TATA AIA Maha Raksha Supreme Select Review

TATA AIA is steadily building a reputation as one of the most reliable life insurers in India. They offer a good combination of trust, innovation, and affordability. TATA AIA’s term plans have always been a popular choice for people seeking a financial safety net for their families. TATA’s brand name, coupled with top-notch term insurance policies and a consistent record of product innovation and underwriting practices, enables the company to continue making strides in the industry. Building on this legacy, they recently launched the TATA AIA Maha Raksha Supreme Select (MRSS).

The TATA AIA Maha Raksha Supreme Select plan is the new and improved version of Sampoorna Raksha Supreme. This updated plan has been designed with additional features, making it a more well-rounded offering than its predecessor. In this article, I will explain what this plan offers, how it differs from the earlier version, and whether it is a good term insurance plan for 2025.

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Overview – TATA AIA Maha Raksha Supreme Select Term Insurance Plan in 2025

The TATA AIA Maha Raksha Supreme Select is a good term insurance plan available in the market. Where the earlier Sampoorna Raksha Supreme (SRS) was already appreciated for its robust core features, this new plan takes it a notch higher.

Some notable features of the Maha Raksha Supreme Select plan include life stage benefits and terminal illness coverage. Additionally, it offers riders such as accidental death benefit and total and permanent disability, giving you extensive control in making your plan your own. However, this is available only to individuals with an income of more than ₹15 lakh and those seeking coverage of more than ₹2 crore. This could be a significant barrier for people. However, if you are not eligible for this or want coverage less than ₹2 crore, you can go for Sampoorna Raksha Promise from the same insurer.

Should you buy the TATA AIA Maha Raksha Supreme Select?

1. TATA AIA as an Insurer: Before discussing the plan’s specifics, it is essential to have a brief overview of the insurer itself. TATA AIA Life Insurance is a joint venture between TATA Sons (51%) and AIA Group (49%). This brings together TATA’s popularity and AIA’s global expertise in the insurance industry. The insurer has shown steady growth over the past few years, especially in terms of operating revenue, and is gradually increasing its foothold in the Indian life insurance market.

   Their operating revenue has grown from ₹5,358 crore in 2021 to ₹8,898 crore in 2024, representing an increase of over 66% in just three years. They also have a good claim settlement ratio at 98.91% and an amount settlement ratio of 95.1% over the last three years. It has also had a complaint volume of only 3 per 10,000 claims annually for the last three years. This is one of the lowest in the industry and speaks volumes about the quality and proficiency of its claim settlement experience, as complaints are mostly registered over issues with claim settlement.  

Here’s a complete look at the insurer’s metrics:

2. In-built features of TATA AIA Maha Raksha Supreme Select: As for the plan, the Sampoorna Raksha Supreme was already well-regarded for offering features like death benefit payout flexibility, terminal illness cover, and some rider options. However, had a sub-par critical illness rider. The significant change in Maha Raksha Supreme Select is that it addresses this gap.

   The Critical Illness (CI) rider in the TATA AIA Maha Raksha Supreme Select (MRSS) comes with a 90-day waiting period and a 30-day survival period. It is also a non-accelerated payout, meaning the critical illness benefit is paid out separately and does not reduce your base coverage.

Features of TATA AIA Maha Raksha Supreme Select Term Insurance Plan

Note: Depending on the plan option (Life Secure vs. Life Secure Plus ROP) and whether Vitality is selected, some riders or in-built features may or may not apply. For instance, if Vitality is chosen, then Waiver of Premium on CI/ATPD is not applicable.

The plan offers flexibility with its variants, allowing you to choose how you want your family to receive the payout: as a lump sum, monthly income, or a combination of both. The life stage benefit rider also lets you increase the coverage during the policy term, which is helpful if your income grows or your financial obligations increase over time.

