Tata AIA Life Insurance Sampoorna Raksha Term Plan
Tata AIA Life Sampoorna Raksha Plan is a pure protection plan, offering large covers at affordable premiums. The plan offers life cover upto 85 years of age and even a Whole Life option which covers till the age of 100. The benefits could be received in lumpsum amount or a combination of lumpsum and monthly payments.
| Plan Name | Tata AIA Life Sampoorna Raksha |
| Policy Type | Term Insurance |
| UIN | 110N129V05 |
As you can observe, the UIN of this plan ends with V05, indicating that there have been earlier versions of this plan. Earlier versions will have minor changes to this one.
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Tata AIA Life Insurance Sampoorna Raksha Term Plan - Benefits
Since this is a pure protection term insurance plan, it does not offer any maturity benefit. The purpose of this plan is to offer large life insura
This plan offers 4 options to receive the Death Benefit. Let us understand these benefits with the help of examples.
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The following 3 riders can be taken with the plan by paying extra premiums.
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In case of monthly premium payment mode, a grace period of 15 days will be given in case of delayed payments. For other modes of payment, the grace
In case you are not satisfied with the policy after receiving the policy documents, you can cancel the policy and get a refund. The can cancel the
Tata AIA LIfe Sampoorna Raksha Plan Options with Examples
Suppose Dhanush who is a non-smoker takes this plan to protect his family.
Age - 30 years
Cover Amount - 1 crore
Policy Term - 40 years
Premium Payment Term - 40 years
Premium Payment Mode - Annual
Now let us see how this will work for each of the 4 plan options.
Option 1 - "Sum Assured on Death" payable on Death
Premium - Based on the above parameters, Dhanush will have to pay Rs. 11,000 annually.
Benefit - In case anything happens to him through the policy term, his nominee will get 1 crore as Death Benefit.
Option 2 - "Sum Assured on Death" payable on Death & Monthly Income thereafter for 10 years
Premium - Based on the above parameters, Dhanush will have to pay Rs. 17,600 annually.
Benefit - In case anything happens to him through the policy term, his nominee will get 1 crore as a Lumpsum. In addition, the nominee will receive 1% of the Basic Sum Assured as Monthly Income for 10 years. In this case 1% will be Rs. 1 lakh.
Total payout = Rs 1 crore + Rs. 1 lakh every month for 10 years.
Option 3 - "Enhanced Sum Assured on Death" payable on Death
Premium - Based on the above parameters, Dhanush will have to pay Rs. 13,800 annually.
Benefit - In this option, the benefit increases by 5% every year. So in this case, the cover amount will increase by 5 lakhs every year. In case of death of the policyholder after 7 years, the total amount of benefit will be 1 crore + 35 lakhs.
Total payout = Rs 1 crore + Rs. 35 lakhs.
Option 4 - "Enhanced Sum Assured on Death" payable on Death & Monthly Income thereafter for 10 years
Premium - Based on the above parameters, Dhanush will have to pay Rs. 20,600 annually.
Benefit - In this option, the benefit increases by 5% every year. So in this case, the cover amount will increase by 5 lakhs every year. In case of death of the policyholder after 7 years, the total amount of benefit will be 1 crore + 35 lakhs. In addition, the nominee will receive 1% of the Basic Sum Assured as Monthly Income for 10 years. In this case 1% will be Rs. 1 lakh.
Total payout = Rs 1.35 lakhs as lumpsum + Rs. 1 lakh every month for 10 years.
Eligibility Parameters for the Tata AIA LIfe Sampoorna Raksha Plan
| Parameter | Minimum | Maximum |
| Entry Age | 18 years | Regular Pay - 70 years Limited Pay 5 pay - 70 years Limited Pay 10 & 12 pay - 65 years For Pay till 60 - 50 years |
| Max Age at Maturity | 28 years | 85 years Whole Life - 100 years |
| Sum Assured | 50 lakhs | No Limit |
| Premium Payment Mode | Monthly, Quarterly, Half-yearly, Annually & Single | |
Suicide Exclusion
In case of death of the polilcyholder due to suicide with 12 months of commencement of risk, the sum assured will not be paid to the nominee. Only a part of the premiums paid will be refunded as follows - 80% of the premiums paid will be refunded
This pretty much explains the working of this plan. In case you have any questions on this plan, please drop a comment and we will get back to you.
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