Tata AIA Smart Sampoorna Raksha Plan

Tata AIA Life Insurance Smart Sampoorna Raksha Plan is a unit-linked, non-participating, individual life insurance plan offering both savings and protection. The plan provides steady growth, multiple fund options, and adequate life cover.

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What is Tata AIA Smart Sampoorna Raksha Plan?

Tata Smart Sampoorna Raksha Plan is a Unit-Linked Insurance Plan (ULIP) that offers a combination of protection and investment. It incentivizes long-term protection with benefits like a refund of charges and cover continuance boosters. This plan helps you to achieve goals like education, retirement, and wealth creation while ensuring family security.

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1 30

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Expected rate of return (in %)

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Eligibility Criteria for Tata AIA Smart Sampoorna Raksha Plan

Parameter Minimum Maximum
Entry Age 18 years 60 years
Max Age at Maturity 48 years 100 years
Policy Term 30 years 40 years
Premium Paying Term (PPT) Limited Pay - 5, 10 & 12 years;
Regular Pay - Same as policy term.
Premium Payment Frequency  Monthly/ Quarterly/ Semi-Annually/ Annually
Minimum Premium Limited Pay 5-Year - Rs. 60,000;
Others - Rs. 18,000;
Top Up Premium - Rs. 5,000.
Minimum Sum Assured 10 × Annualised Premium

Key Features of the Tata AIA Smart Sampoorna Raksha Plan 

The key features of Tata AIA Smart Sampoorna Raksha Plan are as follows:

  • Tailored Fund Options: Choose from 18 funds tailored to your risk preference, including stocks and fixed-income options.

  • Death Benefit Protection: Protect your financial goals with Death Benefit coverage in case of unforeseen circumstances.

  • Premium Charge Benefits: Get back double the Premium Allocation Charges in policy years 10 to 13.

  • Mortality Charge Refunds: Receive a refund of double the Mortality Charges starting from the 11th policy year.

  • Flexible Premium Payments: Enjoy the flexibility to pay Regular or Limited premiums for 5, 10, or 12 years.

  • Tax Advantages: You can take advantage of tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.

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Benefits of Tata AIA Smart Sampoorna Raksha Plan

Tata AIA Smart Sampoorna Raksha Plan is a comprehensive ULIP plan designed to provide financial security to you and your loved ones in case of unforeseen events.

Following is the list of benefits of Tata AIA Smart Sampoorna Raksha Plan:

  1. Maturity Benefits:

    • Upon surviving until the end of the policy term, you receive the Total Fund Value, including the Top-Up Premium Fund Value.

  2. Death Benefit:

    • In case of the life insured's death during the policy term, the nominee receives benefits based on several options, including Basic Sum Assured, Regular Premium Fund Value, and Total Premiums paid.

  3. Refund of 2X Mortality Charges:

    • Starting from the 11th year, an amount equal to twice the mortality charge deducted 120 months prior is added monthly to the Fund Value.

  4. Refund of 2X Premium Allocation Charges:

    • In the 10th to 13th policy years, twice the total Premium Allocation Charges from the first four years are added to the Fund Value.

  5. Flexibility of Partial Withdrawals:

    • Withdrawals from the Regular Premium Fund are allowed after 5 policy anniversaries, with a minimum withdrawal amount and a maximum of four withdrawals per year.

    • Withdrawals from the Top-Up Premium Fund can be made anytime after five policy anniversaries.

  6. Flexibility of Top-ups:

    • Top-up premium payments are allowed anytime except the last five years of the policy term, with a minimum amount and subject to underwriting.

    • Each top-up premium has a lock-in period of five years, and the total top-up premiums should not exceed the total regular premiums paid.

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Policy Charges for Tata AIA Smart Sampoorna Raksha Plan

The policy charges for Tata AIA Smart Sampoorna Raksha Plan depend on a number of factors, including the policy term, the sum assured, the age of the policyholder, and the policyholder's gender:

  • Premium Allocation Charges: Deducted from regular premiums, ranging from 12% in the 1st year to nil from the 4th year onwards.

  • Policy Administration Charges: 0.41% per year of the annualized premium, deducted monthly from the 4th year onwards.

  • Mortality Charges: Monthly deductions from fund value to cover the risk of death during the policy term. 

  • Fund Management Charges: Annual charges for managing funds, varying from 0.65% to 1.20% depending on the fund.

  • Charges for Switching Funds: Free switches up to 12 times a year; Rs. 100 per switch thereafter, which is capped at Rs. 250 as per IRDAI rules.

  • Discontinuance Charges: Levied if the policy is discontinued within 5 years, which covers administrative costs.

  • Partial Withdrawal Charges: No charges for partial withdrawals.

Investment Fund Options

A list of the 11 fund options available under the Tata AIA Smart Sampoorna Raksha plan is mentioned below:

Investment Fund Name Equity Debt Money Market Risk – Return Profile
Emerging Opportunities Fund 80%-100% 0%-10% 0%-20% High
Sustainable Equity Fund 80%-100% 0%-20% 0%-20% High
Multi Cap Fund 80%-100% 0%-40% 0%-40% High
India Consumption Fund 60%-100% 0%-40% 0%-40% High
Top 50 Fund 60%-100% -- 0%-40% High
Top 200 fund 60%-100% -- 0%-40% High
Super Select Equity Fund 60%-100% 0%-40% 0%-40% High
Large Cap Equity Fund 80%-100% -- 0%-20% High
Whole Life Mid Cap Equity Fund 60%-100% -- 0%-40% High
Dynamic Advantage Fund 20%-80% 20%-80% 0%-20% Medium
Whole Life Aggressive Growth Fund 50%- 80% 20%-50% 0%-30% Medium to High
Whole Life Stable Growth Fund 30%- 50% 50%- 70% 0%-20% Low to Medium
Whole Life Income Fund -- 60%- 100% 0%-40% Low
Whole Life Short-Term Fixed Income Fund -- 60%- 100% 0%-40% Low
Flexi Growth Fund 70%- 100% 0%-20% 0%-30% High
Constant Maturity Fund -- 80%- 100% 0%-20% Medium
Target Maturity Fund -- 80%- 100% 0%-20% Medium
Small Cap Discovery Fund 70%- 100% 0%-10% 0%-30% High

