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 death benefit options:

  • Life Option

  • Life Plus Option

  • Life Income

  • Credit Protect

• Under this term insurance, you have the flexibility to receive the death benefit as a lump sum, regular income (up to 60 months), or a combination of both.

• Option to get Whole Life coverage (till age 100 years)

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

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

• Inbuilt Payor Accelerator Benefit that pays 50% of the Base Sum Assured (Life/Life Plus) or 50% of the Effective Sum Assured (Life Income/Credit Protect) on the diagnosis of a terminal illness, subject to policy terms.

• You can get income benefits at 55, 60, or 65 for a comfortable life.

• Avail medical Second Opinion / Medical Consultation / Personal Medical Case Management services

• 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 four core benefit options at inception: Life Option, Life Plus Option, and Life Income and Credit Protect under its TATA AIA Sampoorna Raksha Supreme plan:

Life Option

The Life Option is a pure protection plan that provides financial security to your family during the policy term. If the life assured passes away, the nominee receives the applicable death benefit based on the effective sum assured, as per the chosen payout option. This option also includes an inbuilt Payor Accelerator Benefit, under which 50% of the Base Sum Assured is paid as a lump sum on the acceptance of a terminal illness claim. The policy continues after the payout, and all future premiums remain payable. No maturity benefit is payable if the life assured survives till the end of the policy term.

Life Plus Option

The Life Plus Option combines life insurance protection with a maturity benefit. If the life assured passes away during the policy term, the nominee receives the applicable death benefit based on the Effective Sum Assured, subject to the policy terms.

Like the Life Option, this variant includes the Payor Accelerator Benefit, which pays 50% of the Base Sum Assured upon the acceptance of a terminal illness claim.

If the life assured survives till maturity, 105% of the Total Premiums Paid (excluding modal loading) is paid as the maturity benefit, provided the policy has not terminated earlier.

Life Income Option

The Life Income Option provides life insurance protection along with a regular monthly income. At the time of purchase, the policyholder chooses the Base Sum Assured, Income Start Age, and Income Rate. If the life assured passes away during the policy term, the applicable death benefit is paid to the nominee, subject to the policy terms. Key highlights of the Life Income Option:

• Income Start Age: Choose to start receiving monthly income at 55, 60, or 65 years.

• Income Rate: Select an Income Rate between 0.01% and 0.15% of the Base Sum Assured to determine the monthly income.

• Payor Accelerator Benefit: Pays 50% of the Effective Sum Assured as a lump sum on the diagnosis of a covered terminal illness, subject to policy terms.

Credit Protect Option

The Credit Protect Option is designed to help protect outstanding financial liabilities, such as home loans, by providing a reducing life cover during the policy term.

If the life assured passes away during the policy term, the nominee receives the Effective Sum Assured applicable on the date of death, after deducting any amount already paid under the Payor Accelerator Benefit, and the policy terminates.

This option also includes the Payor Accelerator Benefit, under which 50% of the Effective Sum Assured is paid upon the acceptance of a terminal illness claim. If the Effective Sum Assured becomes lower than the Payor Accelerator Benefit already paid, the policy terminates.

No maturity benefit is payable if the life assured survives till the end of the policy term.

How Does the Tata AIA SRS Credit Protect Offer Home Loan Insurance Cover?

The Tata AIA Sampoorna Raksha Supreme Credit Protect Option can be used as a home loan protection solution by helping safeguard outstanding financial liabilities, such as home loans, through a reducing life cover. As the outstanding loan amount decreases over time, the insurance cover also reduces accordingly. In the event of the life assured's death or diagnosis of a terminal illness, this credit life insurance policy helps reduce the financial burden on the family by providing the applicable policy benefits.

Key Features of Tata AIA SRS Credit Protect

• Payor Accelerator Benefit: Pays 50% of the Effective Sum Assured upon acceptance of a terminal illness claim.

• Death Benefit: On the death of the life assured during the policy term, the applicable Effective Sum Assured, after deducting any amount already paid under the Payor Accelerator Benefit, is payable to the nominee.

• Flexible Premium Payment Options: Available under Regular Pay and Limited Pay, subject to the policy terms.

