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Is "Tata AIA Life Insurance Smart Sampoorna Raksha with Param Rakshak Plus" a good choice for ULIP?

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26 Feb, 2023 by  Insurance Seeker

Hi All,

I am 33 year old salaried person and I have been searching for critical illness policy for me and my wife since few months and there are 3 things that I was not very happy about:

  1. High premiums
  2. No return of premium option (On standalone as well as Rider options)
  3. Maximum coverage of 3 Years

Recently I came across "Tata AIA Life Insurance Smart Sampoorna Raksha with Param Rakshak Plus" ULIP plan which kind of sorts my issues and gives more e.g. it is offering below:

  1. Basic insurance of 50L (As per my choice)
  2. Critical illness insurance of 40L (As per my choice)
  3. Hospicare benefit of 10L ( I don't need it but 10L is minimum mandatory selection)
  4. Accidental Total and Permanent Disability (ATPD) of 50L (Mandatory but I was anyhow searching for this as well)
  5. Accidental Death cover of 50L (Not necessary for me but 50L is mandatory)
  6. Return of premium (Not guaranteed but based on fund performance and I am okay with this as I can afford to invest 1L to 1.10L per month combined for me and wife)

I know that most of the advisors mention that investment and insurance should not be mixed and ULIPs are not good insurance or investment option but if this plan is satisfying my requirements then are there any other red flags or caveats that I should be worried about?

Thanks in advance for all suggestions.


1 Answer

07 Mar, 2023
CEO, Insurance Samadhan


Every thing is great except return of premium , price will be 50 % less if you do not go for ROP , put this money in mutual fund SIP and your fund value will be better than expected maturity value .

Best wishes


Insurance Samadhan

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