Tata AIA Life Smart Sapoorna Raksha is a unit-linked and non-participating individual life insurance plan that helps fulfill all your long-term objectives such as a child's higher education, retirement planning. It also protects your life milestones with the right life cover in case of any unfortunate event during the policy term. A protection and savings plan provides you an option to invest in several funds and also keeps you invested for the long run by refunding the 2 times the premium allocation charges and mortality charges along with the cover continuous boosters.
*Tax benefit is subject to changes in tax laws.
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Here’s a quick laydown of the features of Tata AIA Life Smart Sampoorna Raksha:
Parameters |
Minimum |
Maximum |
Entry Age |
18 years |
60 years |
Maturity Age |
48 years |
100 years |
Policy Term |
30 years - 40 years |
|
Premium Paying Term (PPT) |
For Limited Pay - 5/10/12 years For Regular Pay - Equal to Policy Term |
|
Sum Assured |
10 times of the annualized premium |
No limit |
Frequency of paying the premium |
Annual/Half-yearly/Quarterly/Monthly |
|
Premium |
For Limited pay of 5 years - Rs. 60,000 For Others - Rs. 18,000 For Top-up premium Rs. 5000/top-up |
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:
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:
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:
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.
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.
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.
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.
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.
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.
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*
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 |
- |
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.
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.
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.
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.
No partial withdrawal charges are available under this plan.
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 |
Risk Profile |
Allocation of Assets |
Minimum (%) |
Maximum (%) |
Super Select Equity Fund |
High |
Equity-linked and Equity instruments |
60 |
100 |
Debt |
0 |
40 |
||
Cash/Money Market |
0 |
40 |
||
Large Cap Equity Fund |
High |
Equity-linked and Equity instruments |
80 |
100 |
Cash/Money market |
0 |
20 |
||
Whole Life Mid Cap Equity Fund |
High |
Equity and instruments linked to equity |
60 |
100 |
Cash/Money market |
0 |
40 |
||
Whole Life Aggressive Growth Fund |
Medium to High |
Equity-linked and Equity instruments |
50 |
80 |
Debt |
20 |
50 |
||
Cash/Money market |
0 |
30 |
||
Whole Life Stable Growth Fund |
Low to Medium |
Equity and instruments linked to equity |
30 |
50 |
Debt |
50 |
70 |
||
Cash/Money market |
0 |
20 |
||
Whole Life Income Fund |
Low |
Debt |
60 |
100 |
Cash/Money Market |
0 |
40 |
||
Whole Life Short-term Fixed Income Fund |
Low |
Debt (for <3 years) |
60 |
100 |
Cash/Money Market |
0 |
40 |
*Disclaimer: Policyholder does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
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.
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:
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.
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,
The loan facility is not available under this plan.
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.
This helps the assured to allocate future premiums to a distinct set of funds. No premium Re-direction charges are allowed under this policy.
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.
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.
Age |
35 |
35 |
35 |
Policy Term |
40 |
40 |
40 |
Annualized Premium |
Rs. 60,000 |
Rs. 50,000 |
Rs. 20,000 |
Basic Sum Assured (Guaranteed Benefits) |
Rs. 6,00,000 |
Rs. 10,00,000 |
Rs. 6,00,000 |
Non-Guaranteed Benefits |
|||
Maturity Benefit @ 8% |
Rs. 24,96,680 |
Rs. 40,22,575 |
Rs. 9,03,428 |
Maturity Benefit @ 4% |
Rs. 4,21,716 |
Rs. 9,03,428 |
Rs. 12,52,324 |
*Policyholder does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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.