RAKSHAKARAN CENTURY FOR A - IT'S - Tata AIA Life
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A Non-Linked, Non-Participating, Individual Life
Insurance, Savings Product
IT’S
RAKSHAKARAN
FOR A
CENTURYTata AIA Life Insurance Sampoorna Raksha+ Scenario I:
A Non-Linked, Non-Participating, Individual Life Insurance, In event of unfortunate death of Nishit at age 42 years, his wife
Savings Product Akruti receives a lump sum death benefit of R 1 Crore and
Get much more than just pure life cover! receives an income of R 1,00,000 per month for 10 years
We do our best to take care of all our family’s needs and try our starting from the next monthly anniversary following the date of
death.
best to ensure financial security of our family from uncertainties
On death of Nishit, his nominee
of life. Term plans undoubtedly are the best way of shield our Akruti receives Death Benefit of
family from financial crisis in case of an unfortunate event. r 1,00,00,000
Presenting “Tata AIA Life Insurance Sampoorna Raksha+” a
Nishit pays premium of Akruti receives r1,00,000 000
plan that not only protects you from uncertainties of life but r 42,1002 every year monthly income @ 1% of Sum
also gives you return of premiums paid on survival till maturity Assured for 10 years
of the Policy.
What’s more...You may opt to receive either a Lump Sum Year 1 7 8 17
benefit on Death or Lump Sum benefit on Death and Monthly
Income for next 10 years. Scenario II:
On survival of Nishit till maturity of the policy, he would receive,
Key benefits maturity amount equal to All Premiums Paid (excluding the
• Flexibility to choose between two Death Benefit options: underwriting extra premiums and modal loading).
"Sum Assured on Death” as Lump Sum benefit on Death Nishit receives maturity
“Sum Assured on Death” as Lump Sum benefit on Death benefit of r 4,21,000
and Monthly Income for next 10 years
• Return of Premium1 - in case of survival till maturity Nishit pays premium of
r 42,1002 every year
• Life Cover for Policy Term of up to 40 years or up to Age
100 years
• Choice of Regular or Limited (5 / 10 / 12 Years) Premium Year 1 10 20 30
Paying Term
• Lower premiums rates for Non Smokers and Female lives Indicative Premiums:
• Enhance your protection with Optional Rider Annual premiums for a 30 year old individual for plan
• Large Sum Assured discount for Higher Coverage option -"Sum Assured on Death"
Policy Sum Smoker / Regular Limited. Limited. Limited
• Receive tax benefits u/s 80C and 10(10D), as per the
Term Assured Non Smoker Premium (5 pay) (10 pay) (12 pay)
applicable Income Tax laws (r) Premium Premium Premium
1
Total Premiums Paid will be returned on survival till maturity. (r) (r) (r)
Smoker (M) 12,800 28,300 17,000 15,750
How Does the Plan Work? Non
9,550 20,250 12,300 11,400
Smoker (M)
Nishit, aged 35 years (male) is a Software Engineer, who has a 50,00,000
Smoker (F) 11,400 24,200 14,650 13,600
5 year old daughter Anjana. Nishit wants to ensure complete
Non
financial protection of his wife Akruti & daughter Anjana, in case Smoker (F)
8,750 17,700 10,800 10,050
of an unfortunate event of death. To ensure his family is 30
Smoker (M) 21,800 48,100 28,900 26,800
protected from financial crisis, he opts for Tata AIA Life Non
Insurance Sampoorna Raksha+ with a policy term of 30 and 16,200 34,400 20,900 19,400
Smoker (M)
1,00,00,000
premium payment term of 10 years with death benefit option of Smoker (F) 19,400 41,100 24,900 23,100
“Sum Assured on Death” payable on Death & Monthly Income Non
14,900 30,100 18,400 17,100
thereafter for 10 years”. Smoker (F)
M: male; F: female
• Pays an Annualized Premium of R 42,1002 p.a., assuming
that he is in good health
• Gets a Sum Assured of R 1 Crore
1 2Annual premiums for a 30 year old individual for plan 3
All reference to age is as on last birthday.
