May 11, 2022
Coimbatore : Tata AIA Life’s Sampoorna Raksha Supreme is an insurance plan that provides financial protection to your family and offers you the flexibility to choose the plan that suits your need. It provides option to consumers to cover themselves till the age 100, thereby creating a guaranteed tax-free corpus from day one. The corpus can be used to provide immediate liquidity to the legal heirs, or can be used as an equitable estate planning tool, or consumers can simply leave a legacy for their loved ones. At the time of purchase, the policyholder can opt for the ‘Life Stage’ option, which allows the policyholder to increase the life cover periodically based on financial needs by paying an additional insurance premium.
The policy holder will be able to avail the instant online medical consultations for over 23 specialties. This unique feature will allow a policyholder to connect with a doctor in about 180 seconds during the emergency. Also, the personal medical case management (PMCM) facility will allow to get an advice from global experts with 24/7 multiple consultation services for 3 months in case of heart ailments or cancer.
The consumers have flexibility to choose from the following death benefit options:
A) Life Option: A pure risk variant wherein the consumers choose the base sum assured at the time of purchase. If the life assured dies during the policy term, the stipulated death benefit less any payout under pay or accelerated benefit would be paid to the nominee.
B) Life Plus Option: A Return of Premium, protection-oriented variant wherein the customer chooses the base sum assured at the time of purchase subject to underwriting eligibility. If the life assured dies during the policy term, the stipulated death benefit less any payout under payor accelerated benefit would be paid out to the nominee.
C) Life Income Option: This option provides for the death benefit along with the regular monthly Income. At inception, the policyholder chooses the base sum assured subject to underwriting eligibility along with income start age and income rate. Starting at the end of every month, after policy anniversary following attainment of income start age by the life assured, the regular income shall be paid in arrears until the death of the life assured or end of the policy term whichever is earlier.
D) Credit Protect Option: A pure risk variant wherein the policyholder chooses the base sum assured at the time of purchase subject to underwriting eligibility. If the life assured dies during the policy term, the stipulated death benefit less any payout under pay or accelerated benefit would be paid out to the nominee.
In case of death of the life assured for an in-force policy (all due premiums have been paid), the death benefit payable to the nominee is as outlined below: Life/Life Plus/Life income options — Highest of:
· 1.25 x Single Premium or Death Benet multiple1 x Annualized Premium
· 105% of Total Premiums Paid (excluding loading for modal premiums) up to date of death
· An absolute amount assured to be paid on death
Also, the death benefit multiple is 7 in case of Life Option and 11 in case of Life Plus and Life income option
The death benefit under Tata AIA Life Insurance Sampoorna Raksha Supreme Plan is payable as lump sum benefit. If the payout plan chosen includes staggered benefit, at the time of purchase of the policy, the policyholder would stipulate the benefit amount stream payable to the nominee after the death of the life assured. The staggered payment frequency can be annual / half Yearly / Quarterly / Monthly. Any accrued staggered benefit, due before intimation of death, will be paid along with the first payout under this scheme would be available as per the prevailing income tax laws.