Tata AIA Smart Sampoorna Raksha Plan
We all have some dreams and responsibilities to fulfill, and on top of that, we all want to keep our beloved ones safe and protected. For this, we need to start planning as early as possible so that with time, gradually we can build a financial corpus, and money cannot become a hindrance. To make your path smoother, Tata AIA Life Insurance Company has come up with a marvelous plan, Smart Sampoorna Raksha, protection, and savings-oriented Unit Linked Insurance Plan that makes your money grow steadily over time with a choice of multiple funds and also provides adequate life cover to your loved ones.
Moreover, it encourages those staying invested over the long term through a Refund of 2X Premium Allocation Charges, a Refund of 2X Mortality Charges, and Cover Continuance Boosters. It promises to help you fulfill your long-term goals such as children’s education, retirement planning, and wealth creation along with safeguarding your life goal with an adequate life cover. It is a Non-participating, Individual Life Insurance Plan for Savings and Protection under which the investment risk in the investment portfolio has to be borne by the policyholder. To know more about this policy, have a look at the following mentions.
|Age at entry||Minimum – 18 years, Maximum – 60 years|
|Age at maturity||Minimum – 48 years, Maximum – 100 years|
|Policy term||30 to 40 years|
|Premium paying term|
Limited Pay – 5, 10, and 12 years
Regular Pay – Equal to Policy Term
|Premium payment frequency||Annual, Half-yearly, Quarterly, and Monthly|
Limited Pay 5 years: Rs. 60,000
Others: Rs. 18,000
Top-up Premium: Rs. 5,000 per Top-up
|Basic sum assured|
Minimum – 10 times of Annualised Premium
Maximum – No upper limit, subject to board-approved underwriting policy
What Are The Benefits of Tata AIA Smart Sampoorna Raksha?
This plan has come up with a sack full of benefits and facilities that promise to keep you and your family safe and protected, and will also help you to build a financial corpus so that you can fulfill your dreams. The following details will give you an idea of these benefits. Have a look.
On survival to the end of the policy term, you will receive the Total Fund Value including Top-Up Premium Fund Value valued at applicable NAV on the date of Maturity.
In the case of death of the life insured during the policy term and while the policy is in force, the Nominee/legal heir will get the highest of the Basic Sum Assured net of all “Deductible Partial Withdrawals”, if any, from the Regular Premium Fund Value, or the Regular Premium Fund Value of this Policy or 105 percent of the total Regular Premiums paid up to the date of death. In addition to it, the highest of the approved Top-up Sum Assured(s), or Top-up Premium Fund Value of this Policy, or 105 percent of the total Top-up Premiums paid up to the date of death. is also payable provided the Policyholder has a Top-up Premium Fund Value. Deductible Partial Withdrawals are not applicable in the case of Top-Up Sum Assured.
Available Fund Options:
The following 11 types of fund options are available under this policy.
- Multi Cap Fund – The primary investment objective of the Fund is to generate capital appreciation in the long term by investing in a diversified portfolio of Large Cap and Mid Cap companies.
- India Consumption Fund – The primary investment objective of the Fund is to generate capital appreciation in the long term by investing in a diversified portfolio of companies that would benefit from India’s Domestic Consumption growth story.
- Top 50 Fund – The Top 50 Fund will invest primarily in select stocks which are a part of the Nifty 50 Index with a focus on generating long term capital appreciation.
- Top 200 Fund – The Top 200 Fund will invest primarily in select stocks which are a part of the BSE 200 Index with a focus on generating long term capital appreciation. The Fund will not replicate the index but aim to attain performance better than the performance of the Index.
- Super Select Equity Fund – It will invest significantly in equity and equity-linked instruments. The risk profile of the fund is high.
- Large Cap Equity Fund – The primary investment objective of the Fund is to generate long term capital appreciation from a portfolio that is invested predominantly in large cap equity and equity-linked securities.
- Whole Life Mid Cap Equity Fund – The primary investment objective of the Fund is to generate long term capital appreciation from a portfolio that is invested predominantly in Mid Cap Equity and Mid Cap Equity linked securities.
- Whole Life Aggressive Growth Fund – The primary investment objective of the Fund is to provide higher returns in long term by investing primarily in Equities along with debt/ money market instruments.
