Tata AIA Sampoorna Raksha Term Plan

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 Tata AIA Sampoorna Raksha Term Plan is a Non-Participating, Non-Linked, Individual Life Insurance plan which ensures complete life cover up to 85 years. The plan allows you to extend the life cover further and get whole life coverage up to 100 years. The plan gives you the flexibility to opt from 4 different plan alternatives as per your requirements. The standard coverage can be further enhanced with the accidental death and dismemberment rider. The plan is available at preferential premium rates for non-smokers and women.

Moreover, the plan allows you to cancel it if you are dissatisfied with the terms and conditions via its free-look period feature. The time period stated for such cancellations is 15 days (30 days  if the policy is bought through distance marketing mode). The premium will be refunded back after deducting proportionate risk premium for the period cover, stamp duty charges and medical examination charges.

Best Features of Tata AIA Sampoorna Raksha Term Plan

Below-mentioned are some of the noteworthy features of Tata AIA Sampoorna Raksha Term Plan that make it an unparalleled life term policy in comparison to its counterparts:

  • Under this plan, you get the option to choose the term of the plan for either up to 85 years or 100 years.
  • The plan allows you to opt for the payout of the death benefit as a lump sum or monthly income or a combination of both.
  • Accidental death and dismemberment rider is available with this plan to offer better security to your family in case of unforeseen accidental casualties.
  • Healthy lifestyle is rewarded under the plan, hence the premium rates are lower for non-smokers. The plan also offers a premium discount for female lives.
  • You have an option to pay premium payments monthly, half-yearly and quarterly and yearly.
  • If your policy and riders lapse, you can revive them for full coverage within 5 years from the due date of the first unpaid premium.
  • The plan comes with a choice of regular or limited (5/10/ 12 Years or Pay till Age 60) premium paying term.

Benefits of Tata AIA Sampoorna Raksha Term Plan

  • Death Benefits 

On the death of the insured, the nominee can get the death benefit in the form of:

  1. The 100% of the sum assured will be paid as a lump sum.
  2. The sum assured is payable as monthly income for 10 years.
  3. Enhanced sum assured is payable to the insured as lump sum.
  4. Enhanced sum assured is payable immediately and 1% of the base sum assured is payable as monthly income for 10 years.
  • Preferential Premium Benefits

 Tata AIA Sampoorna Raksha Term Plan encourages healthy lifestyle, therefore, it provides less premium to the non-smokers as compared to smokers.  Female lives are also offered less premium rates as compared to male lives.

  • Rider Benefits 

There is one rider under Tata AIA Sampoorna Raksha Term Plan , Accidental death and dismemberment Rider.  In these uncertain times, accidents may happen anytime that can prove to be fatal by causing disability or may result in untimely death. For adding up the support with comprehensive scope of cover one can enhance the plan accordingly.

  • Premium Payment Term Flexibility Benefit

Tata AIA Sampoorna Raksha Term Plan offers 2 premium paying term options. The premium is calculated on the basis of the premium payment term you choose at the inception of the policy. The options available are as follows:

  1. Regular Pay - The premium payment term is equal to the policy term.
  2. Limited Pay- The premium payment term is usually less than the policy term. Tata AIA Sampoorna Raksha Term Plan offers 5/10/15 years or pay till age 60.

 What is Covered?

Tata AIA Sampoorna Raksha Term Plan provides coverage as per the plan variant you choose. The plan is available in the following 4 variants on the basis of benefit payout method chosen - 

1. Sum Assured on Death

The following coverage are available under this variant:

  • Death Benefit

 In case of the death of the assured, the nominee will be paid the sum assured immediately as lump sum. After the payment of the sum assured,  the policy will be terminated and no further benefits are payable to the nominee.

