Tata AIA Life Insurance has launched a new life insurance plan called Maha Raksha Supreme Select, which offers flexible life cover options to policyholders. The plan is designed to provide comprehensive protection to individuals and their families, allowing them to live life freely without worrying about financial uncertainties.
Maha Raksha Supreme Select is a non-linked, non-participating individual life insurance plan that offers a range of benefits, including death benefit, maturity benefit, and tax benefits. The plan provides a flexible premium payment term, allowing policyholders to choose from various options, including single pay, limited pay, and regular pay.
One of the key features of the plan is its flexibility in terms of life cover options. Policyholders can choose from three different life cover options: level cover, increasing cover, and decreasing cover. The level cover option provides a fixed life cover throughout the policy term, while the increasing cover option provides an increasing life cover by 5% or 10% every year. The decreasing cover option provides a decreasing life cover, which can be useful for policyholders who have taken a loan or have other decreasing liabilities.
The plan also offers an accidental death benefit, which provides an additional sum assured in the event of the policyholder’s accidental death. Additionally, the plan offers a waiver of premium benefit, which waives off future premiums in the event of the policyholder’s disability or critical illness.
Maha Raksha Supreme Select also provides tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. The plan is available for individuals between the ages of 18 and 65, with a maximum maturity age of 80.
The launch of Maha Raksha Supreme Select is in line with Tata AIA Life Insurance’s commitment to providing innovative and customer-centric products. The plan is designed to cater to the evolving needs of customers, who are looking for flexible and comprehensive life insurance solutions. With its range of benefits and flexible life cover options, Maha Raksha Supreme Select is an attractive option for individuals who want to protect their loved ones and live life freely.
Overall, Tata AIA Maha Raksha Supreme Select is a comprehensive life insurance plan that offers flexible life cover options, death benefit, maturity benefit, and tax benefits. The plan is designed to provide policyholders with the freedom to live life on their own terms, without worrying about financial uncertainties. With its range of benefits and flexible premium payment options, Maha Raksha Supreme Select is an attractive option for individuals who want to protect their loved ones and achieve their long-term financial goals.