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Tata AIA Life launches multiple benefit plan

Posted on Sep 20, 03:53PM | IBNS

Tata AIA Life Insurance Company Limited (Tata AIA Life) on Thursday announced the launch of its new product Tata AIA Life Insurance Suraksha Kosh (Suraksha Kosh), a non participating unit linked endowment insurance plan, that provides a comprehensive protection of one's financial goals against the 'risk of premature death' and against the 'risk of living post an accident, critical illness or surgery'.

"This is a unit linked plan where the death benefit is enhanced by way of a combination of Sum Assured plus the Total Fund Value," said an official spokesperson.

The plan offers a choice of four inbuilt benefit options for the prospective customers to ensure the protection of their financial goals.

Suresh Mahalingam, Managing Director, Tata AIA Life, said, "Our new product Suraksha Kosh, with its comprehensive inbuilt health and accident benefits, presents a unique opportunity to our customers to get the best from their investments on a market-linked platform as also meet their desired saving goal without worrying about the risk of death, dismemberment and onslaught of medical exigency like a critical illness."

The four options are a combination of two or more of the benefits mentioned below:

Death and Surgical Benefit form an integral part of each of these 4 options.

Surgical Benefit includes protection against 948 listed surgeries.

Critical Illness (Lumpsum) Benefit offers a lump sum which is paid on first diagnosis of any one of the 12 Critical Illnesses covered like cancer, stroke, heart attack, coronary bypass surgery etc,

Accidental Death and Dismemberment (Long Scale) (ADDL) Benefit provides an additional sum assured in case of accidental death as also protection against accidental dismemberments.

Suraksha Kosh offers a wide range of flexible policy term from 15 to 40 years and is available to individuals from the age 18 to 50 years with maximum maturity age of 65.

Premiums paid under this plan are eligible for tax benefits under Section 80C, 80 D and 10(10D) of the Income Tax Act, 1961.