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Launch Date UIN Status
10/5/2017 110N129V02 Active

About Tata AIA Life Sampoorna Raksha plan

The Tata AIA Life Sampoorna Raksha plan is a pure term insurance plan that secures the financial future of one’s family in the event of an untimely death. The plan offers flexibility in terms of the payment of policy proceeds. Additionally, the plan provides the option to choose the regular premium payment option or limited premium payment term of either 5 or 10 years.

Before we get into details, let’s first get a bird’s-eye view of the plan.

Modes of Payment

  • Monthly
  • Quarterly
  • Half-yearly
  • Yearly

Claim Settlement Ratio of the Insurer

96.01%

USPs of the Policy

  • Maturity, survival, and death benefits are paid
  • Flexibility to choose the pay-out option
  • Tax benefits

Illustration with Sum Assured of 1 Crore

For a healthy, non-smoking male of 30 years, at an annual premium of INR 9,794, the plan gives coverage of 1 crore. This number is for a term of 40 years, that is, until the policyholder is 70 years old.

How Does the Plan Work?

Tata AIA Life Sampoorna Raksha offers policyholders the flexibility to choose any one from four death benefit options. Let’s explore each of these options:

1) Sum assured payable on death

If the life insured meets an untimely end while the policy is in force, his/her nominee shall receive the death benefit immediately. The policy will be terminated as soon as the benefit is paid out.

2) Sum assured payable on death and monthly income thereafter for 10 years

Here again, the death benefit (the sum assured payable on death) shall be paid to the nominee immediately if and when the life insured passes away while the policy is in force. Additionally, starting from the next monthly anniversary from the date of death, the nominee shall start receiving a monthly income for 10 years, which will be equal to 1% of the basic sum assured.

If the nominee wishes, s/he can also receive a commuted value of all future income as a lump sum payment, which will be calculated as:

Discounting Factor * Basic Sum Assured

Where, Discounting Factor is calculated at 7.5% of discounting interest rate per annum as given in the discounted factor table. As soon as the lump sum amount is paid out, the policy shall be terminated.

3) Enhanced sum assured payable on death

If the life insured meets an untimely end while the policy is in force, his/her nominee shall receive the enhanced sum assured immediately. The policy shall be terminated as soon as the benefit is paid out.

5) Enhanced sum assured payable on death and monthly income thereafter for 10 years

The death benefit in the form of enhanced sum assured shall be paid to the nominee immediately if and when the life insured passes away while the policy is in force. Additionally, starting from the next monthly anniversary from the date of death, the nominee shall start receiving a monthly income for 10 years that will be equal to 1% of the basic sum assured.

Along with the enhanced sum assured on death, the nominee shall also receive a monthly income equal to 1% of basic sum assured chosen at inception for 10 years starting from the next monthly anniversary following the date of death. The nominee also has an option to receive the commuted value of the future income benefits as a lump sum. The lump sum amount is calculated as discounting factor multiplied by the basic sum assured. The discounting factors are calculated using the discounting rate of interest of 7.5% per annum as given in the discounted factor table. The policy shall terminate on payment of the death benefit and no benefit other than income benefit shall be payable under the policy.

Notes:

i) Sum assured on death for options I and II will be calculated as the highest of:

  • 10 times the annualized premium
  • 105% of all premiums paid (with the exception of underwriting extra premiums and modal loading)
  • Minimum guaranteed sum assured on maturity
  • Basic sum assured payable upon death

ii) Enhanced sum assured on death for options III and IV will be calculated as the highest of:

  • 10 times the annualized premium
  • 105% of all premiums paid (with the exception of underwriting extra premiums and modal loading)
  • Minimum guaranteed sum assured on maturity
  • Enhanced sum assured payable at the time of death

Why Should You Buy This Plan?

A pure term plan that can be bought at nominal premiums for a reasonably big sum assured amount is a perfect solution to put an end to one’s anxieties related to one’s family’s financial future in case of an untoward eventuality. In addition to that, Tata AIA Life Sampoorna Raksha offers policyholders the flexibility to choose between four pay-out options depending on one’s needs.

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Who Should Buy This Plan?

Indian citizens falling in the age bracket of 18 to 70 years (65 years for limited pay option of 10 years) are eligible to buy Tata AIA Sampoorna Raksha.

Company Overview

Tata AIA Life Insurance is a joint venture between the Tata Group and AIA Group Ltd., one of the largest independent publicly listed pan-Asia Group. Tata AIA started operations in 2001. It offers various insurance products for individuals and corporates. The company has a strong distribution network of agents, bancasurance channels and branches.

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