option - “Sum Assured on Death” and Monthly Income
4
The Death benefit option can be selected only at inception of the Policy
for next 10 years
Policy Sum Smoker / Regular Limited. Limited. Limited
Key Benefits
Term Assured Non Smoker Premium (5 pay) (10 pay) (12 pay) Death Benefit:
(r) Premium Premium Premium
(r) (r) (r)
Option 1: “Sum Assured on Death” payable on Death
Smoker (M) 19,200 44,450 26,500 24,500 Upon death of the insured during the term of the policy,
Non
provided the policy is in force, the death benefit payable
13,500 30,250 18,150 16,800 immediately to the Nominee will be the Sum Assured on Death.
Smoker (M)
50,00,000
Smoker (F) 16,850 37,300 22,400 20,750 The Policy shall terminate on payment of the Death Benefit and
Non
12,050 25,800 15,550 14,450
no other benefit under the policy shall be payable.
Smoker (F)
30 Option 2: “Sum Assured on Death” payable on Death &
Smoker (M) 32,600 75,600 45,100 41,700
Monthly Income thereafter for 10 years
Non
23,000 51,400 30,900 28,600 Upon death of the insured during the term of the policy,
Smoker (M)
1,00,00,000
Smoker (F) 28,600 63,400 38,100 35,300 provided the policy is in force, the death benefit payable
Non immediately to the Nominee will be the Sum Assured on Death.
20,500 43,900 26,400 24,600 Along with the Sum Assured on Death, the Nominee shall also
Smoker (F)
M: male; F: female receive a monthly income equal to 1% of Basic Sum Assured
2
The premium shown in the example and the illustration above are for for 10 years starting from the next monthly anniversary
healthy individuals and standard lives exclusive of applicable taxes, cesses following the date of death. The nominee also has an option to
& levies.. All taxes, duties, cesses or levies, (including but not limited to TDS, receive the commuted value of the future income benefits as a
Surcharge or Cess) are applicable as per governing laws. Tata AIA Life
Insurance Company Limited reserves the right to recover/ deduct from the lump sum. The lump sum amount is calculated as Discounting
policyholder, any levies and duties (including applicable taxes, Surcharge or factor multiplied by Basic Sum Assured. The discounting
Cess and TDS), as imposed by the Government or any statutory authority factors are calculated using discounting rate of interest of 7.5%
from time to time. Kindly refer the sales illustration for the exact premium.
Rider chargers are not taken into account in this illustration. per annum.
The policy shall terminate on payment of the death benefit
Eligibility Criteria and no benefit other than income benefit shall be payable
Plan Parameters Minimum Maximum under the policy.
Age at Entry 18 For Regular Pay& Limited “Sum Assured on death” shall be defined as the highest of the
(years)3 Pay 5 year: 70 following:
For Limited Pay 10 years • 10 times the Annualized Premium
& 12 years: 65
• 105% of the Total Premiums Paid up to the date of death
Age at Maturity 28 100
(years)3 • Minimum Guaranteed Sum Assured on Maturity
Death Benefit • “Sum Assured on Death” payable on Death • Absolute amount assured to be paid on death
Option4 • “Sum Assured on Death” payable on Death &
Monthly Income thereafter for 10 years The Absolute amount assured to be paid on death is the Basic
Policy Term (PT) Premium Paying Policy Term
Sum Assured.
(years) Term (PPT) Minimum Guaranteed Sum Assured on Maturity is the Total
Regular Pay/ 10 to 40, subject to Premiums Paid for each of the above mentioned two (2) options.
Limited Pay 5 maximum maturity age 100 years
“Annualized premium” shall be the premium amount payable
Limited Pay 15 to 40, subject to
10 / 12 maximum maturity age 100 years in a year chosen by the policyholder, excluding the taxes, rider
Premium Payment Limited Pay – 5 / 10 / 12
premiums, underwriting extra premiums and loadings for
Term (PPT) (years) Regular Pay modal premiums, if any.
