• Term Life
  • Investment

Tata AIA Sampoorna Raksha Term Plan

Tata AIA Sampoorna Raksha is a non-linked, non-participating pure term insurance plan that provides financial protection to your family. The policy offers the flexibility to choose the plan that best suits your needs. You have an option to receive a lump sum benefit on death or a lump sum amount on death plus monthly income for the next ten years. The policy also offers riders to enhance the coverage of your policy.

Features of Tata AIA Sampoorna Raksha Term Plan

  • Premium rates are lower for non-smokers female policyholders.

  • You can enhance your policy coverage with optional riders.

  • The large sum assured is eligible for discount.

  • The policy gives you an option to pay the premium on a regular basis or for a limited term.

  • The plan has a free-look period of 15 days. You can cancel the policy within these 15 days from the policy purchase date if you are not satisfied with the terms of the policy. You can cancel the policy by providing written notice to the company by stating the reason and receive a refund of premium. You have to bear stamp duty and medical examination costs.

  • The plan provides you a grace period of 15 days for monthly premium mode and 30 days in case of other premium modes.

  • If you fail to pay the premium on time, the policy will lapse. To restore the lapsed policy, you need to make the payment of outstanding premium payment within two years from the date of first unpaid premium and submit the necessary documents.

Benefits of Tata AIA Sampoorna Raksha

Death benefit: Tata Sampoorna Raksha plan offers death benefit where the sum assured is payable to the nominee on death of the policyholder.

Maturity benefit: Since it is a pure term insurance plan, no maturity benefit is payable.

Surrender benefit: In case of regular premium payment, no surrender benefit is offered. Under the limited payment option, where the policy term is not equal to the premium paying term, all premiums for the two years are paid, the policy can be surrendered anytime till the maturity. The surrender value is calculated as the surrender value factors multiplied by all the premiums paid.

Eligibility Criteria of Sampoorna Raksha

One should meet below-listed criteria in order to purchase the Tata AIA Sampoorna Raksha plan

ParameterMinimumMaximum
Entry age18 years
For 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 death-
Policy termPremium payment termPolicy term
Policy termRegular pay Limited pay 5 years 10 to 30 years
Policy termLimited pay 10 years15 to 30 years
Premium payment termRegular pay Limited pay – 5/10 years -
Basic sum assured (in multiple of Rs. 1,00,000)Rs. 5,00,000No limit (Subject to approval from board’s underwriting policy)
Premium Based on the minimum basic sum assuredBased on the maximum basic sum assured
Premium payment modeMonthly/half-yearly/quarterly/YearlyMonthly/half-yearly/quarterly/Yearly

Plans offered by Tata AIA Sampoorna Raksha

The customer has the flexibility to choose from four death benefit options. They are:

Option 1: “Sum assured on death” where a lump sum benefit is given on the death of the life insured.

Option 2: Sum assured is given on death of the life insured plus a monthly income is provided to the nominee for the next ten years from the date of the death of the policyholder. In addition to the sum assured on death, the nominee will receive a monthly income which is 1 percent of the basic sum assured for the next ten years. The nominee has an option to take the discounted value of the future income as a lump sum benefit.

Option 3: The enhanced sum assured is provided as a lump sum benefit on death of the policyholder. The enhanced sum assured is the basic sum assured increased by 5% simple interest rate per annum up to the time of the death. The enhance sum assured cannot exceed 200% of the basic sum assured at the time of policy commencement.

Option 4: The enhanced sum assured is given as a lump sum benefit plus a monthly income is provided to the nominee for the next ten years from the date of the death of the policyholder. The enhanced sum assured is increased by 5% simple rate of interest every year till the death of the policyholder. The enhance sum assured cannot exceed 200% of the basic sum assured at the time of policy commencement. Additionally, the nominee will also receive a monthly income equal to 1% of the basic sum assured for the next ten years from the date of death of the life insured. The nominee has an option to take the discounted value of the future income as a lump sum benefit.

Other details of Tata AIA Sampoorna Raksha Plan

Tax benefits: The premiums paid under this plan are eligible to get tax benefits under Section 80C, and the benefits received at the end of the term is subject to tax deductibles under Section 10(10D) of the Income Tax Act 1961. Large sum assured discount: Large sum assured discount is available for regular and limited pay and it shall be expressed as a percentage of premium

Sum assuredOpt 1Opt2Opt3OPt4
50 lakhs to 74 lakhs0.00%0.00%0.00%0.00%
75 lakhs to 99 lakhs10.00%5.00%10.00%5.00%
1 crore to 1.99 crore20.00%15.00%20.00%15.00%
2 crore & above25.00%20.00%25.00%20.00%

