Mumbai [India], Oct.17 (ANI
-Businesswire India): As caregivers, it is only natural to want the best for our loved ones. We do everything in our capacity to safeguard their aspirations against any financial upheavals that may play spoilsport.
But our lives are fraught with uncertainties, and it is difficult to predict what the future holds. What we need is a safety shield to ensure that our family's needs are never compromised.
Keeping this in mind, Tata AIA Life launched three new products, Tata AIA Life Sampoorna Raksha - a non-linked non-participating term assurance plan, Tata AIA Life Sampoorna Raksha+ - a non-linked non-participating term assurance plan with return of premium on maturity, and Tata AIA Life Vital Care Pro, a non-linked non-participating health insurance plan to help the customers protect their families from financial dependency in case the earning member is no more or is rendered incapable by critical illness.
All the three solutions guarantee a lump sum benefit with options to choose regular monthly income, ensuring one's loved ones would meet all their life goals without worrying on daily needs at any point.
According the Asia Pacific Mortality Protection Gap* Report published by Swiss Re, there exists a big gap in insurance coverage in Indian households. The report estimated that the gap was $8,555 billion in 2014. This means for every $100 needed for protection, only $7.8 of saving and insurance is in place for a typical Indian household, leaving a massive mortality protection gap of $92.2. It is evident from this startling gap that there is a pressing need for long-term savings and protection solutions in the country.
Focusing on the need of adequate life insurance, which ensures a stable financial future for one's family, Rishi Srivastava, Chief of Proprietary Channels, Tata AIA
Life said, "People are usually underprepared to deal with adversities because they are generally caught up in planning for their future.
Our newly-launched products will not only help customers lay the foundation of well-planned financial future, but also secure sustenance in case of unforeseen circumstances. Our well-trained sales force helps customer calculate actual coverage needed to live a financially secured future without compromising on their aspirations."
With a wide range of policy terms starting from 10 years and going to as high as 40 years, coupled with the maximum maturity age of 80 years, Sampoorna Raksha maximises the life insurance coverage period of an individual's lifetime. The consumers have the flexibility to choose a lump sum benefit on death along with a regular monthly income. They can also opt for increasing life cover. It offers preferential premium rates for women and people with leading a healthy lifestyle.
Sampoorna Raksha+ is a term assurance plan with return of premiums on maturity. Like Sampoorna Raksha, this plan enables flexibility to the customers to opt for lump sum benefit on death along with monthly income for next ten years. One can choose to pay the premium for a limited period of five to ten years.
Changing life styles and an exponential increase in medical expenses may put people in a vulnerable state of financial planning. Vital Care Pro is aimed at protecting the customers and their loved ones from such harsh uncertainties. The product offers protection against 15 critical illnesses. Furthermore, the product offers premium rate guarantee for the entire policy term, which can be as long as 30 years. With a hassle-free purchase experience and affordable premiums, the plan also empowers its customers to protect their spouses. (ANI