Riders under TATA AIA Smart Sampoorna Raksha Plan

The following riders of Tata AIA Smart Sampoorna Raksha Plan offer a comprehensive approach to insurance coverage while also promoting and rewarding a healthy lifestyle through the wellness program:

  • Tata AIA Life Insurance Linked Comprehensive Protection Rider: Covers death, disability due to accidents, critical illnesses, or terminal illness. Offers flexible benefit options like lump sum payouts, fixed period income, and premium waivers. It can be added at policy inception or any anniversary.

  • Tata AIA Life Insurance Linked Comprehensive Health Rider: Provides coverage for disability, hospitalization, and critical illnesses such as cancer and cardiac arrests. Supports multiple claim payouts and can be added when purchasing the policy or at any anniversary.

  • Tata AIA Vitality Protect Plus: Offers coverage for unforeseen events with flexible benefits. It integrates with the Tata AIA Vitality Wellness Program, rewarding policyholders for healthy habits.

  • Tata AIA Vitality Health Plus: Similar to the Comprehensive Health Rider, covering a range of events and illnesses. Also includes the 'Tata AIA Vitality' Wellness Program to promote healthy living.

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Policy Details of Tata AIA Smart Sampoorna Raksha Plan

  1. Grace Period

    If you are unable to pay your regular premiums on time, starting from the date of your first unpaid premium, TATA AIA offers a grace period of 30 days for annual, half-yearly, or quarterly premium payment modes.

  2. Revival Period

    All discontinued policies have a revival period of 3 years from the date of the 1st unpaid premium. During this revival period, you have the opportunity to reinstate the policy and continue its benefits.

  3. Free Look Period

    If you are not satisfied with the terms and conditions of the policy, you have the option to cancel the policy by providing written notice to the company stating the reasons. After the approval, all the non-allocated amounts along with the fund value (excluding the medical tests, risk premium amount for the short term, and charges of stamp duty) will be refunded.

    For policies purchased through distance marketing mode, a 30-day free look period is provided. If the policy is purchased through any other mode, a 15-day free look period is available.

  4. Switching of Funds

    As a policyholder, you have the flexibility to switch the investment fund option from one to another during the policy term to suit your requirements. You are allowed to make 12 free switches in a year.

  5. Loan

    The TATA AIA Smart Sampoorna Raksha Plan does not provide a loan facility. Loan options are not available under this life insurance plan.

  6. Discontinuance of Premiums

    In the event that premiums are not paid within the grace period and remain unpaid for a period of 5 years from the date of purchasing the policy, the fund value is transferred to the discontinuance policy fund. After completing 5 policy years, the accumulated amount is credited to the life assured.

  7. Re-direction of Premiums

    The policy allows the policyholder to allocate future premiums to a different set of funds as per their preference. No premium re-direction charges are applicable under this policy.

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Exclusions of Smart Sampoorna Raksha Plan

Suicide

In the event that the life assured passes away due to suicide within 12 months (1 year) from the commencement date of the TATA AIA Smart Sampoorna Raksha Plan or its revival date, the nominee or beneficiary will be entitled to receive the fund value as stated on the date of intimation of the policyholder's death.

Frequently Asked Questions

  • What is TATA AIA Sampoorna Raksha policy?

    TATA AIA Sampoorna Raksha is a suite of life insurance products offered by Tata AIA Life Insurance:
    • Sampoorna Raksha

    • Sampoorna Raksha Supreme

    • Smart Sampoorna Raksha

    • Group Sampoorna Raksha

  • How many funds are available in Smart Sampoorna Raksha?

    Tata AIA Smart Sampoorna Raksha Plan offers 18 funds for investors of different risk appetites.
  • Which charges are returned back in Tata Smart Sampoorna Raksha?

    Smart Sampoorna Raksha returns:
    • 2x Premium Allocation Charges from year 11 onwards, added monthly as units.

    • 2x Mortality Charges (excluding extras and taxes) from year 11 onwards, added monthly as units.

  • What is the partial withdrawal of Smart Sampoorna Raksha?

    Tata Smart Sampoorna Raksha allows partial withdrawals after 5 years, with a minimum of Rs. 5,000, a maximum of 4 times per year, and only if the remaining fund value is enough to cover 1 year's premium.
  • What are the tax benefits available with Tata AIA Smart Sampoorna Raksha Plan?

    Tata AIA Smart Sampoorna Raksha Plan offers tax benefits under section 80C of the Income Tax Act,1961 and other benefits as per the prevailing tax laws. 
  • What are the documents required to purchase the TATA AIA Smart Sampoorna Raksha Plan?

    The following list of documents is required to purchase the plan:
    • Address proof

    • Identity Proof

    • Income Proof

  • What is the performance of Tata Sampoorna Raksha Fund?

    TATA AIA Smart Sampoorna Raksha Plan gives you an Internal Rate of Return of 1.68%.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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