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 an 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 the 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.
Our new term insurance plan, Sampoorna Raksha Promise caters to the 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 endeavour 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 a 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 a Terminal Illness claim. Further, all future premiums are waived after the claim payment is made. The policy remains in force along with the benefits.