How the sum assured on death variant works

Example

Name of the assuredMr. Khurana 
Age36 years
Term of the plan30 years
Premium payment termEqual to policy term
Sum assuredINR 1 Crore
Premium amount for non-smoking maleINR 18,200/- (exclusive of all taxes) per annum

 Benefits Payable

If Mr. Khurana dies within the tenure of the policy, the nominee named by him will receive the sum assured as death benefit in lump sum. After the payment of the benefit the policy will be terminated and no future benefits are payable to the nominee.

2. Surrender Benefits

It is advisable to continue to policy for the complete tenure, however, if you wish to surrender the plan in between the tenure, then the surrender benefit available will depend on the plan option chosen by you.

  • For Regular Pay Policies-  No surrender benefit is available for policies surrendered at any point over the policy term
  • For Limited Pay Policies-  If the premiums for full 2 years are paid for policies with premium payment term of less than 10 years and premium for 3 years are paid for policies with premium payment term greater than or equal to 10 years then the surrender value payable can be calculated by below mentioned formula: 

Surrender Value Factor ✕  Total Premiums Paid

Sum Assured on Death Payable on Death and  Monthly Income thereafter for 10 years

Under this variant, following coverage are available:

  • Death Benefit 

If the assured dies within the tenure of the policy, the sum assured on death is paid immediately as lump sum and the nomine also gets 1% of the basic sum assured as the monthly income for a period of 10 years. The nominee also has the option to receive the monthly income amount as lump sum, after the payment of the sum assured no other benefit except the monthly income is payable to the nominee.

How the Sum Assured on Death Payable on Death and  Monthly Income thereafter for 10 years works 

 Example 

Name of the assuredMr. Khurana 
Age36 years
Term of the plan30 years
Premium payment termEqual to policy term
Sum assuredINR 1 Crore
Premium amount for non-smoking maleINR 34,700/- (exclusive of all taxes) per annum

 Benefits Payable

  1. If Mr. Khurana dies within the term of the policy then the sum assured will be paid as lump sum to the nominee.
  2. The nominee also will get 1% of the  sum assured i.e INR 1 Lakh every month as monthly income for 10 years.

2. Surrender Benefits

Surrender benefits are the same as Sum Assured on Death option.

Enhanced Sum Assured on Death payable on Death

Under this variant, following benefits are available:

  •  Death Benefit

In case the assured unfortunately dies, provided that the policy is in force then the nominee receives the enhanced sum assured. Enhanced Sum Assured at the time of death is the Basic Sum Assured Increased by the rate of 5% p.a at each policy anniversary up to the time of death which can go to a maximum of 200% of Basic Sum Assured chosen at the beginning of the policy.

How the Enhanced Sum Assured on Death payable on Death works:

Example 

Name of the assuredMr. Khurana 
Age36 years
Term of the plan30 years
Premium payment termEqual to policy term
Sum assuredINR 1 Crore
Premium amount for non-smoking maleINR 40,200- (exclusive of all taxes) per annum

Benefits Payable

If Mr. Khurana unfortunately dies within the term of the policy, the sum assured will be enhanced by 5% of the sum assured i.e INR 0.5 Lakh every policy anniversary.

Surrender Benefits 

The surrender benefits are the same as the above variants. 

3. Enhanced Sum Assured on Death payable on Death and Monthly Income thereafter for 10 years

Under this variant following benefits are available:

  • Death Benefit

If the assured dies within the policy terms, the nominee is entitled to the enhanced sum assured and 1% of the base sum assured which was decided at the inception of the policy will be paid as monthly income for a period of 10 years.

How the Enhanced Sum Assured on Death payable on Death and Monthly Income thereafter for 10 years works

Example 

Name of the assuredMr. Khurana 
Age36 years
Term of the plan30 years
Premium payment termEqual to policy term
Sum assuredINR 1 Crore
Premium amount for non-smoking maleINR 42,8001/- (exclusive of all taxes) per annum

Benefits Payable

  1. If Mr. Khurana unfortunately dies provided that the policy is in force then the enhanced sum assured i.e basic sum assured increased by 5% of the base sum every policy anniversary will be payable to the nominee.
  2. The nominee will also be entitled to the 1% of the base sum assured which Mr. Khurana decided at the beginning of the policy for the period of coming 10 years. The nominee can receive the monthly income amount as a lump sum, after the payment of the enhanced sum assured no other benefit is payable to the nominee except monthly income.

