Tata AIA Sampoorna Raksha Supreme Plan Term Insurance Benefits

In an ever-changing and unpredictable world, prioritising the security of your family\'s future becomes crucial. Term insurance plans emerge as a reliable solution as they provide extensive benefits that guarantee unparalleled financial security. Among the numerous companies offering such plans, TATA AIA stands out with its Tata AIA Sampoorna Raksha plan, which is designed to protect your loved ones.

So, if you want to learn more about this plan then this article is for you! Here, we will delve into the manifold advantages offered by the Tata AIA life insurance Sampoorna Raksha plan.

Tata AIA Sampoorna Raksha Supreme Plan Overview

Offered by Tata AIA Life Insurance, the TATA AIA Sampoorna Raksha Supreme term insurance plan involves a broad range of flexible plan choices to secure your family\'s financial future. When you opt for this plan, your family will receive a death benefit in case of your demise during the policy\'s validity. Unlike the Life Plus Option, the Tata AIA life insurance Sampoorna Raksha is similar to all pure-term plans and doesn\'t come with a maturity benefit. This implies that even if you surpass the policy\'s term duration, you will not receive any payout.

One of the key advantages of this policy is the included payor accelerator benefit, which provides 50% of the Basic Sum Assured if you are diagnosed with a terminal illness. Furthermore, you can pick from four Death Benefit options: Life Option, Life Plus Option, Life Income, and Credit Protect.

Tata AIA Sampoorna Raksha Supreme Benefits

Tata AIA Sampoorna Raksha Supreme plan is a protection plan that is very customisable according to one\'s requirements. Following are the benefits that can be availed under Tata AIA Sampoorna Raksha Supreme plan:

1. Multiple Plan Options: Tata AIA Sampoorna Raksha Supreme plan has 4 different plan options namely Life, Life Plus, Life Income, and Credit Protect option. Under the Life option, a lump sum equal to the effective sum assured as on the date of demise is provided at the time of the unforeseen demise of the life assured during the policy term. The Life Plus option is also a protection variant that provides a death benefit but also provides a maturity benefit equal to 105% of the sum assured at the time of plan maturity.

Under the Life Income option death benefit is provided to the nominee in case of an unforeseen death of the life assured. The death benefit is equal to part lump sum part regular monthly income. Last but not least, the Credit Protection option is also a protection variant of this plan.

2. Multiple Death Benefit Payout Options: Under this plan multiple death benefit payout options are available. For your information, the different death benefit payout options are lump sum, regular income for up to 60 months, and part lump sum part regular income for up to 60 months. The nominee can choose to receive the death benefit as per their convenience. The nominee can choose to receive the death benefit as per their daily financial requirements and way of living.

3. Medical Second Opinion Option: Tata AIA Sampoorna Raksha Supreme plan provides an option of medical second opinion where in the life assured person can choose to go for a second medical opinion in case he/she is diagnosed with a critical illness while applying for the term plan. The life assured can choose to go for a medical second for his/her satisfaction.

4. Payor Accelerator Benefit: Payor Accelerator Benefit under Tata AIA Sampoorna Raksha Supreme plan provides a lump sum amount equal to 50% of the sum assured (Under Life/Life Plus option) and 50% of the effective sum assured as on the demise of life assured (Life Income/Credit Protect option), on confirmed diagnosis of a critical illness. Upon payment of the above-mentioned benefit amount, the policy shall remain active for the remaining sum assured.

5. Flexible Payout Options: The plan provides flexibility in choosing how your family receives the death benefit – either as a lump sum amount or as a combination of lump sum and regular income over a defined period. This ensures that your family\'s financial needs are met efficiently.

6. Enhanced Protection: The policyholders of Tata AIA life insurance Sampoorna Raksha have the option to enhance their coverage by adding riders to the base plan. These riders offer extra protection against critical illnesses, accidental death, and disability, providing an additional layer of security.

7. Terminal Illness Benefit: If you are diagnosed with a terminal illness during the policy term, a certain percentage of the sum assured is paid in advance. This benefit will help you manage medical expenses and financial obligations during a challenging period.

8. Premium Waiver Option: By choosing the premium waiver rider, your future premiums may be waived off in case of total and permanent disability due to accident or illness, ensuring that your policy remains in force without any financial burden.

9. Tax Benefits: Premiums paid towards Tata AIA life insurance Sampoorna Raksha Supreme are eligible for tax benefits under Section 80C of the Income Tax Act, making it a tax-efficient investment.

10. Flexible Policy Terms: The plan offers flexibility in choosing the policy term based on your financial goals and family\'s needs. You can opt for a term that aligns with major milestones such as children\\\'s education and retirement.

11. Hassle-Free Claims: Tata AIA ensures a smooth and efficient claims process to ease the financial burden on your family during difficult times.

Who Should Opt for Tata AIA Sampoorna Raksha Supreme Plan?

