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TATA AIA Sampoorna Raksha Promise
ILM Ratings
ILM Ratings
Claims Experience:
Customer Service:
Product Benefits:
Introduction to TATA AIA Sampoorna Raksha Promise
TATA AIA Sampoorna Raksha Promise is a term insurance plan offered by TATA AIA Life Insurance Company. Using a term insurance plan, you can get a large cover, for a very nominal premium (almost 1000X). It includes comprehensive critical illness coverage and offers the Rolling Limited Pay option, which lets you decide the exact number of years (within the insurer’s limits) over which you want to pay your premiums. However, it does not provide the increasing cover option or the flexibility to customise how your family will receive the claim payout.
Claims Experience:
Customer Service:
Product Benefits:
Quick Overview:
What's Good?
- Rolling Limited Pay lets you choose the exact years to pay premiums
- Critical illness rider's payout is in addition to the life cover amount
- Additional payout option for accidental death
What's Not Good?
- No option to automatically increase claim amount, with time
- No option to customize claim payout
- No option to exit the plan while active and get premium refund
- No premium waiver option available if listed illness is diagnosed
- No premium waiver option available in case of accidental disability
Insurer Track Record
About TATA AIA Life Insurance Co. Ltd.
JV Partners
Turnover (GWP)
Number of Policies
Number of Claims
Detailed Product Overview
Have doubts regarding this plan?
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Did you know
TATA AIA Life Insurance Company offers a term insurance plan called TATA AIA Sampoorna Raksha Promise. The plan offers lifelong coverage up to 100 years, flexible premium payment options and a lump sum death benefit but lacks increasing coverage and early exit options. Adding a term plan to your financial portfolio is crucial, particularly if you have dependents who depend on your income. Your family will get a sum of money to aid with any financial commitments they may have in the unfortunate event that you pass away within the policy period.
This plan is affordable when compared to similar products. Additionally, it offers comprehensive coverage for listed critical illnesses, guaranteeing that you are protected against unforeseen health hazards. The Rolling Limited Pay feature of the plan lets you select how many years you want to pay your premiums over. Nevertheless, our research shows that the insurer has fewer complaints about the insurance policy purchasing process and claims settlement.
Here’s the term plan review-
Key Product Features of TATA AIA Sampoorna Raksha Promise Plan
A number of distinctive features that address various needs are included in the TATA AIA Sampoorna Raksha Promise Plan:
- Life Cover Benefit: This plan ensures that the nominee will receive a predetermined amount in the tragic event that the insured individual passes away within the policy term. It also provides tax benefits under the Income Tax Act's Section 80C.
- Early Exit Option: A few term insurance policies give you the choice to terminate your coverage after the completion of a specified time frame. TATA AIA Sampoorna Raksha Promise Plan does not provide a premium return for early exit.
- Increasing Coverage: The increasing cover option is a feature of certain term policies that periodically raise coverage at predetermined intervals. This feature is not included in this plan, though.
- Coverage Duration: One major benefit of this plan is that, in contrast to many other plans that usually only cover you until you are 60 or 65, it provides coverage up to the age of 100 years. Long-term protection is thus guaranteed, even after retirement.
- Limited Pay Options: This plan features a rolling limited pay option, enabling you to complete premium payments within a timeframe of 5 to (Policy Term minus 1) years. You can choose from multiple premium payment frequencies, including monthly, quarterly, half-yearly and yearly, to suit your preferences.
- Claim Payout Options: In the case of a claim, the nominee receives a one-time payment of the death benefit, providing ease of access and prompt financial assistance.
What are the Riders Available with TATA AIA Sampoorna Raksha Promise Plan?
