TATA AIA Smart Sampoorna Raksha Param Rakshak Plus is a comprehensive life insurance policy for individuals looking to secure their families. The plan provides long-term protection along with market-linked returns and flexibility to choose the suitable fund option as per your risk appetite. Let us see in detail the key features and benefits offered by the TATA AIA Smart Sampoorna Raksha Param Rakshak Plus.Read more
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Here is a list of all the key features of TATA AIA life smart sampoorna raksha param rakshak plus
The plan offers a total of 11 fund options from which policyholders can choose their suitable risk profile
The plan provides 12 free switches between funds each policy year
Recevie a maximum of 4 free partial withdrawls every policy year
The plan has an inbuilt Accidental Death Benefit Rider, CritiCare Plus Benefit Rider, Accidental Total and Permanant Disability Rider, and Hospicare Benefit Rider included in the plan
Get an additional sum assured on the accidental death of the policyholder and twice the additional sum assured in case of accidental death in public transport
Receive coverage for over 40 critical illnesses under the plan
Get benefit payout on accidental total and permanent disability and double the benefit in case of accidental disability in a public transport
Receive Hospital Cash Benefit at 0.5% of the sum assured per day for each day spent in the hospital and twice the daily hospitalization benefit for days spent in the ICU
Be eligible to receive a 10% upfront discount on the first-year premiums with the company’s science-based wellness program, TATA AIA Vitality
Receive the fund value as maturity benefit at the end of the policy term
Let us see the eligibility conditions of this TATA AIA life insurance plan:
|Rs. 50 Lacs
|Rs. 5 Crores
|Premium Payment Term
|LP - 5/10/12 years
RP - Whole policy term
|Premium Payment Option
|Regular and Limited
|Premium Payment Mode
|Annual, Bi-annual, Quarterly, and Monthly
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Similar to term insurance plans, this plan also offers a death benefit to the family of the policyholder in case of the unfortunate death of the policyholder during the policy term. The death benefit payable will be higher of the following:
Policy’s Regular Premium Fund Value
105% of the Total Regular Premium paid
Basic Sum Assured after all the partial net withdrawals
On outliving the policy term, the policyholder will receive the Total Fund Value accumulated from the base plan and the Top-up Premium Fund Value according to the applicable NAV on the maturity date.
Policyholders can choose from over 11 fund options in this plan. These options vary in risk profile and allow customers to select the most suitable fund they want to invest in based on their risk appetite. Out of these 11 fund options, 8 are Equity Funds, 2 are Money Market Funds, and 1 is a Balanced Fund.
TATA AIA’s Vitality Program is a holistic wellness program that motivates individuals to understand and improve their health by rewarding them with discounts on premiums and cover boosters. Policyholders can get up to a 10% discount upfront and this discount may increase or decrease based on the policyholder’s performance on the program (completing health assessments and achieving fitness goals).
The policyholder will receive complimentary health check-ups every year for the entire policy term.
The premium payment tenure offered under the plan is a limited and regular term only. Therefore policyholders can pay their premiums for the entire policy term or pay the premiums for a limited term of either 5, 10, or 12 years.
The policyholder can pay their premiums at their convenience on a monthly, quarterly, bi-annually, or annual basis.
The policyholders can claim tax benefits under section 80C of the Income Tax Act of 1961 as per the prevailing tax laws.
There are four inbuilt riders in the plan, and they are as follows:
The additional death benefit of Rs. 50 Lacs will be paid to the nominee of the policy in case of the policyholder’s unfortunate death due to an accident. In case of the policyholder’s death due to an accident in public transport, 2X of the additional benefit will be paid to the nominees.
The plan offers comprehensive coverage against 40 Critical illnesses and pays the benefit amount of Rs. 20 Lacs on the diagnosis of any of the covered illnesses.
The nominee will receive the benefit amount of Rs. 50 Lacs on Total and Permanent Disability due to an accident provided that the disability occurs within 180 days of the accident.
The Hospital Cash Benefit is Rs. 10 Lacs. An amount of Rs. 5, 000 per day will be paid to the policyholder for each day spent in the Hospital. If the policyholder has been admitted into the ICU, rs. 10, 000 per day will be paid as Hospitalisation Benefits. An additional recovery amount of Rs. 15, 000 will also be paid if the policyholder is hospitalized for 7 or more consecutive days.
The grace period for the monthly premium payments will be 15 days and for the quarterly, bi-annual, and annual premium payments will be 30 days.
The policyholder can switch and transfer between funds for free for a maximum of 12 times each policy year. This allows the policyholders to maximize their savings and returns.
A revival period of 3 years starting from the date of the first unpaid premium will be provided for policyholders to revive their lapsed policies.
The policyholders can go through the policy documents and return the plan if unsatisfied with the policy’s T&Cs within the free-look period of 30 days for policies purchased online.
There is no policy loan allowed under the plan.
In case the policyholder dies during the first 12 months of policy purchase or policy revival, the Fund or Policy Account Value will be payable to the nominee. Along with that, any other charges excluding FMC (Fund Management Charges) will also be paid back.
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