Tata AIA Life Smart Sampoorna Raksha

Tata AIA Life Smart Sampoorna Raksha (Tata AIA -SSR) is a comprehensive term insurance plan that helps fulfill all your long-term objectives such as a child’s higher education, retirement planning, and wealth creation. It is a protection and savings plan that helps safeguard your life goals with a suitable life cover

What Are The Key Features Of Tata AIA Life Smart Sampoorna Raksha?

Here are the features of Tata AIA Life Insurance Smart Sampoorna Raksha:

• It is a Unit-linked and non-participating individual life insurance plan

• Tata AIA term insurance plan offers the flexibility to choose from 11 funds based on your risk appetite, ranging from fixed income to equity-oriented.

• Protects your life objectives by providing the death benefit in case of untimely death during the policy term.

• Refund of twice the mortality charges from the commencement of the 11th year of the policy.

• Refund of twice the premium allocation charges in the 10,11, and 12th years of the policy.

• You can choose to pay a regular or limited premium of 5, 10, and 12 years under this term insurance plan.

• Get tax benefits as applicable in Income Tax Laws

What Are The Benefits Of Tata AIA Life Smart Sampoorna Raksha?

Tata AIA Life Insurance Smart Sampoona Raksha is a wide-ranging best term insurance plan. It provides various benefits that might help you in fulfilling your long-term goals. Let’s understand the benefits in detail:

1. Death Benefit

   In case of the death of the life assured during the policy tenure, providing the policy to be in force, the legal heir or the nominee will get the highest of the following:

   • The basic sum assured

   • Current fund value

   • 105% of the complete regular premiums paid up to the death date

   Also, the following benefits are payable if the policyholder has opted for the top-up premium fund value. The nominee will get the highest of the following:

   • Top-up sum assured (approved)

   • Fund value of top-up premium

   • 105% of the complete top-up premium paid up to the death date

2. Maturity Benefit

   Upon the survival of the life assured to the end of the policy tenure, the complete fund value that includes the Fund value of the Top-up premium is payable to the nominee or legal heir.

3. Refund of 2 Times the Mortality Charges

   From the 11th year of the policy, two times of the mortality charges which were deducted in the 120th month (10 years) of the policy will be added along with the fund value in form of adding units. Let’s say, at the start of the 11th year, 2 times the mortality charges deducted in the 1st month of the policy shall be refunded to you.

4. Refund of 2 Times the Premium Allocation Charges

   After the 10th, 11th, and 12th year of the policy, 2 times the premium allocation rates are deducted 10 years before (for policy years 1,2, and 3 respectively) shall be added to the value of funds in the form of units’ addition. These types of additions shall continue till the plan is active and all due amounts of premiums have been paid.

5. Cover Continuous Booster

   These funds are added to the fund value in the form of the addition of units.

6. Surrender Value

   The surrender value will be payable after the completion of the lock-in time if the policy obtains a surrender value during the first 5 policy years.

7. Tax Benefit

   Get the Income tax benefit on the premium paid under section 80C of the Income Tax Act, 1961. These tax benefits can help us understand what is term insurance and what are the tax deductions associated with it.