 "This term insurance offers Rs 3 lakh instant payout, 50% illness benefit")
Tata AIA Life Insurance on Thursday introduced a term insurance plan called Sampoorna Raksha Promise, which offers term insurance with immediate payouts on death claims, flexible premium payments, and benefits for terminal illness diagnoses.
"Term insurance has always been about providing financial security," said Samit Upadhyay, President & Chief Financial Officer of Tata AIA. "But people now expect more from their insurance. With Sampoorna Raksha Promise, we’ve included features like instant payment upon claim intimation and benefits for those diagnosed with terminal illnesses".
Take a look at the features of Sampoorna Raksha Promise:
Instant payout on death claim: If the policyholder passes away, the family will get an immediate payout of Rs 3 lakh upon claim intimation. However, the instant benefit is subject to certain conditions, including a waiting period of three policy years.
Flexibility with premium payments: Life can be unpredictable, and sometimes paying the insurance premium might be tough. This plan lets you defer your premium for up to 12 months without losing your coverage.
Terminal illness benefits: If the policyholder is diagnosed with a terminal illness, they’ll receive 50% of the sum assured right away. Plus, they won’t have to pay any more premiums, but the policy benefits will continue. It comes under 'Payor Accelerator Benefit'.
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Options to choose from
The plan offers two options to suit different needs:
Life promise: This option pays out the sum assured when the policyholder dies
Life promise plus: This option does the same as Life Promise but also returns 100% of the premiums paid if the policyholder lives to the end of the policy term. It's a way to get your money back if you don’t need to make a claim.
Both options include a Payor Accelerator Benefit.
Adjusting coverage
Life’s big moments often come with increased financial responsibilities. The Sampoorna Raksha Promise includes a Life Stage Benefit, allowing you to bump up your coverage when these moments happen:
* 50% increase in coverage upon marriage
* 25% increase for the birth or adoption of each of your first two children
* 100% increase when you take out a home loan, depending on the loan amount
Discounts offered:
10% digital discount: If you buy the policy online, you get a 10% discount on the first-year premium.
5% salaried discount: If you’re a salaried employee, you get a 5% discount on the first-year premium.
2% milestone discount: When you reach key life milestones like marriage, childbirth, adoption, your first job, or taking a home loan, you can get a 2% discount on the first-year premium.
Lower premiums for women: Women pay 15% less in premiums compared to men.
Additionally, policyholders can access Personal Medical Case Management (PMCM) services through Medix. This service will connect you with medical specialists worldwide for second opinions and care management, which can be incredibly valuable if you’re dealing with a critical illness.