Table of Contents
1. Plan Overview
The SampoornaRaksha Plan is a nonparticipating, terminsurance product offered by TataAIA Life Insurance. Designed for individuals who need pure life cover at an affordable cost, the plan provides a lumpsum sum assured to the nominee in the event of the policyholders death during the policy term. It also features a return of premium option that can be exercised at the end of the term, making it a versatile choice for those who desire financial protection without the complexity of savings or investment components.
2. Key Features
- Pure term protection no marketlinked investment risk.
- Flexible policy terms ranging from 5 to 30 years.
- Cover up to 5crore INR (subject to underwriting approval).
- Premium payment modes: yearly, halfyearly, quarterly or monthly.
- Optional return of premium at maturity.
- Free-look period of 15 days from receipt of the policy document.
- Nomination facility multiple nominees can be appointed.
- Accelerated death benefit for terminal illness (subject to medical certification).
3. Who Should Buy?
This plan is ideal for:
- Young professionals who want high coverage at a low premium.
- Family breadwinners seeking to secure their familys future in case of an untimely demise.
- Parents looking for a simple, costeffective way to protect their childrens education or marriage expenses.
- Anyone who prefers a cleanslate term policy without any investment or savings element.
4. Benefits to the Policyholder
4.1 Death Benefit
If the insured passes away during the policy term, the nominee receives the sum assured (plus any applicable additional benefits) taxfree under Section10(10) of the Income Tax Act.
4.2 Return of Premium (Optional)
When the return of premium rider is selected, the total premiums paid are refunded at the end of the term if the insured survives the policy period. This feature converts the pure term into a lowcost endowmenttype benefit.
4.3 Terminal Illness Benefit
In case the insured is diagnosed with a terminal illness (lifeexpectancy less than 12 months), a portion of the sum assured may be paid immediately, easing financial pressure during treatment.
4.4 Critical Illness AddOn (Optional)
Policyholders can attach a critical illness rider, which pays a lump sum upon diagnosis of any covered critical condition, providing additional protection beyond death.
6. Tax Advantages
- Section80C: Premiums paid (up to 1.5lakh per annum) are deductible from taxable income.
- Section10(10D): The death benefit is taxexempt, provided the policy is in force for at least three years.
- If the return of premium rider is chosen, the refunded amount is also taxfree under Section10(10D) when the policy matures.
7. Policy Terms & Conditions
7.1 Eligibility
Individuals aged 18 to 65 years can purchase the plan. The upper age limit for entering the policy is 65, and the maximum age at maturity cannot exceed 85 years.
7.2 Claim Settlement
Claims are settled within 30 days of receiving complete documentation. For death claims, a death certificate, policy document, claim form, and identity proof of the nominee are required.
7.3 Exclusions
Standard exclusions apply, including death due to suicide within the first 12 months, participation in hazardous activities without disclosure, and death arising from war or nuclear hazards.
7.4 Policy Lapse & Reinstatement
If a premium is missed, the policy may lapse after a grace period of 30 days. Reinstatement is possible within two years of lapse upon payment of back premiums and interest, subject to medical underwriting.
8. Claims Process
- Notify TataAIA Life Insurance immediately upon the insureds death.
- Obtain the claim form (available on the website or at any branch).
- Gather required documents:
- Original policy document.
- Claim form duly signed by the nominee.
- Death certificate (issued by a government authority).
- Nominees identity proof (Aadhaar, PAN, passport etc.).
- Medical certificate if death is due to illness.
- Submit the complete claim packet to the nearest TataAIA office or upload via the online portal.
- The insurer will verify the documents and, if everything is in order, settle the claim within 30 days.
9. Frequently Asked Questions
- Is the Sampoorna Raksha Plan a savings product?
- No. It is a pure term insurance product. The only savings element is the optional return of premium rider, which refunds the premiums paid if the policy survives the term.
- Can I increase the sum assured after the policy is issued?
- Yes, you may apply for a life cover increase during the first 12 months after policy issuance, subject to medical underwriting and additional premium.
- What happens if I miss a premium payment?
- A grace period of 30 days is provided. After that, the policy lapses. Reinstatement is possible within two years by paying all unpaid premiums with interest.
- Are there any age limits for the return of premium rider?
- The rider can be selected at policy inception for any eligible age. However, the policy term must be at least 10 years to make the rider financially viable.
- Can the nominee be changed?
- Yes, the policyholder can revise the nomination(s) at any time by submitting a written request to the insurer.
- Is the plan available for women?
- Absolutely. Women can purchase the plan with the same terms, and premium rates are generally lower for females of the same age.
- Does the policy cover accidental death?
- Accidental death is covered under the standard death benefit. For enhanced accidental death benefits, an additional rider can be attached.
10. How to Purchase
Buying the SampoornaRaksha Plan is straightforward:
- Visit the official TataAIA Life Insurance website or an authorized agent.
- Use the online Premium Calculator to get an estimate based on your desired sum assured and term.
- Complete the online application form or fill out a paper proposal form.
- Submit required KYC documents (identity proof, address proof, and a recent photograph).
- Pay the first premium using net banking, credit/debit card, UPI, or cheque.
- Receive the policy document (physical copy or epolicy) within 710 business days.
For personalized assistance, call the TataAIA customer care number at 18001200160 or visit the nearest TataAIA branch.
