TATA AIA Life Insurance Company offers a term insurance plan called TATA AIA Sampoorna Raksha Promise. The plan offers lifelong coverage up to 100 years, flexible premium payments, and a lump sum death benefit, but lacks increasing coverage and early exit refunds. Adding it to your financial portfolio is crucial, particularly if you have dependents who depend on your income. Your family will get a sum of money to aid with any financial commitments they may have in the terrible event that you unfortunately pass away within the policy period.

This plan comes as a fairly-priced option when compared to similar products, ensuring affordability. Additionally, it offers comprehensive coverage for listed critical illnesses, guaranteeing that you are protected against unforeseen health hazards. The Rolling Limited Pay feature of the plan lets you select how many years you want to pay your premiums over.

It's important to keep in mind, though, that the plan does not provide an option for increasing coverage, nor can you alter how your family gets the claim payout. Nevertheless, our research shows that the insurer has fewer complaints about the insurance policy purchasing process and claims settlement, which suggests a solid track record in both customer service and claims handling.

Here’s the term plan review-

Key Product Features of TATA AIA Sampoorna Raksha Promise Plan

A number of distinctive features that address various needs are included in the TATA AIA Sampoorna Raksha Promise Plan:

Life Cover Benefit: This plan ensures that the nominee will receive a predetermined amount in the tragic event that the insured individual passes away within the policy term. It also provides tax benefits under the Income Tax Act's Section 80C.
Early Exit Option: A few term insurance policies give you the choice to terminate your coverage after the completion of a specified time frame. TATA AIA Sampoorna Raksha Promise Plan does not provide a premium return for early exit.
Increasing Coverage: The increasing cover option is a feature of certain term policies that periodically raise coverage at predetermined intervals. This feature is not included in this plan, though.
Coverage Duration: One major benefit of this plan is that, in contrast to many other plans that usually only cover you until you are 60 or 65, it provides coverage up to the age of 100 years. Long-term protection is thus guaranteed, even after retirement.
Limited Pay Options: This plan features a rolling limited pay option, enabling you to complete premium payments within a timeframe of 5 to 40 years before the policy term concludes. You can choose from multiple premium payment frequencies, including monthly, quarterly, half-yearly, and yearly, to suit your preferences.
Claim Payout Options: In the case of a claim, the nominee receives a one-time payment of the death benefit, providing ease of access and prompt financial assistance.

What are the Riders Available with TATA AIA Sampoorna Raksha Promise Plan?

The TATA AIA Sampoorna Raksha Promise Plan gives you the option to add riders or additional benefits to your coverage that are tailored to your individual requirements:

Critical Illness Rider: This rider pays out a sum of money if the insured individual is found to have a critical illness specified in the policy during the rider term. It provides thorough protection along with the life cover under the TATA AIA Sampoorna Raksha Promise Plan. It covers 40 specified illnesses, ensuring comprehensive support when needed. You can stay covered up to a maximum age of 75 years, with the option to choose coverage up to the base cover amount, providing financial security tailored to your needs.
Accidental Death Benefit Rider: If the insured individual passes away as a result of an accident during the policy's term, this rider provides an extra payout on top of the basic life insurance benefit. This rider is offered with the TATA AIA Sampoorna Raksha Promise Plan and is a helpful way to enhance your coverage. You can enjoy extended coverage with this plan, ensuring financial security up to a maximum age of 85 years. The maximum coverage you can opt for is up to the base cover amount.
Waiver of Premium Rider: This rider relieves the individual from paying future premiums in the event that they are diagnosed with a critical illness or suffer accidental disability. It is important to note, nevertheless, that this rider is not offered by the TATA AIA Sampoorna Raksha Promise Plan.

It's critical to thoroughly evaluate your family's financial objectives and existing circumstances in order to identify which riders best suit your needs, as each rider has a distinct function.

Why should you choose TATA AIA Life Insurance Company?

This is a summary of the claims experience with TATA AIA Life Insurance Company:

Speed of Claim Settlement: TATA AIA Life Insurance Company is dedicated to processing claims quickly; 99.58% of claims are resolved within 30 days after all required paperwork has been submitted. When the insured person's family most needs it, this speedy claim settlement gives them vital financial support.
Online Claim Tracking: The company provides an option that enables claimants to conveniently track the status of their claims online. More accessibility and transparency are guaranteed throughout the process with this feature.
Claim Settlement Ratio: TATA AIA Life Insurance Company has a claims settlement ratio of 99.13%.
Claim Complaints: With a low claim complaint rate of just 0.03%, this policy ensures a smooth and hassle-free claims process. Additionally, it has received fewer complaints during policy purchase compared to other insurers, reflecting its commitment to customer satisfaction and efficiency.
Claims Pickup at Home: In an effort to assist families even more, the company offers an easy home pickup service for documents pertaining to claims. This adds convenience during an already trying period by removing the need for nominees to physically visit a branch.

What are the drawbacks of buying from TATA AIA Life Insurance Company?

The TATA AIA Life Insurance Company may have the following drawbacks:

Moderately Long Death Claim Form: TATA AIA Life Insurance's death claim form is comparatively long when compared to other insurers. Nominees may find the claims procedure a little less convenient as a result, and it might take a longer time for completion.
Absence of a Personal Relationship Manager: TATA AIA Life Insurance does not offer a personal relationship manager to help with the claim settlement procedure, in contrast to certain other insurers. Claimants might thereby receive less customised support during the process of their claim.

How is the customer service quality of TATA AIA Life Insurance Company?

Let's now examine the quality of customer service provided by TATA AIA Life Insurance Company:

Toll-Free Support: The company's toll-free phone number has a slow response time when compared to other insurers. This might have an undesirable effect on the general customer service experience for those who need help right away.
X (Twitter) Response: The company's X (Twitter) account offers quick customer support along with the possibility of more social media engagement and responsiveness.
Percentage of Complaints Received for After-Sales Service: According to research, 0.34% of consumers are unhappy with the after-sales service.

About the Insurer - TATA AIA Life Insurance Company

TATA AIA Life Insurance Company, also known as TATA AIA, is a prominent life insurance provider in India. Established in 2001, it is a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). The company is headquartered in Mumbai, with Mr. Naveen Tahilyani serving as its CEO.

Final Review on TATA AIA Sampoorna Raksha Promise Plan

After a comprehensive evaluation of over 100 factors, including product features, customer service, and claims experience, the TATA AIA Sampoorna Raksha Promise Plan has earned a Beshak⭐Rating of 3.8 out of 5 from our in-house research team.