The Sampoorna Raksha Plan, offered by Tata AIA Life Insurance Company, is a Non-Linked, Non-Participating Term Assurance Plan. This pure term-insurance policy helps you ensure that your dependents don’t face any financial hardships, in case something unfortunate happens to you in the future. The policy also offers the life assured the flexibility to choose the kind of death benefit payout that his/her nominee will receive.
For the Tata AIA Life Insurance Sampoorna Raksha Plan, the minimum and maximum premiums paid by the insured vary based on the Sum Assured amount. Policyholders can also purchase the Tata AIA Life Insurance Accidental Death and Dismemberment Rider to enhance their risk cover. Premiums paid by the policyholder and benefits received due to the policy are eligible for tax benefits, as per the prevailing tax laws of the Income Tax Act, 1961.
Insurance providers have certain expectations regarding the age of prospective policyholders, based on which they offer plans. The required criteria for the Tata AIA Life Insurance Sampoorna Raksha Plan are as follows:
|Parameters||Criteria for eligibility|
|Minimum age at entry||18 years|
|Maximum age at entry||For Regular Premium Pay: 70 years For 5 Years Limited Premium Pay: 70 years For 10 Years Limited Premium Pay: 65 years|
|Minimum age at maturity||28 years|
|Maximum age at maturity||80 years|
You will have to opt for your Sum Assured when taking your policy. This is the amount that you or your nominee will receive from the insurer. Hence, it is a must that you choose an amount that is sufficient to cover any liabilities and needs that may arise in the future. For this plan, the minimum and maximum Sum Assured are listed below:
|Minimum Sum Assured||Rs.50 lakh|
|Maximum Sum Assured||No limit, but is subject to the company’s approval|
Your premiums for the Tata AIA Life Insurance Sampoorna Raksha Plan will be based on your Sum Assured. The higher is your Sum Assured, the more you will have to pay as your premium amount.
|Premium Payment Term||Regular Pay, 5 Years, or 10 years|
|Premium Payment Mode||Annual, Half-Yearly, Quarterly, or Monthly|
|Minimum Single Premium Amount||Varies based on Minimum Sum Assured amount|
|Maximum Single Premium Amount||Varies based on Maximum Sum Assured Amount|
*Premiums may vary based on age, location, plan term and other factors.
The benefits that the policyholder or his/her nominees are entitled to under this plan are listed below:
|Maturity Benefit||No maturity benefit will be paid by the insurer at the end of the policy tenure.|
|Survival Benefit||The policyholder is not entitled to receive a survival benefit from the insurer, under this plan.|
|Death Benefit||The policyholder can choose between four types of death benefits:
Policyholders can customize their life cover by purchasing an additional rider during the inception of their policy. The Tata AIA Life Insurance Accidental Death and Dismemberment Rider (Long Scale) ADDL Rider is available for purchase to all policy takers at a reasonable cost. If the policyholder suffers an accidental death, severe bodily dismemberment due to an accident, or accidental third-degree burns, the policyholder or the nominee is eligible to receive the a percentage of the Rider Sum Assured or the entire Rider Sum Assured, based on the severity.
|Free-Look Period||If you find the policy terms and conditions to be unsatisfactory, you can return the policy with a signed, written notice within the 15-day free-look period. However, if the policy was bought through Distance Marketing, the free-look period of 15 days is extended to 30 days.|
|Assignment||Assignment is allowed based on Section 38 of the Insurance Act|
|Nomination||Nomination is permitted based on Section 39 of the Insurance Act|
|Policy Loan||Policyholders can’t apply for a loan against this policy.|
|Plan Conversion||Plan conversion is not permitted, as per this policy.|
|Grace Period||A Grace Period of 15 days is provided to policyholders who pay their premiums through the monthly mode. The Grace Period is extended to 30 days for policyholders who pay their premiums through all other modes. During the Grace Period, the policy will run with the full risk cover.|
|Preferential Premium Rates||Lower premium rates are offered to non-smokers and women.|
|Policy Revival||Lapsed policies can be revived within 2 years since the date of the last unpaid premium. To revive your policy, you will have to submit:
|Modification to the Basic Sum Assured||Policyholders can’t increase or decrease their Basic Sum Assured, once they are enrolled under the policy.|
|Advance Premium||Premiums can be collected in advance only within the same financial year. However, if the policyholder is paying premiums for the next financial year in the current financial year, the company will collect such premiums for only three months before the actual due date of the premium.|
Premiums that the policyholder pays towards this policy are eligible for tax benefits as per Section 80(C) of the Income Tax Act, 1961. Also, all life insurance benefits and proceeds received by the policyholder are eligible for tax benefits under Section 10(10D) of the Income Tax Act, 1961.
The Tata AIA Life Insurance Sampoorna Raksha Plan will help you ensure that your dependents are always taken care of financially. This plan helps you choose how you want your dependents to receive the death benefit, and hence can be a great way to secure their future. Moreover, you are also entitled to receive tax benefits under this plan for all premiums paid and benefits received in turn.
Tata AIA Life Insurance Company is a joint venture between Tata Sons Ltd. and AIA Group Ltd. The company’s reach extends to 18 markets, just in the Asia Pacific region. Further, for the financial year 2015-2016, the insurer has reported a Claim Settlement Ratio of 96.8%. The company has also been the recipient of prestigious awards, like the 2016 Golden Peacock Award, for Risk Management.