VMPL
Mumbai (Maharashtra) [India], May 3: Tata AIA Life Insurance, one of India’s leading life insurers, offers the Tata AIA Smart Sampoorna Raksha Supreme, a comprehensive life insurance and investment solution. Designed to meet diverse customer needs, the plan offers robust protection alongside enhanced investment returns, ensuring both financial security and wealth creation.
* Provides a substantial sum assured for family security and wealth growth with top-rated funds by Morningstar.
* Avail flexible premium payment terms with the option of whole life coverage up to 100 years.
* Multiple plan options tailored to your diverse financial needs
* Save tax up to Rs46,800
The Tata AIA Smart Sampoorna Raksha Supreme is a Unit Linked Insurance Plan or ULIP that provides comprehensive life cover with a high sum assured, coupled with the opportunity to grow your wealth.
The Tata AIA Smart Sampoorna Raksha Supreme provides the following benefits:
* Life Cover with Wealth Growth: The plan provides a substantial sum assured to safeguard your family and potentially ensures your wealth grows through investments in our top-rated funds.
* Smart Lady Advantage: Female policyholders can get a bonus of 0.5% of the first year’s premium, offering extra financial support in the early stages of their policy.
* Second Income with Withdrawal Plans: After five policy years, the policyholder can secure a second income by opting for Systematic Withdrawal Plans, Chosen-Rate Withdrawal Plans, or Index-Based Withdrawal Plans.
* Top-Up Facility: The plan offers a top-up facility, providing additional coverage and fund value growth through additional premiums.
* Unlimited Free Fund Switching: Policyholders have the flexibility to switch between funds based on their financial goals or market changes, with no extra charges.
* Maturity Benefits Flexibility: Upon policy maturity, policyholders can choose to receive their maturity benefits either as a lump sum or in regular payments spread over five years.
The Tata AIA Smart Sampoorna Raksha Supreme investment plan provides two unique options. These include SSR Supreme Classic and SSR Supreme Optima, both offering substantial life cover while also ensuring the growth of the policyholder’s wealth over the long term. Here are the key differences designed to suit varying needs:
* SSR Supreme Classic: This investment plan offers a considerable sum assured with the return of mortality charges and premium allocation charges, potentially befitting individuals looking for enhanced life cover and long-term wealth growth.
* SSR Supreme Optima: A more cost-effective option, SSR Supreme Optima offers low charges while still providing high coverage and comprehensive benefits, well-suited for those looking for lower costs and significant protection.
The Tata AIA Smart Sampoorna Raksha Supreme plan allows policyholders to upgrade their coverage by adding riders for critical illness, accidental death, disability benefits, and hospitalization. With Tata AIA Vitality’s wellness benefits, policyholders can also enjoy premium discounts and improve their quality of life.
Policyholders are eligible for tax benefits under Section 80C for premiums paid, and the payouts received also qualify for tax exemptions under Section 10(10D). This makes the Tata AIA Smart Sampoorna Raksha Supreme plan a handy tool for tax planning and wealth creation.
Investing in ULIP (Unit Linked Insurance Plans) offers a comprehensive approach to securing your family’s financial future while building wealth. These plans provide life cover to protect your loved ones in your absence. Additionally, they offer the opportunity to invest in a variety of financial securities. These include high-risk equity funds, medium-risk hybrid funds, or low-risk debt funds, catering to your risk appetite. ULIPs offer investment flexibility, allowing you to switch between funds based on market conditions or changing preferences. With options to pay premiums in a lump sum or periodically and a 5-year lock-in period, you can also benefit from withdrawal options to meet routine or planned financial needs.
Tata AIA Life Insurance offers flexible policy terms, with a minimum entry age of 18 years and a maximum entry age of 65 years. The policy term ranges from 20 to 82 years, with premium payment options for limited or regular pay. Minimum premiums start at Rs15,000 per annum, with top-ups from Rs1,000. The minimum sum assured is 1.25 times the single premium for single pay, and 7 times the annualized premium for regular/limited pay (for those under 49 years). The policy provides multiple payment modes and allows changes to premium frequency, subject to approval. Monthly premiums are auto-deducted unless agreed otherwise.
To learn more about the Tata AIA Smart Sampoorna Raksha Supreme plan, visit https://www.tataaia.com/ or contact an advisor.
About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata AIA) is a joint venture Company formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). Tata AIA Life combines Tata’s pre-eminent leadership position in India and AIA’s presence as the largest, independent listed pan-Asian life insurance group in the world, spanning 18 markets in the Asia Pacific region. Tata AIA reported a total Premium Income of INR 25,692 crore for FY24, up 25% from FY23. The Company continues to rank among the Top 3 Private Insurers in Individual Weighted New Business Premium (IWNBP) with an IWNBP income of INR 7,413 crore. The Individual Death Claims Settlement ratio improved to 99.13%. The Company also achieved industry-leading Persistency performance (based on premiums), ranking #1 in four out of five cohorts.
About the Tata Group
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising 30 companies across ten verticals. The group operates in more than 100 countries across six continents, with a mission ‘To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust’.
Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture.
In 2023-24, the revenue of Tata companies, taken together, was more than $165 billion. These companies collectively employ over 1 million people.
Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 26 publicly listed Tata enterprises with a combined market capitalisation of more than $365 billion as on March 31, 2024.
About AIA
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR (1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR (2), and a 49% joint venture in India. In addition, AIA has a 24.99% shareholding in China Post Life Insurance Co., Ltd.
The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$286 billion as of 31 December 2023.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 42 million individual policies and over 18 million participating members of group insurance schemes. AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock codes “1299” for HKD counter and “81299” for RMB counter with American Depositary Receipts (Level 1) traded on the over-the-counter market under the ticker symbol “AAGIY”
Disclaimer: The information provided is for informational purposes only and is not intended as professional or legal advice. The Insurance Regulatory and Development Authority of India (IRDAI) is not responsible for any decisions based on the information.
The information provided above is intended for informational purposes only and does not constitute an offer to buy or sell any insurance products.
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