- About Coverfox
Tata AIA Life Insurance Limited is a joint venture company by Tata Sons and AIA Group. TATA AIA Life is a mixture of Tata’s leadership in India as well as AIA’s leadership at pan-Asian life insurance group. They have about 18 markets across the Asia Pacific region. . Tata AIA Insurance provides multiple investment plans for the customers to safeguard their future. This Company is positioned at rank no.8 because of its individual weighted new business premium.
Tata AIA Sampoorna Raksha + Plan is a non-linked, non-participating pure term life insurance plan that provides returns of the premium on maturity. It gives the flexibility to choose between two death benefit options and most importantly, the company returns the premiums in case of survival of the policyholder till the maturity of the plan.
Grace period: The grace period provided under this plan depends upon your premium paying mode. In case of monthly payment frequency, the grace period is of 15 days whereas, for other premium frequencies the grace period is of 30 days.
Free-look period: The company provides the free look period of 15 days which means if you disagree with the policy term, you can cancel the plan within 15 days from the inception of the plan. If the policy is bought through distance marketing, the free-look period is for 30 days.
Policy revival: If you fail to pay the premium during the grace period, your policy will lapse. The lapse policy can be revived within two years from the first unpaid premium date. However, it is only possible if the policy is not surrendered to the company. You have to pay the due premiums, submit a health certificate and a written notice in order to revive your policy.
Reduced paid-up policy: If the policyholder misses out further premium payments where he has paid premiums for at least two years in the case of a 5-year limited plan, and for three years in case of 10-years limited plan and regular payment plan, the policy will be converted into a reduced paid-up policy.
Assignment and nomination: The assignment and nomination are allowed for this policy under Section 38 and 39 of the Insurance Act, 1938.
Death benefit: Upon the death of the life insured during the policy term, the death benefit will be payable as follows:
Option 1: The sum assured is payable on death. The benefit will be paid immediately to the nominee after the death of the life insured. Option 2: The sum assured is payable on death, and monthly income is provided for the next ten years.
Maturity benefit: On survival of the policyholder till the maturity of the term, all the premiums are paid back to the policyholder. However, the extra underwriting premiums and modal loading are excluded from the amount.
Surrender benefit: You are eligible to receive surrender benefit if the premiums have been paid for a minimum of two years for five-years limited pay plan. In case of 10-year limited pay and regular pay policy, the minimum premium payment term is three years. The surrender value payable to the policyholder is guaranteed surrender value or the special surrender value, whichever is higher.
The customers need to meet the following criteria to purchase The Tata AIA Sampoorna Raksha Plan.
|Age at entry||18 years||For regular pay – 70 years For limited pay 5 – 70 years For limited pay 10 – 65 years|
|Age at maturity||28 years||80 years (last birthday)|
|Death benefit option||Sum assured is payable on death||Sum assured is payable on death|
|Policy term||Premium paying term||Premium paying term|
|Policy term||Regular pay Limited pay 5 years||Regular pay Limited pay 5 years|
|Policy term||Limited pay 10 years||Limited pay 10 years|
|Premium payment term||Regular pay Limited pay - 5/10 years||-|
|Basic sum assured (in multiples of Rs. 1,00,000)||Rs. 50,00,000||No limit (subject to board approval)|
|Premium||Based on the minimum sum assured||Based on the maximum sum assured|
|Premium payment mode||Annual/ Half-yearly/ Quarterly/ Monthly||Annual/ Half-yearly/ Quarterly/ Monthly|
Under Tata AIA Samapoorna Raksha +Plan, the policyholder is given two death benefit options which he/she has to choose at the time purchasing the plan. The two options are:
Option 1: The sum assured is paid to the nominee post death of the policyholder. After a lump sum payment, the policy will cease to exist.
Option 2: The sum assured on death is paid as a lump sum benefit at the time of death. The monthly income is payable to the nominee for the next ten years equal to 1% of the sum assured.
The sum assured on death will be the highest of:
Riders: You can enhance your coverage by adding optional riders to your Tata AIA Sampoorna Raksha+ Plan at an additional premium. The Accidental Death and Dismemberment (ADDL) can be purchased at the time of inception of the policy. This rider provides beneficiary or policyholder himself a sum of money which is known as Rider Sum Assured if the policyholder meets with an accidental death, dismemberment or suffers from third-degree burns. Tax benefits: The Tata AIA Sampoorna Raksha + Plan provides tax benefits to the policyholder and nominee. All premiums paid under this policy are eligible for the tax benefits under Section 80C of the Income Tax Act, 1961. The maturity benefits paid to the nominee or policyholder are also eligible for tax benefits under Section 10(10D) of The Income Tax Act 1961. High protection discount: For those who opt for the higher value of protection, discounted premium rates are applicable which are as follows:
|Sum assured||Discounted premium|
|50 lakhs to 74 lakhs||NA|
|75 lakhs to 99 lakhs||12.50%|
|75 lakhs to 99 lakhs||15.00%|
Tata AIA Sampoorna Raksha + Plan at a glance.
