Tata AIA Life Insurance has launched a new term insurance product called Sampoorna Raksha Promise, designed to address modern consumer needs with its advanced features. Samit Upadhyay, President & CFO of Tata AIA, highlighted that this plan goes beyond basic claim payments, offering a range of benefits to cater to evolving expectations.
Key Features of Sampoorna Raksha Promise
1. Instant Payouts: The plan includes an instant payout feature, offering ₹3 lakhs on death claim intimation. This quick access to funds helps policyholders cover urgent expenses without delay.
2. Terminal Illness Benefits: If the policyholder is diagnosed with a terminal illness, the plan provides 50% of the sum assured immediately, with future premiums waived. This benefit is designed to alleviate financial stress during challenging times.
3. Coverage Until Age 100: Sampoorna Raksha Promise provides coverage until the policyholder reaches age 100, ensuring long-term financial protection.
Policy Options
Life Promise: This option allows consumers to choose a sum assured at the time of purchase, which will be paid out upon the policyholder’s death.
Life Promise Plus: In addition to the death benefit offered under the Life Promise option, Life Promise Plus includes a maturity benefit. If the policyholder survives until the end of the policy term, 100% of the total premiums paid (excluding modal premiums and discounts) will be returned.
Additional Benefits
1. Premium Deferral: Policyholders have the option to defer premiums for up to 12 months, providing flexibility in managing payments.
2. Life Stage Benefits: The plan allows policyholders to increase their coverage during key life events within 180 days:
- Marriage: Increase coverage by 50%
- Birth/Adoption of 1st and 2nd Child: Increase coverage by 25% each
- Home Loan: Increase coverage by up to 100% (subject to the loan amount)
3. Accelerated Instant Death Benefit: ₹3 lakhs are paid within 1 working day after claim registration, following a 3-year waiting period.
Read also:- Income Tax Implications: Deducting TDS in One Person’s Name While Paying Another
Discounts
- 10% Digital Discount: Available for online purchases.
- 5% Discount for Salaried Customers: Special discount for individuals with a regular salary.
- 2% Milestone Discount: Applicable for significant life events.
- 15% Lower Premium for Women: Reduced premiums for female policyholders.
Summary
The Sampoorna Raksha Promise is crafted to offer enhanced financial security and flexibility, addressing diverse needs with features such as instant payouts, terminal illness benefits, and life stage coverage adjustments. With its range of discounts and benefits, this product aims to support policyholders in leading a worry-free life while being prepared for various financial scenarios.