• Tata Aia Sampoorna Raksha+ Plan

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    The Sampoorna Raksha+ Plan from Tata AIA Life Insurance Company is a Non-Linked, Non-Participating, Term Assurance policy that guarantees the return of all premiums on maturity of the policy. Policyholders are also provided with two options for the death benefit payout. The life assured has the flexibility to choose between a lump sum death benefit or a lump sum amount, and a fixed monthly income for a period of 10 years.

    An additional rider, the Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) Rider, can be purchased at the inception of the policy to enhance the cover. This will guarantee a larger risk cover and more benefits, if something happens to the policyholder. The life assured is also entitled to receive tax benefits under this policy.

    Eligibility - Who is the Tata AIA Life Insurance Sampoorna Raksha+ Plan for?

    In order to be eligible to purchase the Tata AIA Life Insurance Sampoorna Raksha+ Plan, the policyholder must meet certain conditions, which are set by the insurer.

    Parameters Criteria for eligibility
    Minimum age at entry 18 years
    Maximum age at entry
    • For Regular Pay and 5-Year Limited Pay options: 70 years
    • For 10-Year Limited Pay option: 65 years
    Minimum age at maturity 28 years
    Minimum age at maturity 80 years

    Note: All ages mentioned above are as on the policy buyer’s last birthday.

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured

    For the Tata AIA Life Insurance Sampoorna Raksha+ Plan, the Sum Assured that you choose at the inception of the policy is what will decide your premium amount. So, ensure you opt for a Sum Assured that can cover your future needs and comes with a premium amount that is payable without any hassle. The Sum Assured for the Tata AIA Life Insurance Sampoorna Raksha+ Plan is:

    Minimum Sum Assured Rs.50 lakh
    Maximum Sum Assured No limit

    Premiums*

    Premiums are a sum of money that you pay the insurer on a regular basis to enjoy the risk cover and benefits provided by the policy. Details related to your premiums are listed below:

    Minimum term of the policy
    • For 5 Years Limited Pay and Regular Pay options: 10 years
    • For 10 Years Limited Pay options:  15 years
    Maximum term of the policy
    • 30 years for Regular Pay, 5 Years Limited Pay, and 10 Years Limited Pay
    Premium Payment Term (PPT)
    • Regular Pay
    • 5-Year Limited Pay
    • 10-Year Limited Pay
    Premium Payment Mode There are four payment modes:
    • Annual
    • Bi-annual
    • Quarterly
    • Monthly
    Minimum Single Premium Amount Depends on your Minimum Basic Sum Assured
    Maximum Single Premium Amount Depends on your Maximum Basic Sum Assured

    Premiums vary based on age, location, plan term and other factors.

    Plan Coverage - What the Tata AIA Life Insurance Sampoorna Raksha+ Plan covers

    This policy comes with a lot of attractive benefits:

    Maturity Benefit Under this plan, the policyholder is entitled to receive a maturity benefit ,if he/she survives until the end of the policy tenure. The insurer will pay the life assured the sum of all premiums paid, minus any extra premiums that he/she may have paid and modal loading.
    Survival Benefit No survival benefit will be paid to the policyholder, under this plan.
    Death Benefit Under this policy, the policyholder is given two death benefit options, which he/she has to opt for at the time of purchasing the policy. The two options are:
    • Option 1: One-time ‘Sum Assured on Death’ is paid to the nominee. Post this, the cover will cease to exist.
    • Option 2: ‘Sum Assured on Death’ and Fixed Monthly Income for 10 years is payable to the nominee. The monthly income payable will be equal to 1% of the Sum Assured.
    The Sum Assured on Death, which the nominee will receive will be the highest of:
    • The Annualized Premium x 10
    • 105 times the value of all premiums paid
    • The minimum sum assured that’s guaranteed on maturity
    • The absolute assured amount, which is payable on death of the policyholder

    Riders/Add-on plans – Additional coverage under the Tata AIA Life Insurance Sampoorna Raksha+ Plan

    If you would like to enhance the risk cover that’s already provided to you by this plan, you can also choose to buy an optional rider, the Tata AIA Life Insurance Accidental Death and Dismemberment (ADDL) Rider. This rider can be purchased only at the commencement of the policy. The rider provides beneficiaries or policyholders themselves a sum of money, known as the Rider Sum Assured, if the policyholder meets with an accidental death, dismemberment, or suffers from third-degree burns.

    Exclusions – What the Tata AIA Life Insurance Sampoorna Raksha+ Plan does not cover

    The Sampoorna Raksha+ Plan has a suicide exclusion. As per this plan, if the policyholder commits suicide before the completion of 12 months from the inception of the policy, the insurer is liable to pay the nominee all the premiums that were paid, until the date of death.

