TATA AIA Smart Sampoorna Raksha Plan – Review, Details, Benefits

TATA AIA Smart Sampoorna Raksha

TATA AIA Smart Sampoorna Raksha plan is A non-linked, non-participating pure term life insurance plan, the Tata AIA Sampoorna Raksha Plus Plan offers returns of the premium upon maturity. The ability to choose between two different death benefit alternatives is provided, and more crucially, the company will refund the premiums in the event that the policyholder survives until the plan’s maturity.

Investment and insurance are combined in the Tata AIA Life Smart Sampoorna Raksha Insurance Plan. Depending on your risk tolerance, you can invest your money in a wide range of funds, from pure equities to fixed income, and their mixtures. Your long-term investment loyalty will be rewarded by the plan, which will return two times the premium allocation fees, two times the mortality fees received, and a cover continuance booster.

 

TATA AIA Smart Sampoorna Raksha Plan- Features Review

Here are the features of the Tata AIA Sampoorna Raksha Plan:

1. It is a non-participating unit-linked individual life insurance plan for savings and protection.
2. You can select one of 11 funds, ranging from fixed income to stocks, depending on your level of risk tolerance.
3. In the eleventh policy year, refunds of two times the mortality charges are given.
4. Premium Allocation Fees in Policy Years 10, 11, 12, and 13 Will Be Refunded Twice
5. Choosing between paying a normal or limited premium for 5, 10, or 12 years.
6. tax benefit in accordance with current tax laws.

 

TATA AIA Smart Sampoorna Raksha Plan- Eligibility

Take a look at the eligibility of the Tata AIA Sampoorna Raksha Plan:

• The minimum entry age is 18 years old.
• 60 is the maximum age to enter.
• The minimum maturity age is 48 years.
• 100 years is the maximum age at maturity.
• Terms of 30 and 40 years
• Options for premium payment terms Limited tenure: 5/10/12 years
• Regular compensation: Exactly the policy period
• Minimum Limited Premium Pay for Five Years: Rs. 60,000
• Various: Rs. 18,000
• R 5,000 is the top-up premium per top-up.
• 10 times the annualised premium is the minimum basic sum assured.

Read: Top 10 Best Investment Blog in India 2022

TATA AIA Smart Sampoorna Raksha Plan Benefits

The benefits of the TATA AIA Sampoorna Raksha Plan are-

• Maturity Advantage:

If the policyholder lives to the end of the policy term, they will receive the total fund value, which includes the fund value of the top-up payment, as of the maturity date.

 

• Death Benefit:

The nominee of the policyholder will get the death benefit that pays the highest amount of the following if the policyholder passes away within the policy period.

1. Subtracting any partial withdrawals, if any, from the Basic Sum Assured
2. the value of the regular premium fund as of the policyholder’s death.
3. plus the highest of the following, plus 105% of the entire premium amount
4. Assurance of the Authorized Top-Up Sum
5. The policy’s top-up premium fund value.
6. 105% of the entire premiums are paid at the policyholder’s death.

 

• Partial Retractions

After five years have passed, you can start taking partial withdrawals from your policy if you need money in an emergency. Four partial withdrawals are permitted every year, and there is no fee associated with them. You must withdraw at least Rs. 5,000. The Fund Value should be more than a year’s premium following a partial withdrawal.

 

• Add-On Premiums

If you want to add extra money to the plan, you can do so at any point up to the policy’s last five years. Each Top Up premium will have a 5-year lock-in period. Top-up premium payments shouldn’t total more than regular premium payments.

• Option for Settlement

You have the option of receiving the maturity benefit in a flat sum or over the course of five years in periodic payments. This contributes to a consistent cash flow over the next five years.

 

• Changing Funds

This plan offers 11 different fund alternatives. You have 12 free transfers per year between these funds. You will incur fees for additional switches if you make more than 12 in a calendar year.

 

• Premium Re-direction

Future premiums may be transferred to any other funds of your choosing. There is no fee associated with it. Future premiums cannot be redirected if you chose the Enhanced SMART portfolio approach for your fund selection.

 

TATA AIA Smart Sampoorna Raksha Policy Charges

1. The mortality rate

This fee covers the cost of life insurance coverage. It is taken out monthly in the form of units. The amount of coverage and the policyholder’s age will determine the rates.

2. Charge for Partial Withdrawal

In this plan, there are no penalties for partial withdrawals. Up to four free partial withdrawals are permitted per year. Such withdrawals are only permitted after five years have passed.

3. Charge for Switching Funds

Up to 12 free switches are available to you each year. If you move more than 12 funds in a year, you will be fined Rs. 100 for every transaction.

4. High-end Re-direction Fee

The same is provided without charge.

 

TATA AIA Smart Sampoorna Raksha Plan- Company Details

TATA AIA is an Indian life insurance company also known as TATA AIA Life Insurance Company Limited. It provides Unit Linked Insurance Plans, Term Life Insurance Plans, and Traditional Savings Plans. It was established in 2000 as a joint venture between AIA Group Limited and Tata Sons Private Limited (AIA). Mumbai serves as the company’s headquarters, and it has subsidiaries in several other places. Rishi Srivastava is the company’s CEO and CMD.

Read: LIC Jeevan Umang Policy 2022

TATA AIA Smart Sampoorna Raksha Plan- Documents Required

The following list of required documents is provided here for TATA AIA Sampoorna Raksha Plan-

• a photo the size of a passport.
• Proof of identity: Any of the documents listed below may be used as proof of identity.
• Passport.
• Card PAN.
• voter identification card
• driving permit.
• NREGA job card with a state government official’s signature.
• the Aadhaar card.
• Proof of residency: Any of the documents listed below may be used as proof of residency.
• Statement of a bank or post office account.
• either a municipal tax receipt or property tax.
• Utility bills (for gas, electricity, and telephone) that are no older than two months.
• letter of allocation or accommodation from a financial institution, a publicly traded company, or the state or federal government.
• contract for rent.

 

TATA AIA Smart Sampoorna Raksha Plan- FAQs

1. Am I able to revoke my TATA AIA policy?

Answer-The TATA AIA Life Insurance policy can be cancelled. Depending on the kind of policy being held, You are not required to pay the insurance provider a cancellation fee if you decide to cancel your policy or stop paying the payments at any time.

 

2. Is Tata AIA reputable?

Answer-The greatest life insurance policies are offered by TATA AIA Life Insurance at fair premiums, hence the company is reputable. To protect your family, the company provides life insurance coverage, good returns, and a high claim settlement ratio. Even after you pass away, it will help to keep your loved ones safe.

3. How does the Sampoorna Raksha plan work?

Answer-A pure protection plan, the Tata AIA Life Sampoorna Raksha Plan provides substantial coverage at reasonable premiums. The plan provides life insurance up to the age of 85 as well as a Whole Life option that provides coverage up to the age of 100.

 

4. What is Tata AIA’s decreased paid-up?

Answer-A default non-forfeiture benefit is the reduced paid-up policy. Such reduced paid-up plans may be reinstated within five (5) years of the first delinquent premium’s due date by paying all outstanding premiums and the applicable interest as described in the section on revival.