TATA AIA Maha Raksha Supreme is a term insurance plan offered by TATA AIA Life Insurance Company.

A notable feature of this product is the availability of the Rolling Limited Pay option, giving you the flexibility to select the specific number of years for premium payments as defined by the insurer. Furthermore, our research indicates that the insurer has received relatively fewer complaints concerning claim settlement and policy purchase, which reflects a positive track record.

However, it doesn’t allow you to choose other important customizations such as increasing cover or customising how your family will receive the claim amount. And, it is also pricey compared to other products in the market.

Here’s a quick review of the TATA AIA Maha Raksha Supreme plan.

What are the key benefits of TATA AIA Maha Raksha Supreme?

Life cover benefit: This term insurance plan pays an assured sum of money to your family if your death happens during the term of the policy. There is no maturity benefit in this policy - meaning, you don’t get anything back in case you survive the term of the policy. You can claim tax benefits under Section 80C of the Income Tax Act with this term insurance policy.
Early exit option: This option lets you opt out of the plan while it is active. You can do so during a specific timeframe determined by the insurer and you’ll receive a refund of all the premiums you’ve paid up to that point. However, this plan doesn’t offer an early exit option.
Cover Duration: The plan gives you the option to choose a policy duration of up to 75 years - allowing you to enjoy the benefits of the plan post-retirement as well.
Increasing cover: This plan does not provide you the benefit of an increasing cover, meaning you cannot automatically grow the sum assured with time, to match inflation. Instead, you will need to purchase a new term insurance plan every time you need an upgrade.
Limited pay: The TATA AIA Maha Raksha Supreme also offers rolling limited pay options - 5 to 40 years. With this option, you can choose the exact number of years you wish to pay your premiums. Premiums can be paid in monthly, quarterly, half-yearly, or yearly instalments.
Claim payout options: This plan only allows a one-time payout option. This arrangement can be suitable if your nominee or family is at ease handling a substantial sum of money. However, it may carry some risk if they are not comfortable with such financial responsibility.

Which Riders are available with TATA AIA Maha Raksha Supreme?

The TATA AIA Maha Raksha Supreme comes with optional benefits called riders that can enhance your coverage. The riders available with this term insurance policy are -

Critical illness rider: In case you get any of the serious diseases listed in the policy document, this add-on will pay an additional amount as a lump sum. This money can be used to help your family overcome the loss of income, as well as cater to the additional healthcare and medical expenses that you’ll have to incur as a result of the disease. This rider is available as an additional cover, covering 40 illnesses, with a maximum coverage of up to 1 Crore, and available until the age of 75 years.
Accidental death benefit rider: With this rider, your family will receive an additional amount of money if your death happens because of an accident. This can be a suitable option if you want to increase your overall sum assured in case you are eligible for a cover amount lower than what is required for your family. The Accidental Death Benefit Rider can be covered for up to 85 years, with the maximum cover depending on the board-approved underwriting policy.

Ensure that you choose riders carefully, tailoring them to your family's specific needs, as not every family requires every rider.

Why should you buy from TATA AIA Life Insurance Company?

Speed of claim settlement: The insurer has settled 99.58% of claims in less than 30 days. This shows that your family will receive their claim amount promptly once the necessary documents are submitted.
Online tracking of claims: TATA AIA Life Insurance allows your family the option to track their claim status online.
Claims complaints: Based on the research conducted by our team, we discovered the insurer has received a lower number of claim-related complaints compared to other insurers, accounting for 0.03%. This suggests that your family is likely to experience a seamless and smooth claim settlement process.
Home pick up for claims: This insurer gives the option to pick up all claims documents from home, so your family would not have to personally visit the branch office.
Claim Settlement Ratio: The insurer holds a claim settlement ratio of 99.13%.

Drawbacks of buying term insurance from TATA AIA Life Insurance

Length of the claim form: The insurer’s claim form was found to be moderately long, with several questions to answer. This means that your family may have to sit through a time-consuming and extensive form-filling process.
Personal Relationship Manager: The insurer does not offer a personal relationship manager to help your family with claims.
Claims Service Support: A dedicated toll-free number for claims service is not available.
Claim Form Submission: A separate claim form for claims above 3 years is not available.

How is the customer service provided by TATA AIA Life Insurance Company

Response on Toll-free: Our research found their response over the toll-free to be slow compared to other insurers.
Response on Twitter: TATA AIA provides the option to reach the company over Twitter as well. Our research team found that the company’s response on Twitter is quick.
Policy purchase-related complaints: Based on our research, TATA AIA Life Insurance Company has received 0.34% of complaints related to its after-sales service, which is higher than other insurance companies.

About the Insurer - TATA AIA Life Insurance

TATA AIA, also known as TATA AIA Life Insurance Company Limited, is a Life Insurance Company in India. Founded in the Year 2000, it is a joint venture between Tata Sons Private Limited and AIA Group Limited (AIA). The company is headquartered in Mumbai. The CEO of the company is Mr. Naveen Tahilyani.

Final review of TATA AIA Maha Raksha Supreme

Looking at all the product benefits, customer service, and claims experience and based on the 100+ metrics analysed by our in-house research team, the TATA AIA Maha Raksha Supreme gets a Beshak⭐Rating of 3.6/5.