Tata AIA Sampoorna Raksha Promise

What is a term life insurance plan? 

A term insurance plan is a type of a life insurance that provides comprehensive coverage to safeguard the financial future of your loved ones. In case the policyholder passes away during the policy term, the nominee will receive a death benefit amount.  

Term Insurance plans are affordable, and the premium amount is less if you buy at a younger age. Term insurance plans are a must-have for anyone who is a breadwinner for their family and has loved one’s dependent on their income. 

Who should consider buying a Term Insurance Plan? 

A Term Insurance Plan is ideal for: 

• Individuals looking for a simple and affordable insurance plan to secure their family's financial future. 
• Have dependents like a spouse, children, or aging parents to take care of.  
• Those who want to cover financial liabilities like a home loan, education loan, or any other debts.  

What are the key features of a Term Insurance Plan? 

• Affordability: A term premium plan is affordable if purchased early. With increase in age, the premiums may also increase hence it is suggested to buy a term plan as early as possible to secure the financial future of your family.  
• High Sum Assured at Lower Premiums: You can choose a high sum assured at a relatively low premium, thus ensuring that your family’s future is secured.  
• Flexible Premium Payments: You can select the policy term and the premium payment term based on your financial needs.  
• Tax Benefits: Premiums paid for term insurance plans are eligible for income tax⁹ benefits under Section 80C of the Income Tax Act, and the death benefit is usually tax-free under Section 10(10D). 

What is the Flexi Pay Benefit offered by Tata AIA Sampoorna Raksha Promise? 

With the Flexi Pay Benefit³ you can defer your premium payments for up to 12 months, offering temporary financial relief in case of unexpected situations. 

Are there any additional benefits for women policyholders? 

Women policyholders who purchase Tata AIA Sampoorna Raksha Promise will get a 15% discount on their premium amount on each year’s premium compared to a male customer, making this plan more affordable for them.  

• Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V02) 

• ¹ With this feature, instant death benefit of INR 3 Lacs from the Sum Assured will be paid within 1 working day from the claim registration date. This feature is applicable only after a waiting period of 3 policy years from the policy inception or revival of the policy and provided the policy is in force. The remaining sum assured shall be payable post the completion of the claim investigation. Further, in case of any discrepancy in the claim investigation resulting in the final decision of non-payment of the claim, the company reserves the right to recover the already paid amount. The acceleration of instant claim should not be construed/interpreted as acceptance of the claim. 

• ²Not applicable for POS option, please refer sales brochure for more information. 

• ³With Flexi Pay Benefit, policyholder is allowed to defer the due premium for a period of 12 months while maintaining the full risk cover under the base plan and attached riders. At the end of Premium Deferment period, the policyholder is required to pay the due premiums, including the premium applicable for the period of Premium Deferment, i.e. the base cover premium and additional premium (if any). | This benefit shall be available for multiple times with a gap of 5 policy years from the expiry date of previous Premium Deferment. The option can be exercised only after payment of 5 full years premium. | No interest shall be levied on the premium due during the Premium Deferment period. If the premiums due are not paid within the grace period after expiry of the Premium Deferment, the Policy (including Rider(s), if any) shall lapse and no benefits shall be payable in the Policy or the Rider(s), if any) and company shall be entitled to recover the same from any amounts or This benefit payable under the Policy or Rider(s). 

• ⁴Under Life Promise Plus Option, an amount equal to the 100% of the Total Premiums Paid (excluding loading for modal premiums) shall be payable at the end of the Policy Term, provided the life assured survives till maturity and the policy is not terminated earlier. 

• ⁵This product offers an additional first year premium discount of 2% for Limited/Regular Pay and 0.5% for Single Pay on reaching any one of the below mentioned life milestones: 

1. Marriage - if policy is purchased within 6 months before or after the date of marriage 
2. Childbirth/adoption - if policy is purchased within 6 months before or after the birth/adoption date 
3. First job - if policy is purchased within next 6 months of the joining date 
4. Home loan - if policy is purchased within next 6 months of the loan getting sanctioned 

Such discount is capped to a maximum of Rs. 500 over the year 

• ⁶Tata AIA Sampoorna Raksha Promise offers first year digital discount of 1% for Single Pay, 10% for Limited Pay/Regular Pay.  

• ⁷This product offers first year discount of 5% for Limited Pay/Regular Pay and 1% for Single Pay to salaried customers. 

• ⁸Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch. 

• ⁹Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you. 

• ¹⁰Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000 as per old tax regime. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess, if any will be charged extra as per prevailing rates. The Tax Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above. 

• This product is underwritten by Tata AIA Life Insurance Company Ltd.  

• Insurance cover is available under this product. 

• In case of non-standard lives, extra premiums will be charged as per our underwriting guidelines.  

• For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale. 

• Premium will vary depending on the option chosen 

• Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid. 

• In case of POS variant, the product is available with/without medical underwriting as per BAUP (Board Approved Underwriting Policy) 

HDFC Bank Limited (4621612) (IRDAI Registration No: CA0010) is the Corporate Agent of Tata AIA Life Insurance Company Limited and does not underwrite the risk or act as an insurer. HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. Participation by the Bank’s clients in the Insurance products is purely on a voluntary basis. The contract of Insurance is between Tata AIA Life and the Insured and not between HDFC Bank and the Insured. 

Tata AIA Life Insurance Company Limited (IRDAI Regn, No. 110) CIN : U66010MH2000PLC128403. Registered & Corporate Office : 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai - 400013. Trade logo displayed above belongs to Tata Sons Ltd and AIA Group Ltd. and is used by at Tata AIA Life Insurance Company Ltd under a license. For any information including cancellation, claims and complaints, please contact our Insurance Advisor / Intermediary or visit Tata AIA Life's nearest branch office or call 1-860-266-9966 (local charges apply) or write to use customercare@tataaia.com. Visit us at: www.tataaia.com •L&C/Advt/2024/Nov/3575