January 25, 2013

Tata AIA Life launches online term insurance plan iRaksha Supreme

  • An online term insurance plan with an edge; Coverage up to 80 years
  • Convenience of purchase access; You click, We cover
  • Catering to the needs of the working woman of today; Special rate for women

Mumbai: Tata AIA Life Insurance Company (Tata AIA Life) announced the launch of its online term insurance plan Tata AIA Life Insurance iRaksha Supreme.

The wide range of policy terms in this plan — starting from 10 years and going to up to 40 years, coupled with the maximum maturity age of 80 years, maximizes the life insurance coverage period of an individual’s lifetime. This can be purchased by customers up to the age of 70. iRaksha Supreme offers preferential rates for non- smoking customers. Women customers can avail of better premium rates, bringing more family members 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 Rs1 crore for a 20-year term to a 25-year old male (non-smoker) at just Rs16.71 per day (excluding service tax). The plan offers a minimum cover of Rs50 lakh. The large sum assured built in ensures that for higher levels of life insurance protection, this plan is one of the most attractive propositions in the market today. It is available for purchase exclusively on the internet and offers the customer the comfort of purchasing the policy at their convenience of location and time just by following a few simple steps. To assist customers in the buying process, Tata AIA Life has set up a dedicated customer service team to guide the customer over the phone.

Announcing the launch of iRaksha Supreme, 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 (approximately Rs374 lakh crore). This implies that for every Rs100 that needs to be spent on life insurance cover, we only spend Rs7.4, leading to a gap of 92.6 percent 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 to non-smokers, to women, and to those who are applying for higher levels of sum assured. 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.