Tata AIA Sampoorna Raksha Supreme Plan Term Insurance Benefits

In an unpredictable world, securing your family\'s future is paramount. A term insurance plan offers comprehensive benefits that promise unmatched financial security. There are a number of companies including TATA AIA that offer term insurance plans. So, let’s delve into the myriad advantages of the TATA AIA Sampoorna Raksha Supreme plan, that ensures a shield of safeguard for your loved ones.

Tata AIA Sampoorna Raksha Supreme Plan Overview

The TATA AIA Sampoorna Raksha Supreme term insurance plan provided by Tata AIA Life Insurance offers a range of flexible plan choices to secure your family\'s financial future. When you opt for the TATA AIA Sampoorna Raksha Supreme plan, your family will receive a death benefit in case of your demise during the policy\'s validity. Unlike the Life Plus Option, this plan, similar to all pure-term plans, doesn\'t come with a maturity benefit. This implies that even if you surpass the policy\'s term duration, you won\'t 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 which is very customizable 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 life option a lump sum equal to effective sum assured as on the date of demise is provided at the time of an unfortunate event such as unforeseen demise of the life assured during the policy term. Life Plus option is also a protection variant which provides a death benefit but also provides a maturity benefit equal to 105% of the sum assured is provided at the time of plan maturity.
2. Under Life Income option death benefit is provided to the nominee in case of an unforeseen death of the life assured, death benefit is equal to part lump sum part regular monthly income. Credit protection option is also a protection variant of this plan.
3. Multiple Death Benefit Payout Options: Under this plan multiple death benefit payout options are available. Different death benefit payout options under Tata AIA Sampoorna Raksha Supreme plan are lump sum, regular income for upto 60 months and part lump sum part regular income for upto 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 the way of their living.
4. 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.
5. 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.
6. 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.
7. Enhanced Protection: You have the option to enhance your 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.
8. Terminal Illness Benefit: If diagnosed with a terminal illness during the policy term, a certain percentage of the sum assured is paid in advance. This benefit helps you manage medical expenses and financial obligations during a challenging period.
9. 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.
10. Tax Benefits: Premiums paid towards Tata AIA Sampoorna Raksha Supreme are eligible for tax benefits under Section 80C of the Income Tax Act, making it a tax-efficient investment.
11. 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.
12. 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.

1. 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.

1. 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.

1. 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, offering added coverage through extra premium payments each policy anniversary.

1. 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.

1. 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.

1. Working Women

Working women juggle 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

Here is the eligibility criteria and plan details for Tata AIA Sampoorna Raksha Supreme Plan presented in a table format:

This table summarises the eligibility criteria and various plan details for the Tata AIA Sampoorna Raksha Supreme Plan.

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

The recipient or beneficiary of the policyholder is eligible to activate the risk coverage from the later of the date when the risk coverage begins, the policy\'s revival date, or the rider\'s addition date to the policy, as applicable. A life insurance policy might be legally contested within three years of its issuance, commencement of risk, revival of the policy, or the rider\'s issuance date, depending on which event occurred later.

However, it is important to note that the insurance provider is obligated to provide written notification to the insured individual or their legal representatives, nominees, or assignees, explaining the grounds and presenting supporting documents for any decision taken. This provision doesn\'t prevent the insurer from requesting age verification at any point if they possess the authority to do so. Additionally, the policy\'s validity won\'t be nullified solely due to modifications in its terms based on later evidence that the life insured\'s age was misrepresented during the proposal.

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.

Conclusion

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