Crafted to address diverse insurance requirements regardless of age, occupation, or life phase, the Tata AIA Life Insurance Sampoorna Raksha Supreme presents a holistic remedy. This comprehensive offering shields you and your family from financial vulnerabilities, critical illnesses, accidental loss, significant and minor injuries, diseases, and an array of uncertainties.

Now, let’s get an idea about who should actually opt for this plan by TATA AIA.

• Young Individuals

This scheme can greatly benefit individuals living alone, who may be the primary caregivers for their elderly parents. If such an individual is absent, the life insurance coverage steps in to financially support the senior parents. For this scenario, the Life Option proves an excellent selection, offering pure life coverage combined with the Payor Accelerator Benefit – an in-built feature that grants an extra 50% of the base sum assured as a lump sum if terminal illness is diagnosed.

• Married Couples

Newlyweds should consider purchasing a term insurance plan, as marriage brings added responsibilities towards their spouse. Following marriage, the Tata AIA Life Insurance Sampoorna Suraksha Supreme\'s Life Stage benefit can prove invaluable, allowing a 50% boost in being assured to cover your partner and manage new obligations.

• Young Parents

Couples planning for or already blessed with children can leverage the plan\'s Life Stage Benefit to amplify their coverage by 25%. Alongside the base plan\\\'s life cover, the option to Top-Up the sum assured by 5% of the initial basic sum assured can be chosen that will offer added coverage through extra premium payments each policy anniversary.

• Entrepreneurs

In general, a term insurance policy provides a safety net for your family against financial burdens such as outstanding business loans and debts in case of the untimely demise of the insured. The substantial death benefit not only addresses pending debts but also ensures your family\'s day-to-day needs are met.

• Retired Individuals

The Life Income Option within this solution presents a dual advantage – death benefits and regular monthly income, making it a prudent choice for securing your loved one\'s financial stability. In retirement planning, the Life Income Option guarantees a consistent income from an Income Start Age of 55, 60, or 65 years, as per your selection. This way, regular income continues until your demise or the policy term\'s conclusion.

• Working Women

Working women handle numerous responsibilities like caring for family, managing personal expenses, investments, potential business ventures, weddings, and more. In the event of a woman\'s absence, the term plan\'s sum assured effectively aids the bereaved family in fulfilling financial obligations. Therefore, life insurance is imperative for women.

Eligibility Criteria

The eligibility criteria and plan details for Tata AIA Sampoorna Raksha Supreme Plan are presented in a table format below:

Parameters	Details
Age at Entry	Minimum: For PoS: 18 years (applicable for Life, Life Plus, Credit Protect options) For other than PoS: 18 years (applicable for Life, Life Plus & Credit Protect options) 20 years (For Life Income option)Maximum: 60 Years (for POS)<br>65 years (for Non-POS)
Max Age at Maturity (years)	For PoS: 65 For other than PoS: 100 years (except Credit Protect, i.e., 95 Years)
Plan Option	- Life Option - Life Plus Option - Life Income - Credit Protect
Basic Sum Assured	Minimum: INR 1,00,000 Maximum: No Limit (subject to Board approved underwriting policy - BAUP)
Premium Payment Mode	Single/Annual/Half-yearly/Quarterly/Monthly

What are the Exclusions Under the Tata AIA Sampoorna Supreme Policy?

The exclusions under this policy involve the following:

Suicide

If someone passes away due to suicide within the first 12 months of the policy:

• If it happens within a year from when the policy started or was revived, the person making a claim gets at least 80% of the total premiums paid until the date of death or the Surrender Value, whichever is higher, as long as the policy is active; OR

• If the policy includes the Life Stage Option and the person exercises it, they get 80% of the premiums paid (excluding taxes, Rider Premiums, and Extra Premiums) for the increased parts. The full Death Benefit, based on the initial Sum Assured and any increase from exercising the Life Stage Option before 12 months from the date of suicide, will still be paid.

How Does Tata AIA Sampoorna Supreme Policy Work?

Consider the case of Mr Dinesh, a 30-year-old individual who doesn\'t smoke and seeks a financial security plan. He is employed in an executive position in a multinational corporation, earning an annual salary of Rs. 5 lakhs. The following illustrates the premium amount he must pay to obtain the desired coverage.

Life Cover	Cover Up to Age	Premium Payment Option	Premium Frequency	Premium (Including GST)
Rs. 10,000,000	100 Years	Regular	Annual	Rs. 25,134
				(18% GST Applied)

Conclusion

In conclusion, the Tata AIA Sampoorna Raksha Supreme Plan stands as a beacon of assurance in the world of term insurance. Its remarkable benefits encompassing financial coverage, critical illness protection, and flexibility truly set this plan apart. By opting for the Tata AIA Sampoorna Raksha Supreme plan, you\'re not just investing in security but investing in a future unburdened by uncertainties. Therefore, we request you to choose wisely, secure wholeheartedly, and embrace a life of confidence with Tata AIA.