Tata AIA’s Param Rakshak Plus is a comprehensive plan that not only offers life insurance cover till age 100 but also provides Hospital Care as well as Critical Care benefits. It also offers return on maturity when the policy term is completed.
Every year, come January, it is a wise practice to re-evaluate our financial plan, making sure all our insurance policies are in place and meet our future financial needs. More often than not, our financial plan comprises different schemes directed towards fulfilling different life goals. From a health cover that salvages us from unwanted lengthy medical bills to life insurance cover that offers a blanket of financial protection in case of sudden uncertainties, and, of course, the trusted investment plans that help our money grow – the areas to focus are eventually these three when it comes to financial planning. But what if we could bring all these benefits into one plan? How comprehensive and reliable would our financial portfolio become? As de-cluttering becomes par for the course in 2021, Tata AIA’s Param Rakshak Plus offers this much-needed single-stop solution for health, wealth and life cover.
The woes of multiple plans
How many times have you struggled to comb through your emails, your investment files and in some cases, the entire house to find all the relevant documents? The biggest challenge of having individual plans that are dedicated to either only health insurance, or only life insurance or investment options like ULIPs (Unit Linked Investment Plans) has to be the management of these plans on different mediums (online or offline) and keeping track of your investments and making sure they still suffice your family’s growing needs. This is where Tata AIA’s Param Rakshak Plus comes in handy.
What is Tata AIA’s Param Rakshak Plus?
Tata AIA’s Param Rakshak Plus is a comprehensive plan that not only offers life insurance cover till age 100 but also provides Hospital Care as well as Critical Care benefits. In addition to this, Tata AIA’s Param Rakshak Plus also offers return on maturity when the policy term is completed, thanks to its Unit-Linked Non-Participating insurance plan for protection & savings – Tata AIA Life Insurance Smart Sampoorna Raksha. This multifaceted plan, therefore, provides protection against death, disease and disability while also providing return on maturity. The plan also consists of Tata AIA Life Insurance Linked Comprehensive Protection Rider and Tata AIA Life Insurance Linked Comprehensive Health Rider to provide 360o protection and savings.
How can Tata AIA’s Param Rakshak Plus add to my financial plan?
Traditionally, when you invest in 3 separate plans for health, wealth and life, you end up spending three separate premiums. Let’s consider the example of Meena and Ramesh. While Meena has opted for Tata AIA’s Param Rakshak Plus plan, Ramesh has taken the traditional route of separate plans. Meena pays a regular premium of Rs. 85,710 per year, for a 40-year plan of Rs.1Cr base cover. Meanwhile, Ramesh shells out Rs. 5,000 per month for his ULIP Plan (4% ROI), approximately Rs. 9,820 for his annual health insurance with a cover of Rs. 10,00,000 and Rs. 19,942 for his Rs.1Cr life insurance plan. His total expense per year comes up to Rs. 89,762, and his return on his ULIP Plan will amount to Rs. 18.34 Lakhs*. On the other hand, Meena’s approximate fund value on maturity can be calculated to be Rs 28,52,024*. This clearly depicts the financial benefit of investing in a comprehensive plan like Tata AIA’s Param Rakshak Plus.
What does Tata AIA’s Param Rakshak Plus offer?
Who can apply for Tata AIA’s Param Rakshak Plus?
The Tata AIA’s Param Rakshak Plus is accessible to anyone in the age group of 18 to 60 and offers a base cover which is applicable until 100 years of age. The Accidental Death Benefit and Permanent disability benefit of the plan are applicable till 85 years while the Hospital care benefit and Critical Care Plus feature are both valid for up to 75 years of age. The term coverage can scale from 30 to 40 years, based on these criteria and the premium can be paid on an annual basis, either regularly till the end of the term or for 5/10/12 years.
If you have been looking to start your investment and insurance journey, then this one-stop solution is sure to provide a blanket cover that you and your family needs while also sowing the seeds of safe and reliable savings. Click here to know more about Tata AIA’s Param Rakshak Plus and how you can apply for this plan.
* – All calculations are basis online calculators or Tata AIA’s Sample Illustration.
( Originally published on Jan 18, 2021 ) (This article is generated and published by ET Spotlight team. You can get in touch with them on [email protected])