Surrender Benefits

Surrender benefits are the same in this variant as the previous variant.

What is not Covered?

The main exclusion under Tata AIA Sampoorna Raksha Term Plan is death by sucide. If the sucide is within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, the nominee is entitled to the 80% of premiums paid until the date of death or the surrender value, whichever comes out to be the highest.

Exclusions for Accidental Death Benefit and Disability and Dismemberment Benefit

  • Self-inflicted injury, death or disability caused by sucide attempt.
  • Death caused due to war, commotion, invasion, terrorism etc.
  • If life assured has taken part in any hazardous activity such as hunting, racing, mountaineering and bungee jumping etc.
  • Active participation by the life assured in riots, strikers and disputes.
  • Accident or injury caused by flying an aircraft.
  • Insured person being under the influence of drugs, alcohol, narcotics or psychotropics substances without prescription.
  • Serving in any military, police, paramilitary or such organisations.
  • Death due to engaging in criminal or illegal activity .
  • Nuclear reaction, radiation or chemical contaminations.

Tata AIA Sampoorna Raksha Term Plan Eligibility 

Eligibility Criteria for the different variants of Aegon iTerm PlanSum assured on death payable on death

Sum Assured on Death payable on Death and Monthly Income thereafter for 10 years 

Enhanced Sum Assured on Death payable on Death

Enhanced Sum Assured on Death payable on Death and Monthly Income thereafter for 10 years

Minimum Age at Entry18 Years 

Maximum Age at Entry

(In Years)

For Regular Pay - 70 years 

 For Limited Pay 5 - 70 years 

For Limited Pay 10/12 - 65 years 

For Pay till age 60 – 50 years 

Minimum Age at Maturity28 years
Maximum Age at Maturity

85 years last birthday

Whole life cover- 100 years last birthday

Minimum Policy Term

For Regular Pay/  Limited Pay 5 years- 10 years 

 For Limited Pay 10 years/12 years/ Pay till Age 60- 15 years

For whole life option- 100 years at entry

Maximum Policy Term

Regular Pay/  Limited Pay 5 years- 85 years 

 Limited Pay 10 years/12 years/ Pay till Age 60- 85 years

For whole life option- 100 years at entry

Premium Payment Mode

Limited Pay – 5 / 10 / 12 / Pay till age 60 years 

Regular Pay- 50 years

Premium Payment FrequencyAnnual/ Half-yearly/ Quarterly/ Monthly
Basic Sum AssuredINR 50 Lakh

* All the aforementioned ages (in years) are valid as on last birthday. 

Tata AIA Sampoorna Raksha Term Plan Claim Process

At Tata AIA Sampoorna Raksha Term Plan , a 3-step claim process has been designed to ease the claim settlement process. The primary objective is to take up the least amount of time while settling all valid claims. 

To claim the benefit, the nominee has to keep up with all the forms and follow the procedure:

Death Claims

  1. To initiate the claims process in case of death, the nominee of the deceased has to inform the insurance company about the death of the insured client.
  2. The nominee has to fill all the forms and get the documents as mentioned below:

                    In case of death is caused by all causes-

  1. Claim forms which can be downloaded through the provided link https://www.tataaia.com/download-centre.html .
  2. Death certificate issued by a local government body like municipal corporation etc.
  3. Copy of hospital records such as admission notes, progress sheets, test reports, discharge etc.
  4. Original policy documents.
  5. Nominee’s photo ID with age proof and relationship with the assured along with the address and bank details.

