Tata AIA Life Insurance Company Limited (Tata AIA Life) has announced the launch of its Online Term Insurance plan Tata AIA Life Insurance iRaksha Supreme (iRaksha Supreme).
The 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, this plan maximizes the life insurance coverage period of an individual's lifetime.
This can be purchased by customers even upto age 70.
iRaksha Supreme offers preferential rates for non- smoking customers. Women customers will avail of better premium rates, bringing more members of the family into the fold of life insurance protection.
One of the most competitive online term life insurance plans available in the market, iRaksha Supreme offers a life cover of Rs. 1 Cr. for 20 year term to a 25-year old male (non-smoker) at just Rs. 16.71 per day (excluding service tax).
The plan offers a minimum cover for Rs. 50 lakh.
Suresh Mahalingam, Managing Director and CEO, Tata AIA Life, said, "Recent studies show that India has a startling 'Protection Gap' of over US$ 6.67 trillion (i.e. approximately Rs. 374 lakh crore). This implies that for every Rs. 100 that needs to be spent on life insurance cover, we only spend Rs. 7.4, leading to a gap of 92.6% in our family's financial protection.
"With the launch of our first pure online offering we take a giant step in our journey of multi channel distribution and provide our customers yet another opportunity to bridge their protection gap with the convenience of access offered by the burgeoning online medium."
iRaksha Supreme offers special rates for non-smokers, women and to those who are applying for higher levels of sum assured.
The customers also have the option of paying for the policy as regular, limited or single pay, depending on their convenience. Premiums paid under this plan are eligible for tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.