~ A term insurance plan that promises multiple new-age benefits ~
- 50% of base sum assured paid on diagnosis of Terminal Illness. Further, all future premiums waived off while policy benefits continue.
- Instant payout of Rs. 3L on claim notification to help family members meet urgent expenses*.
- Facility to defer premium by up to 12 months, once in 5 years.
- 15 % lower premium for women and other attractive discounts for different customer segments
Mumbai, 22 August 2024: For most of us, family comes first. We do everything possible to keep them happy, while we are amidst them. That’s not all, we work towards creating assets that can help them live a life of dignity, in our absence. Tern insurance as a solution becomes relevant here, as it fulfills this basic human need of financially securing the loved ones in the unfortunate event of death of the bread earner. However, a term insurance can be a lot more than a mere financial protection solution.
Tata AIA Life Insurance, a leading insurer in India has announced a new term insurance ‘Sampoorna Raksha Promise’ that comes with innovative features and benefits.
- Keeping in mind that the family may have to incur urgent expenses on the demise of the key member, it offers instant payout of Rs. 3 lakhs on death claim intimation*.
- There are times when a consumer may face difficulty in paying the annual premium. Sampoorna Raksha Promise allows the policyholder to defer premium by 12 months in such circumstances.
- When diagnosed with a terminal illness e.g. cancer, the consumer is paid 50% of the sum assured, even as the future premiums are waived, and policy benefits continue to accrue.
Commenting on the launch of Sampoorna Raksha Promise, Samit Upadhyay, President & Chief Financial Officer of Tata AIA, said, “Term insurance as a category has been providing financial security to consumers for many years. However, over time consumers have started to seek more from their insurance plan, beyond efficient claim payment. At Tata AIA, we earnestly strive to address the evolving needs of our consumers. Our new term insurance plan, Sampoorna Raksha Promise caters to specific needs of consumers with innovative features such as instant payment upon claim intimation, inbuilt terminal illness benefits with acceleration of 50% of the base sum assured on the diagnosis and waiver of future premiums. This new solution is an endeavor to help our consumers live a fikar-free (worry free) life, and be taiyaar (prepared) in all situations”
Sampoorna Raksha Promise provides coverage up to the age of 100 with two plan options:
- Life Promise – Consumers can select a particular sum assured at the time of purchase, which is payable upon the policyholder’s death.
- Life Promise Plus – Offers similar death benefit to the Life Promise Option. Further, when the policyholder survives till maturity, 100% of the total premium (excluding modal premiums and discounts) is paid back.
Payor Accelerator Benefit is offered in both options, where a lump sum of 50% of the base sum assured is paid in the event of Terminal Illness claim. Further, all future premiums are waived after the claim payment is made. The policy remains in force along with the benefits.
Life stage benefit
The product also has the Life Stage facility that allows policyholders to increase coverage at important life stages such as marriage, childbirth/adoption or taking a home loan. This facility can be availed within 180 days of the occurrence of the following event(s):
Marriage – 50%
Birth/adoption of the 1st and 2nd child: 25%.
Home Loan disbursal: 100%, subject to the home loan amount sanctioned.
The Accelerated Instant Death Benefit of INR 3 lakh* is paid within 1 working day from the date of claim registration if the Life Insured dies after the waiting period of 3 Policy Years has passed. Upon completion of the claim investigation, the remaining sum assured will be paid.
Under the Flexi Pay Benefit feature, the policyholder can defer the due premium for up to 12 months from the due date, while maintaining full risk cover under the base plan and attached riders, if any. There is no additional premium for this feature.
The product also offers the following discounts making it even more attractive to different customer segments:
- Digital discount of 10% on first year premium on policies purchased online
- 5% discount to salaried customers on first year premium
- A unique “Milestone discount” of 2% on first year premium applicable on reaching important milestones in life. The eligible milestones are marriage, childbirth/adoption, getting first job and taking a home loan.
- Women have a 15% lower premium compared to men
The consumer can also avail of the Personal Medical Case Management (PMCM) services from the world renowned, Medix, gaining access to a local and global network of accredited medical specialists. In case of any critical illness, this complimentary service helps the consumer get second opinions on medical conditions and obtain proper care.
* Provided the policy is in force, an accelerated instant death benefit of INR 3 Lacs from the Sum Assured will be paid within 1 working day from claim registration date when the Life Insured dies after completing a waiting period of three policy years from policy inception or revival. The payout shall be made only if the Company is satisfied that the documents submitted along with the intimation of death claim are valid and enforceable. Upon completion of the claim investigation, the remaining sum assured will be paid. Furthermore, the company reserves the right to recover any amounts already paid in the event that there is a discrepancy in the claim investigation.