• Reducing Life Cover: The cover decreases over the policy term to broadly align with the outstanding financial liability.

• Surrender Benefit: Eligible policies may receive the applicable Unexpired Risk Premium Value, subject to the policy terms.

Let's look at an example to see how the Tata AIA SRS Credit Protect option works as home loan insurance plan:

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 will continue and the life assured must keep paying the premiums. The Effective Sum Assured for the death benefit is decreased.

• 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 outlives 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.

You can use the home loan insurance calculator to see the applicable EMIs for your profile.

Benefits of Tata AIA Sampoorna Raksha Supreme

The Tata Sampoorna Raksha Supreme offers the following benefits under its Tata AIA term insurance:

Death Benefit
In case of the life assured's unfortunate death during the policy term, provided the policy is in force and all due premiums have been paid, the death benefit is payable to the nominee.

For the Life, Life Plus, and Life Income Options, the death benefit is the highest of:

• 1.25 times the Single Premium or the applicable Death Benefit Multiple × Annualized Premium;

• 105% of the Total Premiums Paid (excluding modal loading); or

• The Effective Sum Assured applicable on the date of death.

For the Credit Protect Option, the death benefit is the Effective Sum Assured applicable on the date of death.

If a valid Payor Accelerator Benefit claim has already been paid, the death benefit will be reduced by the amount already paid under that benefit

Payor Accelerator Benefit

The Tata AIA Sampoorna Raksha Supreme plan includes an inbuilt Payor Accelerator Benefit that provides an advance payout upon acceptance of a terminal illness claim. The benefit payable is:

• Life Option & Life Plus Option: 50% of the Base Sum Assured

• Life Income Option & Credit Protect Option: 50% of the Effective Sum Assured

After the benefit is paid, the policy continues with the remaining life cover, and future premiums remain payable, subject to the policy terms.

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.

Survival Benefits
The 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.

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).

Flexible-Premium Payment Options/Modes
The policy offers flexibility to pay premiums through:

• Single Pay

• Annual

• Half-Yearly

• Quarterly

• Monthly

If the chosen Premium Paying Term is not in complete years, only Single Pay or Monthly premium payment modes are available.

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:

Top-up sum assured
The Top-Up Sum Assured option is available under the Life and Life Plus options and must be selected at policy inception.

Under this option, the Base Sum Assured increases by a fixed 5% every policy anniversary by paying an additional premium for each increase, subject to the policy terms and underwriting approval.

The increase continues until the earliest of the following events:

• The maximum Sum Assured allowed under the BAUP is reached.

• The outstanding Premium Paying Term becomes less than 13 months.

• The outstanding Policy Term becomes lower than the minimum term allowed.

• The attained age exceeds the maximum entry age under the product.

• A valid Payor Accelerator Benefit claim is accepted.

The policyholder may stop future Top-Up increases at any time. Once discontinued, they cannot be restarted during the remaining policy term.

Health Management Services

The Tata AIA Sampoorna Raksha Supreme plan offers Health Management Services at no additional cost while the policy is in force. Eligible life assureds can access:

• Medical Second Opinion: Get an expert opinion to help confirm a diagnosis.

• Medical Consultation: Consult medical experts through Tata AIA's service providers.

• Personal Medical Case Management: Receive support in managing treatment and care.

These services are subject to the availability of service providers, eligibility under the Board Approved Underwriting Policy (BAUP), and submission of the required medical records. They are provided by third-party service providers and may be modified or discontinued by Tata AIA Life Insurance.

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.

Tata AIA Life Insurance Non-Linked Comprehensive Health Rider

This rider offers additional health-related protection through benefits such as hospitalization and ICU hospitalization, along with other covered health benefits, as per the rider terms and conditions.

Tata AIA Vitality Protect

Tata AIA Vitality Protect is an individual health rider and wellness program that rewards you for healthy habits. Key features of the rider include premium discounts, cover boosters, and a free annual health check-up.

Tata AIA Vitality Health

Tata AIA Vitality Health is an integrated wellness and health rider program offered by Tata AIA Life Insurance that rewards you for staying active, provides health assessments, and gives you discounts on insurance policy premiums. It works alongside your core life insurance policies to encourage a better lifestyle.

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