Age at entry
For regular pay – 70 years
For limited pay 5 – 70 years
For limited pay 10 – 65 years
Age at maturity
80 years (last birthday)
Death benefit option
Sum assured is payable on death
Premium payment term
· 5-year limited pay
· 10-Year limited pay
The minimum duration of the policy
· For 5 years limited pay and regular pay option: 10 years
· For 10 years limited pay options: 15 years
The maximum term of the policy
· 30 years for regular pay, 5 years and 10 years limited pay.
Basic sum assured (in multiples of Rs. 1,00,000)
No limit (subject to underwriting policy of the board)
Based on the minimum sum assured
Based on the maximum sum assured
Premium payment mode
Annual/ Half-yearly/ Quarterly/ Monthly
· Sum assured on death
· Sum assured on death + monthly fixed income for 10 years.
The sample annual premium for a 30-year old individual with policy option "Sum assured on death" and monthly income for the next 10 years.
|Sum Assured (in Rs)||Smoker/non-smoker||Regular premium (in Rs)||Limited 5 pay premium (in Rs)||Limited 10 pay premium (in Rs)||Limited 12 pay premium (in Rs)|
Following are the necessary documentsrequired to process Tata AIA Sampoorna Raksha + plan,
Age proof: The age proof can be any of these – Driving license, School/college certificate, Passport, PAN card, Birth Certificate. Identity proof: Voter ID, driving license, PAN card or Aadhar card can be used an identity proof.
Address proof: Electricity bill, Bank account statement can be presented as the proof of address.
Income proof: Income tax return or employer certificate can be presented as an income proof at the time of purchasing the policy.
Suicide: If the life insured commits suicide within 12 months from the commencement of the policy, the nominee is entitled to receive all the premiums paid (excluding the extra underwriting premiums). It is important to note that the policy has to be in force at the time of the event.
However, if the policyholder commits suicide before completion of 12 months from the date of the revival of the policy, the insurer will be paid the highest of:
The term life insurance is the purest form of life cover where you buy financial security of your family at much lower rates. Tata AIA Sampoorna Raksha + Plan provides life cover for a period of 10 to 30 years or up to the age of 80 years. You have an option to pay the premiums for the entire policy term or can opt for a limited term of 5 or 10 years. Premiums are lower for females and non-smokers. The premium changes with age and factors such as lifestyle and gender.
The nominee has an option to receive the death benefit as a lump sum or as a regular income up to 10 years post death of the policyholder pus a lump sum benefit. Customers with high coverage are eligible to get a discount on premiums.
The absolute amount assured is paid to the nominee on death of the policyholder is the basic sum assured. On survival or till the end of the policy term, all the premiums paid under this policy will be returned to the policyholder. The Tata Sampoorna Raksha + plan gives an optional rider namely Accidental Death and Dismemberment (ADDL) which help you to enhance your policy coverage in case the policyholder meets with an accidental death, dismemberment or suffers from third-degree burns.
All premiums paid under this policy are eligible for the tax benefits under Section 80C of the Income Tax Act, 1961. The maturity benefits paid to the nominee or policyholder are also eligible for tax benefits under Section 10(10D) of The Income Tax Act, 1961.
Why should I buy Tata AIA Sampoorna Raksha + Plan?
The policy provides a few key benefits that makes it one of the best term plans in the industry; these are:
How to apply for Tata AIA Sampoorna Raksha + Plan?
You can apply for the Tata AIA Sampoorna Raksha + Plan in four easy steps.
Step 1: Choose the coverage amount and the policy term you need. Step 2: Choose the product cover and rider option. The system will calculate the premium based on the sum assured, policy term and riders. Step 3: Fill in the application form and make the online payment using the credit card, debit card or net banking facility. Step 4: Upload KYC documents and schedule a medical examination appointment.
Who can buy Tata AIA Sampoorna Raksha + plan?
Any Indian national aged 18+ years can buy this plan; the maximum age to purchase this plan depends on the premium payment term.
What are the maturity benefits of Tata AIA Sampoorna Raksha + plan?
On survival of the policyholder till the maturity of the term, the company will return all the premiums to the policyholder.
Can I get a loan against Tata AIA Sampoorna Raksha + plan?
Loan facility is not available under the Tata AIA Sampoorna Raksha + plan.
Is plan conversion allowed under Tata AIA Sampoorna Raksha + policy?
Plan conversion is not allowed under this policy.
How to check policy status online for Tata AIA Sampoorna Raksha Plan?
You can check your Tata AIA Sampoorna Raksha + policy status from the official website of Tata AIA Life by logging in from your registered account. Click on “Check Policy Details” tab to check the policy status and other details of your policy.