Term insurance plans have become popular considering their pure financial protection, significant sum assured, affordable premiums, 0-risk involvement, and extensive customisation via riders. The demand for such a non-market-linked financial protection tool has increased over the years, leading to the emergence of new term insurance players and term insurance policies in the market. One such popular policy is the TATA AIA Sampoorna Raksha Supreme Plan.
The Sampoorna Raksha Supreme Plan is one of the most comprehensive policies available. The plan is affordable, has multiple riders, and covers most bases. Again, when it comes to the stable, TATA AIA, the insurer, holds great brand equity and is accurately recommended as one of the credible providers in the market. This term insurance provider has an excellent Claim Settlement Ratio, a great Amount Settlement Ratio, and one of the lowest complaint volumes.
However, TATA AIA has subsequently launched a few more term insurance plans that have gained equal popularity in the market. Thus, what we need to analyse is if the plan in discussion is still the most value-worthy policy from the TATA AIA stable or if you have better options now.
Quick Verdict on TATA AIA Sampoorna Raksha Supreme Plan
TATA AIA Sampoorna Raksha Supreme Plan is a solid pick for policyholders with an income slab of ₹5 lakhs to ₹15 lakhs, in terms of its in-built features of extensive sum-assured, Top-up, multiple death benefit payout options, life stage benefits, terminal illness perks and riders like critical illness rider, accidental death benefit, and total and permanent disability.
Additionally, TATA AIA is a credible provider with years of insurance track history and brand equity.
TATA AIA Sampoorna Raksha Supreme Plan: Brief Overview
TATA AIA was founded in 2001 as a joint venture between India’s TATA Sons and AIA (one of the largest insurers in Asia-Pacific) and continues to be one of the largest life insurance providers in the country. The insurer offers a diverse list of products across ULIPs, retirement plans, savings policies, and term insurance policies. While the initial brand gained its initial edge in the market owing to its brand recognition, the company’s repetitive effort and consistent operational efficiency established its solid credibility. This is well-established over its average metrics over the last 3 years (2020 to 2023) when tallied against the industry’s average -
(GRAPHICAL REPRESENTATION OF ideal (ASR + CSR + complaint volume) vs industry average vs company metrics)
- Claim Settlement Ratio (CSR) of 98.53% (the industry average is 97.74%)
- Amount Settlement Ratio (ASR) of 92.7% (the industry average is 90.9%)
- Complaint Volume of 2.3 (the industry average is 72.8)
What is worth mentioning is that TATA AIA currently holds one of the industry's best CSR, ASR, and complaint volumes. Considering that these numbers are the average of the last 3 years - you can be assured of the consistency of these metrics and that of the brand’s operational proficiency.
Coming to the TATA AIA Sampoorna Raksha Supreme Plan, this comprehensive policy offers coverage of up to ₹20 crores (subject to the discretion of the underwriting team). The policy can be availed by any individual with an income slab of ₹5 lakhs to ₹15 lakhs and offers a host of in-built features like - terminal illness benefits, life stage benefits, health Management services and an option to choose Return of Premium. While the policy is a comprehensive one as a standalone plan, the riders offered with the TATA AIA Sampoorna Raksha Supreme Plan make it a better choice for those seeking to tailor their policies. Such riders include - accidental death benefit, Critical Illness Rider, Total and Permanent Disability Rider, and Hospi Care Benefit.
Overall, this is a great pick if you have an income slab of less than ₹15 lakhs per annum because TATA AIA’s Maharaksha Supreme is a follow-up of this policy and is targeted for those with an income slab of more than ₹15 lakhs per annum. Maha Raksha Supreme is more economical than the Sampoorna Raksha Supreme policy and is equally competent, comprehensive and with similar riders. So, the choice between these two is not your choice but is determined by your income eligibility slab.
Features of TATA AIA Sampoorna Raksha Supreme Plan
| FEATURES | DETAILS |
|---|---|
| Variants | Life Plus Option | Life Option |
| Coverage | ₹50 lakhs to ₹20 crores |
| Entry age | 18 years |
| Documents required for the purchase | PAN Card | Latest Photograph | Permanent and Current Address Proofs (Both required) | Income Proof | Other life insurance policy information, if any |
| Available Riders | Accidental Death Benefit | Critical Illness Rider | Total and Permanent Disability Rider | Hospi Care Benefit |
Should You Buy TATA AIA Sampoorna Raksha Supreme Plan?
- TATA AIA as an insurer: Over the last 2 decades, TATA AIA has grown significantly as a credible life insurer with an average (2020 to 2023) annual business volume of ₹6,014 crores. The insurer’s popularity is well founded, considering its reputation across claim settlement and client prioritisation.
Additionally, term insurance policies from TATA AIA are comprehensive, affordable and feature-rich. The policies have various value-worthy riders that meet the client’s customised financial and medical goals. Since term insurance plans are crafted to act as your financial substitute in the event of your unfortunate absence, you want a term insurer who ensures hassle-free claim settlement for your significant sum assured. In this regard, TATA AIA checks all the boxes.