Basic Sum Assured All taxes, duties, surcharge, cesses or levies shall be collected
(Sum Assured in No Limit subject to Board
r50,00,000 separately over and above the policy premiums.
multiples of approved underwriting policy
1,00,000) "Total Premiums Paid" means total of all the premiums received,
Annualized Based on minimum Based on maximum excluding any extra premium, any rider premium and taxes.
Premium (r) Basic Sum Assured Basic Sum Assured
Note: If a claim is payable under this Policy, any amount of due
Premium Payment premium/s will be deducted from the amount of death benefit
Annual/ Half-yearly/ Quarterly/ Monthly
Mode
payable to the Nominee/Legal heir.
3 4Maturity Benefit: premiums have been paid.
On survival till end of the policy term, the Total Premiums Paid The Surrender Benefit Payable = Higher of (Guaranteed
will be returned. Surrender Value, Special Surrender Value) where,
Survival Benefit Guaranteed Surrender Value = Guaranteed Surrender Value
There is no Survival benefit in this plan. Factor multiplied by Total Premiums Paid
Special Surrender Value = Special Surrender Value Factor
Other Benefits and Features multiplied by Total Premiums Paid
Preferential Premium Rates: The applicable surrender value factors vary according to the
A healthy lifestyle should be rewarded hence we offer special policy term, premium paying term and policy year of surrender.
rates for non-smokers, additionally preferential rates are also Company may review this Special Surrender Value factor from
offered to female lives. time to time based on the experience and any change in SSV
For Regular and Limited Pay factors will be subject to prior approval of IRDAI.
For those who opt for high level of protection, High Protection • Reduced Paid-Up Benefit
Discount shall be expressed as a percentage of premium are At any time during the policy term, if the premiums are not paid
as follows: At any time during the policy term, if the premiums are not paid
SA Band For Both Option 1 & Option 2 within the Grace Period, the policy will lapse. This will only be
true in case of those limited Pay 5 & limited Pay 10/ 12/ regular
50 lakhs to 74 lakhs Nil
pay policies for which premiums have only been paid for less
75 lakhs to 99 lakhs 12.50% than 2 years. Such policy may be revived, within five years from
1 crore & above 15.00% the due date of the first unpaid premium.
Flexible premium payment modes However, if the policy is not revived, no further benefit will be
You have an option to pay the premiums either Annually, Half payable and the policy will terminate.
Yearly, Quarterly and Monthly modes. The policy will be converted into a Reduced Paid-up policy by
Loading on premiums will be applicable as mentioned in the default, provided premiums for at least full two (2) years is paid
table below: and subsequent premiums remain unpaid.
Mode Modal Loading Reduced Paid-up policy is a default non forfeiture benefit. Such
Reduced Paid-up policies can be revived within five (5) years
Annual 0%
from the due date of first unpaid premium by payment of all due
Half Yearly 2% premiums together with interest. Once Policy becomes
Quarterly 4% reduced paid up and is not revived till the end of the revival
period it will continue to be in Reduced Paid-up status.
Monthly 6%
The benefits to be paid in case of Reduced Paid up policies are
Lapse as follows. For the purpose of the benefit descriptions below,
the "Reduced Paid-up (RPU) Factor" at any point during the
If the premium for at least full 2 years is not paid within the
term of the policy shall be defined as:
grace period, the policy shall lapse from the due date of first
unpaid premium and no benefits will be payable. The policy RPU Factor = (No of Premiums paid) divided by (No of
may be revived, within five years from the due date of the first Premiums Payable during the entire policy term)
unpaid premium. For both the options:
Non forfeiture provisions Death Benefit:
• Surrender Benefit: The Death Benefit shall be payable after proportionately
reducing the amount by the RPU Factor,
It is advisable to continue the policy till the chosen policy term.
However, due to some unfavorable circumstances if you are i.e.: Sum Assured on Death multiplied by RPU Factor
unable to continue the policy and it needs to be surrendered, This total amount will be subject to a minimum of 105% of the
we will pay the below: Total Premiums Paid up to the date of death.