Other Features of TATA AIA Maha Raksha Supreme Select:

TATA AIA Maha Raksha Supreme Select Plan is a solid pick and a comprehensive policy. The plan offers a diverse range of features, including options for benefit payout, life stage perks, terminal illness benefits, and more. Here is a look at some of its features –

• Coverage: Under the TATA AIA Maha Raksha Supreme Select Plan, the insurer offers coverage of at least ₹2 crore, with no upper limit. This comprehensive range is the ideal financial solution for nearly anyone seeking to purchase a policy.
• Death Benefit: Upon the policyholder’s death, the insurer pays the base cover amount as a death benefit to the beneficiary. However, to ensure financial flexibility and offer customization on the disbursal of this amount, the Maha Raksha Supreme Select policy offers you death benefit options –

• Life Stage Benefits: Under this perk, in the event of significant life stage events, such as childbirth, marriage, or home loans, your cover amount is boosted by a pre-determined percentage.

• Terminal Illness Benefit: In case you are diagnosed with a terminal ailment and the doctor gives a written declaration that you only have 180 days to live, the insurer offers you an of 50% of the term insurance death benefit amount, which can be used at your discretion to fund your treatments, for savings, etc.
• Flexi Pay: Flexipay is a feature that allows you to postpone your premium payment for up to 12 months from the premium due date without losing coverage. Each deferral must be followed by a gap of at least five policy years before Flexipay can be used again. There is no limit on how many times you can use this, so long as the five-year gap rule is met. To use this, you must notify the insurer at least 20 days before the premium due date.
• Instant Payout on Claim Intimation: For policies with a cover amount of ₹1 crore or more, the insurer offers an instant payout feature that provides an accelerated death benefit of ₹3 lakh within 24 hours of claim registration. This offers interim financial support during the claim process. However, you can avail yourself of this feature only after the policy is in force for at least three years. And if the claim is rejected eventually, the insurer can reclaim the ₹3 lakh payout.

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3. Available Riders in TATA AIA Maha Raksha Supreme Select
   TATA AIA Maha Raksha Supreme Select is a comprehensive plan that covers most bases. Even as a standalone policy, this plan rarely has any caveats. However, when meeting customised requirements, policyholders need riders to make the plan worth its premium. So, here’s a look at the riders offered by this policy –

• Critical Illness Benefit: Maha Raksha Supreme Select has one of the best Critical Illness Riders in the industry. The shortest waiting period (90 days), a comprehensive list of 40 conditions covered, and coverage exceeding the base sum assured make this rider the best in its category. This rider has no official limit and depends on the underwriting practices in place. There is also a five-year renewal clause, which means the Critical Illness rider will be available for only 5 years initially. You can renew it at this point, subject to the underwriting policy.
• Accidental Death Benefit: In the event that the policyholder passes away due to an accident, the insurer offers an additional amount of up to ₹2 crores. This rider is particularly useful and caters to frequent travelers.
• Accidental Total Permanent Disability: The Accidental Total Permanent Disability Rider is an optional rider that protects you if you become permanently disabled due to an accident. This ATPD coverage can continue until the policy term ends or until the policyholder reaches age 85, whichever comes first. In the event of a disability listed by the insurer, they pay out the rider cover amount, providing financial support when one can no longer work or earn income as before. You can also opt for a Waiver of Premium on ATPD and critical illness separately, which relieves you of future premium payments. However, this is not available if you choose the Vitality wellness benefit.
• Hospicare: Hospicare is a rider tied explicitly to the Vitality wellness benefit. It offers financial support during hospital stays if you are hospitalized for at least 24 hours for medically necessary treatment of any illness or injury. Now, while there is a 90-day waiting period (except for accidental hospitalization), there is no survival period. However, certain specific health conditions carry a two-year waiting period before you can claim this benefit. Please note that this is not a replacement for a comprehensive health insurance plan, and it only provides a fixed payment for this duration. It does not ‘cover’ the hospital bills, as it is a non-indemnity policy. Here’s an article I wrote explaining the differences in depth.

Premium Rates and Affordability of the TATA AIA Maha Raksha Supreme Select (MRSS) in 2024

When it comes to affordability, TATA AIA’s Maha Raksha Supreme Select is not the cheapest plan in the market, but it offers good value. The cost varies based on factors such as age, cover amount, policy duration, and the inclusion of riders. Lifestyle habits such as smoking also increase rates by at least 50%. You must always disclose any such habits, pre-existing diseases, or surgeries. Here’s a detailed article I wrote on term insurance eligibility if you’re interested in knowing more.

