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Tata AIA Life Insurance Sampoorna Raksha Term Plan

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Summary of Tata AIA LIfe Sampoorna Raksha 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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Key Features of Tata AIA Life Sampoorna Raksha Policy

  • Choice of 4 Death Benefit options
  • Option to cover till the age of 100
  • Regular pay and Limited pay options of 5, 10 & 12 years
  • Option for Pay-till-60 option also available
  • Premiums can be paid monthly, quarterly, half-yearly or annually
  • Tax Benefits on Premiums paid and Death Benefit
 

Benefits of Tata AIA LIfe Sampoorna Raksha Policy


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 insurance protection at affordable premiums so that the nominee will receive a large sum in case something happens to the policyholder. 


Death Benefit

This plan offers 4 options to receive the Death Benefit. Let us understand these benefits with the help of examples.
  • Option 1 - “Sum Assured on Death” paid as Lumpsum to the nominee
  • Option 2 - “Sum Assured on Death” paid as Lumpsum + Monthly Income for 10 years paid to the nominee
  • Option 3 - “Enhanced Sum Assured on Death” paid as Lumpsum to the nominee
  • Option 4 - “Enhanced Sum Assured on Death” paid as Lumpsum + Monthly Income for 10 years paid to the nominee

“Sum Assured on Death” referred to in Option 1 & 2 is the highest of the following:
105% of all premiums paid
10 times the Annualised Premium
Basic Sum Assured or the cover amount

“Enhanced Sum Assured on Death” referred to in Option 3 & 4 is the highest of the following:
105% of all premiums paid
10 times the Annualised Premium
Basic Sum Assured or the cover amount which is increased by 5% every year (simple interest) till it doubles

The Death Benefit received by the nominee iis tax free.

Optional Riders

The following 3 riders can be taken with the plan by paying extra premiums.
  • Accidental Death & Dismemberment Rider 
  • Non-Linked Comprehensive Protection Rider
  • Non-Linked Comprehensive Health Rider

Premium Payment Term Options
  • Regular Pay - The premium payment term will be equal to the policy term. The maximum premium payment term will be 50 years
  • Limited Pay - You can choose to pay the premiums for 5, 10 or 12 years only. You also have the option to make the payment till the of 60 and continue enjoying the cover after that.


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


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.
 

Other Features of Tata AIA LIfe Sampoorna Raksha Plan

Grace Period - 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 period is 30 days.

Freelook Period - 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 policy within the freelook period as defined here:
  • Within 15 days in case the policy is not purchased electronically or through distance marketing
  • Within 30 days in case the policy is purchased electronically or through distance marketing

Revival - In case you have missed the premiums and the policy has lapsed, you can revive the policy within 5 years from the last unpaid due date, but before the policy term expiry. You will have to pay all unpaid premiums without any interest.

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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