• Term Life
  • Investment

Introduction Tata AIA Life Term Insurance

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

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.

Features of Tata AIA Sampoorna Raksha+ 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.

Benefits of Tata AIA Sampoorna Raksha+ Plan

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.

Eligibility Criteria of Tata AIA Sampoorna Raksha+ Plan

The customers need to meet the following criteria to purchase The Tata AIA Sampoorna Raksha Plan.

ParameterMinimumMaximum
Age at entry18 yearsFor regular pay – 70 years For limited pay 5 – 70 years For limited pay 10 – 65 years
Age at maturity28 years80 years (last birthday)
Death benefit optionSum assured is payable on deathSum assured is payable on death
Policy termPremium paying termPremium paying term
Policy termRegular pay Limited pay 5 yearsRegular pay Limited pay 5 years
Policy termLimited pay 10 yearsLimited pay 10 years
Premium payment termRegular pay Limited pay - 5/10 years-
Basic sum assured (in multiples of Rs. 1,00,000)Rs. 50,00,000No limit (subject to board approval)
Premium Based on the minimum sum assuredBased on the maximum sum assured
Premium payment modeAnnual/ Half-yearly/ Quarterly/ MonthlyAnnual/ Half-yearly/ Quarterly/ Monthly

Plans offered by Tata AIA Sampoorna Raksha+ Plan

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:

  • The annual premium x10.
  • 105% of all premiums paid.
  • The minimum sum assured which guaranteed on maturity.
  • The absolute assured amount payable on the death of the policyholder.

Other Details of Tata AIA Sampoorna Raksha+ Plan

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 assuredDiscounted premium
50 lakhs to 74 lakhsNA
75 lakhs to 99 lakhs12.50%
75 lakhs to 99 lakhs15.00%

Product details

Tata AIA Sampoorna Raksha + Plan at a glance.

Parameter

Minimum

Maximum

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

Premium payment term

  • Regular pay

· 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)

Rs. 50,00,000

No limit (subject to underwriting policy of the board)

Premium

Based on the minimum sum assured

Based on the maximum sum assured

Premium payment mode

Annual/ Half-yearly/ Quarterly/ Monthly

Death benefit

· Sum assured on death

· Sum assured on death + monthly fixed income for 10 years.

Survival benefit

Not applicable

Premium details

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)
50,00,000 Smoker (M) 19,200 44,450 26,500 24,500
Non-smoker (M) 13,500 30,250 18,150 16,800
Smoker (F) 16,850 37,300 22,400 20,750
Non-smoker (F) 12,050 25,800 15,550 14,450
1,00,00,000 Smoker (M) 32,600 75,600 45,100 41,700
Non-smoker (M) 23,000 51,400 30,900 28,600
Smoker (F) 28,600 63,400 38,100 35,300

Document required for Tata AIA Sampoorna Raksha+ Plan

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.

Exclusions - Tata AIA Sampoorna Raksha+ Plan

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:

  • All the premiums paid
  • The surrender value of the policy

Review of Tata AIA Sampoorna Raksha+ Plan

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.

FAQs on Tata Aia Sampoorna Raksha+ Plan

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:

  • The flexibility to choose between two death benefit options.
  • Return of premium in case of survival till maturity of the policy.
  • The plan provides life cover for policy term up to 40 years or up to 100 years of age.
  • The policyholder has a choice of regular or limited pay (5/10/12 years) premium.
  • The premium rates are lower for non-smokers and female policyholders.
  • You can enhance your coverage with riders.
  • You can enjoy tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.

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.

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