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.
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||
|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.
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 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||
|Maximum term of the policy||
|Premium Payment Term (PPT)||
|Premium Payment Mode||There are four payment modes:
|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.
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:
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.
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:
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.
|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.|
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.
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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