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Tata AIA Life Insurance Smart Sampoorna Raksha Plan

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Summary of Tata AIA LIfe Smart Sampoorna Raksha Plan

Tata AIA Life Smart Sampoorna Raksha Insurance Plan is an investment cum insurance plan. You can invest your money in a large number of funds, ranging from pure equities to fixed income, and their combinations depending on your risk profile. The plan rewards you for staying invested for long by returning the twice the premium allocation charges, twice the mortality charges collected and cover continuance booster. We shall understand these better in the sections below. 
 
Plan Name Tata AIA Life Smart Sampoorna Raksha
Policy Type ULIP
Category Non-participating
UIN 110L156V01

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Key Features of Tata AIA LIfe Smart Sampoorna Raksha Policy

  • Investment and insurance in one plan
  • Choice of 11 Fund Options to invest your money
  • Refund of Twice the Premium Allocation Charges in 10th, 11th & 12th year 
  • Refund of Twice the Mortality Charges from 11th year onwards
  • Flexibility to pay regular premiums or limited premiums for 5, 10 or 12 years
  • Tax Benefits on Premiums paid, Maturity Benefit and Death Benefit


Benefits of Tata AIA LIfe Smart Sampoorna Raksha Policy

This is an investment cum insurance plan, in which the money invested by you, after deduction of charges can be parked in any of the 11 Fund Options provided in this plan. You can also use the Enhanced SMART portfolio strategy in which a systematic transfer plan will be followed for all your investments. The plan rewards you for staying invested for longer periods of time by refunding twice the premium allocation charge and twice the mortality charge. Let us understand the benefits of this plan.

Death Benefit

In case of death of the policyholder, the nominee will get the highest of the following:
  • Sum Assured
  • Fund Value
  • 105% of regular premiums paid

In case of Partial Withdrawals have been made in the plan, the Sum Assured will be reduced to that extent. Also, in case Top Up Premiums have been paid, the correspondingly increased amounts for Top Ups will also be considered.

Maturity Benefit
On the completion of the policy term, the Total Fund Value, including Top Up Fund Value will be paid to the policyholder.


Refund of Twice the Premium Allocation Charges
At the end of the 10th, 11th and 12th year, twice the amount collected as Premium Allocation Charges will be refunded to the policy in the form of extra units.

 
Period Refund Amount
At the end of 10th year Twice the 1st year Premium Allocation Charge
At the end of 11th year Twice the 2nd year Premium Allocation Charge
At the end of 12th year Twice the 3rd year Premium Allocation Charge


Refund of Twice the Mortality Charges
From the 11th years onwards, on a monthly basis, twice the mortality charges deducted 10 years back will be refunded by way of addition of units to the plan. For example, in the first month of the 11th year, twice the mortality charge deducted in month 1 of the policy will be refunded.


Cover Continuance Booster
In case the Fund Value drops below the prescribed levels for continuing the policy, the company will add units to keep it active. Such scenarios occur in case of dramatic fall in markets and value of your funds drop substantially.


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. 


Partial Withdrawals
In case of any emergency requirement of funds, you can make partial withdrawals from your policy after 5 years have been completed. Four partial withdrawals are allowed in a year with no charge being deducted for the same. You need to withdraw a minimum of Rs. 5,000. After a partial withdrawal, the Fund Value should be greater than 1 year’s premium. 


Top Up Premiums
In case you wish to invest more money into the plan, you can do so anytime before the last 5 years of the policy. Each Top Up premium will be locked-in for 5 years. The sum of top up premiums should not exceed the sum of regular premiums paid.


Settlement Option
At maturity, you can choose to receive the maturity benefit in lumpsum or in periodic periods spread over a period of 5 years. The helps create a regular cash-flow for the 5 year period.


Switching Funds
You have 11 fund options in this plan. You can switch between these funds free of charge, 12 times per year. If you make more than 12 switches in a year, you will have to pay charges for them.


Premium Re-direction
You can re-direct future premiums to any other funds of your choice. There is no charge applicable for the same. In case you have opted for the Enhanced SMART portfolio strategy for funds selection, you will not be allowed to re-direct future premiums.


Fund Options in Tata AIA LIfe Smart Sampoorna Raksha Policy

You can choose from the following 11 Fund Options.
 
Fund Risk Profile Asset Allocation
Multi Cap Fund




 
High Equity 60% - 100%
Debt Instruments 0% - 40%
Cash / Money Market 0% - 40%
India Consumption Fund




 
High Equity 60% - 100%
Debt Instruments 0% - 40%
Cash / Money Market 0% - 40%
Top 50 Fund



 
High Equity 60% - 100%
Cash / Money Market 0% - 40%
Top 200 Fund High Equity
 
60% - 100%
 
Cash / Money Market 0% - 40%
Super Select Equity Fund




 
High Equity & Equity Linked 60% - 100%
Debt Instruments 0% - 40%
Cash / Money Market 60% - 100%
Large Cap Equity Fund



 
High Equity & Equity Linked 80% - 100%
Cash / Money Market 0% - 20%
Whole Life Mid Cap Equity Fund