- Whole Life Stable Growth Fund – The primary investment objective of the Fund is to provide stable returns by balancing the investment in Equities and debt/ money market instruments.
- Whole Life Income Fund – The primary investment objective of the Fund is to generate income by investing in a range of debt and money market instruments of various maturities with a view to maximizing the optimal balance between yield, safety, and liquidity.
- Whole Life Short Term Fixed Income Fund – The primary investment objective of the Fund is to generate stable returns by investing in fixed-income securities having shorter maturity periods. Under normal circumstances, the average maturity of the Fund may be in the range of 1-3 years.
Discontinued Policy Fund:
The investment objective for Discontinued Policy Fund is to provide capital protection and a minimum return as per the regulatory requirement with a high level of safety and liquidity through judicious investment in high-quality short-term debt. The strategy is to generate better returns with a low level of risk through investment in fixed-interest securities having a short term maturity profile. The risk profile of the fund is very low. There is a minimum guarantee of interest @ 4% p.a. or as prescribed by IRDAI from time to time.
On survival till the maturity date, you have the option to receive the Maturity Benefit either in a lump sum or in the form of periodical payments over a Settlement Period of five years from the Maturity Date. During this Settlement Period, life cover shall be maintained at 105% of the total premiums paid. In case of death, higher of Total Fund Value at the time of death or 105% of total premiums paid will be returned to the Nominee.
Follow the below table.
|Government Securities||60% to 100%|
|Money Market Instruments||0% to 40%|
Key Fighlights of Tata AIA Smart Sampoorna Raksha
Apart from the above benefits and facilities, this policy has presented a bunch of special advantages and features that have made the policy unique and popular among consumers. The followings are the mentions of those features.
Refund of 2X Mortality Charges:
Starting from the 11th policy year, at the end of each policy month, 2 times the mortality charge (excluding underwriting extra and taxes) deducted in the 120th month prior shall be added to the Fund Value in the form of addition of units. Your allocable Regular Premium and Top- Ups (if any) are invested in one or more investment funds as per your chosen asset allocation. You have an option of choosing any or all the 11 Funds or such funds which are available at the time of allocation, based on your preferred asset allocation.
Enhanced Systematic Money Allocation & Regular Transfer – Enhanced SMART is a systematic transfer plan available only to the policies. It allows a customer to enter the volatile equity market in a structured manner under the Regular Premium Fund. Under Enhanced SMART, you need to choose two funds, a debt-oriented fund, and an equity-oriented fund. The followings are the choice of available funds:
|Debt Oriented Funds||Equity Oriented Funds|
Whole Life Income Fund
Whole Life Short-Term Fixed Income Fund
Large Cap Equity Fund
Whole Life Mid Cap Equity Fund
Multi Cap Fund
India Consumption Fund
Top 50 fund
Top 200 fund
Super Select Equity Fund
This strategy is applicable till the premium payment term only and is not available with the top-up premium fund. A portion of the total units in the chosen debt-oriented fund shall be switched automatically into the chosen equity-oriented fund in the following way:
- Policy Month 1 – 1/12 of the units available at the beginning of Policy Month 1
- Policy Month 2 – 1/11 of the units available at the beginning of Policy Month 2
- Policy Month 6 – 1/ 7 of the units available at the beginning of Policy Month 6
- Policy Month 11 – ½ of the units available at the beginning of Policy Month 11
- Policy Month 12 – Balance units available at the beginning of Policy Month 12
Flexibility of Partial Withdrawals:
In case you need money for any emergency or otherwise, this plan enables you to withdraw from your fund. The withdrawals from the regular Premium Fund are allowed after five policy anniversaries from the date of issuance of your policy, provided the policy is in force. For the Regular Premium policy, the minimum partial withdrawal amount is Rs. 5,000, subject to Total Fund Value (Regular + Top Up Fund) post such withdrawals being not less than an amount equivalent to one year’s Annualised Regular Premium. Partial Withdrawals should be made first from the Top-up Premium Fund (if any) and then from the Regular Premium Fund if the amount in the Top-up Premium Fund is insufficient. A maximum of four (4) partial withdrawals are allowed in a policy year.
