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Term insurance is a life insurance policy that provides financial support to the nominees in case the policyholder passes away unexpectedly during the policy term. This type of plan ensures that your loved ones remain financially secure and cared for, even in your absence.
Tata AIA Sampoorna Raksha Promise and Tata AIA Maha Raksha Supreme Select are term insurance plans designed to provide comprehensive financial protection to policyholders and their families. They share several key similarities:
Both plans offer substantial life cover to ensure the financial security of your loved ones in your absence.
Each plan includes a benefit that provides a payout upon the diagnosis of a terminal illness, offering financial support during critical times.
In the event of a terminal illness diagnosis, both plans waive future premium payments, reducing financial burden during challenging periods.
Both policies allow beneficiaries to choose between lump-sum payouts or staggered payments, catering to individual financial needs and preferences.
Policyholders can enhance their coverage by adding riders such as Accidental Death and Dismemberment, providing additional protection against unforeseen events.
Both plans offer premium discounts for women policyholders and salaried individuals, making them more affordable.
However, there are key differences in both the term insurance plans, we can understand the similarities as well as differences on the features from the below table:
Comparison of Tata AIA Term plans
Plan name
Tata AIA Sampoorna Raksha Promise: Life Promise
Tata AIA Maha Raksha Supreme Select: Life Secure Plus
Entry Age (years)
Minimum
Minimum
Minimum
Maximum
Maximum
Maximum
Maturity Age (years)
Minimum
Minimum
Minimum
Maximum
Maximum
Maximum
Pay premium for (Premium Payment Term in years)
Minimum
Minimum
Minimum
Maximum
Maximum
Maximum
Stay covered for (Policy Term in years)
Minimum
Minimum
Minimum
Maximum
Maximum
Maximum
Life cover (Basic Sum Assured in Rs)
Minimum
Minimum
Minimum
Maximum
Maximum
Maximum
Premium payment mode
Death benefit
Option to cover till age of 100
Return of premium
Terminal illness cover
Early exit feature
Instant claim payout1
FlexiPay3 (Pay later) benefit
Health benefit
Tax benefit5 on premiums paid
Tax on death benefit
Digital purchase discount
Salaried personnel discount
Female premium benefit
Milestone discount
Tata Group staff discount
Other discounts
Explanation
Premium Payment Term: Period for which premiums will be paid
Policy Term: Period for which policy will remain active subject to premiums paid on time
Basic sum assured: Life cover provided under the policy
Single Pay: Pay premium once
Limited Pay: Pay premium for a defined number of years, lesser than the policy term
Regular Pay: Pay premiums for the entire policy term
Conclusion: In conclusion both Sampoorna Raksha Promise and Maha Raksha Supreme Select offers unique features, enabling individuals to select a policy that aligns with their specific financial goals and protection requirements.
Can I buy term insurance plans online?
Yes, you can buy a term insurance plan online. In fact, there are several benefits of buying a term plan online, like, you can make a more informed buying decision, avail of discounts from the insurer, compare multiple term plan offerings, purchase a term plan quickly, etc.
Is it better to have more than one term insurance plan?
Though people can have more than one term insurance plan, having a single policy with coverage suffices for your family’s needs is better. With multiple term insurance plans, the burden of remembering term insurance premium payment dates and the insurance cost increases and can become difficult to maintain.
How much term insurance does one need?
The term insurance coverage should be sufficient to allow one’s family to continue with the same living standard even when the regular income ceases to exist. According to financial experts, a term insurance policy coverage must be a minimum of 15 to 20 times the insured’s existing income.
Do Tata AIA Life Insurance term plans offer a free-look period?
Yes, Tata AIA Life Insurance offers a free look period of 15 days on the term insurance plans purchased offline, while the free look period is extended to 30 days in case of term plans purchased online.
Can I avail of tax benefits under a term insurance plan?
Yes, term plans offer tax benefits#. Term insurance premiums paid towards the policy are eligible for tax deductions, and the death benefits qualify for tax exemptions as per applicable tax laws.
Is it good to invest in term insurance?
Yes, term insurance is a great investment choice because it provides a high sum assured for a low policy premium and ensures your loved ones are protected even in your absence.
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