Insurance Plans March 2, 2020

Tata AIA Term Plan Sampoorna Raksha

Sampoorna Raksha Plan offered by Tata AIA is a Non-Linked life insurance plan that provides pure risk coverage. It is a non-participating individual term insurance product. Tata AIA Term plan Sampoorna Raksha is a pure term plan which provides financial support and protection to the family of the holder of the policy and also offers the flexibility to the policyholder to choose the insurance policy that suits your requirement and need. You can choose to receive the benefit either in a Lump Sum amount on the death of the insured or in Lump Sum amount on the death as well as income on monthly basis for the period of next 10 years along with enjoying the benefit of flexibility to enhance the life cover.

Features of Tata AIA Term plan Sampoorna Raksha

Key features of Sampoorna Raksha plan offered by Tata AIA are as follows:

  1. It offers the insured to choose from four options of the death benefit and it is to be selected at the time of inception of the plan
  2. These term plans provide life coverage up to age of 85 years and also has an option for coverage of the whole life that is till 100 years of age.
  3. You can choose from either regular or limited premium paying term. Limited premium paying term includes 5 years, 10 years, 12 years or pay till attaining 60 years of age
  4. The plan offers low rates of premium for female individuals and the standard rate of premiums for non- smoker individuals
  5. There is an option of enhancing the protection coverage by optional riders by adding it with your term insurance plan
  6. This plan do not have survival or maturity benefit as it is a pure protection insurance plan
  7. You can also avail discounts on the large sum assured in the plan for higher coverage benefit.
  8. The plan provides tax benefits under section 80C and 10(10D) of the Income Tax Act

Benefits of Tata AIA Term plan Sampoorna Raksha

This protection oriented term plan offered by Tata AIA offers the following benefits:

  1. This plan offers four options of receiving the death benefit to be selected by the policyholder as per their need. The four options are:
    • Sum assured on death as a lump sum benefit on the death of the insured
    • The enhanced sum assured on death as a lump sum benefit on the death of the insured
    • Sum assured on death as a lump sum benefit on the death of the insured along with monthly income for a period of next 10 years
    • The enhanced sum assured on death as a lump sum benefit on the death of the insured and monthly income for a period of next 10 years
  2. The sum assured on death of the insured during the term of the plan will be 10 times of the annualised premiums or 105% if the total amount of premiums paid till death or absolute amount to be paid on death, whichever is higher. However, the enhanced sum assured to be paid on the death of the insured during the term of the plan will be the basic sum assured in the planned increase by 5% at every policy year up to the death of the insured subject to a maximum of 200% of the basic sum assured in the plan
  3. If you fail to pay the premiums for the plan within the prescribed time, a grace period of 30 days is allowed to pay the due premiums to stop the policy from lapsing. However, the grace period for monthly premium payment mode is 15 days.
  4. The plan also offers a free look period of 15 days within which you can cancel the insurance policy if you are not satisfied with the plan. The insurance company will refund the premiums paid after deducting expenses incurred by it to the policyholder.

Eligibility conditions of Tata AIA Term plan Sampoorna Raksha

It is necessary to ensure the eligibility conditions of the plan before buying it. The plan will be issued by the company only if you satisfy the eligibility requirements of the plan. The eligibility conditions to buy Sampoorna Raksha plan are as follows:

  1. Minimum age required for entry in the plan is 18 years and maximum age for entry for regular pay is 70 years and for limited pay of 5 years is 65 years, for limited pay of 10 or 12 years is 70 years and for limited pay, till 60 years age is 50 years.
  2. The minimum age at maturity is 28 years and the maximum age at maturity is 85 years (last birthday) and 100 years (last birthday) for whole life cover.
  3. The minimum term of the policy is 10 years for regular premium paying term and limited premium paying term of 5 years and 15 years for all other limited premium paying term. However, for the whole life cover, the policy term is 100 years.
  4. The maximum term of the plan is 85 years for all the premium paying terms and 100 years for whole life cover
  5. The minimum sum assured in the plan is Rs 50 lakh and there is no maximum limit. However the sum assured in the plan can be only in multiples of 1 lakh.
  6. Premium payment mode includes annually, quarterly, half-yearly, and monthly which can be selected by the policyholder.
  7. The premium to be paid for the plan depends on the minimum and maximum sum assured in the plan.

Conclusion

Tata AIA term plan Sampoorna Raksha is a pure risk premium insurance product which is a great option to ensure financial security for your family in your absence. It provides a strong financial foundation for the family of the insured. These plans have a minimum sum assured of Rs 50 lakhs which provides higher coverage and is ideal for individuals looking for a higher amount of sum assured with higher coverage benefit. The flexibility of premium paying term makes it a better term life insurance option. The four options of death benefit make this plan a unique and ideal choice.

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