Tata AIA Life Raksha Plan

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Tata AIA Life Raksha

	Objective		This is a simple term insurance policy that aims at providing financial support in your absence.
What does it do?		This pure term plan pays sum assured as a lump sum amount to the nominee in case of death the insured. There is no maturity or surrender value.
Pros		There is no limit on maximum sum assured and premiums qualify for taxation benefits.
Cons		The plan does not offer lower premium rates for females, unlike most term plans. Maximum policy tenure is 25 years, unlike others in this category that offer a 30-year term as well. Maximum entry age in the plan is 50 years as compared to an average of 60 years among its peers. Similarly, the plan expires at 60 years of age which is again relatively lower.
Suited for		A simple term insurance plan is suitable for all who need a life cover.
Our View		This policy is can be renewed up to 59 years of age and taken for a maximum of 25 years, which is lower as compared to its peers. You should be insured till your earning years.
Eligibility
Entry Age (years)
Minimum		18
Maximum		50
Maximum Maturity Age (years)		60
Policy Term (years)
Minimum		10
Maximum		25
Sum Assured (Rs)
Minimum		500000
Maximum		No limit
Minimum Premium (Rs)
Yearly		2000
Half-Yearly		1020
Quarterly		520
Monthly		177
Premium Payment Frequency		Yearly, Half-yearly, Quarterly, Monthly
Premium Payment Term		Equal to policy tenure
Premium Factor (multiply with annual premium)		Half Yearly: 0.51 times annual premium; Quarterly: 0.26 time annual premium; Monthly: 0.0883 time annual premium
Policy Cover		Cover remains fixed for the tenure of the policy
Other Features
Free Look Cancellation		In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace Period		You are allowed to pay premiums within 31 days from the due date. If a due premium is not received within the grace period of 31 days, your policy will lapse and the life insurance cover will be terminated.
Lapsed Policy Reinstatement		You can reinstate your lapsed policy any time (within 5 years from the due date of the first unpaid premium) by paying all the due premiums with interest and undergoing underwriting requirements, if any.
Tax Benefits		Section 80C of the Income Tax Act, 1961 would apply.Premium paid is eligible for tax deduction as per current income tax act.
Exclusions		In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit
Customer Service
Address		Tata AIG Life Insurance Company Limited Delphi-B Wing, 2nd Floor, Orchard Avenue, Hiranandani Business Park, Powai, Mumbai 400076

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