Having a life insurance plan is necessary whether you wish to take care of your current needs or your changing obligations. Before selecting one, consider the many term options available based on your demands and their various parameters. Let’s talk about the TATA AIA Maha Raksha Supreme Plan vs. SBI Life eShield Next Plan, two of the most well-known insurance plans from two well-known organizations.
What is TATA AIA Maha Raksha Supreme Plan?
Tata AIA Life Insurance Maha Raksha Supreme is a Non-Linked, Non-Participating, Individual Life Insurance Pure Risk Premium Product that offers you a wide range of options, ensuring you can easily fulfill your family’s mushrooming needs when it comes to finance. You may safeguard the future of your family with this term insurance plan, whether you reside in India or elsewhere. You can add more riders to this plan to increase your coverage, and female applicants are eligible for additional benefits. In the case of a diagnosis of a terminal illness, the plan has an Inbuilt Payout Accelerator Benefit that advances 50% of the base sum assured.
Key Features & Benefits of Tata AIA Life Insurance Maha Raksha Supreme
Here are the key features of TATA AIA Life Insurance Maha Raksha Supreme Plan.
- Death Benefit
One of the biggest benefits of this Maha Raksha SupremePlan by Tata is that it comes with a “Death Benefit” which means that the nominee will receive the sum assured at the time of death and an additional sum assured that has been selected under the Life Stage Plus Option, upon the death of the policyholder.
After any benefits have already been paid, this sum will be distributed. The basic sum promised multiplied by 10 times the annualized premium, or 125% of the single premium, will determine the sum assured.
- Flexible Plan Options
Another major benefit of Maha Raksha SupremePlan by Tata is that the plan comes with flexible plan options, allowing you to customize your policy that perfectly caters to your needs. All you need to do is simply consider selecting the terms, frequencies, and means of premium payment.
- Life Stage Plus Option
If you choose the Life Stage Plus Option at the start of your policy, you can expand your life insurance coverage with an additional sum assured under the same policy following significant life events/milestones like marriage or childbirth.
- Whole Life Coverage
You can obtain comprehensive life insurance up to the age of one hundred by selecting the entire life cover option under this policy. With this life insurance plan, your family’s stability is guaranteed for the maximum number of policy years.
- Discounted Premium Rates
For those who don’t know, the TATA AIA Maha Raksha Supreme plan has special pricing for non-smokers because leading a healthy lifestyle deserves to be recognized. Additionally, female lives are given preferential pricing. Higher protection options come with reductions that lower the cost of the plan.
- Free-Look Period
If you purchase your policy online, you have 30 days, and if you buy it offline, you have 15 days to review the terms and conditions or cancel the policy. The paid premiums will be returned after cancellation, provided that it complies with business policies.
- Tax Benefits
While the benefits granted upon death throughout the policy term are tax-free under Section 10(10D) of the Income Tax Act, your paid policy premiums are tax# deductible under Section 80C of the Income Tax Act.
What is SBI Life eShield Next Plan?
SBI Life – eShield Next is a dedicated insurance plan that is designed for tech-savvy, educated, high-net-worth individuals interested in buying a pure protection cover. The benefit of the plan is that it relieves the policyholder’s stress about future expenses and transfers the responsibility and burden of future contingencies to the plan. It includes built-in coverage for terminal illnesses, paying out the entire sum assured right away to reduce past liabilities.
Key Features & Benefits of the SBI Life eShield Next Plan
Listed below are the crucial features and benefits of the SBI Life eShield Next Plan.
- Death Benefit
The major benefit of choosing the SBI Life eShield Next Plan is that it has a “Death Benefit” that ensures that the nominee receives the Effective Sum Assured as a Death Benefit if the Life Insured passes away during the Policy Tenure.
Depending on the selected plan option, the Effective Death Benefit:
- Level Cover choices use Effective Sum Assured in place of Basic Sum Assured.
