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  • Tata Aia Sampoorna Raksha Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

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

    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

     

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

     

    Sum Assured

    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

     

    Premiums*

    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.

    Policy Term
    • For Regular Pay and 5-Year Limited Pay: 10-40 years
    • For 10-Year Limited Pay: 15-40 years
    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.

    Plan Coverage - What does the Tata AIA Life Insurance Sampoorna Raksha Plan cover?

    The benefits that the policyholder or his/her nominees are entitled to under this plan are listed below:

     

    Features Details
    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:
    • Option 1: A lump sum, one-time death benefit
    • Option 2: A lump sum death benefit and a fixed monthly income for a period of 10 years
    • Option 3: An Enhanced Sum Assured, which will be paid as a lump sum death benefit
    • Option 4: An Enhanced Sum Assured, which will be paid as a lump sum death benefit and a monthly income for a period of 10 years.
    The Sum Assured on death will be the higher of:
    • The Annualised Premium times 10
    • 105% of all premiums paid by the life assured
    • The minimum of the Guaranteed Sum Assured, which is payable at maturity
    • The absolute assured amount, which is payable on death of the policyholder
    For the 3rd and 4th Death Benefit options, the absolute assured amount is the Enhanced Sum Assured.

     

    Riders/Add-On Plans – Additional coverage under the Tata AIA Life Insurance Sampoorna Raksha Plan

    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.

    Exclusions - What the Tata AIA Life Insurance Sampoorna Raksha Plan doesn’t cover

    • If the policyholder commits suicide within 12 months since the inception of the policy, the nominee is entitled to receive the sum of all the premiums paid by the policyholder.
    • If the policyholder commits suicide within 12 month since the revival of the policy, the nominee will receive the sum of all premiums paid by the life assured or the Surrender Value that the policy has acquired, whichever is the higher of the two.

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

     

    Features Details
    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:
    • A written and signed application
    • Current health certificate
    • Payment of all previously unpaid premiums
    Surrender Benefit
    • Regular Pay Option: No surrender benefit will be paid to the policyholder, if he/she surrenders the policy.
    • Limited Pay Option: The policy can be surrendered if all due premiums are paid for at least two years and three years under the 5-year and 10-year Limited Pay plans, respectively. In this case, the Surrender Value payable to the policyholder will be the Surrender Value Factor multiplied by the sum of all the premiums paid. Surrender Value payable is minus any extra premiums.
    Paid-Up Policy
    • Regular Pay Option: No reduced paid-up benefit is applicable for policyholders who have opted for the Regular Pay option, under this policy.
    • Limited Pay Option: The policy will be automatically converted into a reduced paid-up policy if due premiums are paid for at least two years for 5-year Limited Pay policies and three policy years for 10-year Limited Pay policies, but due premiums are not paid thereafter.
    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.

     

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

     

     

    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.

     

    Other Benefits

    • Track Claims: You no longer have to make repeated phone calls to your insurer’s branch to know the status of your claim. As a Tata AIA Life Insurance Company customer, you can directly track your claims on the insurer’s website.
    • Track Fund Performance: The performance of various funds are listed on the insurer’s website, so customers can make an informed decision and choose the right fund for them.
    • Online Premium Payment: Customers don’t have to travel all the way to the company in order to make their premium payments. Now, you can pay your premium amount online. Customers are given a range of options to pay, such as, PayTM, Payment through EMI, Jio Money, NEFT, ICICI Bank Quick Pay, and IMPS.
    • Customer Service: Members can contact the Customer Service team of the insurer through a range of methods. You can reach the team through the toll-free number 1-860-266-9966, SMS “SERVICE” to 58888, or walk-in to the nearest branch.
    • Premium Calculator: To calculate the premium, all you need to do is visit the company website, navigate to the respective web page, and insert a few details, such as your age, plan option, mode of payment, coverage amount, etc.

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

    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.