan is an ideal choice for those seeking long-term financial security. Overall, Tata AIA Maha Raksha Supreme offers peace of mind, flexibility, and comprehensive coverage for you and your family.
Key Takeaways:
- Flexible Coverage Options: Tata AIA Maha Raksha Supreme offers various plans like Life Secure, Joint Life Secure, and Step-Up Secure to suit different needs.
- Financial Protection: The plan ensures death benefits and maturity payouts, providing security for you and your loved ones.
- Tax Savings: Enjoy tax benefits under Sections 80C and 10(10D) of the Income Tax Act, making it a tax-efficient investment.
- Life Stage Flexibility: You can increase your coverage at important life events, such as marriage or the birth of a child.
- Milestone Payouts: Receive lump sum payouts at milestone ages (80 and 85) for added financial relief.
- Optional Riders: Add extra protection with optional riders for critical illness, accidental death, and more.
- Long-Term Security: It’s a reliable, flexible, and comprehensive life insurance solution for long-term financial security.
FAQS
Rahul Khanna