- For Increasing Cover choices, the Effective Sum Assured is the Sum Assured that rises by 10% every fifth policy year.
- Terminal Illness Benefit
Some term insurance policies may not include a terminal illness benefit and even those that do must be purchased with an additional premium. But the SBI Life eShield Next plan offers this function at no additional cost and cheerfully resolves disputes. You must submit reports from a physician who has been approved by the Indian Medical Association, though, to take advantage of this benefit.
- Second Medical Opinion From Experts
The policyholder will have the option of getting a second medical opinion for an earlier treatment or diagnosis. With the assistance of World Leading Medical Centres networked with the insurance provider, policyholders can make an informed decision regarding their health.
- Online Facility
SBI Life eShield Next Plan offers the convenience of online premium and claim payment to enjoy quick and hassle-free insurance service while lounging on your room’s couch.
- Tax Deductions
According to the current income tax legislation in India, the term insurance premiums paid are tax deductible. The benefits will be paid out by the guidelines established under sections 80C and 10C of the Income Tax Act.
- Protection at Cheap Rates
The fact that the SBI eShield Next plan offers financial protection at affordable premium rates is one characteristic that emphasizes the significance of the policy. Including taxes and riders, the premium can be as low as is appropriate for the individual’s age. The premium would be lower the younger you are.
Major Differences Between TATA AIA Maha Raksha Supreme Plan & SBI Life eshield Next Plan
The following list highlights some of the key differences between them:
|Parameters||TATA AIA Maha Raksha Supreme Plan||SBI Life eshield Next Plan|
Minimum Entry Age- 18 Years
Maximum Entry Age-
70 years for Single Pay, Regular Pay, and Limited
Pay 4 and 5
65 years for Limited Pay 6 to 45
45 years for Pay to Age 60
59 years for Single Pay, Regular Pay, and Limited
Pay 5 to 45
Minimum Entry Age
For my whole life- 45 Years
For other than whole life- 18 years
· For the level cover, increasing cover benefit & level cover with future-proofing benefit:
· Single premium & LPPT: 65 Years
· Regular premium- 60 Years
For better half benefit: 55 Years
Non-Whole Life: 23 Years
Whole Life: 100 Years
Non-Whole Life: 85 Years
Whole Life: 100 Years
Single & Regular Premium: 85 Years
Whole Life: 100 Years
Other than Whole Life: 85 Years
|Basic Sum Assured|
Min: Rs. 5,000,000 & Max: No Limit Subject to Underwriting
Sum Assured should be in multiples of Rs. 5,00,000
For online (through the company’s website) and web aggregator channels:
Rs. 50, 00, 000
For another distribution channel: Rs. 75, 00,000
For non-smoker lives: No limit
For smoker lives: Rs. 99, 00, 000
(The maximum basic assured shall be as per the Board approved underwriting policy)
|Premium Payment Modes: Regular/Limited Pay||Annual/Semi-Annual/Quarterly/Monthly||Single, Yearly, Half-Yearly, & Monthly|
Inbuilt Accelerator Payout Benefit
This plan comes with an in-built Payout Accelerator benefit, which offers 50% of the basic sum assured if you get diagnosed with a terminal illness.
Customize the plan to meet your requirements through
· Death Benefit Payment Mode
· Better Half Benefit Option
Tata AIA Life Insurance Accidental Death and Dismemberment Long Scale) (ADDL) Rider (UIN: 110B028V03)
Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN:110B033V02 or any other later version):
Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V02 or any other later version):
|The Riders under this product are SBI Life – Accidental Death Benefit Rider (UIN: 111B015V03) and SBI Life – Accidental Total & Permanent Disability Benefit Rider (UIN: 111B016V03)|
Which is Better TATA AIA Life OR SBI Life?
Customer service, price, features, coverage, age factors, sum assured, riders, and many other factors are used to compare TATA AIA Maha Raksha Supreme Plan with SBI Life eshield Next Plan. Choose the plan which best suits your needs.