Tata AIA Sampoorna Raksha Supreme Plan
TATA AIA Sampoorna Raksha Supreme term life insurance plan from Tata AIA Life Insurance gives you a variety of adjustable plan options to safeguard your family’s financial future. When you purchase the TATA AIA Sampoorna Raksha Supreme plan, your family will get money as a death benefit if you pass away while the policy is still in effect. Except for the Life Plus Option, this plan, like all pure-term plans, does not offer a maturity benefit, so even if you outlive the policy’s term, you will not receive a payout.
One of the main benefits of the policy is the built-in payor accelerator benefit, which advances 50% of the Basic Sum Assured in the case of a diagnosis of a terminal disease. Additionally, you will be able to select from 4 Death Benefit options: Life Option, Life Plus Option, Life Income, and Credit Protect.
Read on to know more about Tata AIA Sampoorna Raksha Supreme Plan’s eligibility criteria, features & benefits, exclusions, and more.
Here is the eligibility criteria for Tata AIA Sampoorna Raksha Supreme Plan.
|Age at Entry|
Minimum: For PoS: 18 years applicable for Life, Life Plus, Credit Protect options For other than PoS: 18 years applicable for Life, Life Plus & Credit Protect options 20 years For Life Income option
Maximum: 60 Years (for POS) & 65 years for Non-POS
|Max Age at Maturity (years)|
For PoS 65
For other than PoS
100 years except Credit Protect for, i.e. 95 Years
· Life Option. • Life Plus Option
• Life Income, • Credit Protect
|Basic Sum Assured|
Maximum: No Limit subject to Board approved underwriting policy (BAUP)
|Premium Payment Mode|
Single/Annual/ Half-yearly/ Quarterly/ Monthly
Key Features & Benefits of Tata AIA Sampoorna Raksha Supreme Plan
Here is the list of the features and benefits of Tata AIA Sampoorna Raksha Supreme Plan.
- Lower Premium Rates for Women
In comparison to smokers, non-smokers, or even their male counterparts, women policyholders will pay cheaper premium rates. Female policyholders or female life insureds may qualify for cheaper insurance premium rates.
- Plan option selection flexibility
This policy offers four adaptable plan options, each of which is tailored to meet your specific insurance requirements. Depending on your demands for life insurance, you can choose between the Life Option, Life Plus Option, Life Income Option, and Credit Protect Option. When a terminal illness is identified, the Inbuilt Payor Accelerator Benefit pays out 50% of the Basic Sum Assured. This payment is made as a single lump sum.
- Get Whole Life Coverage
To ensure your loved one’s long-term financial security, you can purchase whole-life insurance that covers you up to age 100. You may rest easy knowing that your family will be taken care of at every stage of your life thanks to this.
- Payment of Death Benefits
With the death benefit payment, this plan will protect your family’s financial stability in the event of your absence and that they may live independently. The death benefit will be paid to the nominee by the selected plan option if the life assured for an in-force policy (all due premiums have been paid) passes away.
- Income Term and Payment Flexibility
The term “income period” describes the length of time after the policy’s maturity date during which you will continue to receive the term insurance plan’s maturity benefit. If the policyholder chooses the income option, they can select an income period that lasts for up to 60 months after the insurance matures. Alternatively, one may opt to receive the term insurance plan’s maturity benefits as a lump amount after the policy.
- Free Look Period
The policyholder has the right to cancel the policy by giving written notice to the company if they are dissatisfied with the terms and conditions or features of the policy. In this case, they will receive a refund of all premium payments made without interest, less the following deductions: a) proportionate risk premium for the period of coverage; b) stamp duty and medical examination costs (including goods and services tax) that were incurred for issuing the policy.
- Tax Benefit Income
Subject to meeting the requirements outlined in the applicable income tax regulations, tax benefits would be available. Income tax regulations can change at any time.
- The option to receive income payouts
According to the appropriate plan type, the policyholder can select the Income Start Age at which they want to start receiving regular monthly payments. Depending on your last birthday, you can choose an income start age of 55, 60, or 65 to begin receiving your regular monthly income and live a carefree life. This age must be established at the outset of the policy, though.
What are the Exclusions Under the Tata AIA Sampoorna Supreme Policy?
The nominee or beneficiary of the policyholder shall be entitled to the commencement of risk, the date of revival of the policy, or the date of the rider to the policy, whichever is later, from the date of commencement of risk under the policy or the date of revival of the policy, as applicable. A life insurance policy may be challenged on the grounds of fraud at any time within three years of the policy’s issuance, the beginning of the risk, the day the policy was revived, or the date the rider to the policy was issued, whichever came later:
With the caveat that the insurer must inform the insured or the insured’s legal representatives, nominees, or assignees, in writing of the reasons and supporting documentation for any decision made. Nothing in this section restricts the insurer from requesting age verification at any time if he has the right to do so, and no policy shall be deemed void simply because the terms of the policy were changed in response to later evidence that the age of the life insured was misrepresented in the proposal.
How Does Tata AIA Sampoorna Supreme Policy Work?
Let’s take the example of Mr. Dinesh who is 30 years old and a non-smoker looking for a plan that can provide him with financial safety. He works in an MNC at an executive level with an annual package of Rs. 5 lakhs. Here is the amount of premium that he needs to give if he wants the coverage.
|Life Cover||Cover Up to Age||Premium payment option||Premium Frequency||Premium (Including GST)|
|Rs. 10000000||100 Years||Regular||Annual|
(18% GST Applied)
Frequently Asked Questions
The Life Option and the Credit Protect Option are both pure-term plans available via Tata AIA Sampoorna Raksha Supreme. The Life Plus Option and the Life Income Option, however, offer a return of premiums and a regular income option, respectively, subject to terms and conditions.
You can only purchase a term insurance plan with maturity benefits under the Life Plus Option coverage under the Tata AIA Sampoorna Raksha Supreme Plan. The maturity benefit for the coverage option is equal to 105% of the total term insurance premiums paid.
No, the Tata AIA Sampoorna Raksha Supreme plan does not provide access to policy loans.