Tata AIA Life Insurance (Tata AIA Life) today launched an online term insurance plan 'iRaksha Supreme' with coverage up to 80 years especially catering to needs of working women.

"Studies show that India has a protection gap of over USD 6.67 trillion (about Rs 374 lakh crore).

"This implies that for every Rs 100 that needs to be spent on life insurance cover, we spend Rs 7.4, leading to a gap of 92.6 per cent in our family's financial protection," Tata AIA Life MD and CEO Suresh Mahalingam said in a release.

"With the launch of our first online offering, we provide customers an opportunity to bridge their protection gap," he said.

'iRaksha Supreme' plan maximises the life insurance coverage period with 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. It can be purchased by customers even up to 70 years of age.

The plan offers preferential rates for non-smoking customers, while women customers will be given better premium rates, bringing more members of the family into the fold of life insurance protection.

The plan offers a life cover of Rs 1 crore for 20 year term to a 25-year old male (non-smoker) with a minimum cover for Rs 50 lakh.

It is available for purchase exclusively on the Internet.

Tata AIA Life is a joint venture between Tata Sons and AIA Group (AIA), an independent listed pan-Asia life insurance group in the world spanning 15 markets in Asia Pacific.