Additional documents required for accidental death claims - 

  1. Postmortem report or chemical viscera report ( if performed)
  2. All police papers- Panchnama, Inquest, First Information Report (FIR) and Last Information Report.
  3. Newspaper cutting or photograph of accident.. ( if available).
  4. Once all the documents are verified by the Tata AIA Sampoorna Raksha Term Plan officials, the accrued funds would be released on a priority basis.

Online Mode

You can provide intimation to the insurance company for your claim online by following the steps mentioned below:

  1. Visit https://www.tataaia.com/claims/claims-process.html  and below enter the policy number, claim reason, name of the assured and other particulars.
  2. Submit all the documents above mentioned documents.
  3. Communication is sent out to the nominee and the Payment is made through NEFT.

Tata AIA Sampoorna Raksha Term Plan Rider

There is only the following rider available under this plan - 

Tata AIA Life Insurance Accidental Death and Dismemberment Rider -  Accidents may happen anytime and anywhere, securing yourself and your family under these uncertain mishappenings is essential. In case of accidental death or severe dismemberment of the assured like loss of the limbs or bodily functions or severe burns due to an accident, Tata AIA Life Insurance Accidental Death and Dismemberment Rider pays a percentage of the rider sum assured to the assured life. 

Tata AIA Sampoorna Raksha Term Plan Review

 Tata AIA Sampoorna Raksha Term Plan is an affordable and effective term insurance which provides total security to you and your loved ones financially.  With life coverage up to 100 years, the plan is truly one-of-a-kind when compared to other term plans. It is a great plan to choose if you are looking for flexibility in terms of premium payment terms. Tax benefits are also available on the premium payment under Section 80C of the Income Tax Act, 1961. The affordable premium rates of the Tata AIA Sampoorna Raksha Term Plan ensure that no extra burden is put on the assured at any time. 

Moreover, the plan also provides a 30-day grace period ( 15 days if payment mode is monthly), if you are not able to pay the premium payment on time. The grace period begins from the first non-payment of the premium due date. If any claim is made during the grace period, any due premiums which are not paid till the date of death, will be charged from the death claim payout. This plan is best suitable for people who are interested in purchasing a life insurance plan that not only provides life cover but also provides coverage against accidents and dismemberment or disability.

Tata AIA Sampoorna Raksha Term Plan FAQs

  • 1. Are there any maturity benefits in Tata AIA Sampoorna Raksha Term Plan ?

    No, there are no maturity benefits offered in Tata AIA Sampoorna Raksha Term Plan.

  • 2. Does this policy have any sort of exclusions?

    Yes, suicide is one the main exclusion in Tata AIA Sampoorna Raksha Term Plan death benefit. If the suicide occurred within the 12 months from the commencement of the policy then 80% of premium paid is given to the nominee.

  • 3. What if I realise that this policy is not for me?

    Tata AIA Sampoorna Raksha Term Plan  provides a 15 day free-look period in case you disagree with any of the terms and conditions of the policy.

  • 4. Will my smoking affect the premium I pay for the term life insurance?

    Yes, smoking is one of the main determinants while calculating the premium rate. Your smoking affects the premium you pay, along with the age factor. Apart from the obvious health problems that you are exposing yourself to intentionally, the insurance premium rates are also higher for smokers as a deterrent for smoking.

  • 5. What are the different modes for claim payment?

    The claim can be paid by the insurance company through cheque or NEFT, whichever is convenient to you.

  • 6. What period will I be covered for in the Tata AIA Sampoorna Raksha Term Plan?

    You will be covered for 85 years or upto 100 years in Tata AIA Sampoorna Raksha Term Plan.

  • 7. What happens if I discontinue the payment completely or if I fail to make the premium payments on time?

    If you are not able to make your premium payments on time, the policy provides a 30 days grace period, moreover if the grace period ends and the policy lapses. The lapsed policy can also be revived within 15 years from the due date of first unpaid premium payment.

  • 8. What if I want to discontinue my policy?

    It is advisable to continue to policy for the complete tenure, however, if you wish to surrender/discontinue the plan in between the tenure, surrender benefits are available under the limited pay policy option.

     

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