    However, if the policyholder commits suicide before the completion of 12 months since the revival date of the policy, the insurer will pay the highest of:

    • All the premiums paid, or
    • The Surrender Value of the policy

    Other Key Features – Free-look Period, Surrender Value, Grace Period, etc.

    Grace Period The grace period provided by this policy varies based on your payment mode.
    • For monthly mode – 15 days
    • For annual, bi-annual, and quarterly modes – 30 days
    While you are on your grace period, your risk cover, as per policy terms, will be in force.
    Free-Look Period If you need to return the policy after purchasing it, you can do so during the free-look period, which is 15 days. If the policy is purchased through distance marketing, the policy can be returned to the insurer within 30 days.
    Policy Revival If the due premiums were not paid during the grace period, the policy can be revived within the first two years of the first unpaid premium date. However, this can be done only if the policy was not surrendered to the insurer. To revive your policy, you will have to pay all unpaid premiums, submit a health certificate and a written request to the insurer.
    Preferential Premium Amounts The Sampoorna Raksha+ Plan guarantees women and non-smokers lower premium rates.
    Policy Lapse If the premiums are not paid during the grace period, your Sampoorna Raksha+ Plan will lapse and the insurer will not be liable to pay you or your nominee any benefits.
    Reduced Paid-Up Policy If premiums for 5-year Limited Pay policies are paid for at least two years and premiums for 10-year Limited Pay policies are paid for three years, but the policyholder misses out on further premium payments, the policy will be converted into a Reduced Paid-Up Policy.
    Surrender Value Your policy will acquire a Surrender Value if your premiums have been paid for a minimum period of 2 years for 5-year Limited Pay policies and a minimum of 3 years for 10-year Limited Pay and Regular Pay policies. The Surrender Value payable to the policyholder will be the highest of the Guaranteed Surrender Value or the Special Surrender Value.
    Loan There is no option to avail a loan under this policy.
    Assignment Assignment is allowed as per Section 38 of the Insurance Act, 1938.
    Nomination Nomination is allowed as per Section 39 of the Insurance Act, 1938.
    Advance Premium Collection Policyholders can pay an advance premium, only if the said premium is collected during the same financial year.

    Tax Benefits – How you can save with the Tata AIA Life Insurance Sampoorna Raksha+ Plan?

     

    The Sampoorna Raksha+ Plan offers tax benefits to the policyholder and his/her nominee. All premiums paid are eligible for tax benefits under Section 80(C) of the Income Tax Act. The benefits paid to the policyholder/nominee, such as the Maturity Benefit and Death Benefit, are also eligible for tax benefits under Section 10(10D) of the Income Tax Act. Policyholders should consult with a tax consultant for more information since tax laws may change without prior notice.

    Other Benefits:

    • Online Premium Calculator: It is vital to know how much your premium will come up to, so you can budget accordingly. Tata AIA helps prospective policy buyers calculate their premium on the website, by simply entering a few details about themselves.
    • Choice of Plans: The insurer offers a wide range of plans, including Protection Plans, Savings Plans, Retirement Plans, Wealth Plans, and Health Plans, among others. This ensures that the insurer can meet all your varying insurance needs, during the different stages of your life.
    • Track Applications: You can track your application digitally with your policy number, on the insurer’s website.
    • Online Premium Payment: You can always walk into the insurer’s office and make your premium payments by cash, cheque or DD. However, now, you can also pay your premiums online through Debit/Credit cards, NEFT, mobile wallets, etc.

    Why you should buy the Sampoorna Raksha+ Plan from Tata AIA Life Insurance Company

    The Tata AIA Life Insurance Sampoorna Raksha+ Plan is a term insurance policy. This policy pays a Death Benefit either in the form of a lump sum payment or a lump sum payment and a monthly income for 10 years, helping your dependants meet both their present and long-term needs. Policyholders also get a maturity benefit up on survival until the end of the policy term. Besides, you are also entitled to receive tax deductions under this policy.

    Tata AIA Life Insurance Company is also one of the best insurance companies in the country. While purchasing a life insurance policy, most prospective buyers attach a lot of importance to the Claim Settlement Ratio (CSR) of the company, since a high CSR indicates that the family will not have to face hassles while filing a claim and waiting for it to be settled. The insurer’s Claim Settlement Ratio for 2015-2016 was 96.8%, one of the highest in the country.

    The insurer also has many Customer Service channels, which ensure that their members don’t face any troubles when trying to contact them. The company was awarded the Golden Peacock Award in 2016 for Risk Management.

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