Product details

Tata AIA Sampoorna Raksha Plan at a glance

ParameterTerms Terms
Death benefit option
Sum assured is payable on death.
Option 1: Sum assured is given as lump sum benefit on death.
Option 2: Sum assured is given as lump sum benefit on death & monthly income for the next 10 years.
Option 3: Enhanced sum assured is given as lump sum benefit on death.
Option 4: Enhanced sum assured is given as lump sum benefit on death & monthly income for the next 10 years.
PremiumChoice of regular or limited (5/10/12 years or pay till Age 60) Premium Paying Term.
Policy termPremium payment termPolicy term
Policy termRegular pay Limited pay 5 years10 to 30 years
Policy termLimited pay 10 years15 to 30 years
Premium payment termRegular pay Limited pay – 5/10 years
Basic sum assured (in multiple of Rs. 1,00,000Rs. 5,00,000No limit (Subject to approval from board’s underwriting policy)
Entry ageBased on the minimum basic sum assuredBased on the maximum basic sum assured
Premium payment modeMonthly/half-yearly/quarterly/Yearly

Document Required for Sampoorna Raksha Term Plan

The documents needed to process Tata AIA Sampoorna Raksha plan are,

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

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). However, the policy has to be in force at the time of the event.

In case of revived policy, if the policyholder commits suicide, whether sane or insane, within 12 months from the policy revival, the nominee is entitled to receive all the premiums paid (excluding the extra underwriting premiums). However, the policy has to be in force at the time of the event.

Review of SBI Tata AIA Sampoorna Raksha

Term life insurance is one of the most useful and affordable life insurance products available today. With low cost and high coverage, it makes sense to buy a suitable term plan for your family. With a number of advantages and no drawbacks, you can ensure financial security for your dependents with a term plan. If something unfortunate happened to you, your family won't be left in a financially challenging position. Tata AIA Sampoorna Raksha Plan gives you the flexibility to choose from four different death benefit options. You may choose to receive either a lump sum benefit on death or a lump sum benefit on death with monthly income for the next ten years. The plan gives you an option to enhance your life cover by adding riders to it. It is important to take adequate term insurance to protect your family and avoid any monthly income gimmick in your absence. Tata AIA Sampoorna Raksha Plan gives you an option of receiving enhanced death benefit with monthly income for ten years. Enhanced sum assured is the basic sum assured increased by 5% simple rate of interest every year till the policy term. It is subject to a maximum of 200% of the basic sum assured at the time of policy commencement. Along with the enhance sum assured as a lump sum benefit, the nominee receives monthly income for ten years from the next month of the death of the life insured. Apart from multiple death benefit options, the policy has some key features which make Tata AIA Sampoorna Raksha plan more attractive.

  • Premium rates are lower for non-smokers and female policyholders.
  • The policy gives an option for premium paying term of regular pay or limited pay.
  • The premiums paid and death benefit received is eligible for tax benefits under Section 80C and 10(10D) of The Income Tax 1961.
  • The plan has a free-look period of 15 days.
  • The plan offers you a grace period of 15 days for monthly premium payment and 30 days for other frequency of payment.

FAQs on Tata Aia Sampoorna Raksha Term Plan

How to apply for Tata AIA Samapoorna 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.

How to check policy status for Tata AIA Sampoorna Raksha Plan?

You can check your policy status from the official website of Tata AIA website by logging in from your registered account. Click on “Check Policy Details” tab to check the policy status and other relevant details regarding your policy.

How to cancel the Tata AIA Samapoorna Raksha Plan?

The policyholder can cancel the policy by attaching original policy documents along with surrender form. Once the company receives the correct documents, the policy is cancelled. The policyholder will receive the proceedings as per the company rules.

How to pay the premium? What payment modes are available?

Tata AIA Life insurance provides multiple premium payment modes namely:

  • Dropbox
  • Online payment
  • Auto debit from the bank account
  • Cash/cheque at the collection center
  • Payment collection center For online payment mode, the policyholder can make payment via NEFT, net banking facility.

Why should I buy a Tata AIA Sampoorna Raksha Plan?

The Tata AIA Sampoorna Raksha plan offers a number of features which makes it one of the worth-buying term insurance.

  • It gives the flexibility to choose from multiple death benefit options.
  • It provides a choice of regular or limited premium paying term.
  • You can enhance your coverage by adding riders to it.
  • Premium rates are lower for non-smokers and females.
  • Discounts on the large sum assured.
  • Tax benefits on premiums and death benefit.

What benefit options are available under the Tata AIA Sampoorna Raksha plan?

Tata AIA Sampoorna Raksha plan offers four death benefit options.

Option 1: Sum assured is given as lump sum benefit on death. Option 2: Sum assured is given as lump sum benefit on death & monthly income for the next 10 years. Option 3: Enhanced sum assured is given as lump sum benefit on death. Option 4: Enhanced sum assured is given as lump sum benefit on death & monthly income for the next 10 years.

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