Tata AIA Life Smart Sampoorna Raksha

Key Features of Tata AIA Life Smart Sampoorna Raksha 

Here’s a quick laydown of the features of Tata AIA Life Smart Sampoorna Raksha: 

• Plan offers the flexibility to choose from 11 funds based on your risk appetite, ranging from fixed income to equity oriented.
• Protects your life objectives by providing the death benefit or adequate life cover in case of untimely death during the policy term. 
• Refund of twice the mortality charges from the commencement of the 11th year of the policy. 
• Refund of twice the premium allocation charges in 10,11, 12, and 13th years of the policy. 
• You can choose to pay a regular or limited premium of 5, 10, and 12 years. 

Eligibility Criteria of Tata AIA Life Smart Sampoorna Raksha

Benefits of Tata AIA Life Smart Sampoorna Raksha 

Tata AIA Life Smart Sampoona Raksha offers various benefits that might help you in fulfilling your long-term goals. Let’s understand the benefits in detail: 

1. Death Benefit 

   In case of the death of the life assured during the policy tenure, providing the policy to be in force, the legal heir or the nominee will get the highest of the following: 

   • The basic sum assured 
   • Policy’s regular premium fund value 
   • 105% of the complete regular premiums payable up to the death date 

   Also, the following benefits are payable if the policyholder has opted for the top-up premium fund value. The nominee will get the highest of the following: 

   • Top-up sum assured (approved)
   • Fund value of top-up premium 
   • 105% of the complete top-up premium payable up to the death date 

   The partial withdrawals specified in the above cases can also be made during the last two years of the policy instantly before the death date of the life assured. 

2. Maturity Benefit 

   Upon the survival of the life assured to the end of the policy tenure, the complete fund value that includes the Fund value of Top-up premium is payable to the nominee or legal heir. 

3. Refund of 2 Times of the Mortality Charges

   From the 11th year of the policy, two times of the mortality charges which were deducted in the 120th month (10 years) of the policy will be returned along with the fund value. Let’s say, at the start of the 11th year, 2 times the mortality charges deducted in the 1st month of the policy shall be refunded to you. 

4. Refund of Two Times of the Premium Allocation Charges 

   After the 10th, 11th, 12th, and 13th years of the policy, 2 times of the premium allocation charges deducted 10 years before shall be refunded in the form of the addition of units. 

5. Cover Continuous Booster 

   These funds are added to the fund value in the form of the addition of units. During the credit time, if the fund value descends below the estimated levels for the continuation of the policy, the insurers add units to it to keep the policy in force. These types of conditions occur when there is a substantial fall in the market and the fund value also drops considerably. 

6. Surrender Value 

   The surrender value will be payable after the completion of the lock-in time if the policy obtains a surrender value during the first 5 policy years. 

7. Tax Benefit

   Get the Income tax benefit on the premium paid as per the prevailing laws of the Income Tax Act, 1961. 

   *Tax Benefit is subject to changes in tax laws. Standard T&C apply*

Policy Charge of Tata AIA Smart Sampoorna Raksha 

1. Premium Allocation Charges 

   This charge is deducted from the regular premiums and the balance amount is invested in funds as per your selection. The below table shows the premium allocation charge in terms of % of annualized premiums:

   Policy Year	Annualized premium (in %)
   1	12
   2	6
   3	5
   4	3
   5 year onwards	-

2. Policy Administration Charges 

   This charge of 0.41% per year of annualized premium from the 5th year of policy is deducted from your funds at the starting of every month.

3. Fund Management Charge 

   This charge is deducted for each fund on every valuation date at the following yearly rates. 

   Funds	% of Fund management charges per year
   Multi-Cap Fund	1.20
   Super Select Equity Fund	1.20
   India Consumption Fund	1.20
   Large Cap Equity Fund	1.20
   Top 50 Fund	1.20
   Whole Life Mid-cap Equity Fund	1.20
   Top 200 fund	1.20
   Whole life Aggressive Growth Fund	1.10
   Whole Life Income Fund	0.80
   Whole Life Short Term Fixed Income Fund	0.65
   Whole Life Stable Growth Fund	1.00

   *All savings are provided by the insurer as per the IRDAI approved insurance plans. Standard T&C applies. 

   Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

4. Mortality Charge 

   This is deducted by canceling the units from the fund value monthly. If the fund value for the regular premium is not adequate, then the mortality charges will be deducted from the fund value of the top-up premium.  

   

5. Discontinuance Charge 

   The life assured has the option to discontinue the premium payments anytime during the policy tenure by informing the insurer. If the request is made to discontinue the policy 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. 

6. Partial Withdrawal Charges 

   No partial withdrawal charges are available under this plan. 

7. Charges for Switching Funds 

   The policy offers 12 free switches in a year with a charge of Rs.100 per switch. The charges are subject to change as per the IRDAI guidelines but shall not exceed Rs.250 as per IRDAI rules and regulations. 

Fund Options in Tata AIA Smart Sampoorna Raksha 

*Disclaimer: Policyholder does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer. 

Rider Benefits 

1. Tata AIA Life Insurance-Linked Comprehensive Protection Rider 

   This term insurance rider provides financial coverage against any unforeseen events such as disability, death due to accident, or the diagnosis of critical or terminal illnesses. 

2. Tata AIA Life Insurance-Linked Comprehensive Health Rider - 

   This rider provides coverage in case of disability, hospitalization, or major and minor illnesses or injuries. Rider also provides the option to receive the benefit: 

   • Lump-sum +  income for a fixed time 
   • Lump-sum 
   • Monthly income for 10 years 

Policy Details 

1. Free Look Period 

   If you are not satisfied with the terms and conditions of the policy, the life assured has 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.  

   30 days of free look period is provided if the policy has been purchased through distance marketing mode and 15 days if it is purchased through any other mode.

2. Grace Period 

   if you are not able to pay your regular premiums on time, commencing from the date of your 1st unpaid premiums, a grace period of 30 days is offered by the company for annual/half-yearly or quarterly modes of premium payment,  

3. Loan 

   The loan facility is not available under this plan. 

4. Switching of Funds 

   The policyholder can switch the investment fund option from one to other during the policy term as per your requirements. 12 free switches are allowed in a year. 

5. Re-direction of Premiums 

   This helps the assured to allocate future premiums to a distinct set of funds. No premium Re-direction charges are allowed under this policy. 

6. Discontinuance of Premiums 

   If in case the premiums are not duly paid even after the grace period, within the 5 years time of purchasing the policy, the fund value is transferred to the discontinuous policy fund and credited to the life assured after 5 policy years. 

   Revival Period - All the discontinued policies have a revival period of 3 years from the date of 1st un-paid premiums. 

Sample Premium Illustration 

The below table illustrates the maturity benefit for a 35 year healthy-non-smoker individual with the fund value allocation of 50% in Midcap equity and 50% in large-cap equity funds. 

*Policyholder does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Exclusions 

Suicide 

If the life assured dies because of suicide within 12 months (1 year) from the commencement date of the policy or the policy’s revival date, the nominee/beneficiary will receive fund value as mentioned on the date of intimation of the policyholder’s death.

FAQ's