OREANDA-NEWS. January 29, 2013. Tata AIA Life Insurance Company (Tata AIA Life) today announces the launch of its Online Term Insurance plan Tata AIA Life Insurance iRaksha Supreme (iRaksha Supreme).

The policy term ranges from 10 years to 40 years, coupled with the maximum maturity age of 80 years, iRaksha Supreme offers preferential rates for non-smoking customers and women customers can avail of better premium rates.

This plan offers a life cover of Rs. 1 crore for 20 year term to a 25-year old male (non-smoker) at Rs 16.71 per day (excluding service tax). The plan offers a minimum cover for Rs 50 lakh.

Being an online plan, it is available for purchase exclusively on the internet. To assist them in the buying process Tata AIA Life has set up a customer service team who would guide the customer over the phone.

Suresh Mahalingam, Managing Director and CEO, Tata AIA Life, said, "Recent studies show that India has a startling ‘Protection Gap’ of over USD 6.67 trillion (i.e. approximately Rs 374 lakh crore). This implies that for every Rs. 100 that needs to be spent on life insurance cover, we only spend Rs 7.4, leading to a gap of 92.6% in our family’s financial protection. With the launch of our first pure online offering we take a giant step in our journey of multi channel distribution and provide our customers yet another opportunity to bridge their protection gap with the convenience of access offered by the burgeoning online medium."

iRaksha Supreme also offers special rates for those who are applying for higher levels of sum assured. The customers also have the option of paying for the policy as regular, limited or single pay, depending on their convenience.