Tata AIA Smart Sampoorna Raksha Pro

What is Tata AIA Smart Sampoorna Raksha Pro?

Tata AIA Smart Sampoorna Raksha Pro is a ULIP Plan that provides financial protection and secures your family's future. This plan offers the dual benefit of life insurance coverage and market-linked investment opportunities. The insurance component ensures the security of your loved ones even in your absence, and through market-linked returns, you grow your wealth for a financially stable future. The flexible ULIP plan allows you to customize your coverage by offering you to choose both your policy term and premium payment term, ensuring it aligns with your individual financial goals and needs.

Features of Tata AIA Smart Sampoorna Raksha Pro

Below are the features of Tata AIA Smart Sampoorna Raksha Pro: 

• Financial Protection: Provides financial security to the policyholder's loved ones in the event of an unfortunate event during the policy term.

• Plan Options: Choose the plan option between ‘Classic’ and ‘Optima’, as per your suitable needs. 

• Fund Value Booster: Boost your total Fund Value with ‘Loyalty additions’, ‘Return of Mortality Charges’ ‘Cover Continuance Boosters’, ‘Return of Premium Allocation Charges’, and more, ensuring maximised growth of your money. 

• Market-linked Returns: Market-linked returns help grow wealth, allowing policyholders to benefit from market performance. You can use the ULIP calculator to calculate the returns on your ULIP investments.

• High life insurance:  Ensure your family is completely financially protected, even in your absence with ‘High life insurance Coverage’. 

• Flexibility: Offers flexibility in choosing the premium payment term, policy term, and sum assured to align with individual financial goals and capabilities.

• Tax Benefits: Provides potential tax benefits as per applicable tax laws, helping policyholders save on taxes while securing their financial future.

• Flexibility: You have the flexibility to:

  • Choose from the 28 investment fund options, or

  • Choose any one of the following Portfolio Strategies: 

    • Enhanced Systematic Money Allocation & Regular Transfer (Enhanced SMART)

    •  Life-stage-based Portfolio Strategy

• Enhanced Systematic Money Allocation & Regular Transfer (Enhanced SMART): Under this portfolio strategy, you get to choose two funds, a debt oriented fund and an equity oriented fund.

• Life-stage based Portfolio Strategy: Under this portfolio strategy,  you get to choose the portfolio, structured as per the age and risk profile (Conservative, Moderate or Aggressive) 

Eligibility Criteria for Tata AIA Smart Sampoorna Raksha Pro

Benefits of Tata AIA Smart Sampoorna Raksha Pro

Below are the benefits of Tata AIA Smart Sampoorna Raksha Pro: 

1. Death Benefit:

   In the unfortunate event of the policyholder’s demise during the policy term, the nominee receives the highest of:

   • Basic Sum Assured (net of deductible partial withdrawals) or

   • Premium Fund Value or

   • 105% of the total premiums paid (net of deductible partial withdrawals)

   If the insured has a top-up premium fund value, the nominee receives the highest of:

   • Approved Top-up Sum Assured(s) or

   • Top-up Premium Fund Value

   Deductible partial withdrawals refer to withdrawals made within two years before the policyholder’s death.

   

2. Maturity Benefit:

   • If the life assured survives until the end of the policy term, a maturity benefit is payable to the policyholder, providing a lump sum to fulfill long-term financial goals.

3. Surrender Benefit:

   • The policy acquires a surrender value after a certain period, allowing the policyholder to surrender the policy and receive a surrender benefit, providing liquidity in case of financial emergencies.

4. Loan Benefit:

   • A loan facility is available under the policy after it acquires a surrender value, offering access to funds without terminating the policy.

5. Flexibility of Partial Withdrawals to create your second income:

   • You can withdraw money from your policy after 5 years to support your short-term financial needs, like a second income, without charges or limits, provided your fund value remains above the minimum required.This benefits provides you with financial flexibility during your policy term.

