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TATA AIA Sampoorna Raksha Supreme logo

TATA AIA Sampoorna Raksha Supreme

Introduction to TATA AIA Sampoorna Raksha Supreme

TATA AIA Sampoorna Raksha Supreme is a term insurance plan offered by TATA AIA Life Insurance Company, which is also known as TATA AIA Life Insurance Company Limited. A term insurance plan is one of the most cost-effective ways to ensure your family will have a secure financial future. When you invest in the TATA AIA Sampoorna Raksha Supreme plan, your family will be paid a sum of money as a death benefit, in case your death happens during the policy term. However, like any pure term plan, this plan doesn’t offer any maturity benefit - meaning, you don’t get anything back in case you survive the term of the policy.

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INDIA’S FIRST UNBIASED, CONFLICT-FREE INSURANCE RATING
Verdict: TATA AIA Sampoorna Raksha Supreme

This product offers some unique features like door-step claim settlement and allowing you to pay the first premium only after your proposal is approved. Another key feature of this plan is that you can choose the exact number of years you want to pay your premiums for (after the first 5 years, until maturity). The insurer has an excellent track record with respect to their purchase and claims service, meaning your family is very likely to get a smooth experience with this insurer. However, it is also considerably expensive compared to other products in the market. Further, this plan doesn’t allow you to choose some important customizations such as increasing covers or claim payout options to decide how your family will receive the claim amount.

Pros & Cons: TATA AIA Sampoorna Raksha Supreme

  • arrow Claim formalities can be done at your home
  • arrow Rolling Limited Pay available, to speed up payments
  • arrow Received fewer complaints on claim settlement compared to other insurers
  • arrow Received fewer complaints during poicy purchase compared to other insurers
  • arrow Critical illness rider is available, and the payout is in addition to the life cover amount
  • arrow Slightly costlier than other products in the market
  • arrow Doesn't offer the option to automatically increase your claim amount, with time
  • arrow No option to customize claim payouts
  • arrow Our study observed their responses on Twitter to be relatively slower than other insurers

About TATA AIA Life Insurance Co. Ltd.

TATA AIA Life Insurance Co. Ltd. logo

TATA AIA also known as TATA AIA Life Insurance Company Limited a Life Insurance Company in India. It offers Term Life Insurance Plans, Traditional Savings Plans, and Unit Linked Insurance Plans. Founded in the Year 2000, it is a joint venture between Tata Sons Private Limited and AIA Group Limited (AIA). The company is headquartered in Mumbai, with its branches across various cities. The CEO / CMD of the company is Mr. Rishi Srivastava.

Founded in
2000
JV Partners
Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA).
Turnover (GWP)
11,105.1 Crores
Number of Policies
4,60,607
Number of Claims
7,03,894

Detailed Product Specs & Rating: TATA AIA Sampoorna Raksha Supreme

Claims Experience 4.9/5 star green
Customer Service 3.2/5 star green
Product Benefits 2.2/5 star green
% of claims settled in less than 30 days
Reflects on the speed of settling valid claims
100%
% of Complaints received on overall claims
% customers unhappy with claims experience
0.01%
How complex is the Claim Form?
The longer, the more hassles during claims
Very Long
Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?
99.06%
Claim Settlement Ratio (Value of claims)
What % of the claim amount received was paid?
95.91%
Solvency Ratio
Reflects an insurance company’s ability to pay claims. Insurers are required to maintain a minimum 150% Solvency Ratio as per IRDAI regulation
235%
Personal relationship manager for claims
Not Available
Can you track claims online?
Available
Dedicated toll-free for claims service
Not Available
Separate Claim Form for above 3 Years Claim
Not Available
Home pickup of Claims
Available

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What’s the Review of TATA AIA Sampoorna Raksha Supreme by TATA AIA Life Insurance?
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TATA AIA Sampoorna Raksha Supreme is a term insurance plan offered by TATA AIA Life Insurance company. 

While it comes at a slightly higher premium compared to other similar products in the market, it does offer some unique features that might interest you to consider this policy. You can apply for this policy without making any initial payment - you are required to make the first premium payment only after the proposal is approved. The plan also offers a rolling limited pay option - meaning, you can decide how frequently you want to pay the premium so that you can get the payment liability off your chest quickly. Further, TATA AIA holds a fantastic track record for its claim settlement process and customer services. 

On the flip side, the plan fails when it comes to letting you customize some important benefits including increasing covers and claim payout, making it unsuitable for many. 

Here’s a quick review of the TATA AIA Sampoorna Raksha Supreme plan.

What are the key benefits of TATA AIA Sampoorna Raksha Supreme?