Compared to other popular term insurers, TATA AIA fares well in this regard. If you’re comfortable with a slightly higher premium and TATA’s trust, Maha Raksha Supreme Select stands out as a good pick.

Pros and Cons of TATA AIA Maha Raksha Supreme Select (MRSS) in 2025

Pros:

• No Negative Pincodes: One of the most significant advantages of this plan is that TATA AIA has no negative pincodes. This rare attribute ensures the insurer doesn’t reject applications based on your location. Only one other insurer in the country, HDFC Life, shares this distinction. However, HDFC Life’s plans tend to be significantly more expensive, giving TATA AIA an edge in terms of value for money.
• Good 30-day claim Settlement Ratio: Another strength is TATA AIA’s 30-day claim settlement ratio, which remains healthy, indicating consistent claim payout performance. The plan also has no upper limit for the cover amount, which means you can apply for large cover amounts, subject to your income eligibility and underwriting approval.
• Comprehensive ATPD Rider: The Accidental Total Permanent Disability rider is robust and provides added security if a policyholder becomes permanently disabled due to an accident. This provides twice the payout if the disability occurs under specific scenarios – if you’re on public transportation, a commercial aircraft, or in an elevator in your home or office. This is applicable in case there is an injury or loss that is a direct result of a fire in any of the following public buildings: Theatre, Cinema, Public Auditorium, Hotel, School, Hospital. Please note that privately chartered vehicles are not applicable for this purpose.
• Hospicare Rider: This is a unique rider that provides additional financial support for hospitalizations lasting at least 24 hours.
• Discounts: TATA AIA offers multiple discounts, including an 8.5% salaried discount and a 25% discount for TATA Group employees, making the plan more economical.

Cons:

• Higher premiums: On the downside, the plan’s premium rates are on the higher side, especially when compared to term insurance policies from Axis Max Life & Bajaj Allianz. While the features may justify the higher cost, they may still be a deterrent for buyers who prioritize affordability above all else.
• High entry barrier: This plan is only available if your annual salary exceeds ₹15 lakhs. This is a significant barrier for many people.

Discounts available in the TATA AIA Maha Raksha Supreme Select Term Insurance Plan

TATA AIA offers a 10% digital discount for regular and limited pay options. If you opt for the single-pay option, the rate is 1%. This is available for everyone. However, apart from this, there are a few other discounts:

1. Salaried Discount: You get an 8.5% discount on Regular or Limited Pay options, while for single pay, the discount is 1%. To avail of this discount, you should provide your corporate email address.
2. TATA Group Staff Discount: You get a 25% discount on the base premium of regular or limited pay options if you are a TATA Group employee. If you opt for the single-pay option, you receive a 2.5% discount.
3. Milestone Discount: Upon reaching specific milestones, such as marriage, first job, first child, or home loan, the insurer offers a 2% discount up to ₹500 (regular/limited pay) and a 0.5% discount (single pay).

Note: Digital and Salary discounts are not applicable if the staff discount has already been applied. All of these discounts are available only in the first year’s premium.

Unique Features of the TATA AIA Maha Raksha Supreme Select Term Insurance Plan

TATA AIA Maha Raksha Supreme Select has a few unique features. For instance, 

1. If you have a cover amount above ₹1 crore and the policy is at least 3 years old, there is an instant payout feature where the insurer pays you ₹3 lakhs within one day of registering the claim. 

   (However, please note that if the claim is eventually rejected, they will request reimbursement of this amount.)

2. The Flexipay benefit allows you to defer a premium payment by up to 12 months while keeping the policy active.

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Maha Raksha Supreme Select is a highly competitive, feature-rich term insurance plan on the market. The non-accelerated critical illness payout, wide illness coverage variants, and reliable claim settlement record make it a worthy contender for 2025.

That said, it’s always a good idea to compare your options to get the best deal. Feel free to use our Understand Your Policy tool to evaluate the Maha Raksha Supreme Select against other top term insurance plans and ensure it suits your requirements.

Note: Maha Raksha Supreme Select and Sampoorna Raksha Promise is the same in terms of features and riders. The only differences are in the income eligibility and minimum cover amount.