Tata AIA Smart Sampoorna Raksha Plan

Eligibility Criteria for Tata AIA Smart Sampoorna Raksha Plan

Key Features of the Tata AIA Smart Sampoorna Raksha Plan 

Here are the features of Tata AIA Smart Sampoorna Raksha Plan:

• Flexibility to choose from 11 funds ranging from equity oriented to fixed income, based on your risk appetite. 

• Secure your financial goals through death benefit in case of an unforeseen death during the policy term.

• Refund of 2 times of mortality charges starting from 11th years

• Refund of 2 times of premium allocation charges in 10, 11 12 and 13 years of policy. 

• Flexibility to pay regular or limited premiums of 5 years, 10 years and 12 years. 

• Tax benefits are available as per the prevailing laws of tax. 

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.  

Here is a list of benefits of Tata AIA Smart Sampoorna Raksha:  

1. Maturity Benefits

   Upon surviving until the end of the policy term, you will receive the Total Fund Value, which includes the Top-Up Premium Fund Value at the applicable Net Asset Value (NAV) on the maturity date.

2. Death Benefit

   In the unfortunate event of the life insured's death during the policy term while the policy is in force, the nominee or legal heir will receive the following benefits:

   The highest of the following options:

   • Basic Sum Assured, net of all "Deductible Partial Withdrawals," if any, from the Regular Premium Fund Value.

   • The Regular Premium Fund Value of the policy.

   • 105 percent of the total Regular Premiums paid up to the date of death.

   Additionally, the highest of the following options will also be payable:

   • The approved Top-up Sum Assured(s).

   • The Top-up Premium Fund Value of the policy.

   • 105 percent of the total Top-up Premiums paid up to the date of death.

   It's important to note that Deductible Partial Withdrawals do not apply to the Top-Up Sum Assured.

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3. Refund of 2X Mortality Charges

   • The refund is applicable starting from the 11th year of the policy.

   • At the end of each month, an amount equal to twice the mortality charge (excluding underwriting extra and taxes) deducted in the 120th month prior is added to the Fund Value.

   • The refund is added to the Fund Value in the form of additional units.

   • For instance, in the 121st month of the policy, an amount equal to twice the mortality charges deducted in the 1st month will be added.

   • This refund feature continues as long as the policy remains active and all the required premiums have been paid up to the current date.

4. Refund of 2X Premium Allocation Charges

   10th, 11th, 12th, and 13th policy years, an amount equal to two times the total Premium Allocation Charges (excluding taxes) deducted during the first four policy years will be added to the Fund Value as additional units. This additional unit addition will continue as long as the policy is active and all the required premiums have been paid up to that point.

5. Flexibility of Partial Withdrawals 

   • Withdrawals from the regular Premium Fund are permitted after 5 policy anniversaries from the policy issuance date, provided that the policy is active.

   • Partial withdrawals from the Top-up Premium Fund can be made at any time after five policy anniversaries from the acceptance date of each Top-up Premium payment.

   • For Regular Premium policies, the minimum amount for partial withdrawal is Rs. 5,000, provided that the remaining Total Fund Value (Regular + Top Up Fund) after the withdrawal is not less than one year's worth of Annualized Regular Premium.

   • Partial withdrawals should be first made from the Top-up Premium Fund (if available), 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, and no charges are imposed for making these withdrawals.

   • However, partial withdrawals cannot be made if they would lead to the termination of the policy.

6. Flexibility of Top-ups 

   • You can make top-up premium payments at any time, except during the last five years of the policy term, as long as all your regular premiums have been paid. This is subject to underwriting, which is the assessment of your insurability.

   • The minimum amount for a top-up premium is Rs. 5,000. However, acceptance of the top-up premium is dependent on the prevailing underwriting rules.

   • You can allocate the top-up premium between the available funds based on your chosen preferences as a policyholder.

   • Each top-up premium payment will have a lock-in period of five years from the date of acceptance, unless you choose to completely withdraw your policy.

   • It's important to note that the total amount of top-up premiums paid should not exceed the sum of the total regular premiums paid at any given point in time.

Policy Charges for Tata AIA Smart Sampoorna Raksha Plan

1. Premium Allocation Charges

   These are applied to the regular premiums paid for TATA AIA Smart Sampooran Raksha Plan. These charges are deducted from the premiums, and the remaining amount is invested in the chosen funds. The table below outlines the premium allocation charges as a percentage of the annualized premiums:

   Policy Year	Annualized premium
   1 year	12%
   2 years	6%
   3 years	5%
   4 years onwards	Nil

2. Policy Administration Charges

   A charge of 0.41% per year of the annualized premium will be deducted from your funds starting from the 4th year of the policy. This deduction will occur at the beginning of each month.

3. Mortality Charges

   The mortality charge is deducted on a monthly basis from the fund value. If the fund value for the regular premium is insufficient, the mortality charges will be deducted from the fund value of the top-up premium. The purpose of this charge is to provide coverage against the risk of death during the policy term.

4. Fund Management Charges

   The Fund Management Charge is levied on each fund on every valuation date, with the following annual rates:

   Funds	% of Fund management charges per year
   Multi-Cap Fund	1.20
   Super Select Equity Fund	1.20
   Large Cap Equity Fund	1.20
   Whole Life Mid-Cap Fund	1.20
   Whole Life Aggressive Growth Fund	1.10
   Whole Life Stable Growth Fund	1.00
   Whole Life Short Term Fixed Income Fund	0.65

5. Charges for Switching Funds

   The policy provides 12 free switches in a year. However, beyond these free switches, a charge of Rs. 100 per switch will apply. It is important to note that these charges are subject to change as per the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI). Nevertheless, the charges will not exceed Rs. 250, which is the maximum limit stipulated by the IRDAI rules and regulations.

6. Discontinuance Charges

   The policyholder has the option to discontinue premium payments at any time during the policy tenure by notifying the insurer. If a request to discontinue the policy is made within 5 years from the commencement date of the policy, the fund value and the net discontinuance charges will be transferred to the Discontinuous Policy Fund. Discontinuance charges are levied to cover administrative costs and expenses related to the discontinuation of the policy.

7. Partial Withdrawal Charges

   There are no partial withdrawal charges available under this plan. 

Fund Options

Riders under TATA AIA Smart Sampoorna Raksha Plan

Rider Benefits of Tata AIA Smart Sampoorna Raksha Plan:

• Accidental Death Benefit: In the unfortunate event of the Life Insured's death due to an accident within the Benefit Option Term, an amount of 50 Lakhs will be payable. The death must occur within 180 days from the accident. Additionally, if the accident leading to death happens in Public Transport, the nominee will receive double the benefit amount.

• Accidental Total and Permanent Disability Benefit: If the Life Insured becomes totally and permanently disabled due to an accident within the Benefit Option Term, an amount of 50 Lakhs will be payable. The disability must occur within 180 days from the accident.

• Hospital Cash Benefit: In case of hospitalization for the treatment of any injury or illness, a daily cash benefit of 0.5% will be paid. The minimum duration of hospitalization should be 1 day. The policy year has an annual limit of 30 days, with a maximum limit of 200 days throughout the complete policy term.

• ICU Benefit: For each day of stay in the Intensive Care Unit (ICU), a daily cash benefit of 0.5 percent will be paid. The annual limit for this benefit is a maximum of 15 days per policy year.

• Recuperation Benefit: If the Life Insured is continuously hospitalized in one or more hospitals for seven or more days due to the same disease or injury, a benefit amount equal to 15 percent of the original benefit will be paid. This benefit is payable once in a plan year.

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.

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.