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TATA AIA Maha Raksha Supreme Select
ILM Ratings
ILM Ratings
Claims Experience:
Customer Service:
Product Benefits:
Introduction to TATA AIA Maha Raksha Supreme Select
TATA AIA Maha Raksha Supreme Select is a term insurance plan offered by TATA AIA Life Insurance Company. Using a term insurance plan, you can get a large cover, for a very nominal premium (almost 1000X). It includes riders for comprehensive critical illness coverage, accidental death benefit and offers the Rolling Limited Pay option, which lets you decide the exact number of years (within the insurer’s limits) over which you want to pay your premiums. However, it does not provide the increasing cover option or the flexibility to customise how your family will receive the claim payout.
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Customer Service:
Product Benefits:
Quick Overview:
What's Good?
- Rolling Limited Pay lets you choose the exact years to pay premiums
- Critical illness rider's payout is in addition to the life cover amount
- Additional payout option for accidental death
What's Not Good?
- No option to automatically increase claim amount, with time
- No option to customize claim payout
- No option to exit the plan while active and get premium refund
- No premium waiver option available if listed illness is diagnosed
- No premium waiver option available in case of accidental disability
Insurer Track Record
About TATA AIA Life Insurance Co. Ltd.
JV Partners
Turnover (GWP)
Number of Policies
Number of Claims
Detailed Product Overview
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Did you know
TATA AIA Life Insurance Company offers a term insurance plan called TATA AIA Maha Raksha Supreme Select. These types of term insurance policies offer significant coverage at a relatively affordable premium cost (up to 1000 times the cover amount). Because of this, it is an affordable and worthwhile addition to your financial portfolio, especially if you have dependents who depend on your income to cover their everyday needs. Your family will get the sum assured (cover amount) if you pass away within the policy's term, which will assist them in meeting their financial needs.
One noteworthy aspect of this plan is the Rolling Limited Pay option, which lets you choose how many years you want to pay your premiums, as per the insurer's guidelines. Certain customisable options, like increasing cover or having the freedom to choose how your family gets the claim compensation, are not included in the plan, though. Furthermore, its premiums are typically greater than those of similar products on the market.
Positively, research shows that the insurer has a solid record, with very few grievances pertaining to policy purchasing and claim settlement. This points to a dependable claims service experience and a seamless purchasing process.
Here’s the term plan review-
Key Product Features of TATA AIA Maha Raksha Supreme Select Plan
The TATA AIA Maha Raksha Supreme Select Plan's major features are as follows:
- Life Cover Benefit: The plan offers a death benefit to the individual's family in the sad event that they pass away within the policy term, while also providing tax benefits under the Income Tax Act's Section 80C.
- Early Exit Option: Although some plans offer an early exit feature that enables individuals to cancel their policy and obtain a reimbursement of premiums under certain circumstances, the TATA AIA Maha Raksha Supreme Select Plan does not offer this option.
- Increasing Coverage: To accommodate changing financial circumstances, individuals can progressively increase the cover amount because of the increasing cover feature. Nevertheless, the TATA AIA Maha Raksha Supreme Select does not have this feature.
- Coverage Duration: While most policies cover up to 60-65 years, this plan extends coverage up to 100 years, offering enhanced protection even after retirement compared to other insurers.
- Limited Pay Options: This plan provides flexibility in terms of premium payment terms, enabling people to select payment periods between 5 and 40 years, but enjoying policy benefits until the entire duration of the policy. The available premium payment modes are Monthly, Quarterly, Half-Yearly, and Yearly.
- Claim Payout Options: Depending on the payout option chosen, the death benefit may be given to the nominee as a one-time payment in the case of a claim.
What are the Riders Available with TATA AIA Maha Raksha Supreme Select Plan?
Including riders in your insurance policy improves coverage and gives you access to extra benefits that are catered to your individual need-
- Critical Illness Rider: A lump-sum payment is provided by the Critical Illness Rider in the event that the individual gets a critical illness diagnosis within the policy's term. This optional benefit, which is intended to offer financial support during difficult medical situations, is part of the TATA AIA Maha Raksha Supreme Select Plan. This rider serves as an additional cover, providing protection for up to 40 illnesses. Coverage is available until the age of 75 years, with a maximum sum insured up to the base cover.
- Accidental Death Benefit Rider: This rider offers an extra payout in addition to the life insurance benefit in the sad event that the covered individual passes away in an accident while the policy is still in effect. It comes with the TATA AIA Maha Raksha Supreme Select Plan and provides better financial security in unanticipated situations. Coverage is available up to the age of 85 years, with a maximum sum insured up to the base cover.
- Waiver of Premium Rider: This rider relieves potential financial burden by waiving future premium payments in the event that the individual is diagnosed with a covered catastrophic illness or becomes handicapped. However, this rider is not available through the TATA AIA Maha Raksha Supreme Select Plan.
Every rider has a distinct role to play. Finding the riders that best suit your needs requires a thorough assessment of your family's financial objectives and existing situation.
Why should you choose TATA AIA Life Insurance Company Company?
The following crucial elements are highlighted in TATA AIA Life Insurance Company's claims procedure:
- Speed of Claim Settlement: The company places a high priority on speedy claim resolution, with the goal of settling 99.58% of claims in 30 days after obtaining the necessary paperwork. This guarantees prompt financial assistance for the individual's family in times of need.
- Online Claim Tracking: By allowing claimants to track the status and progress of their claims online, a digital tracking system improves ease and transparency.
- Claims Settlement Ratio: The company has a 99.13% claims settlement ratio.
- Claim Complaints: The percentage of claim complaints is 0.03%. It is slightly more expensive than some other insurance companies,
- Home Claims Document Pickup Service: The business offers a doorstep claim document collection service to make the procedure easier for nominees. This provides additional convenience during difficult times by removing the need for family members to visit a branch.
What are the drawbacks of buying from TATA AIA Life Insurance Company Company?
The following are some potential limitations on TATA AIA Life Insurance Company:
- Moderately Long Death Claim Form: A Death Claim Form is a document that nominees or beneficiaries must fill out to request the settlement of a life insurance claim after the insured’s passing. Some claimants may find the company's death claim form difficult to complete due to its moderate length.
- No Personal Relationship Manager Support: To help nominees with the claims procedure, the company does not assign a personal relationship manager. As a result, claimants can find it more difficult to handle the process without specialised advice or help.
How is the customer service quality of TATA AIA Life Insurance Company Company?
The following summarises the level of customer service provided by TATA AIA Life Insurance Company:
- Toll-Free Support: Although the company's toll-free phone number offers useful assistance, it typically responds more slowly than other insurers. Customers that need immediate assistance may have a weaker experience as a result.
- X (Twitter) Response: The company's customer service on X (Twitter) is usually prompt and easily accessible.
About the Insurer - TATA AIA Life Insurance Company
TATA AIA, formally known as TATA AIA Life Insurance Company Limited, is a prominent life insurance provider in India. Established in 2001, it is a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). The company is headquartered in Mumbai and is led by its CEO, Mr. Naveen Tahilyani.
Final Review on TATA AIA Maha Raksha Supreme Select Plans
The TATA AIA Maha Raksha Supreme Select Plan has been evaluated across more than 100+ parameters, including product features, customer service quality, and claims handling experience. Based on this comprehensive analysis conducted by our in-house research team, the plan has been assigned an overall MyInsureBuddy⭐Rating of 3.8 out of 5.
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Industry Experts with up to 20 years of experience help you from purchase to claims.