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Investment Plans 835 views February 15, 2021
Tata AIA Life Insurance Sampoorna Raksha Plus could be suitable if you’re looking for more than a life cover. With this plan from Tata AIA Life, individuals not only get protection from uncertainties of life but can also get back their paid premium if they survive until maturity. This is a non-linked non-participating individual life insurance savings product that comes with exciting features that you can check below.
- Choice of two death benefit options
- Return of premiums upon survival
- Flexible policy term and premium payment term
- Special premium rates for non-smoker and female policyholders
- Availability of optional rider to enhance your protection
- Discount on premium rates for choosing the larger sum insured
- Tax benefits
Want to read more about these key features in detail? Here, we will be discussing some important aspects of the Tata AIA Life Insurance Sampoorna Raksha Plus so that you can know more about it. Read on!
Table of Contents
Features of Tata AIA Life Insurance Sampoorna Raksha Plus in Detail!
We are showing the features of the Tata AIA Life Insurance Sampoorna Raksha Plus in detail. Have a look!
Death Benefit Option
Individuals can choose between two death benefit options when choosing the Sampoorna Raksha Plus Plan. It means individuals will receive a sum assured on death, but they can choose how they want to get it. The first option is the lump sum benefit on death. In contrast, with the other option, individuals can get both lump sum benefit on death plus monthly income for the next 10 years.
Discount on Premium Rates
The company also provides a discount on premium rates for non-smokers as a reward for leading a healthy lifestyle. Other than such people, women policyholders can also enjoy special premium rates for their plans. Individuals who choose a high level of protection with a higher sum assured can also enjoy discounts on their premium for both regular and limited payment options. To know more, you can check the below table.
| Sum Assured Band | For both Regular and Limited Pay Option |
|---|---|
| INR 50 lakh to INR 74 lakh | Nil |
| INR 75 lakh to INR 99 lakh | 12.50% |
| INR 1 crores and above | 15.00% |
The option of Additional Coverage via Rider
Policyholders can also choose to enhance their overall protection by paying a nominal extra premium towards the Accidental Death and Dismemberment (long scale) rider option. Do remember that the rider is not mandatory.
What is the Policy Term and Premium Payment Term for Tata AIA Life Insurance Sampoorna Raksha Plus?
For Tata AIA Life Insurance Sampoorna Raksha Plus, the policy term depends on the premium payment term option chosen between regular pay and limited pay (5, 10, or 12 years). To know more, you can check the below table.
| Premium Payment Term | Policy Term |
|---|---|
| Regular Pay / Limited Pay of 5 years | 10 to 40 years (up to a maximum age of 100 years at maturity) |
| Limited Pay of 10 or 12 years | 10 to 40 years (up to a maximum age of 100 years at maturity) |
What will be the Basic Sum Assured and Premium Amount?
When you choose the Sampoorna Raksha Plus Plan, the minimum sum assured that you can get stands at INR 50,00,000, which can be increased in the multiples of INR 1,00,000 up to no limit. Do remember that the premium amount will depend on the minimum basic sum assured and the age at the time of entry. Individuals can also choose to pay the premium from different modes of annual, half-yearly, quarterly and monthly.
Tata AIA Life Insurance Sampoorna Raksha Plus Benefits
With this plan from Tata AIA Life, individuals can also enjoy different benefits that are shown below. Have a look!
Death Benefit
If the policyholder dies during the policy term, the company will provide the death benefit to the nominee or beneficiary according to the option chosen between the sum assured payable on death (option 1) or sum assured payable on death plus monthly income for the next 10 years (option 2). Under option 2, this monthly income will be equal to 1% of the basic sum assured for the next 10 years that will start from next month after the date of death.
The sum assured on death can be the highest of the following amounts –
- 10 times the annualized premium
- 105% of the total premiums paid until the date of death
- The minimum guaranteed sum assured on maturity
- Absolute amount assured to be paid on death
Maturity Benefits
If the policyholder survives until the end of the policy term, the company will return all the premiums paid by him/her until maturity.
Tata AIA Life Insurance Sampoorna Raksha Plus Eligibility Criteria
Don’t forget to check the conditions related to the Tata AIA Life Insurance Sampoorna Raksha Plus below.
| Parameters | Minimum Age | Maximum Age |
|---|---|---|
| Age at the time of entry | 18 years | For regular pay and limited pay of 5 years: 70 years For limited pay of 10 and 12 years: 65 years |
| Age at maturity | 28 years | 100 years |