Tata AIA Life Insurance Sampoorna Raksha Supreme

Key Features of Tata AIA Sampoorna Raksha Supreme

Here are the key features of Tata AIA Sampoorna Raksha Supreme plan:

• Option to select from the following option of death benefit:

  Credit protect option

• Flexibility to get the payout of the death benefit as a lump sum amount or income i.e., till 5 years or as both.

• Option for complete life covers i.e., till 100 years.

• Option to enhance the amount of sum assured using top-ups.

• Option to upgrade life cover at different phases of life with life stage benefit option.

• Get 50% of the base sum assured on the diagnosis of a terminal illness in advance under its Inbuilt Accelerator Benefit option

• You can get income benefits at 55/60/65 years for a comfortable life.

• Receive the chance to enhance the base cover using additional riders.

• Flexibility to choose the premium paying term and policy term as per your needs.

• Special lower premium rates for female and non-smoking customers.

• Get tax-saving benefits as per the prevailing tax laws under the Income Tax Act of 1961.

*Note: To know your term insurance premium, you can easily use the term insurance calculator.

Eligibility Criteria of Tata AIA Sampoorna Raksha Supreme

Following are the eligibility conditions you need to satisfy to purchase the Tata Sampoorna Raksha Supreme plan:

*Note: You can easily know what is term insurance to buy the TATA AIA Sampoorna Raksha Supreme plan.

Tata AIA Sampoorna Raksha Supreme Plan Options

Tata AIA life insurance offers the following plan options under this specific term insurance plan, out of which the policyholder can select the option best suited for their needs.

• Credit Protect or the Life Goal Option

  This plan option provides pure risk protection, thus in case the policyholder dies during the policy term, the death benefit will be paid. But in case the policyholder outlives the policy tenure, no benefit will be payable.

Key Features and Payouts

• Risk Protection: The main benefit is to provide financial protection to the nominee in the event of the life assured's death during the policy term.

• Sum Assured Selection: The policyholder selects the Base Sum Assured (SA) at the time of purchase, subject to the company's underwriting eligibility.

• Death Benefit:

  • If the life assured dies during the policy term, the nominee receives the stipulated death benefit.

  • This benefit is calculated based on the Effective Sum Assured applicable on the date of death, less any payout already made under the Payor Accelerated Benefit.

  • Upon payment, the policy terminates.

• Maturity Benefit: If the life assured survives till maturity, no additional benefit is payable, and the policy terminates.

Inbuilt Payor Accelerator Benefit

This option includes an inbuilt Payor Accelerator Benefit, providing an advance payout in case of Terminal Illness:

• Terminal Illness Payout: A lump sum amount equal to 50% of the Effective Sum Assured (as on the date of diagnosis) is paid out upon the company's acceptance of a Terminal Illness (TI) claim.

• Policy Continuation: After this TI claim payment, the policy continues, and all due premiums remain payable.

• Termination Clause: The policy will terminate if, at any point, the Effective Sum Assured falls below the Payor Accelerated Benefit amount already paid.

How Does the Credit Protect or Life Goal Option Work?

Let us understand how the Tata AIA SRS Credit Protect option works with the help of an example:

Case 1: Death Occurs Before Terminal Illness Payout

• Policy Details:

  • Base Sum Assured: ₹1,00,00,000 (₹1 Crore)

  • Payor Accelerated Benefit (TI Payout): 50% of Effective SA

  • Payor Accelerated Benefit Amount: ₹50,00,000 (₹50 Lakh)

  • Payout under Payor Accelerated Benefit: ₹0 (as no TI claim was made)

• Eventuality: The life assured dies during the policy term.

• Nominee Payout:
  {Death Benefit} = {Effective Sum Assured} - {Payor Accelerated Benefit Paid}
  {Death Benefit} = ₹1,00,00,000 - ₹0
  {Death Benefit} = ₹1,00,00,000 (₹1 Crore)

Case 2: Terminal Illness Payout is Claimed, Followed by Death

• Policy Details:

  • Base Sum Assured: ₹1,00,00,000 (₹1 Crore)

  • Payor Accelerated Benefit Amount: ₹50,00,000 (₹50 Lakh)

• In case of a Terminal Illness (TI) Diagnosis

  • The life assured is diagnosed with a Terminal Illness.