Flexibility of Top-ups:
You have the flexibility to pay an additional premium as ‘Top-up Premium,’ provided the policy is in force. It can be paid at any time except during the last five years of the policy term, subject to underwriting, as long as all due premiums have been paid. The minimum Top-up amount is Rs. 5,000. Top-up premiums can be allocated in any proportion between the funds offered as chosen by the policyholder. Every Top-up Premium will have a lock-in period of five years from the date of acceptance of such Top up premiums except in case of complete withdrawal of the policy. At any point in time, the total Top-up premiums paid shall not exceed the sum of the total regular premium paid.
Flexibility of Premium Mode:
You have an option to pay the premiums either Annually, Half-yearly, Quarterly, and Monthly modes. Loading on premiums will be applicable as mentioned in the table below:
|Annual||Annualized Premium * 1|
|Half-yearly||Annualized Premium * 0.5|
|Quarterly||Annualized Premium * 0.25|
|Monthly||Annualized Premium * 0.0833|
A discontinued policy can be revived in the following ways.
- Revival of a discontinued policy during the lock-in period – Upon revival, the policy shall be revived restoring the risk cover, along with the investments made in the segregated funds as chosen by the policyholder, out of the discontinued fund, less the applicable charges in accordance with the terms and conditions of the policy.
- Revival of a discontinued policy after the lock-in period – Upon revival, the policy shall be revived restoring the risk cover in accordance with the terms and conditions of the policy. The rider may also be revived at the option of the policyholders. At the time of revival, the company will collect all due and unpaid premiums under the base plan without charging any interest or fee; may levy premium allocation charges as applicable, and will not levy any other charges.
If the policy acquires a surrender value during the first five years, it shall become payable only after the completion of the lock-in period. After the lock-in period, the surrender value shall be equal to the fund value as of the date of surrender.
Change in Premium Payment Modes:
The policyholder is allowed to change the frequency of regular premium payments by written request anytime when the policy is in force, subject to the insurer’s minimum premium requirements and approval and provided the policy is in force unless Enhanced SMART is active where annual mode is compulsory. Premiums payable monthly shall be paid by auto-deduction through a bank unless the Company agrees otherwise in writing.
Free Look Period:
If You are not satisfied with the terms & conditions/features of the Policy, you can cancel the Policy by giving written notice to the company stating objections/reasons and you will receive the non-allocated premium plus charges levied by cancellation of units plus fund value at the date of cancellation less (a) proportionate risk premium for the period of cover (b) medical examination costs if any and (c) stamp duty. Such notice must be received directly by the company within 15 days. This period can be extended to 30 days if the policy is sourced through distance marketing mode.
Health Management Services:
The life insured may avail of Second Opinion/Personal Medical Case Management/Medical Consultation services from service providers affiliated to/registered with the Tata AIA Life Insurance Co. Ltd. The services are expected to assist the life insured to ascertain the correct diagnosis of a medical condition and obtain due care for the life insured in case of illness.
What are the exclusions of Tata AIA Smart Sampoorna Raksha?
Understanding a policy is not completed if you do not go through its exclusions of it thoroughly. Therefore, to offer you a comprehensive idea of it, and to avoid future complications, here are the general exclusions of Tata AIA Smart Sampoorna Raksha policy.
- Anything that does not follow the terms and conditions of the policy as well as of the company will fall under the category of exclusions.
- If there is any kind of breach of law with criminal intent, that will be permanently excluded from the policy.
- In case of death due to suicide within 12 months from the date of commencement of the policy or from the date of revival of the policy, the nominee or beneficiary of the policyholder shall be entitled to fund value/policy account value, as available on the date of intimation of death. Further, any charges other than Fund Management charges (FMC) recovered subsequent to the date of death shall be paid back to the nominee or beneficiary along with the death benefit.
How Does Tata AIA Smart Sampoorna Raksha Work?
Mr. Bharat, a 36-year-old businessman bought a Tata AIA Smart Sampoorna Raksha policy for himself. Let us find out how much benefit he will reap from this plan for the given credentials.
|Premium payment frequency||Annual|
|Pay premium for||Limited – 12 years|
|Policy term||40 years|
|Investment preference||Both equally (Low risk returns and security)|
|Annual investment||Rs. 1,26,050|
|Maturity benefit||Rs. 93,60,371|
|Per Annual Actual returns of funds selected by you over the last email@example.com% per annum|
|Life cover||Rs. 15000000|
Frequently Asked Questions
The premium and any Top-up premium net of premium allocation charge will be used to purchase units in the various investment fund/s offered under this plan and as chosen by you. The units purchased in the investment fund are the monetary amount allocated to the investment fund divided by its then prevailing NAV per unit.