The policy shall acquire a Guaranteed Surrender Value and a For Option 2, monthly income of 1% of (Basic Sum Assured
Special Surrender Value and may be surrendered at any time multiplied by RPU Factor) is payable for 10 years from the next
during the term of the policy, provided at least two (2) full years’ monthly anniversary following the date of death. The nominee
5 6also has an option to receive the commuted value of the of the first unpaid premium and have no further value except as
Income Benefit as a lump sum calculated as discounting factor may be provided under the Non-Forfeiture Provisions. If any
(as provided above) multiplied by Basic Sum Assured death claim occurs during the Grace Period, any due
multiplied by Reduced Paid-up Factor. premiums (without interest) of the Policy for the Policy year, in
Survival Benefits: which the event has occurred, will be deducted from the death
There is no Survival Benefit available under this plan. claim payout.
Maturity Benefit: Free Look Period
If you are not satisfied with the terms & conditions/features of
Total Premiums Paid shall be payable on the survival of the
the policy, you have the right to cancel the policy by providing
insured till the end of the term of the policy.
a written notice to the Company and receive the refund of all
Revival premiums paid without interest after deducting (a)
If a premium is in default beyond the Grace Period and subject to proportionate risk premium for the period on cover and (b)
the Policy not having been surrendered, it may be revived, within stamp duty and medical examination cost (including applicable
five years after the due date of first unpaid premium and before taxes, cesses and levies) which have been incurred for issuing
the date of maturity, subject to: (i) Policyholder’s written the policy. Such notice must be signed by you and received
application for revival; (ii) production of Insured’s current health directly by the Company within 15 days from the date of receipt
certificate and other evidence of insurability, satisfactory to the of the policy document. The said period of 15 days shall stand
Company; and (iii) payment of all overdue premiums with interest. extended to 30 days, if the policy is sourced through distance
The evidences and any medical requirements called for are in line marketing mode, which includes every activity of solicitation
with the prevailing underwriting rules/ practices & the health (including lead generation) and sale of insurance products
declaration by the Life Assured. Any revival shall only cover loss or through voice mode, SMS, electronic mode, physical mode
insured event which occurs after the revival date. (like postal mail) or any other means of communication other
than in person or through online sales.
Any evidence of insurability requested at the time of revival will be
based on the prevailing underwriting guidelines duly approved by Distance Marketing will include sales through Direct Sales
the Board. The revival will be based on the Board approved (other than in person). Direct Sales includes Direct Sales
underwriting policy. Force, tele-calling and tele-assisted sales. Direct Sales
Force are employees of TALIC and are provided incentives
The applicable interest rate for revival is determined using the SBI on business solicited.
domestic Term Deposit rate for ‘1 year to less than 2 years’, plus
2%. Any alteration in the formula will be subject to prior approval The Proportionate risk premium will be determined as under:
of IRDA of India. ("Sum Assured on death" plus Net Present Value of future
Flexibility of Additional Coverage income benefits, if any, at 7.5% per annum) multiplied by
(mortality rate) multiplied by (number of days for the period on
You have further flexibility to customize your product by adding
cover /365)
the following optional rider. The rider can be attached only at
policy inception. Increase /Decrease in Basic Sum Assured
Any increase or decrease in the Basic Sum Assured is not
• Tata AIA Life Insurance Accidental Death and allowed post inception of the policy.
Dismemberment (Long Scale) (ADDL) Rider
(UIN:110B028V03) Policy Loan
Rider is not mandatory and is available for a nominal extra cost. There is no policy loan available in this plan.
For more details on the benefits, premiums and exclusions Plan Conversion
under the riders please refer to the Rider Brochure or contact Plan conversion not allowed.
our Insurance Advisor or visit our nearest branch office.