6. Systematic Withdrawal Plan (SWP):

   • SWP in Tata AIA Smart Sampoorna Raksha Pro, allows you to receive regular payouts (monthly, quarterly, yearly, etc.) from your fund either as a fixed amount or a chosen percentage (1%–15%) of the fund value, starting after 5 years.

7. Chosen-rate Withdrawal Plan (CWP):

   • You get payouts only when your fund’s growth exceeds your chosen rate of return, ensuring you benefit only when market performance is better than your expectations.

Riders Under Tata AIA Smart Sampoorna Raksha Pro

1. Tata AIA Life Insurance Linked Comprehensive Protection Rider (UIN: 110A031V02 or later version)

   This rider offers coverage for death, disability due to accidents, critical illnesses, and terminal illnesses. It provides flexibility in receiving benefits as a lump sum, fixed-period income, income till the survival of the partner, or waiver of premium. The rider can be opted for at policy inception or any policy anniversary.

2. Tata AIA Life Insurance Linked Comprehensive Health Rider (UIN: 110A032V02 or later version)

   Designed to cover hospitalization, disability, and critical illnesses, including cancer and cardiac arrests, this rider offers multiple claim payouts and protection against major and minor health conditions. It can be availed at the start of the policy or during any policy anniversary.

3. Tata AIA Vitality Protect Plus (UIN: 110A048V03 or later version)

   This rider provides coverage for death, disability due to accidents, critical illnesses, and terminal illnesses. Additionally, it promotes a healthy lifestyle through the Tata AIA Vitality Wellness Program, rewarding policyholders for achieving health goals.

4. Tata AIA Vitality Health Plus (UIN: 110A047V02 or later version)

   Offering coverage for disabilities, hospitalization, and critical illnesses, this rider supports multiple claim payouts and encourages a healthier lifestyle through the Tata AIA Vitality Wellness Program.

5. Tata AIA Sampoorna Health (UIN: 110A167V02 or later version)

   This rider provides fixed benefit payouts for 57 multistage critical illnesses, unlimited daycare procedures, surgeries, and hospitalization, ensuring comprehensive health protection.

6. Tata AIA Life Insurance Waiver of Premium (Linked) Rider (UIN: 110A026V02 or later version)

   Ensures policy benefits remain active even if the policyholder is unable to pay premiums due to unforeseen circumstances.

7. Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider (UIN: 110A025V02 or later version)

   Provides continued insurance coverage even if the policyholder faces total and permanent disability or the proposer passes away, ensuring uninterrupted policy benefits.

8. Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider (UIN: 110A027V02 or later version)

   Offers financial support in case of accidental death or dismemberment, helping policyholders and their families bridge financial gaps.

9. Tata AIA OPD Care Rider (UIN: 110A166V02 or later version)

   Provides end-to-end healthcare solutions, covering doctor consultations, physiotherapy sessions, prescribed medications, nutrition management, and emotional wellness support.

How to Calculate Returns on Tata AIA Smart Sampoorna Raksha Pro ULIP Plan?

Policyholders can use the ULIP calculator to calculate there returns on there ULIP investments. A ULIP calculator is an online tool that helps policyholders estimate their investment growth under a Unit Linked Insurance Plan (ULIP). It simplifies financial planning by providing a clear projection of returns, ensuring you make informed investment decisions. Investors often ask which SIP is best for achieving long-term financial goals. By adjusting inputs like premium and tenure, you can compare scenarios and optimize your investment strategy.

Additional Details of Tata AIA Smart Sampoorna Raksha Pro

• Free Look Period: A free look period is available during which the policyholder can review the policy terms and conditions and cancel the policy if not satisfied, ensuring they have made an informed decision.

• Grace Period: A grace period is allowed for the payment of premiums, providing flexibility and preventing the policy from lapsing due to temporary financial constraints.

• Revival: Lapsed policies may be revived subject to certain conditions, allowing policyholders to reinstate their coverage if they missed premium payments.

• Charges: It's important to be aware of the ULIP charges included in the policy.