Tata AIA Life Insurance has introduced a new term insurance product, ‘Sampoorna Raksha Promise’, designed with advanced features to meet the evolving needs of consumers. Samit Upadhyay, President and CFO, Tata AIA, highlighted the shift in consumer expectations beyond basic claim payments. He said, “Our new product term insurance plan, Sampoorna Raksha Promise addresses the specific needs of consumers with innovative features like instant payout at the time of claim notification, integrated terminal illness benefits with acceleration of 50% of the base sum insured at the time of diagnosis and waiver of future premiums. This new solution is an effort to help our consumers live a fikar (worry) free life and be prepared in all situations.”
Sampoorna Raksha Promise offers coverage up to 100 years with two options
Promise of life – Consumers can select a particular sum insured at the time of purchase, payable upon the death of the insured.
Promise of Life Plus – It offers a death benefit similar to the life promise option. In addition, when the insured survives until maturity, 100% of the total premium (excluding modal premiums and discounts) is returned to him/her.
Sampoorna Raksha: Key Benefits
Instant payment: ₹3 lakhs in case of death claim notification to cover urgent expenses*.
Premium deferral: Option to defer premiums for up to 12 months.
Terminal Illness Benefit: 50% of the insured amount paid at the time of diagnosis, with exemption from future premiums.
Life Stage Benefit:
Policyholders can increase coverage for key life events within 180 days:
Birth/adoption of 1st and 2nd child: 25% each
Mortgage loan:100% (subject to loan amount)
Sampoorna Raksha: Additional Features
Accelerated Instant Death Benefit: ₹3 lakh paid within 1 working day of registration of claim, after a waiting period of 3 years.
Flexi Pay Benefit: Defer premiums for up to 12 months at no additional cost.
Sampoorna Raksha: Discounts
10% digital discount on online purchases
5% discount for salaried clients
2% discount for milestones on important life events
15% lower premium for women
This comprehensive product aims to provide greater financial security and flexibility to meet the diverse needs of customers.
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