Tata AIA iRaksha Supreme Online Term Plan

Entry age

18 years to 70 years

Plan validity/term

1. Minimum 10 years
2. Maximum 40 years

Renewability

Lapsed policies can be reinstated within 2 years of the date on which they lapsed

Sum assured

1. Minimum: Rs. 50 lakhs
2. Maximum: No limit

Premiums

1. Minimum annual premium: Approximately Rs. 3,876
2. Maximum annual premium: depends on the sum assured
3. Non-smokers get to pay lower premiums
4. Women also get to pay lower premiums
5. Discounts on premiums may also be offered to those opting for a higher sum assured; Rs. 75 lakhs and above
6. Premiums are calculated based on age, sum assured, the premium paying term and lifestyle

Premium payment frequency/mode

1. The premium can be paid annually or semi-annually
2. The premium can be a single pay premium, i.e. paid in one lump sum
3. The regular pay premium will be paid throughout the term of the policy
4. Premiums can also be paid for a limited period of 5 or 10 years
5. The grace period for paying the premiums is 30 days from the due date

Coverage

1. The death benefit paid out at the end of the policy term is the highest of the sum assured, 10 X annual premium and 105% of the premiums paid
2. The sum assured will always be in multiples of Rs. 1 lakh
3. If the premium is not paid within the grace period then the policy will lapse in case of a regular pay policy
4. if the policy is a 5 year limited pay policy and the premium has been paid for 3 years, then, if further premiums are not paid, the policy will be considered paid up for a sum assured based on the 3 premiums paid
5. If the policy is a 10 year limited pay policy then, upon non-payment of premiums after 7 years, the policy will be considered paid up and continue with reduced sum assured
6. The sum assured cannot be increased or decreased once the policy is active

Riders / Add-on covers

Accidental Death and Dismemberment Long Scale Rider

1. The minimum sum assured is Rs. 50,000
2. The minimum sum may also be the minimum sum assured of the parent plan
3. The max sum assured depends on the sum assured under the parent plan
4. Premiums are paid with the premium for parent policy
5. The premium is paid for the same duration as the premium of the parent policy

Surrender period/value

1. Regular pay policies have no surrender value
2. 5 year limited pay policies will pay a surrender benefit provided the premium is paid for 3 years
3. 10 year limited pay policies will also have a surrender value if the premium is paid for 7 years
4. Single pay policies can be surrendered at any time

Freelook period

1. 30 days from the day you receive the policy document
2. Upon return of the policy the premium paid will be refunded
3. Cost of stamp duty and cost of cover for the days the policy was active may be deducted