OREANDA-NEWS. September 25, 2012. Tata AIA Life Insurance Company (Tata AIA Life) today announced the launch of its new product - Tata AIA Life Insurance Suraksha Kosh, a non-participating unit-linked endowment insurance plan that provides comprehensive protection for one’s financial goals against the risk of premature death, and more importantly, against the risk of living post an accident, critical illness or surgery.

Suraksha Kosh not only helps save for goals, but also ensures that the saving is protected from uncertain events by providing adequate life and health insurance protection against major illness and 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.

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

Surgical benefit includes protection against 948 listed surgeries.

Critical illness (lump sum) benefit offers a lump sum which is paid on first diagnosis of any one of the 12 critical illnesses covered, such as 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.

The four inbuilt benefit options are:

Health protect premium: This is the most comprehensive option that caters to multiple needs and offers highest protection by providing all the four benefits - death benefit, surgical benefit, ADDL benefit and critical illness (lump sum) benefit.

Health premium: This plan has critical illness (lumpsum) benefit along with the death benefit and surgical benefit.

Health plus protect: In addition to death benefit and surgical benefit, this option also offers ADDL benefit.

Health plus: Other than death benefit, this option offers surgical benefit also.

Announcing the launch of Suraksha Kosh, Suresh Mahalingam, managing director, Tata AIA Life, said, "Securing aspirations of near ones are important goals in our lives and if asked, under any circumstance, none of us would be ready to compromise on these goals. However, many a times these goals do get compromised due to unfortunate events or health concerns which are not planned for. 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 to meet their desired saving goal without worrying about the risk of death, dismemberment and medical exigency like a critical illness."

Suraksha Kosh offers customers the opportunity to choose from a wide range of eight investment funds as per their risk profiles. In addition, they can also benefit from Tata AIA Life’s portfolio strategies – Enhanced SMART (systematic money allocation and regular transfer) to optimise one's returns through rupee cost averaging or Enhanced AAA (automatic asset allocation) to benefit from age-appropriate allocation of assets.

Suraksha Kosh offers a wide range of flexible policy terms, from 15 to 40 years, and is available to individuals from age 18 to 50 years with a maximum maturity age of 65. Premiums paid under this plan are eligible for tax benefits under Section 80C, 80D and 10(10D) of the Income Tax Act, 1961.