Tax Benefits
Grace Period
Premiums paid under this plan are eligible for tax benefits
If you are unable to pay your Premium on time, starting from under Section 80C of the Income Tax Act, 1961 and are
the premium due date, a Grace Period of 15 days for monthly subject to modifications made thereto from time to time.
mode and 30 days for all other modes will be offered. During Moreover, life insurance proceeds enjoy tax benefits as per
this period your Policy is considered to be in-force with the risk Section 10(10D) of the said Act.
cover as per the terms & conditions of the Policy. In Regular Income Tax benefits would be available as per the prevailing
Pay policies, if any Regular Premium remains unpaid at the end income tax laws, subject to fulfillment of conditions stipulated
of its Grace Period, the Policy shall lapse from the due date of therein. Tata AIA Life Insurance Company Ltd. does not
the first unpaid premium. For Limited Pay policies, if the full assume responsibility on tax implication mentioned anywhere
premium for the first 2 Policy years remains unpaid at the end in this document. Please consult your own tax consultant to
of their grace period, the policies shall lapse from the due date know the tax benefits available to you.
7 8Assignment 2.Any person making default in complying with the
Assignment allowed as per Section 38 of the Insurance Act provisions of this section shall be liable for a penalty which
1938 as amended from time to time. may extend to ten lakh rupees.
Nomination About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata AIA Life) is a
Nomination allowed as per provisions of Section 39 of the
joint venture company, formed by Tata Sons Ltd. and AIA
Insurance Act 1938 as amended from time to time.
Group Ltd (AIA). Tata AIA Life combines Tata’s pre-eminent
Advance Premium leadership position in India and AIA’s presence as the largest,
Collection of advance premium shall be allowed, only if the independent listed pan-Asia life insurance group in the world
spanning 18 markets in Asia Pacific. Tata Sons holds a majority
premium is collected within the same Financial Year. However,
stake (51 per cent) in the company and AIA holds 49 per cent
where the premium due in one financial year is being collected
through an AIA International Limited. Tata AIA Life Insurance
in advance in earlier financial year, the Company may collect the Company Limited was licensed to operate in India on February
same for a maximum period of three months in advance of the 12, 2001 and started operations on April 1, 2001.
due date of the premium. The premium so collected in advance
shall only be adjusted on the due date of the premium.
DISCLAIMER:
Terms and Conditions • The brochure is not a contract of insurance. The precise
Exclusion terms and conditions of this plan are specified in the policy
In case of death due to suicide within 12 months from the date contract available on Tata AIA Life website.
of commencement of risk under the policy or from the date of • Buying a Life Insurance policy is a long-term commitment.
revival of the policy, as applicable, the nominee or beneficiary of An early termination of the policy usually involves high costs
the policyholder shall be entitled to at least 80% of the Total and the Surrender Value payable may be less than the all
Premiums Paid till the date of death or the surrender value the Premiums Paid.
available as on the date of death whichever is higher, provided • This product brochure should be read along with Sales
the policy is in force. Illustration.
• This product is underwritten by Tata AIA Life Insurance
Prohibition of Rebates - Section 41 - of the Insurance Act, Company Ltd. This plan is not a guaranteed issuance plan
1938, as amended from time to time and it will be subject to Company’s underwriting and
1.No person shall allow or offer to allow, either directly or acceptance.
indirectly, as an inducement to any person to take out or • Insurance cover is available under this product.
renew or continue an insurance in respect of any kind of risk • In case of Sub Standard lives, extra premiums will be
relating to lives or property in India, any rebate of the whole charged as per our underwriting guidelines.
or part of the commission payable or any rebate of the
premium shown on the policy, nor shall any person taking out
or renewing or continuing a policy accept any rebate, except
such rebate as may be allowed in accordance with the BEWARE OF IRDAI is not involved in activities like selling insurance
published prospectuses or tables of the insurer. SPURIOUS/ policies, announcing bonus or investment of
FRAUD PHONE premiums. Public receiving such phone calls are
CALLS! requested to lodge a police complaint.
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 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 us at customercare@tataaia.com. Visit us at: www.tataaia.com or SMS 'LIFE’ to 58888.
Unique Reference Number: L&C/Advt/2020/Jan/184 • UIN: 110N130V04
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