Tata AIA Life Insurance has introduced a new term insurance product, ‘Samporn Raksha Promise’, which is designed with advanced facilities to meet the needs of the consumer. Tata AIA President and CFO Committee Upadhyay emphasized the change in consumer expectations beyond paying basic claims. He said, “Our new term insurance plan, the promise of the contribution plan, promise on the intimacy of the claim, meets the specific needs of consumers with innovative features such as the consequences, inbuilt terminal disease benefits with an acceleration of 50% for assurance for assurances on the diagnosis of future premiums and assurances on exemption.”
Sampoorna Raksha promise provides coverage up to the age of 100 with two options
Promise of life – Consumers can select a special amount given on procurement, payable on the death of the policyholder.
Life Promise Plus – This life promis provides an uniform death benefit to the option. In addition, when the policyholder survives until maturity, 100% of the total premium (except model premium and discount) is paid.
Sampoorna raksha: major benefits
immediate payment: The claim of 3 lakh on death is to cover the required expenses*.
Premium Different: The option to postpone the premium for 12 months.
Terminal disease benefits: 50%of the amount paid on the diagnosis was waived with future premium.
Life phase benefits:
Policy holders can increase coverage in major life events within 180 days:
1 and 2 baby birth/adoption: 25% each
Home Loan: 100% (under loan amount)
Sampoorna raksha: additional features
Quick immediate death benefits: After claim registration, 3 lakhs were paid within 1 working day, post a waiting period of 3 years.
Flexi Pay Benefit: postpone the premium for 12 months without additional cost.
Sampoorna raksha: discount
10% digital discounts on online purchase
5% discount for salaried customers
2% milestone discounts for important life events
15% less premium for women
The purpose of this broad product is to provide increased financial security and flexibility to meet the needs of diverse customers.
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