Tata AIA Life Launches ‘Sampoorna Raksha Promise’

Tata AIA Life Insurance has recently unveiled its latest offering in the term insurance segment – Sampoorna Raksha Promise. This innovative product is designed to provide enhanced financial security to policyholders and their families, addressing various aspects of life insurance needs.

Key Features

Instant Payout: Immediate Financial Relief

One of the standout features of Sampoorna Raksha Promise is its instant payout feature. Upon intimation of a death claim, the plan provides an immediate payout of ₹3 lakh. This quick disbursement is intended to cover urgent expenses that families may face in the unfortunate event of the policyholder’s demise.

Premium Deferral: Flexibility in Payments

Understanding that financial circumstances can change, Tata AIA Life has incorporated a premium deferral option. This feature allows policyholders to postpone their premium payments for up to 12 months once every five years, providing financial flexibility during challenging times.

Terminal Illness Benefit: Comprehensive Coverage

The plan includes a thoughtful terminal illness benefit. If the policyholder is diagnosed with a terminal illness:

• 50% of the base sum assured is paid out immediately
• Future premiums are waived
• Policy benefits continue to remain in force

This feature ensures that policyholders receive financial support when they need it most, without compromising on future coverage.

Plan Options

Sampoorna Raksha Promise offers two primary plan options to cater to different needs:

1. Life Promise

This option provides coverage up to age 100, with a specified sum assured payable upon the policyholder’s death.

2. Life Promise Plus

Similar to Life Promise, this option includes an additional benefit:

• A refund of 100% of the total premium paid if the policyholder survives to maturity
• The refund excludes modal premiums and discounts

Additional Benefits

Life Stage Facility

The life stage facility allows policyholders to increase their coverage at key life events without additional underwriting. These events include:

• Marriage
• Childbirth or adoption
• Obtaining a home loan

This feature ensures that coverage can be adjusted to meet changing life circumstances and financial responsibilities.

Accelerated Instant Death Benefit

In the event of the policyholder’s death after a waiting period of three years, an amount of ₹3 lakh is paid within one working day from claim registration. This accelerated payout aims to provide immediate financial support to the bereaved family.

Flexi Pay Benefit

The flexi pay benefit allows policyholders to defer premium payments for up to 12 months without any additional cost while maintaining full coverage. This feature provides financial flexibility during temporary setbacks or emergencies.

Discounts

Tata AIA Life offers several discounts to make the Sampoorna Raksha Promise more accessible:

1. Digital Discount: 10% off the first year’s premium for online purchases
2. Salaried Discount: 5% off the first year’s premium for salaried individuals
3. Milestone Discount: 2% off the first year’s premium for reaching life milestones such as marriage, childbirth/adoption, securing a first job, or obtaining a home loan
4. Women’s Discount: 15% lower premium for women compared to men

These discounts aim to encourage various segments of the population to secure their financial future through term insurance.

Support Services

Personal Medical Case Management (PMCM)

Sampoorna Raksha Promise goes beyond financial protection by including access to Personal Medical Case Management (PMCM) services from Medix. This value-added service offers:

• Second medical opinions
• Expert medical care guidance

The inclusion of PMCM services demonstrates Tata AIA Life’s commitment to holistic customer care, addressing both financial and health-related concerns.