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IRaksha TROP Plan
Introduction/Overview Tata AIA Life Insurance iRaksha TROP Plan is an online traditional term plan with Return of Premium option which provides life coverage in event of premature death during the policy term and thereafter returns the total premiums paid in case of maturity. Key Features It is a non-participating traditional term plan with return of premium option. It can be only bought online through the insurers website Premium payment can be regular, limited or single pay
Product Specification
Details About Premium Annual premium in Rupees for a coverage of 1 crore Policy Details Grace Period: 30 days grace period is allowed for payment of premium. If policyholder fails to make payment within the grace period, the policy lapses Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy on which a value which is higher of the Guaranteed Surrender Value (GSV) or the Cash Surrender Value (CSV) is paid. GSV = GSV Factor * total premiums paid CSV = CSV Factor * total premiums paid Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim. Additional Features or Riders Discount in premium for non-smokers Female lives are charged lower premium Rebates for choosing high Sum Assured Exclusions In case of suicide committed within 12 months of policy inception only the total premiums paid is returned to the nominee and in case of 12 months of policy revival, the acquired Surrender Value is paid to the nominee
Benefits
On death of the policyholder, a sum higher of the Basic SA/ 10 times the annual premium/105 times total premiums paid/ total premiums paid is paid to the nominee On maturity, the total premiums paid are returned to the policyholder Income tax benefit on the premium paid as per Section 80C and on the claim received under Section 10(10D) of the Income Tax Act.
Documents Required
Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person. IRDA Imposes a Penalty worth Rs 10 Lakhs on Tata AIA Life Insurance Tata AIA Life Launches Micro Insurance for the Weaker Sections Tata AIA Life has Initiated a Special Engagement Program for Customers
IRaksha TROP Plan
Introduction/Overview Tata AIA Life Insurance iRaksha TROP Plan is an online traditional term plan with Return of Premium option which provides life coverage in event of premature death during the policy term and thereafter returns the total premiums paid in case of maturity. Key Features It is a non-participating traditional term plan with return of premium option. It can be only bought online through the insurers website Premium payment can be regular, limited or single pay
Product Specification
Details About Premium Annual premium in Rupees for a coverage of 1 crore Policy Details Grace Period: 30 days grace period is allowed for payment of premium. If policyholder fails to make payment within the grace period, the policy lapses Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy on which a value which is higher of the Guaranteed Surrender Value (GSV) or the Cash Surrender Value (CSV) is paid. GSV = GSV Factor * total premiums paid CSV = CSV Factor * total premiums paid Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim. Additional Features or Riders Discount in premium for non-smokers Female lives are charged lower premium Rebates for choosing high Sum Assured Exclusions In case of suicide committed within 12 months of policy inception only the total premiums paid is returned to the nominee and in case of 12 months of policy revival, the acquired Surrender Value is paid to the nominee
Benefits
On death of the policyholder, a sum higher of the Basic SA/ 10 times the annual premium/105 times total premiums paid/ total premiums paid is paid to the nominee On maturity, the total premiums paid are returned to the policyholder Income tax benefit on the premium paid as per Section 80C and on the claim received under Section 10(10D) of the Income Tax Act.
Documents Required
Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person. IRDA Imposes a Penalty worth Rs 10 Lakhs on Tata AIA Life Insurance Tata AIA Life Launches Micro Insurance for the Weaker Sections Tata AIA Life has Initiated a Special Engagement Program for Customers