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Moneylife » Personal Finance » Insurance » Tata AIA Life launches online term plan “iRaksha Supreme”

Tata AIA Life launches online term plan “iRaksha Supreme”

MDT/PTI | 28/01/2013 12:11 PM | 

“iRaksha Supreme” maximises the life insurance coverage period with wide range of policy terms starting from 10 years and going to as high as 40 years, coupled with the maximum maturity age of 80 years


Mumbai:  Tata AIA Life Insurance (Tata AIA Life) has launched an online term insurance plan “iRaksha Supreme” with coverage up to 80 years especially catering to needs of working women, reports PTI.


“Studies show that India has a protection gap of over $6.67 trillion (about Rs374 lakh crore). This implies that for every Rs100 that needs to be spent on life insurance cover, we spend Rs7.4, leading to a gap of 92.6% in our family’s financial protection,” Tata AIA Life MD and CEO Suresh Mahalingam said in a release.


“With the launch of our first online offering, we provide customers an opportunity to bridge their protection gap,” he said.


“iRaksha Supreme” plan maximises the life insurance coverage period with wide range of policy terms starting from 10 years and going to as high as 40 years, coupled with the maximum maturity age of 80 years. It can be purchased by customers even up to 70 years of age.


The plan offers preferential rates for non-smoking customers, while women customers will be given better premium rates, bringing more members of the family into the fold of life insurance protection.


The plan offers a life cover of Rs1 crore for 20 year term to a 25-year old male (non-smoker) with a minimum cover for Rs50 lakh.


It is available for purchase exclusively on the Internet.


Tata AIA Life is a joint venture between Tata Sons and AIA Group (AIA), an independent listed pan-Asia life insurance group in the world spanning 15 markets in Asia Pacific.

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Kapil 2 years ago

Tata AIA online plans are pathetic!!! they don't have any procedures in place.
EGON-Religare and Max Life are much better from Process standpoint. Tata AIA sucks, it took 3 months to them to issue my policy that too after many complaints and escalations. This was the most horrible insurance policy purchase. Pls. buy this at your own risk, as you do not know when you will get answer from TATA AIA after you pay online!

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Melvin Joseph

Melvin Joseph 3 years ago

I still could not understand the need of a term assurance till the age of 80.A person should have an insurance cover till he is having financial liabilities.Normally, by age 60, a person retires and his liabilities are almost over, if he had planned well. May be in another 5 years, his children will also be independent.
There can be threat to their life, if a high value policy is there at such an advanced age!

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