 
High Equity & Equity Linked 60% - 100%
Cash / Money Market 0% - 40%
Whole Life Aggressive Growth Fund




 
Medium to High Equity & Equity Linked 50% - 80%
Debt Instruments 20% - 50%
Cash / Money Market 0% - 30%
Whole Life Stable Growth Fund




 
Low to Medium Equity & Equity Linked 30% - 50%
Debt Instruments 50% - 70%
Cash / Money Market 0% - 20%
Whole Life Income Fund



 
Low Debt Instruments 60% - 100%
Cash / Money Market 0% - 40%
Whole Life Short Term Fixed Income Fund




 
Low Debt Instruments 60% - 100%
Cash / Money Market 0% - 40%


You can also opt for the Enhances SMART portfolio strategy for fund selection. In this case, the whole fund selection process will be automated. Understand the strategy better in case you are opting for it.
 

Charges in Tata AIA LIfe Smart Sampoorna Raksha Policy


Premium Allocation Charge
This charge is deducted from the premiums you pay and the balance is then used to buy the funds of your choice. The Premium Allocation Charge mentioned here is as a percentage of the annualised premium.
 
Year Charge
1 12%
2 6%
3 5%
4 onwards Nil

For Top Up premiums a 2% Premium Allocation Charge is levied. 


Policy Administration Charge
This charge is levied by deducting units from your funds at the beginning of every month. The charge mentioned here is as a percentage of the annualised premium.
Year Charge per annum
1 Nil
2 Nil
3 Nil
4 onwards 0.38%

Fund Management Charge
This charge is levied by adjusting the NAV of the respective funds on a daily basis. The charge is applied to the Fund Value.
 
Fund Charge per annum
Multi Cap Fund 1.20%
India Consumption Fund 1.20%
Top 50 Fund 1.20%
Top 200 Fund 1.20%
Super Select Equity Fund 1.20%
Large Cap Equity Fund 1.20%
Whole Life Mid Cap Equity Fund 1.20%
Whole Life Aggressive Growth Fund 1.10%
Whole Life Stable Growth Fund 1.00%
Whole Life Income Fund 0.80%
Whole Life Short Term Fixed Income Fund 0.65%

A Fund Management Charge of 0.5% p.a. will be applicable in the case of Discontinued Policy Fund aso.


Mortality Charge
This charge is for providing the life insurance cover. It is deducted in the form of units on a monthly basis. The premiums will depend in the amount of cover and the age of the policyholder.


Discontinuance Charge
In case you stop paying your premiums before the end of 5 years, the policy will move to the Discontinued Policy Fund after deduction of the Discontinuance Charge. It will depend on the year of discontinuance.
Year AP <= 50k AP > 50k
1 Lower of (20% of AP or FV)
Max Rs. 3,000
Lower of (6% of AP or FV)
Max Rs. 6,000
2 Lower of (15% of AP or FV)
Max Rs. 2,000
Lower of (4% of AP or FV)
Max Rs. 5,000
3 Lower of (10% of AP or FV)
Max Rs. 1,500
Lower of (3% of AP or FV)
Max Rs. 4,000
4 Lower of (5% of AP or FV)
Max Rs. 1,000
Lower of (2% of AP or FV)
Max Rs. 2,000
5 onwards Nil Nil


AP = Annualised Premium | FV = Fund Value


Partial Withdrawal Charge
There are no partial withdrawal charges in this plan. You are allowed upto 4 free partial withdrawals in a year. Such withdrawals can be made only after the completion of 5 years.

Fund Switching Charge
You are allowed upto 12 free switches in a year. You will be charged Rs. 100 per switch if you do more than 12 fund switches in a year.

Premium Re-direction Charge
There is no charge for the same.


Eligibility - Tata AIA LIfe Smart Sampoorna Raksha Plan

Parameter Minimum Maximum
Entry Age 18 years 60 years
Max Age at Maturity 48 years 100 years
Policy Term 30 years 40 years
Premium Paying Term Limited Pay - 5, 10 & 12 years
Regular Pay - Same as policy term
Premium Payment Mode Only Annual
Minimum Premium Limited Pay 5 years - Rs. 60,000
Others - Rs. 18,000
Top Up Premium - Rs. 5,000
 

Other Features of Tata AIA LIfe Smart Sampoorna Raksha Plan


Discontinuance of Premium - In case the premiums are not paid even after the grace period, within the period of 5 years from purchase of the plan, the fund value after deduction of charges will be moved to the Discontinued Policy Fund. This proceeds of this fund value will be credited to the policyholder at the end of 5 policy years.

Revival of Policy - In case of monthly premium payment mode, a grace period of 15 days will 

Grace Period - A grace period of 30 days will be available to you in case you miss paying your premiums on time.

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. Amounts will be deducted for any medical tests conducted, risk premium for the short period and stamp duty charges. You 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

Policy Loan - No loan can be available against this policy. 

Suicide Exclusion - In case of death of the polilcyholder due to suicide with 12 months of commencement of risk, the nominee shall be paid the fund value as on date of intimation of death of the policyholder.  

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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