  • The claim is accepted by the insurer.

  • Lump Sum Payout (Payor Accelerated Benefit): The life assured receives ₹50,00,000 (₹50 Lakh) in advance.

  • Policy Status After TI Payout: The policy continues, and the life assured must continue paying premiums. The Effective Sum Assured for the death benefit is reduced.

• In case the Death Occurs After Terminal Illness Payout

  • The life assured dies one year after receiving the TI payout.

  • Nominee Payout:
    {Death Benefit} = {Effective Sum Assured} -{Payor Accelerated Benefit Paid}
    {Death Benefit} = ₹1,00,00,000 - ₹50,00,000
    {Death Benefit} = ₹50,00,000 (₹50 Lakh)

Case 3: Survival Till Maturity

• The life assured survives until the end of the policy term.

• Maturity Payout: ₹0

• No benefit is paid to the policyholder, and the policy terminates, as this is a pure risk plan.

Benefits of Tata AIA Sampoorna Raksha Supreme

The Tata sampoorna raksha supreme offers the following benefits under its Tata AIA term insurance:

1. Death Benefit

   In case of the policyholder’s death, providing the policy is in force and all due amounts of premiums have been paid, the death benefit is paid to the beneficiary/nominee as follows:

   Credit Protect Option:

   The effective sum assured applicable on the date of death will be paid to the nominee of the policy in case the policyholder suffers an unfortunate death during the policy term.

2. Pay or Accelerator Benefit:

   In this, in case the policyholder is diagnosed with a terminal illness, the Tata AIA life insurance sampoorna raksha supreme pays a lump sum payment equivalent to the following in advance:

   Life Income/Credit Protect: 50 percent of the Sum Assured

3. Maturity Benefit

   In the case of Life/Life Income/Credit Protect Options, no extra benefit is paid if the policyholder survives till the maturity age.

4. Survival Benefits

   Survival benefit is paid only for the life income option.

   • For an active plan where all due premium amounts have been paid, the following are the amounts paid:

     Commencing at the last of every month, after the policy year following the completion of income start age by the policyholder, the regular income amount shall be payable in installments until the policyholder’s death or end of the policy tenure, whichever is earlier.

   • For a reduced paid-up plan, the following is the benefit paid:

     A lump sum payment equivalent to the paid-up terminal amount is paid at maturity, provided the policyholder survives till that certain point.

5. No Cost Early Exit

   With the early exit feature, you can exit the plan early at a specified period and receive the premiums paid till that point. This feature is available at no cost and allows customers to plan the continuity of the policy as per their needs at a later stage. The no cost plan feature is only available for customers opting for a policy term of 50 or more than 50 years of age. The returned amount will undergo some nominal deductions like GST, admin charges, stamp duty, and other such charges.

6. Death Benefit Payout Options

   The life assured can choose for the death benefit to be paid in a lump sum, regular payment benefit, or a combination of the lump sum and regular installments. This is called the ‘Payout Plan’ and allows the policyholder to choose the most suitable payout option under regular installments selection: annual, semi-annual, monthly, and quarterly. In the regular payout option, the installments will be made for a fixed tenure of 60 months (5 years).

7. Flexible-Premium Payment Options/Modes

   You get an option to pay the premium amount either as single pay or pay yearly/half-yearly/quarterly or monthly modes.

8. Tax Benefit

   Get the income tax benefit as per the prevailing laws of the income tax act, 1961.

9. Life Stage Option

   This option is available under Life and Life Plus. Under this option, the life assured can enhance the life cover at particular life stages of the policyholder, by paying an extra premium amount for each increase. The increase in SA should be exercised within 180 days of the following events:

   Life Stage	Additional SA as % of Base SA
   Marriage (1 marriage only)	50%
   Birth/Adoption of a first child	25%
   Birth/Adoption of a second child	25%
   Disbursal of Home Loan	100%

10. Top-up sum assured

    With this option, the policyholder can opt to increase your base SA by a fixed 5 percent for every policy year by paying an extra premium for every increase. This option is only available under Life & Life Plus option and can be bought at the time of policy purchase.