2. In-built features of the plan: TATA AIA Sampoorna Raksha Supreme Plan is a solid pick and a comprehensive policy. The plan offers a diverse list of features, including options across benefit payout, life stage perks, terminal illness perks, and more. Here is a look at some of its built-in features -
- Coverage: Under the TATA AIA Sampoorna Raksha Supreme Plan, the insurer offers coverage of ₹50 lakhs to ₹20 crores. This exhaustive range is the perfect financial substitute for a policyholder with an income slab of ₹15 lakhs or less (per annum).
- Death Benefit options: Upon the policyholder's death, the insurer pays the base sum assured as a death benefit to the beneficiary. However, to ensure financial flexibility and offer customisation on the disbursal of this amount, the Sampoorna Raksha Supreme policy offers you death benefit options -
| Life Option | Life Plus Option (ROP) | Life Income | Credit Protect | |
|---|---|---|---|---|
| Maturity Benefit | ✘ | ✔ | ✘ | ✘ |
| Payor Accelerator Benefit (terminal illness payout) | 50% of the Base SA | 50% of the Base SA | 50% of the Base SA | 50% of the Base SA |
- Death benefit payout options:
Lump sum: The total base sum assured is disbursed as a lump sum.
Staggered: The entire sum assured will be disbursed as per the chosen frequency (during policy purchase) of Annual / Half Yearly / Quarterly/ Monthly across their chosen time frame (within 60months)
Lump sum + Staggered: The sum assured will be disbursed in a chosen ratio between lump sum and staggered. For staggered, the payment frequency can be annual, half-yearly, quarterly or monthly, up to a maximum of 60 months.
- Top-Ups: Say you have completed 5 years in your policy term and suddenly realise that you may need a higher cover amount. This might be impossible because term insurers don’t allow you to increase or decrease the base sum assured (unless you opt for riders). However, in the case of TATA AIA Sampoorna Raksha Supreme Plan, there is an in-built feature wherein your sum assured gets boosted by 5% yearly. This helps you increase the sum assured to suit your changing financial goals and requirements.
- Life Stage Benefits: Under this perk, in the event of any of the significant life stage events like childbirth, marriage, home loans - your sum assured gets boosted by a pre-decided % -
| Life Stage | Maximum Boost in the Base Sum Assured |
|---|---|
| Marriage | 50% |
| Adoption/Birth of 1st child | 25% |
| Adoption/Birth of 2nd child | 25% |
| Home loan | 100% (subject to the total amount of home loan disbursed) |
(Please note: the cap on the Life Stage perk is ₹1 crore.)
- Terminal Illness Benefit: In case you are diagnosed with a terminal ailment, and the doctor gives a written declaration of a poor prognosis with only a few months to live, the insurer offers you a sum that is capped at 50% of the base sum assured. This amount so received can be used at your discretion to fund your treatments, use for savings, etc.
3. Available Riders: TATA AIA Sampoorna Raksha Supreme is a comprehensive plan that covers most bases. Even as a standalone policy, this plan rarely has any caveats. However, when meeting customised requirements, policyholders need riders to make the plan worth its premium. So, here’s a look at the riders offered by this policy -
- Critical Illness Benefit - Sampoorna Raksha Supreme has one of the best Critical Illness Riders in the industry. The shortest waiting period (90 days), a long list of conditions covered (40 critical ailments), and coverage over and above the base sum assured make this rider the best in its category. This rider has a cap of ₹1 crore - which is relatively higher than most plans in its class offer.
- Accidental Death Benefit: In case the policyholder passes away due to an accident, the insurer offers an additional amount of up to ₹2 crores. This rider is specifically useful and caters to those who travel frequently.
- Total permanent disability: If you are left totally and permanently disabled following an accident or an ailment (subject to the discretion of the underwriters), your source of income is severely compromised, leaving you financially vulnerable. Under such circumstances, continuing to pay premiums to keep your policy active is difficult. Thus, TATA AIA Sampoorna Raksha Supreme Plan offers you a sum disbursed at one go or over monthly payments. This amount can be used as an income supplement to fund diverse financial requirements to overcome your restricted source of income.
What’s Unique About the TATA AIA Sampoorna Raksha Supreme Plan?
TATA AIA Sampoorna Raksha Supreme Plan is as comprehensive as a term insurance policy can be expected to be. From extensive coverage, in-built features like LifeStage perks, Terminal Illness Benefits, Top-Up perks, options across death benefits and its payouts to riders like Critical Illness, Total Permanent Disability, and Accidental Death Benefits - this plan has it all. Despite all the features, the policy is still economical without significant issues.
Conclusion
TATA AIA Sampoorna Raksha Supreme Plan is a top pick in terms of both the plans and the insurer. While the plan is comprehensive with no such caveats, the insurer is also credible and only improving its operational efficiency. If you fall under the income slab of ₹15 lakhs, you won’t find a better plan. However, if your income slab is more than ₹15 lakh per annum, you can go for the TATA AIA Maharaksha Supreme Plan.