Planning
for life’s financial uncertainties requires clarity, flexibility, and long-term
thinking. Insurance can provide a disciplined way of securing the financial
security of your loved ones without conflicting with personal and professional
commitments. Sampoorna Raksha Promise is a policy that gives life coverage with the option to adapt for different stages
of life so that one can easily plan for both current requirements and future
aspirations. Here we discuss the features, flexibility, and important points to
consider while opting for this policy.
Eligibility conditions
|
Parameter |
Details |
|
Entry
Age |
18 –
65 years |
|
Maturity
Age |
Up to
100 years |
|
Policy
Term |
60-564
months (5-47 years) |
|
Premium
Payment Term |
Single
Pay / Limited Pay / Regular Pay |
|
Basic
Sum Assured |
Minimum
₹5 Lakh |
|
Premium
Payment Modes |
Monthly
/ Half-Yearly / Yearly / Single Pay |
Key features
|
Feature |
Details |
|
Plan
Options |
Life
Promise, Life Promise Plus, Joint Life Promise, Joint Life Promise Plus |
|
Terminal
Illness Benefit |
50% of
base sum assured paid straight away; future premiums waived |
|
Premium
Waiver on Terminal Illness |
Yes,
included in-built |
|
Spouse
Coverage |
Spouse
can be included in the same plan |
|
Payout
Options |
Lump
sum, installments, or both |
|
FlexiPay
Benefit |
Postpone
payment of premiums for 12 months and remain covered |
|
Female
Premium Discount |
Discounted
premium for female policyholders of up to 15% |
|
Riders |
Option
to add more base coverage with additional riders |
|
Family
Plan Option |
Transfer
legacy sum assured to your child |
About
the plan
Sampoorna
Raksha Promise is a type of term insurance developed to balance insurance
coverage with one's income, family obligations, and long-term aspirations.
Policyholders can choose the level of coverage and term of the policy as per
their circumstances. This provides the facility for planning current
obligations, such as loans or children's education, in addition to long-term
requirements like retirement. The plan is aimed at simplicity of terms and
payments so that the policyholders understand their obligations and planning
becomes simpler.
Coverage
across life stages
Sampoorna Raksha Promise offers structured flexibility to adjust
coverage at specific life milestones. Policyholders can increase coverage
through the Life Stage option upon events like marriage, childbirth, or home
loan disbursal, or through the Top-Up SA option for annual increases. Coverage
can be reduced after five years by surrendering additional sum assured
tranches. These options help adapt protection to major life changes, though
adjustments are tied to specific triggers rather than general circumstances
Premium
payment options
The scheme
of policy provides different terms of premium payment, e.g., monthly,
half-yearly, yearly, or lump sum. Flexibility in duration of payments allows
policyholders to align contributions with cash flows and fluctuations in
income. FlexiPay also allows deferment of premiums for up to 12 months without
affecting cover. Such facilities provide cover without financial pressure on
policyholders, easing the option of maintaining insurance continuously.
Extra
riders and features
Policyholders
can supplement their cover with riders such as accidental death benefit,
critical illness cover, or disability benefit. These add-on covers allow
personalisation according to needs without compromising the base policy. Spouse
protection and female premium rebates, these alternatives allow the plan to
address different needs and phases of life.
Understanding
the claim process
A clear and
simple claim process is one of the essential elements of every policy. Sampoorna Raksha Promise provides guidelines for submitting
claims, documents required, and timely filing. This facilitates the learning
process of policyholders and beneficiaries as well as easy availing of benefits.
Knowledge of the claim process in advance gives confidence and reduces
uncertainty at the moment of need.
Things
to consider
Before
buying this policy, one can consider the following:
· Financial goals: Determine the financial goals whether
short-term protection or long-term security. Identify life events or financial
obligations for which you want the coverage to be able to address.
· Dependants: Assess the number of dependants
e.g., spouse, children, or aged relatives and their needs to determine sum assured.
· Sum assured: Select a sum assured that will be
able to address current and future financial requirements, including loans,
education, and daily expenses.
· Policy term: Select the term length long enough
to overlap with earning years and anticipated responsibilities, so the coverage
is active when it's most needed.
·
Premium
flexibility: Choose
a payment schedule that aligns with cash flow and mitigates stress. Consider
FlexiPay or deferment in the case of short-term financial fluctuations.
· Additional benefits: Consider available riders or
discounts that enhance the core plan, such as accidental death benefits, spouse
coverage, or reduction of female premiums.
Conclusion
Sampoorna
Raksha Promise is a structured solution towards life insurance, offering
flexibility in coverage, premium payment, and add-on benefits at different
stages of one's life. Tata AIA, among other insurance companies, has this
policy, enabling people to structure their financial commitments with clarity.
Understanding the features, eligibility, and claim process facilitates the
decision-making for the policyholder. Depending on personal financial goals and
family needs, Sampoorna Raksha Promise can be a valuable plan for long-term
financial planning.
Disclaimer:
·
The information provided above 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 made based on the information.
·
The sum assured, premium, and other benefits may
slightly differ based on applicable policy terms. For the exact terms and
conditions, refer to the policy contract before purchasing.