  • Life cover Benefit: This term insurance plan pays an assured sum of money to your family if your death happens during the term of the policy. There is no maturity benefit in this policy - meaning, you don’t get anything back in case you survive the term of the policy. You can claim tax benefits under Sec. 80C of the Income Tax Act with this term insurance policy. 
  • Entry age for the policy: This plan allows you to apply for the policy, when your age is at least 18 years and until you’re 65 years old.
  • Increasing Cover: This plan does not provide you the benefit of an increasing cover, meaning you cannot automatically grow the sum assured with time, to match inflation. Instead, you will need to purchase a new term insurance plan every time you need an upgrade. This could become tricky - especially if you get a lifestyle disease - eliminating any chances that a new plan would be approved later on in life.
  • Cover Duration: The plan gives you the option to choose the policy duration up to 100 years. This is also known as a whole life cover or an ultra-long term policy. If you choose to buy the policy for 100 years, you would almost guarantee that your family gets a huge payback, in the event of your death.
  • Limited Pay Options: Using the Limited Pay option, you can finish paying off your premiums in larger, early installments. This feature is suitable if you want to get the burden of premiums off your chest while you still have a dependable income. The TATA AIA Sampoorna Raksha Supreme also offers a rolling limited pay option - meaning you can choose the exact number of years you want to pay your premiums (after the first five years of purchasing the plan).
  • Claim Payout Options: This plan has a limitation when it comes down to customizing how your family would receive the claim amount. This plan only allows a one-time payout as a lump-sum amount. So, while this might be okay if your nominee or family is comfortable managing a large sum of money, it might be risky in case they’re not.

We’ve heard of several cases of families losing all their term insurance money in poor investment choices - and you don’t want this to happen to your family too. So, if you’re choosing this plan, ensure that you find a good financial advisor who will guide your family to manage the payout properly.

Which Riders are available with TATA AIA Sampoorna Raksha Supreme? 

The TATA AIA Sampoorna Raksha Supreme comes with additional optional benefits that you can opt for. The riders available with this term insurance policy are -  

  • Critical Illness Rider: The plan includes a comprehensive critical illness rider. Meaning, in case you get any of the serious diseases listed in the policy document, this add-on will pay an additional amount as a lump sum. This money can be used to help your family overcome the loss of income, as well as cater to the additional healthcare and medical expenses that you’ll have to incur as a result of the disease. 
  • Accidental Death Benefit Rider: With this Rider, your family will receive an additional amount of money if your death happens because of an accident. This is also a great option to use to increase your overall sum assured in case you are eligible for a cover amount lower than what is required for your family.

Make sure you select riders based on your family’s requirements and needs. Not everyone needs to buy every rider. 

Note: Most other similar products include the Waiver of Premium Rider. However, this product doesn’t offer it. 

Why should you opt for this term plan from TATA AIA?

  • Speed of Claim Settlement: The insurer holds an exceptional ranking in their claim settlement process. They have settled 100% of the claims in less than 30 days. This shows that your family most likely won’t have to wait too long to receive their claim amount. 
  • Online Tracking of Claims: TATA AIA Life Insurance allows your family the option to track their claims online and they can also use the toll-free services provided by the company. 
  • Claims Complaints: Based on the research conducted by our team, we discovered the insurer has a less number of complaints compared to other insurers. This suggests that your family is likely to experience a seamless and smooth claim settlement process. 
  • Home Pick up for Claims: This insurer gives the option to pick up all claims documents at home, so your family  would not have to personally visit the branch office.
  • Claims Settlement Ratio: The insurer holds a claim settlement ratio of 99.06% and their claim amount settlement ratio is 95.91%. 

What are the drawbacks of buying this term insurance plan from TATA AIA Life Insurance? 

Now that we have a list of all the benefits of why you should choose the TATA AIA Sampoorna Raksha Supreme, let us quickly look into some drawbacks. This will provide you a clearer picture of whether this insurer and plan fits your needs. 

  • Length of the Claim Form: This insurer’s claim form was found to be relatively long, with several questions to answer. This means that your family too will need to go through a time-consuming lengthy form-filling process, at the time of personal distress. 
  • Personal Relationship Manager for Claims: Many insurers provide you with a personal relationship manager to help your nominee throughout the claim settlement process. However, TATA AIA Life Insurance does not offer a personal relationship manager. 
  • Toll-Free Services: Our research found their response over the toll-free to be very slow. So, it is likely that you and your family would face challenges and delays in case they connect with the insurance company representative to clarify any queries. 
  • Twitter Response: Similar to other insurers, TATA AIA too provides the option to connect over social media platforms like Twitter, to seek resolution to your questions and complaints. Having said that, our research team found that the company’s response to Twitter was very slow.

About the Insurer- TATA AIA Life Insurance 

TATA AIA is also known as TATA AIA Life Insurance Company Limited, a Life Insurance Company in India. It offers Term Life Insurance Plans, Traditional Savings Plans, and Unit Linked Insurance Plans. Founded in the Year 2000, it is a joint venture between Tata Sons Private Limited and AIA Group Limited (AIA). The company is headquartered in Mumbai, with its branches across various cities. The CEO / CMD of the company is Mr. Rishi Srivastava.

Final word on the TATA AIA Sampoorna Raksha Supreme

Looking at all the product benefits, customer service, and claims experience and based on the 100+ metrics analyzed by our in-house research team, the TATA AIA Sampoorna Raksha Supreme gets a Beshak⭐Rating of 3.7/5

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