Tata AIA Life Insurance Smart Sampoorna Raksha

General

1. Do I need to purchase separate life insurance with my ULIP?

No, you do not need to purchase a separate policy for life insurance coverage if you have a Unit-Linked Insurance Plan. This policy comes with the dual benefit of market linked investment and life cover, which enables you to avail of market-linked wealth creation opportunities and also protect your family’s future.

2. What is partial withdrawal in a Unit-Linked Insurance Plan?

ULIPs come with a lock-in period of 5 years, after which you are allowed to make partial withdrawals from the funds accumulated in your investment. This means while you cannot access all the money in your investments in one go, you can debit a certain amount from the fund a few times per policy year. These partial withdrawals are free of cost up to a certain number of withdrawals.

3. Is it possible to surrender your Unit-Linked Insurance Plan?

Yes, you can surrender your Unit-Linked Insurance Plan before the end of the policy term if you really need to do so. However, you end up losing on a lot of benefits such as life insurance coverage which will secure your family from unforeseen circumstances and long-term investment benefit.

Policy

1. How many partial withdrawals are allowed under the Tata AIA Life Insurance Smart Sampoorna Raksha?

You are allowed to make up to 4 partial withdrawals for each policy year after 5 policy years from the date of the policy issuance. It is important that your policy is still in force if you want to make partial withdrawals.

These yearly withdrawals do not carry any charges.

2. How can I receive my maturity benefits from the Tata AIA Life Insurance Smart Sampoorna Raksha?

You can choose to receive your maturity benefit from the policy either as a lump sum or in the form of instalments during a 5-year settlement period that starts on the policy maturity date. The first instalment will be paid out on the maturity date, while the remaining will be paid out on a yearly, half-yearly, quarterly, or monthly basis, as per your preference.

3. How is the Net Asset Value calculated?

The Net Asset Value (NAV) of your funds will be calculated as:

Market value of the investment in the fund + value of current assets - (value of existing liabilities, if any)

Simply multiply all the units in your fund with the current NAV that is published on the official Tata AIA Life Insurance website to know the value of your investments.

4. What is premium redirection?

Premium redirection is a feature that allows you to allocate upcoming premiums to a different investment or set of funds. It does not carry an additional charge; however, do note that you cannot avail of the premium redirection facility if you have selected the Enhanced SMART portfolio strategy.

Coverage

1. What is the policy term I can choose under this Unit-Linked Insurance Plan?

You can choose a policy term of between 30 – 40 years under the Tata AIA Life Insurance Smart Sampoorna Raksha, as per your preference of life cover.

2. What is the premium paying term under the Tata AIA Life Insurance Smart Sampoorna Raksha?

The premium paying terms under this policy are as below:

• Limited Pay – 5 / 10/ 12 years
• Regular Pay (equal to Policy Term)
  
  

3. What is the maturity benefit to be received from this Unit-Linked Insurance Plan?

If you survive the policy term and the policy has not been surrendered, you will be eligible for a maturity benefit that comprises the total fund value of your investments in the policy as well as the top-up premium fund. The total investment will be valued per the applicable Net Asset Value (NAV) on the date of policy maturity as given on the Tata AIA Life Insurance official website.

Claim

1. Do I need to file a claim while making partial withdrawals from my funds?

No, there is no need to file a claim to make partial withdrawals from your ULIP fund. However, you can always reach out to our customer care team to understand the withdrawal process.

2. How do I file a claim with Tata AIA Life Insurance?

To file a claim with us, reach out to us via the following channels:

• Email us at: customercare@tataaia.com
• Call our helpline number - 1860-266-9966 (local charges apply)
  
• Walk into any of the Tata AIA Life Insurance Company branch offices
  
• Write directly to us at:

The Claims Department,

Tata AIA Life Insurance Company Limited

B- Wing, 9th Floor,

I-Think Techno Campus,

Behind TCS, Pokhran Road No.2, Close to Eastern Express Highway, Thane (West) 400 607.

IRDA Regn. No. 110

3. What are the documents needed to file a claim under this ULIP?

Please click here to know the list of documents needed for the claim intimation and settlement process.
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4. What can be done if a nominee passes away before the insured?

In case the nominee passes away before the insured’s death within the policy term, the insured can appoint another nominee who will manage the death benefit once received. The pre-appointed nominee in either case should be related to the family or preferably, someone in the immediate family.

• The Product is also available for sales through online mode
• In this policy investments are subject to market risks.
• Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
• The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. The underlying Fund’s NAV will be affected by interest rates and the performance of the underlying stocks
• The performance of the managed portfolios and funds is not guaranteed and the value may increase or decrease in accordance with the future experience of the managed portfolios and funds. Past performance is not indicative of future performance.
• The Premium paid in the Unit Linked Life Insurance Policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the Insured is responsible for his/her decisions.
• Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the Surrender Value payable may be less than the total premiums paid.
• The brochure is not a contract of insurance. This brochure should be read along with Benefit Illustration. The precise terms and conditions of this plan are specified in the policy contract available on Tata AIA Life website.
• Tata AIA Life Insurance Company Ltd. is only the name of the Insurance Company and Tata AIA Life Insurance Smart Sampoorna Raksha is only the name of the Unit Linked Life Insurance Contract and does not in any way indicate the quality of the contract, its future prospects or returns.
• This product is underwritten by Tata AIA Life Insurance Company Ltd. This plan is not a guaranteed Issuance plan and it will be subject to Company’s underwriting and acceptance
• Insurance cover is available under this product.
• Riders are not mandatory and are available for a nominal extra cost. For more details on benefits, premiums and exclusions under the Rider(s),
• Participation by customers shall be on voluntary basis
• Medical Consultation - Medical Second Opinion/ Personal Medical Case Management is an optional service offered to you at no additional cost. You may exercise your own discretion to avail the services and to follow the treatment path suggested by the service provider. These services shall be directly provided by the service provider. The services can be availed only where the policy is in-force. All the supporting medical records should be available to avail the service. We reserve the right to discontinue the service or change the service provider at any time. The services are being provided by third party service provider and Tata AIA Life Insurance Company Ltd will not be liable for any liability.
• Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
• HDFC Bank Limited (4621612) (IRDAI Registration No: CA0010) is the Corporate Agent of Tata AIA Life Insurance Company Limited and does not underwrite the risk or act as an insurer. HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. Participation by the Bank’s clients in the Insurance products is purely on a voluntary basis. The contract of Insurance is between Tata AIA Life and the Insured and not between HDFC Bank and the Insured.
• Tata AIA Life Insurance Company Limited (IRDAI Regn. No.110 • CIN: U66010MH2000PLC128403). Registered & Corporate Office: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai - 400013. Trade logo displayed above belongs to Tata Sons Ltd and AIA Group Ltd. and is used by Tata AIA Life Insurance Company Ltd under a license. For any information including cancellation, claims and complaints, please contact our Insurance Advisor / Intermediary or visit Tata AIA Lifes nearest branch office or call 1-860-266-9966 (local charges apply) or write to us at customercare@tataaia.com. Visit us at: www.tataaia.com L&C/Advt/2023/Sep/2936