The TATA AIA Sampoorna Raksha Promise Plan gives you the option to add riders or additional benefits at extra cost to your coverage that are tailored to your individual requirements:
- Critical Illness Rider: This rider pays out a sum of money if the insured individual is found to have a critical illness specified in the policy during the rider term. It provides thorough protection along with the life cover under the TATA AIA Sampoorna Raksha Promise Plan. It covers 40 specified illnesses, ensuring comprehensive support when needed. You can stay covered up to a maximum age of 75 years, with the option to choose coverage up to the base cover amount, providing financial security tailored to your needs.
- Accidental Death Benefit Rider: If the insured individual passes away as a result of an accident during the policy's term, this rider provides an extra payout on top of the basic life insurance benefit. This rider is offered with the TATA AIA Sampoorna Raksha Promise Plan and is a helpful way to enhance your coverage. You can enjoy extended coverage with this plan, ensuring financial security up to a maximum age of 85 years. The maximum coverage you can opt for is up to the base cover amount.
- Waiver of Premium Rider: This rider relieves the individual from paying future premiums in the event that they are diagnosed with a critical illness or suffer accidental disability. It is important to note, nevertheless, that this rider is not offered by the TATA AIA Sampoorna Raksha Promise Plan.
It's critical to thoroughly evaluate your family's financial objectives and existing circumstances in order to identify which riders best suit your needs, as each rider has a distinct function.
Why should you choose TATA AIA Life Insurance Company?
This is a summary of the claims experience with TATA AIA Life Insurance Company:
- Speed of Claim Settlement: TATA AIA Life Insurance Company has settled 99.18% of claims within 30 days after all required paperwork has been submitted. When the insured person's family most needs it, this speedy claim settlement gives them vital financial support.
- Online Claim Tracking: The company provides an option that enables claimants to conveniently track the status of their claims online. More accessibility and transparency are guaranteed throughout the process with this feature.
- Claim Settlement Ratio: TATA AIA Life Insurance Company has a claims settlement ratio of 99.41%. The ratio indicates the percentage of claims an insurance company settles out of the total claims it receives in a given financial year.
- Claim Complaints: With a low claim complaint rate of just 0.03%, this policy ensures a smooth and hassle-free claims process.
- Claims Pickup at Home: In an effort to assist families even more, the company offers an easy home pickup service for documents pertaining to claims. This adds convenience during an already trying period by removing the need for nominees to physically visit a branch.
What are the drawbacks of buying from TATA AIA Life Insurance Company?
The TATA AIA Life Insurance Company may have the following drawbacks:
- Moderately Long Death Claim Form: TATA AIA Life Insurance's death claim form is comparatively long when compared to other insurers. Nominees may find the claims procedure a little less convenient as a result, and it might take a longer time for completion.
- Absence of a Personal Relationship Manager: TATA AIA Life Insurance does not offer a personal relationship manager to help with the claim settlement procedure, in contrast to certain other insurers. Claimants might thereby receive less customized support during the process of their claim.
How is the customer service quality of TATA AIA Life Insurance Company?
Let's now examine the quality of customer service provided by TATA AIA Life Insurance Company:
- Toll-Free Support: The company's toll-free phone number has a slow response rate when compared to other insurers. This might have an undesirable effect on the general customer service experience for those who need help right away.
- X (Twitter) Response: The company's X (Twitter) account offers quick customer support with the possibility of more social media engagement and responsiveness.
- Percentage of Complaints Received for After-Sales Service: According to our research, 0.30% of consumers are unhappy with the after-sales service.
About the Insurer - TATA AIA Life Insurance Company
TATA AIA Life Insurance Company, also known as TATA AIA, is a prominent life insurance provider in India. Established in 2001, it is a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). The company is headquartered in Mumbai, its MD & CEO Mr. Venkatachalam Iyer.
Final Review on TATA AIA Sampoorna Raksha Promise Plan
After a comprehensive evaluation of over 100 factors across product features, customer service and claims experience, the TATA AIA Sampoorna Raksha Promise Plan has earned a MyInsureBuddy⭐Rating of 3.7 out of 5 from our in-house research team.
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Industry Experts with up to 20 years of experience help you from purchase to claims.