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Tata AIA Life Insurance Sampoorna Raksha+ Plan

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Summary of Tata AIA LIfe Sampoorna Raksha Plus Plan

Tata AIA Life Sampoorna Raksha Plan is a pure protection plan, offering large covers at affordable premiums. In the event of no claims during the policy tenure, the premiums paid are returned to the policyholder. So this makes it a TROP plan - Term with Return of Premium plan. You can also select between lumpsum payment to the nominee or as a combination of lumpsum and and monthly income for 10 years for the nominee. We will understand this plan better with examples.
 
Plan Name Tata AIA Life Sampoorna Raksha+
Policy Type Term Insurance (TROP)
UIN 110N130V05


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 variations from this one. 

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Key Features of Tata AIA LIfe Sampoorna Raksha Plus Policy

  • Can be purchased online
  • Choice of 2 Death Benefit options
  • Option to cover till the age of 100
  • Limited pay options of 5, 10 & 12 years 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 Plus Policy

This is a Term with Return of Premium plan - also known as TROP. It is popular with some people who want their money back as no claims were made during the policy term. However, this makes the premiums more expensive than regular term plans in which premiums are not returned. It still offers a 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 2 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. Here, in case of death of the policyholder, a lumpsum amount is paid to the nominee.
  • Option 2 - “Sum Assured on Death” paid as Lumpsum + Monthly Income for 10 years paid to the nominee. Here, in case of death of the policyholder, in addition to the lumpsum amount, 1% of the Sum Assured is paid every month for 10 years. Because of this extra benefit, the premiums for Option 2 will be higher than that of Option 1.

“Sum Assured on Death” refers to the highest of the following:
  • 105% of all premiums paid
  • 10 times the Annualised Premium
  • Basic Sum Assured or the cover amount
The Death Benefit received by the nominee is tax free.

Optional Riders

The following rider can be taken with the plan by paying extra premiums.
  • Accidental Death & Dismemberment 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. 


Eligibility Parameters for the Tata AIA LIfe Sampoorna Raksha Plus 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
Max Age at Maturity 28 years 100 years
Sum Assured 50 lakhs No Limit
Premium Payment Mode Monthly, Quarterly, Half-yearly, Annually & Single
 

Tata AIA LIfe Sampoorna Raksha Plus Plan Options with Examples


Suppose Shikhar who is in good health and a non-smoker takes this plan to protect his family. The parameters are as follows:

Age - 35 years
Cover Amount - 1 crore
Policy Term - 30 years
Premium Payment Term - 30 years
Premium Payment Mode - Annual

Now let us see how this will work for each of the 2 plan options.

Option 1 - "Sum Assured on Death" payable on Death

Premium - Based on the above parameters, Dhanush will have to pay Rs. 16,500 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. 42,200 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.
 

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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