Tata AIA Sampoorna Raksha Supreme Riders

Below are the term riders/add-ons available under this product:

• Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider: This rider provides additional coverage against unfortunate events such as accidental death, accidental disability, critical illnesses, including cancer and cardiac problems, and terminal illnesses. This gives an option to increase rider coverage and receive the balance amount of the premium on maturity.

  • Terminal illness Benefit: In case of death or terminal illness diagnosis of the policyholder, the insured amount shall be payable. This amount is paid only one time during the term cover and shall end upon death or diagnosis of terminal illness or the term cover expiry, whichever occurs first.

  • Accidental Death Benefit: In case of a policyholder’s death because of an accident during the plan term, the insured amount is paid, provided the death occurs within 180 days from the accident date.

  • Accidental Total and Permanent Disability Benefit: If the policyholder passes away or is permanently disabled because of an accident within the policy term, the amount shall be payable, provided the total and permanent disability occurs within a time of 180 days from the accident date.

  • Critical Illness Benefit: In case the policyholder is diagnosed with any of the 40 critical illnesses mentioned in the policy documents, an insured amount will be paid. This amount is paid only one time during the term cover and shall end upon the payout of benefit.

    *Note: Before you add critical illness and terminal illness rider to your base term plan, it is advised that you first know the terminal illness meaning

• Tata AIA Life Insurance Non-Linked Comprehensive Health Rider

  • Hospicare Benefit: In case the policyholder is hospitalized, a daily benefit in cash is paid at 0.5 percent of the cover amount for a day. This is payable for a maximum of 30 days/ policy year. If admitted to ICU, then 0.5% of the insured amount per day shall be payable of stay in ICU. This is payable for hospitalization for up to 15 days. In case of continuous hospitalization, 1.5% of the benefit amount shall be payable in 1 or more hospitals for 7 or more days.
    Option to choose benefit payout as a lump sum payment, monthly income for ten years, or lump sum and income for a fixed term.

Both Riders can be availed at the policy inception or any plan anniversary of the base plan, subject to the term of rider premium payment and the policy tenure shall not be above the outstanding premium payment term and policy term for the base policy.

Tata AIA Sampoorna Raksha Supreme Policy Details

Grace Period: The grace period is the time that is provided after the due date of the premium during which the plan is considered to be in force with the risk coverage. Tata Sampoorna Raksha Supreme provides a grace period of 30 days for quarterly, half-yearly, and yearly payment modes from the premium amount due date. The grace period for the monthly mode is 15 days from the due date of the premium.

Revival: The plan may be revived within 5 years from the due date of 1st unpaid premium and before the maturity date, subject to:

• Written application of policyholder for revival

• Policyholder’s current health certificate

• Payment of all overdue premiums with interest

Free Look Period: In case you are not satisfied with the T&Cs and the benefits of the plan, you have the option to cancel the policy by providing written notice to the company. All premiums paid will be refunded without interest after deducting proportionate premium risk, stamp duty, and medical examination costs, which have been incurred for policy issuance.

Waiting Period: This option is only available if this plan is purchased under Point of Sales. If the policyholder’s death occurs during the 1st 90 days from the risk commencement date, the total amount of premiums paid will be refunded and the plan will terminate with immediate effect. 90 days of the waiting period is not valid for death because of the accident, provided all due premium amounts have been paid.

Policy Loan: A loan is not available under this plan.

Exclusions

Suicide: Upon the policyholder’s death within 12 months:

• From the commencement risk date under the plan or the revival date, the beneficiary/nominee shall be eligible for at least 80 % of the total amount as premium paid till the demise date or the surrender amount available as on the death date whichever is higher, provided the policy is active.

• From the date of opting for the life stage option, the beneficiary/nominee of the life assured shall be eligible for 80 percent of the premium paid (minus any additional premium, taxes, and rider premium). The original death payout and any increased death payout bought by starting the life stage option afterward but before 12 months (1 year) from the death date will remain paid in full amount.

The Benefit of Terminal Illness: No claim amount will be paid if the condition occurs directly or indirectly due to attempting suicide in the 1st year from revival or inception of the plan.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.