Genuine Tata Sampoorna Raksha Review:Your chance to invest in Health, Wealth, and Life Cover under a Single Plan

In this article we will explain a genuine and honest Tata Sampoorna Raksha Review. Out of all the term insurance plans offered by Tata AIA, the Tata Sampoorna Raksha is the most complete and popular option. This term plan offers a variety of plan options, including the Credit Protect option, which offers live coverage for up to 100 years, as well as the Life, Life Plus, Life Income, and option.

The TATA AIA Smart Sampoorna Raksha scheme is what?

A ULIP that offers life protection and savings is the TATA AIA Smart Sampoorna Raksha Plan. This savings-focused Unit Linked Insurance Plan offers life insurance and lets you invest in a variety of funds. Tata AIA Life Insurance Smart Sampoorna Raksha promotes itself as a tool to help you reach long-term objectives including saving money for retirement, educating your children, and accumulating wealth, as well as safeguarding those objectives with appropriate life insurance.

The following are the essential characteristics:

According to the “Life Option,” the life assured is entitled to a death benefit in which the assured sum is given to the nominee in the event of the life assured’s passing. The death benefit includes an additional sum assured if the policyholder selects the top-up or life stage option. The built-in payor acceleration benefit of this option additionally offers 50% of the sum assured in the event of a terminal illness diagnosis.

As long as the policy is not cancelled earlier, the life assured under the “Life Plus Option” can earn a survival reward equal to 105% of the total premiums paid at the end of the policy term. The built-in payor acceleration benefit of this option additionally offers 50% of the sum assured in the event of a terminal illness diagnosis.

The insured is entitled to earn regular monthly income in addition to the death payments under the “Life Income Option.” Additionally, this plan has a built-in accelerator benefit that contributes 50% of the sum assured to any terminal illness diagnosis.

If all premium payments are current, the “Credit Protect Option” provides the entire sum promised as a death benefit to the life assured nominee. The built-in payor acceleration benefit of this option additionally offers 50% of the sum assured in the event of a terminal illness diagnosis.

This plan provides whole life coverage for a maximum of 100 years of age. There is no maximum sum assured amount for this policy, and the minimum sum assured is INR 1 lakh. Female customers and non-smokers pay lower premiums.

Rider upgrades:

• Added protection against unforeseeable events like critical illnesses, fatal illnesses, accidental death, or disability.
• Under the same plan, the policyholder has the option to extend the coverage of a specific rider.
• Upon policy maturity, the policyholder has the choice to receive the remaining premium amounts.
• Choosing between receiving benefits as a lump payment, a monthly income for 10 years, or a mix of a lump sum and income for a set length of time.
• Possibility of selecting one or more risk covers for illness, hospitalisation, and disability. Featuring a variety of claim elements, offers broad protection against both major and minor ailments.

Advantages 

You are free to select from 11 funds ranging from fixed income to equities in accordance with your level of risk tolerance.

• Possibility of making regular or restricted premium payments for periods of 5, 10, or 12 years.
• Available is a premium top-up option.
• In accordance with applicable tax legislation, a tax break
• It’s okay to withdraw in part.
• A death benefit settlement option is accessible.
• There are no fees associated with partial withdrawals or premium redirections.

Disadvantages 

• No financing facility exists.
• The investment risk in the investment portfolio is carried by the policyholder for the duration of the settlement term.
• This product does not give any liquidity during the initial five years of the contract.
• Until the end of the fifth year, the policyholder will not be permitted to fully or partially surrender the policy or to withdraw any money that has been put into associated insurance products.
• It is not possible to choose the policy term.

Final Verdict 

TATA AIA Sampoorna Raksha Plan did not provide a return that outpaced inflation when compared to comparable investments. Therefore, if you don’t want to face any investing risks, you can invest in safe options like PPFs, RBI Bonds, etc. You can choose an equity mutual fund with the aid of financial advisors if you want to take on investment risk in order to receive a higher maturity value. Compared to ULIP, you can choose an individual insurance plan that is less expensive and offers higher life coverage.