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TATA AIA Maha Raksha Supreme logo

TATA AIA Maha Raksha Supreme

Introduction to TATA AIA Maha Raksha Supreme

TATA AIA Maha Raksha Supreme 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). This makes it one of the most cost-efficient and essential products for your financial portfolio if you have dependents who rely on your income for their expenses. Should your death happen during the term of the policy, your family will be paid the sum assured (or the cover amount), which can be used to meet any financial needs they would have.

beshak ratings
INDIA’S FIRST UNBIASED, CONFLICT-FREE INSURANCE RATING
Verdict: TATA AIA Maha Raksha Supreme

A key feature of this product is that it provides the Rolling Limited Pay option, which allows you to choose the exact number of years over which you'd like to pay your premiums (as specified by the insurer). On the flip side, however, it doesn’t allow you to choose other important customizations such as increasing cover or customize how your family will receive the claim amount. It is also expensive compared to other products in the market. Our research suggests that the insurer has received fewer complaints related to claim settlement and policy purchase, indicating a good track record in both the purchase process and claims service experience. 

Pros & Cons: TATA AIA Maha Raksha Supreme

  • arrow Rolling Limited Pay option available, to speed up payments
  • arrow Critical illness rider available, and the payout is in addition to the life cover amount
  • arrow Received fewer complaints on claim settlement compared to other insurers
  • arrow Received fewer complaints during policy purchase compared to other insurers
  • arrow Expensive than other products in the market
  • arrow Doesn't offer the option to automatically increase your claim amount, with time
  • arrow Not many options to customize claim payout
  • arrow No option to exit the plan while it is still active and receive a refund of premiums

About TATA AIA Life Insurance Co. Ltd.

TATA AIA Life Insurance Co. Ltd. logo

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

Founded in
2001
JV Partners
Tata Sons Pvt. Ltd. and AIA Group Ltd.
Turnover (GWP)
4,890.82 Crores
Number of Policies
1,36,353
Number of Claims
1,83,055

Detailed Product Specs & Rating: TATA AIA Maha Raksha Supreme

Claims Experience 5/5 star green
Customer Service 4.48/5 star green
Product Benefits 1.6/5 star green
% of claims settled in less than 30 days
Reflects on the speed of settling valid claims
99.80%
% of Complaints received on overall claims
% customers unhappy with claims experience
0.04%
How complex is the Claim Form?
The longer, the more hassles during claims
Moderately long
Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?
99.01%
Claim Settlement Ratio (Value of claims)
What % of the claim amount received was paid?
94.65%
Solvency Ratio
Reflects an insurance company’s ability to pay claims. Insurers are required to maintain a minimum 150% Solvency Ratio as per IRDAI regulation
178%
Personal relationship manager for claims
Not Available
Can you track claims online?
Yes
Dedicated toll-free for claims service
Not Available
Separate Claim Form for above 3 Years Claim
Not Available
Home pickup of Claims
Available

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