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Tata AIA Life launches Maha Raksha Supreme

Maha Raksha Supreme offers two cover options—Pure Protection Cover and Extra Protection Cover

August 16, 2012 2:54 IST | India Infoline News Service
Tata AIA Life Insurance has launched Maha Raksha Supreme, a non-linked, non-participating term insurance plan that offers customers a wide range of life protection options to protect one’ s family’s ‘Standard of Living (SOL)’ .

Maha Raksha Supreme offers two cover options—Pure Protection Cover and Extra Protection Cover. Pure Protection Cover is the basic form of life insurance where the nominee will receive the basic sum assured in the event of the insured’s demise. Extra Protection Cover offers insurance cover combined with an inbuilt waiver of premium option, which ensures that in case the insured suffers from total permanent disability, the future premiums are waived and the policy will continue for life insurance protection.

There is also an inbuilt payout accelerator benefit, whereby in case the insured is diagnosed with a terminal illness and not expected to survive for more than six months, 50% of the chosen basic sum assured is paid out to the insured on diagnosis of the terminal illness. This can help them take care of any sickness/living expenses or settling any major responsibilities in their life. The balance 50% of sum assured is payable on death.

Suresh Mahalingam, Managing Director, Tata AIA Life, said, “An unfortunate event in the life of the bread earner of the family may seriously affect the “Standard of Living” of his loved ones and burden them with unexpected liabilities. One of the best ways to avoid such a situation and ensure that the financial need of one’s dependant family is protected is through a comprehensive term Insurance plan. With Maha Raksha Supreme, our customers will also have the choice of increasing the cover amount for future milestone events like marriage and birth of a child, without going through the hassles of fresh medical underwriting by opting for Life Stage Plus option.”

The plan offers rider options like (a) Accidental Death Benefit Rider; (b) Accidental Death and Dismemberment (Long Scale) Rider; (c) Accidental Death and Dismemberment (Short Scale) Rider; (d) Surgical Benefit Rider and (e) Critical Illness Lump Sum Benefit Rider.

Maha Raksha Supreme comes with a minimum sum assured of Rs. 50 lakh. The plan is available to individuals between the ages 18-70 years for the Pure Protection Cover option and ages 18-55 years for the Extra Protection Cover option. Premiums paid under this plan are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

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