Fund Value is equal to the number of units pertaining to Regular premiums allocated to the investment fund/s chosen by you multiplied by its then prevailing NAV per unit. Top-up Premium Fund Value, if any, is equal to the number of units pertaining to Top-up premiums allocated to the investment fund/s chosen by you multiplied by its then prevailing NAV per unit.
In case of complete closure of a Fund, on and from the date of such closure, the company will cease to issue and cancel units of the said Fund and cease to carry on activities in respect of the said Fund, except such acts as are required to complete the closure. In such an event if the Units are not switched to another Fund by the Policyholder, the insurer will switch the said units to any other appropriate Fund with similar characteristics as per Board approved policy. In such an event if the Units are not switched to another Fund by the Policyholder, the company will switch the said units from the funds opted by the policyholder to the default fund as follows:
|Closed Fund||Default Fund|
|Whole Life Mid Cap Equity Fund, Multi Cap Fund, India Consumption Fund, Top 50 Fund, Top 200 Fund, Super Select Equity Fund||Large Cap Equity Fund|
|Whole Life Aggressive Growth Fund||Whole Life Stable Growth Fund|
|Whole Life Income Fund||Whole Life Short Term Fixed Income Fund|
The following are the notable features of Enhanced SMART: –
- Enhanced SMART can be availed at the option of the policyholder, exercisable at policy inception, or on any policy anniversary. A written request to commence, change or restart Enhanced SMART should be received 30 days in advance of the policy anniversary.
- Request for commencement, change, or restart of Enhanced SMART will be subject to all due premiums being paid.
- The automatic fund switches in the Enhanced SMART option are available out of the 12 free switches.
- Enhanced SMART is free of any charge.
- The policyholder will have the option to stop the Enhanced SMART at any point in time by a written request and it shall take effect from the next Enhanced SMART switching that follows the Company’s receipt
- Manual fund switching for the two funds selected for activation of Enhanced SMART is not allowed. Manual fund switching is allowed on other available funds at applicable charges.
- Any amount remaining in regular premium funds other than the two funds selected for activation of Enhanced SMART would continue to remain invested in those funds.
- Enhanced SMART Option will not be available during the Discontinuance of Premium. On the revival of the policy, you can opt for Enhanced SMART again.
Followings are the ways:
- Through the company’s official website.
- The annual statement detailing the number of units you have in each investment fund and their respective then prevailing NAV.
- Through the published NAVs of all investment funds on the company’s website and Life council’s website.
Your Sum Assured will increase by Top-up Sum Assured when you avail of a Top-up. Top-up Sum Assured will be Top-Up Multiple * Top-Up Premium. The top-up Premium Multiple is 1.25. An increase or decrease in the Top-up Sum Assured is not allowed.
The Net Asset Value (NAV) of the segregated funds shall be computed as:
The market value of the investment held by the fund + value of current assets – (value of current liabilities and provisions, if any) / Number of units existing on Valuation Date (before creation/redemption of units).
The company offers you ample flexibility to manage your money so that you can reap the maximum benefits of your investments.
- Switching Between the Funds – During the policy term, you may switch your investment or part of your investment from one fund to another as per your outlook on the markets. A total of 12 free switches are allowed in a policy year after which charges will be applicable.
- Premium Re-direction – Premium Re-direction facility helps you to allocate future premiums to a different fund or set of funds. There is no Premium-Redirection charge. Premium Re-direction will not be allowed if Enhanced SMART is chosen. It has a 100% ceiling.
Policy Loan is not allowed in this plan.
The followings charges are applicable for this plan:
- Premium allocation charges
- Mortality charges
- Policy administration charges
- Fund management charges
- Discontinuance charges
- Fund switching charges
If you are unable to pay your Regular Premium on time, starting from the date of the first unpaid premium, a grace period of 30 days will be offered for policies on Annual, Half-Yearly, or Quarterly Modes. For Policies in monthly mode, the grace period would be 15 days. During this period your policy will be in force with the risk cover as per the terms & conditions of the policy.