Tata AIA Sampoorna Raksha Supreme Detailed Review

by | May 27, 2024

Term insurance plans have gained a lot of popularity in recent years with people realising the importance of having pure protection cover against the risk of death. Moreover, term plans are simple, easy to understand and affordable which has driven buyers’ interest. One such plan is Tata AIA Sampoorna Raksha Supreme Plan which is a pure risk term insurance plan offered by Tata AIA Life Insurance. Tata is a well-known and reputed brand and this term insurance plan has gained a lot of popularity in recent years.

Plan Benefits

Tata AIA Sampoorna Raksha is a simple yet robust term plan which covers most bases and riders and add ons so that your term cover can be tailored as per your needs. The plan is available for anyone with an annual income between Rs. 5 Lakh to Rs. 15 Lakh subject to underwriting.

This plan comes with various benefit options such as plain death benefit and return of premium benefit. To enhance your term coverage under the same policy, you can choose any of the following options.

  • Life Stage Option
  • Top-Up Cover
  • Health Management Service

Life stage option allows you to increase your cover under your existing policy on when you get married, have a baby or buy a house. Top-up cover is a good option and if you opt for it, your cover will increase by 5% every year based on underwriting eligibility and payment of additional premium for every tranche of increase. 

Healthcare management services is a unique addition in this term plan and allows you to take second opinion / medical consultation from medical practitioners affiliated with Tata AIA Life Insurance in case you are diagnosed with any disease. 

If you wish, you can also choose death benefit along with regular monthly income as survival benefit before death. Here you will get monthly income as a survival benefit for some years before the policy term is over. Survival benefits will stop once you are no more and death benefit will be paid to your family. This is also a unique option offered by this plan.

Rider or Add On Benefits

Tata AIA Sampoorn Raksha Supreme Plan comes with 2 comprehensive riders to choose from.

  • Comprehensive Protection Rider
  • Comprehensive Health Rider

Comprehensive protection rider offers a host of benefits such as accidental death benefit, cover against accidental total and permanent disability and cover against 40 listed critical illnesses. Good part is that you have the option to choose if you want critical illness benefit to be accelerated or additional benefit. 

Comprehensive health rider again provides cover against listed critical illnesses along with cancer care, cardiac care and hospicare benefits. 

These riders are designed in such a way that they become one of the most comprehensive riders available in the market making them a great choice to have.

About Tata AIA Life Insurance

Tata AIA Life Insurance was founded in the year 2001 as a joint venture between Tata Sons Ltd. and AIA Group Ltd. It is one of the leading life insurers in India and is backed by the house of Tata. It gained significant prominence in the life insurance space in the recent years with gain in new business market share.

Tata AIA’s operational efficiency reflects in its 2 operational metrics which are

  • Claim Settlement Ratio
  • Volume of Claim Complaints

Claim settlement ratio reflects the efficiency with which the company settles claims. If we look at the last 3 years average claim settlement ratio, it is 98.52%. This implies that the insurer has settled 985.2 claims out of every 1000 claims it received. If we just look at last year’s figure, the settlement ratio is 99.01% which is a good number to have. 

Tata AIA also fares well if we look at its volume of claim complaints. Last 3 years the average volume of claim complaints is less than 2.5. This is a great number to have compared to the industry average of 73. 

Conclusion

Tata AIA Sampoorn Raksha Supreme Plan is a great pick if you want to buy a term plan. It is offered by a trusted brand from the house of Tata with a decent track record. This term plan covers all the bases and has great customisation options in the form of options and riders. The plan is competitively priced and you will not find it expensive at all. The company operates efficiently in terms of settling claims which shows in its good claim settlement ratio and low complaint volume. 

So there is probably nothing which can stop you from buying this plan if you are looking out for a good term cover.

 

Author

  • Nidhi Verma

    Nidhi Verma is the founder and CEO of Algates Insurance. Before founding Algates Insurance, she worked with India’s leading life insurance company, SBI Life, and world’s leading reinsurer, Swiss Re. She is a part-qualified actuary.

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Author Profile

Nidhi Verma - Founder & CEO at Algates Insurance
Nidhi Verma is the founder and CEO of Algates Insurance. Before founding Algates Insurance, she worked with India’s leading life insurance company, SBI Life, and world’s leading reinsurer, Swiss Re. She is a part-qualified actuary.

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Disclaimer :The information contained in this blog is for information purposes only. It does not constitute insurance advice and we do not guarantee the accuracy, adequacy or the completeness of the information contained here.

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