What are the Reasons to Invest in Tata AIA Sampoorna Raksha Term Plan?

Updated On Oct 04, 2023

Reasons to Invest in Tata AIA Sampoorna Raksha Term Plan
Conclusion

A non-participating single-term life insurance plan, the Tata AIA Sampoorna Raksha Plan offers returns of the premium at maturity. The ability to select from two different death benefit alternatives is provided, and more crucially, the firm will refund the premiums in the event that the policyholder survives until the plan's maturity.

Tata Sons and the AIA Group have partnered to form the business Tata AIA Life Insurance Limited. The leadership of Tata in India and AIA at the pan-Asian life insurance group combine to form TATA AIA Life. Around 18 markets are available to them in the Asia Pacific area. The consumers of Tata AIA Term Insurance may choose from a variety of investment options to secure their future. Due to its individually weighted new business premium, this company is ranked number eight.

Reasons to Invest in Tata AIA Sampoorna Raksha Term Plan

There are a number of reasons that make one invest in the Tata AIA Sampoorna Raksha Term Plan. Some of the reasons are mentioned in detail.

1. Funeral Benefit

The promised sum is paid out upon death. After the life insured passes away, the payment will be paid right away to the nominee. Monthly income is supplied for the next 10 years, and the promised sum is payable at death.

2. Maturity Advantage

All premium payments are returned to the policyholder if they live to see the end of the term. However, the sum does not include modal loading or additional underwriting charges.

3. Surrender Benefit

If the premiums for the five-year limited pay plan have indeed been paid for a minimum period of two years, you are qualified to receive a surrender benefit. The minimum premium payment period is three years for both the 10-year restricted payment and regular pay policies. The assured surrender cost or even the special surrender amount, whichever is larger, is the surrender value that the policyholder will receive.

4. Grace Period

The grace period offered by this plan is dependent on how you pay your premiums. The grace period is 15 days for monthly payment frequencies whereas it is 30 days for other premium frequency cases.

5. Free Look Period

If you don't like the terms of the policy, you may terminate the program within 15 days of its start date thanks to the company's 15-day free look period. The free-look period is 30 days if the insurance is purchased through distance marketing.

6. Policy Refresh

Your coverage will expire if the premium is not paid during the grace period. Within two years of the date of the first unpaid premium, the lapsed policy may be reinstated. It is only feasible, though, if the insurance is not returned to the insurer. To reinstate your coverage, you must pay the outstanding premiums, provide a health certificate, and send written notification.

Conclusion

The purest type of life insurance is term life insurance, which allows you to purchase your family's financial stability at significantly lower costs. The Tata AIA Sampoorna Raksha Plan offers life insurance coverage for 10 to 30 years, or until age 80. You can choose to pay the fees throughout the duration of the insurance or select a shorter term of five or ten years.