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Tata AIA Life Smart Sampoorna Raksha (Tata AIA -SSR) is a comprehensive term insurance plan that helps fulfill all your long-term objectives such as a child’s higher education, retirement planning, and wealth creation. It is a protection and savings plan that helps safeguard your life goals with a suitable life cover.
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Let’s discuss this plan in detail:
Term Plans
Here are the features of Tata AIA Life Insurance Smart Sampoorna Raksha:
It is a Unit-linked and non-participating individual life insurance plan
Tata AIA term insurance 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 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 the 10,11, and 12th years of the policy.
You can choose to pay a regular or limited premium of 5, 10, and 12 years under this term insurance plan.
Get tax benefits as applicable in Income Tax Laws
*Note: You may use the term insurance calculator to easily calculate your premium amount of your term plan.
Here is the eligibility criteria of the Tata AIA Life Smart Sampoorna Raksha Plan:
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 45 years |
| Maturity Age | 48 years | 85 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 | 50 Lacs | 5 Crores |
| Frequency of paying the premium | Monthly, Quarterly, Semi-Annual, Annual | |
Tata AIA Life Insurance Smart Sampoona Raksha is a wide-ranging best term insurance plan. It provides 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:
The basic sum assured
Current fund value
105% of the complete regular premiums paid 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 paid up to the death date
Upon the survival of the life assured to the end of the policy tenure, the complete fund value that includes the Fund value of the 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 added along with the fund value in form of adding units. 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, and 12th year of the policy, 2 times the premium allocation rates are deducted 10 years before (for policy years 1,2, and 3 respectively) shall be added to the value of funds in the form of units’ addition. These types of additions shall continue till the plan is active and all due amounts of premiums have been paid.
These funds are added to the fund value in the form of the addition of units.
| Time | First 15 years of policy | From the 16th year of the policy till the end of the policy tenure |
| Credit Timing | At the last of the policy months, if fund value comes below 1 yearly premium | At the last of each month of the policy if the fund value comes below the fund value inferred by the target |
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 under section 80C of the Income Tax Act, 1961. These tax benefits can help us understand what is term insurance and what are the tax deductions associated with it.
++Tax Benefit is subject to changes in tax laws. Standard T&C apply
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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 years onwards | Nil |
The charge of 0.41% per year of annualized premium from the 4th year of policy will be deducted from your funds at the start of each 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 |
| Indian Consumption Fund | 1.20 |
| Top 50 Fund | 1.20 |
| Top 200 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 Income Fund | 0.80 |
| Whole Life Short Term Fixed Income Fund | 0.65 |
++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 beyond which a charge of Rs.100 per switch applies The charges are subject to change as per the IRDAI guidelines but shall not exceed Rs.250 as per IRDAI rules and regulations.
Here are the fund options available in TATA AIA Smart Sampoorna Raksha:
| Fund Options | Risk Profile | Allocation of Assets | Minimum (%) | Maximum (%) |
| Multi Cap Fund | High | Equity | 60 | 100 |
| Debt Instruments | 0 | 40 | ||
| Money/Cash Market Instruments | 0 | 40 | ||
| Indian Consumption Fund | High | Equity | 60 | 100 |
| Debt Instruments | 0 | 40 | ||
| Money/Cash Market Instruments | 0 | 40 | ||
| Top 50 Fund | High | Equity Instruments | 60 | 100 |
| Money/Cash Market Instruments | 0 | 40 | ||
| Top 200 Fund | High | Equity Instruments | 60 | 100 |
| Money/Cash Market Instruments | 0 | 40 | ||
| Multi Cap Fund | High | Equity | 60 | 100 |
| Debt Instruments | 0 | 40 | ||
| Money/Cash Market Instruments | 0 | 40 | ||
| 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.
Below are the term insurance riders/add-ons available under this product:
Tata AIA Life Term Insurance Non-Linked Comprehensive Protection Rider
Accidental Death Benefit: An amount of 50 Lacs under this Benefit Option will be payable in the event of the death of the Life Insured due to an accident within the Benefit Option Term, provided the death occurs within 180 days from the accident.The nominee will receive Double the Benefit amount in case of death due to an accident in Public Transport.
Accidental Total and Permanent Disability Benefit: An amount of 50 Lacs under this Benefit Option will be payable in the event of the Total and Permanent Disability of the Life Insured due to an accident within the Benefit Option Term, provided the disability occurs within 180 days from that accident.
Tata AIA Life Term Insurance Non-Linked Comprehensive Health Rider
Hospital Cash Benefit: 0.5% per day will be paid in case of hospitalization for treatment of any injury or illness for a minimum time of 1 day. The annual limit is 30 days for a policy year subject to a maximum of 200 days during the complete policy term.
ICU Benefit: 0.5 percent per day will be paid for each day of stay in ICU. The annual limit is a maximum of 15 days per policy year.
Recuperation Benefit: 15 percent of the benefit amount will be paid in case of continuous hospitalization in 1 or more hospitals for seven or more days for the same disease or injury. This benefit will be paid one time in a plan year.
The policy details of the Tata AIA Life Smart Sampoorna Raksha Plan are as follows:
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 this term insurance plan 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 Tata AIA Term Insurance Plans.
The policyholder can switch the investment fund option from one to another 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 time of 5 years of purchasing the policy, the fund value is transferred to the discontinuous policy fund and credited to the life assured after 5 policy years.
All the discontinued policies have a revival period of 3 years from the date of 1st unpaid premiums.
Here is Tata AIA benefit illustration of the premiums and maturity benefits for a 35-year non-smoker individual with a 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. 24,78,672 | Rs. 40,09,761 | Rs. 33,95,965 |
| Maturity Benefit @ 4% | Rs. 4,21,716 | Rs. 8,98,981 | Rs. 12,53,372 |
++Policyholder does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Here are the exclusions of Tata AIA Life Smart Sampoorna Raksha:
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.
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+All savings provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.
