Tata AIA Life Insurance has launched a non-linked, non-participating term insurance plan to protect the standard of living of the insured’s family.

The plan (Maha Raksha Supreme) offers two covers – pure protection and extra protection. The firstone is the basic form of life insurance where the nominee will receive a basic sum in the event of the insured’s demise, said a company statement.

The extra protection cover offers insurance cover combined with an inbuilt waiver of premium option, which ensures that in case the insured suffers from total permanent disability, the future premiums are waived and the policy will continue for life insurance protection.

With both the covers, there is also an inbuilt payout accelerator benefit. In case the insured is diagnosed with a terminal illness and not expected to survive for a period greater than 6 months, 50 per cent of the chosen basic sum assured is paid out to the insured on diagnosis of the terminal illness, the statement said.

(This article was published on August 17, 2012)
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