Tata AIA Life Insurance Sampoorna Raksha Supreme

Key Features of Tata AIA Life Insurance 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:

  • Life option

  • Life plus

  • Life Income

  • Credit protect

• 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.

• Availability of inbuilt pay or Accelerator benefit that increases 50 percent of Basic SA during the diagnosis of a terminal illness.

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

• Increase your security with optional riders.

• Flexibility to choose premium paying term or policy term.

• Facility to opt for a second opinion on medical test/medical consultation.

• Females can avail of term plans at low premium rates.

• Special premium rates for non-smokers.

• Tata AIA Term insurance plan can be sourced from POS (Point of Sales). Some of the options are not available for POS such as Riders, top-up sum assured, life income, life stage, pay, or accelerator benefit.

• Get tax-saving benefits according to the appropriate laws of the Income Tax Act.

Eligibility Criteria of Tata AIA Sampoorna Raksha Supreme

Following are the Key Features of Tata AIA Term Insurance Sampoorna Raksha Supreme:

Benefits of Tata AIA Sampoorna Raksha Supreme

1. Death Benefit

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

   Life/Life Income/Life Plus Option:

   The nominee will get the highest of the following:

   • 1.25 X Single amount of Premium or Multiple of Death Benefit X Annualized Premiums

   • 105 percent of the total paid premium up to the death date

   • Absolute sum assured amount paid at the time of death.

2. Pay or Accelerator Benefit:

   In this, a lump sum payment is equivalent to:

   • Life/Life Plus: 50 percent of the basic sum assured

   • 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.

   In Life Plus Option, an amount equivalent to 105% of the total amount of premium paid shall be payable at the last of the policy tenure, provided the policyholder survives till maturity and the plan is not terminated formerly.

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. 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.

6. Tax Benefit

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

7. 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:

   Incidents	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%
   Disbiursal of Home Loan	100%

8. 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 policy commencement.

9. Payment and Income Term Flexibility

   The income time is the specific number of years after the maturity date of the policy, in which you get the term plan with maturity benefit. The life assured can select an income tenure of up to 60 months after the policy’s maturity date, if they choose the income option.

   Policyholders can also choose to get the term plan with maturity payout as a lump sum at the policy’s end.

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.

• 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.

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 AIA SRS has 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.