Tata AIA Life Insurance Suraksha Kosh

Published on Sep 26 2012 // Life Insurance, New Launch, ULIP 42,632 views

Not just life, but adequate health protection also, is therefore critical for our family’s financial well being. To ensure that this is possible, Tata AIA Life presents a comprehensive health and life protection solution, Tata AIA Life Insurance Suraksha Kosh, a non participating unit linked endowment insurance plan with inbuilt critical illness, surgical and accident benefits. These health and accident related benefits are available in various combinations and you can choose the one most suited to your needs. This plan will not only provide you coverage against accident & health related risks during your lifetime, but also provide life cover in case of an unfortunate event, with the additional advantage of a savings component on the popular unit linked platform.

Features – Suraksha Kosh

  • One plan to cover multiple needs. Comprehensive and inbuilt health and accident benefits.
  • Choice of inbuilt benefits like Accidental Death and Dismemberment (Long Scale) (ADDL) Benefit, Critical Illness (Lumpsum) Benefit and Surgical Benefit, as per your need, in four combinations:
    • Health Plus- Death Benefit + Surgical Benefit
    • Health Plus Protect- Death Benefit + Surgical Benefit + Accidental Death and Dismemberment (Long Scale) (ADDL) Benefit
    • Health Premium- Death Benefit + Critical Illness (Lumpsum) Benefit + Surgical Benefit
    • Health Protect Premium- Death Benefit + Critical Illness (Lumpsum) Benefit + Surgical Benefit +Accidental Death and Dismemberment (Long Scale) (ADDL) Benefit
  • Coverage for 12 Critical Illnesses and 948 listed surgeries.
  • Lumpsum payouts to help pay for health related expenses and protect savings meant for other needs.
  • Accidental Death and Dismemberment cover
    • An amount equal to the Accidental Death and Dismemberment (Long Scale) (ADDL) Benefit Sum Assured payable in addition to the Basic Sum Assured in case of accidental death
    • Payouts as a percentage of Accidental Death and Dismemberment (Long Scale) (ADDL) Benefit Sum Assured in case of defined accidental dismemberments
    • Double the Accidental Death and Dismemberment (Long Scale) (ADDL) Benefit Sum Assured or percentage thereof, in case of certain defined accidental deaths and dismemberments respectively
  • This plan also boosts the protection element by offering a life cover (Death Benefit)* of Sum Assured plus Total Fund Value.
  • Choice of policy term depending on your specific requirements
  • Wide choice for investment of your money
    • 8 investment funds to choose from and
    • 2 portfolio strategies: Enhanced SMART and Enhanced AAA

Benefits

  • Maturity Benefit
  • Total Fund Value which is equal to the value of the Regular Premium Fund plus the value of the Top-Up Premium Fund (if applicable) valued at applicable unit price.

  • Death Benefit
  • In case of unfortunate death of the Insured while the policy is in force and before the maturity date, the nominee will get;

    Higher of

    (i) the Basic Sum Assured plus the Regular Premium Fund Value of this Policy at the applicable Unit Price

    OR

    (ii) 105 percent of the total regular premiums paid

    In addition to this:
    Higher of

    (i) the approved Top-Up Sum Assured(s) plus the Top-Up Fund Value at the applicable Unit Price

    OR

    (ii) 105 percent of the total Top-Up premiums paid is also payable provided the policyholder has a Top-Up Fund Value.

  • Critical Illness (CI) Benefit
    • If the Insured is diagnosed with any one of the 12 covered critical illnesses or any covered surgeries are performed upon him for the first time, a lumpsum benefit equal to the Critical Illness Benefit Sum Assured is payable. Insured needs to survive for a period of 30 days post the diagnosis/performance of the event.

    • This benefit can be claimed only once during the term of the policy. The basic policy remains in force, unchanged, after such claim payment.

    • The following 12 Critical Illnesses and surgeries are covered: (a) Cancer (b) Stroke (c) Heart Attack (d) Coronary Bypass Surgery (e) Chronic Renal Failure (f) Major Organ Transplant like Heart, Lung, Liver, Kidney or Pancreas or Bone Marrow Transplant (g) Aorta Surgery (h) Benign Brain Tumor (i) Heart Valve Surgery (j) Paralysis (k) Parkinson’s Disease (l) Total Blindness

    • Critical Illness Benefit will be equal to the chosen Basic Sum Assured or Rs. 2,000,000 whichever is lower.

    • On event of a claim, Critical Illness benefit will cease and the morbidity charge will not be deducted for this benefit further.

  • Surgical Benefit (SB)
  • An amount equal to Surgical Benefit Sum Assured subject to the %age applicable is paid if any of the covered surgical procedures /surgeries are performed on the Insured for Medically necessary treatment under recommendation and professional care of a Physician or Registered Medical Practitioner.

Funds Available to Invest

  • Top 50 Fund – High Risk
  • Top 200 Fund- High Risk
  • Large Cap Equity Fund- High Risk
  • Whole Life Mid Cap Equity Fund- High Risk
  • Whole Life Aggressive Growth Fund – Medium to High Risk
  • Whole Life Stable Growth Fund- low to Medium Risk
  • Whole Income Fund – Low Risk
  • Whole Life Short-Term Fixed Income Fund – Low Risk

 

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