tata aia life insurance
Tata AIA Life Insurance

Tata AIA Life Insurance

The Tata Group was founded by Jamshedji Tata in 1868 and has evolved into a global enterprise of about 30 companies across ten industries today. Tata AIA Life Insurance Company Ltd is a joint venture between Tata Sons Pvt Ltd and AIA Group Ltd and offers a range of life insurance products. These plans include term insurance, wealth solutions, savings solutions, retirement solutions, and group insurance products. AIA and its subsidiaries form the largest life insurance group across Asia and was first founded in Shanghai in 1919.

Tata AIA - A Sneak Peek

Company NameTata AIA Life Insurance Ltd
Joint Venture BetweenTata Sons Pvt Ltd and AIA Group Ltd
Claim Settlement Ratio (FY 20-21)98.02%
Online Sales And Services Done90%
Express ClaimsWithin 4 hours
CEO & MDMr Naveen Tahilyani
Awards & Achievements

Extraordinaire Award at the 2019-20 Brand Vision Summit

Best Communication Strategist of the Year award – Corporate communication & PR summit by Morpheus Enterprise

Best Direct-to-Consumer PR Campaign of the Year – 2020 Customer Fest Show by Kamikaze Media

First year premium (Up to 31st March, 2021)4144.03
No. of policies (Up to 31st March, 2021)460607
No. of lives (Up to 31st March, 2021)616359
Sum assured (Up to 31st March, 2021)Rs. 313213.84 crores
Solvency ratio (as on June 30, 2021)1.95

Types of Tata AIA Life Insurance Plans

Life insurance plans assist you in achieving various objectives by allowing you to create a financial portfolio while being protected by a life insurance policy. HDFC offers a wide range of life insurance plans that ensure that your loved ones are not financially harmed in the event of your death.
Term insurance plans offer coverage at a fixed rate for a particular term. With TATA AIA term plans, you get multiple options to meet your varying needs.

i. Tata AIA Life Sampoorna Raksha Supreme Plan

An excellent life insurance plan that offers financial protection to your family at a time of need.

Key Features: 

  • Flexibility – You can pick between a regular income or a lump sum payout or both.
  • Life Stage Option – With this cover, you can make your cover better as you reach different milestones of your life.
  • Benefits for women – For this plan, women can pay a lower premium.
  • Online medical consults – You have a 24X7 availability of a doctor and you can consult online in a matter of 180 seconds.
Plan Options
  1. Life Option
  2. Life Plus Option
  3. Life Income
  4. Credit Protect
Age of entry 

Minimum age

For POS:

  • Life, Life Plus, Credit Protect: 18 Years

Other than POS:

  • Life, Life Plus, Credit Protect: 18 Years
  • Life Income: 30 Years

Maximum age

For POS:

  • Life, Credit Protect: 60 Years
  • Life Plus: 55 Years

Other than POS:

  • o Life, Life Plus, Credit Protect: 65 Years
  • o Life Income: 50 Years
Age of maturity

I. For PoS – 65 years

II. For other than PoS

  • Life – 100 years (age last birthday)
  • Life Plus – 100 years (age last birthday)
  • Life Income – 100 years (age last birthday)
  • Credit Protect – 95 years (age last birthday)
Sum assuredMinimum – INR.1,00,000 and maximum no limit (upon approval)
Premium payment frequency
  • Annual
  •  Quarterly
  •  Half-yearly
  •  Monthly
  •  Single
Premium Payment Term

For PoS Regular Pay:

  • Life Option – 60 and 564
  • Life Plus Option – 120 and 480
  • Credit Protect – 60 and 360

For PoS Limited Pay:

  • Life Option – 60 and 563
  • Life Plus Option – 120 and 479
  • Credit Protect – 60 and 359

For Other than PoS Regular Pay:

  • Life Option – 13 and 984
  • Life Plus Option – 120 and 480
  • Life Income Option – NA
  • Credit Protect – 60 and 360

For Other than PoS Limited Pay:

  • Life Option – 13 and 983
  • Life Plus Option – 60 and 479
  • Life Income Option – 60 and 120
  • Credit Protect – 13 and 359

ii. Tata AIA Saral Jeevan Bima Plan

An affordable and simple life insurance policy that gives you and your family the needed protection, including financially.

Key Features:

  • Benefits for women – For this plan, women can pay a lower premium also, non-smokers get a lower premium.
  • Riders – Pick from a variety of riders that give you maximum protection
  • Flexibility – Flexibility to choose policy terms and premium paying terms as per your convenience.
Age of entry 

Minimum age at entry: 18 years

Maximum age at entry: 65 years

Age of maturity Maximum age of maturity: 70 years
Policy term 

Min: 5 years

Max: 40 years, subject to max maturity

Premium Payment Term (PPT)

(Years)

Regular Pay: Equal to the policy term

Limited pay: 5 or 10 years’ subject to premium

paying term is less than policy term

Single pay: Lumpsum at policy inception

Basic Sum AssuredThe minimum is Rs. 5,00,000 and the maximum is Rs. 49,50,000 with the limit reviewable as per Board approved underwriting policy (BAUP)
Premium Payment ModeSingle / Annual / Half-yearly / Monthly (only with ECS/NACH)

2. Tata AIA Life ULIP Plans

ULIPs are an investment instrument along with life insurance. Tata AIA give you a choice of plans with different offerings so you can choose one that works for you.

i. Tata AIA Life Fortune Pro Plan

Invest regularly in funds of your choosing to build wealth for your future with the Fortune Pro Plan.

Key Features:

  • Tax benefits: Avail of tax rebate as per the Income Tax Act in India.
  • Flexibility: The freedom to choose from a variety of funds in which you can invest based on your requirements. You can also switch between funds as the market fluctuates.
  • Loyalty rewards: Avail of loyalty additions to your fund on a regular basis, to boost your fund.
  • Premium payment: Pay your premium as a lump sum amount or as regular or limited pay
Minimum Age at entry0 years and 30 days
Maximum Age at entry59 years
Policy term

Min: 15 years

Max: 40 years

Maturity age 

Minimum: 18 years

Maximum: 75 years

Premium payment term

Single pay

Limited pay: 5/7 and 10 years

Regular/limited pay: 15 and 20 years

Premium payment mode
  • Single
  •  Annual
  •  Semi-annual
  •  Quarterly
  •  Monthly
Sum assured 

Minimum basic sum assured:

For single pay plans: 1.25 times the single premium

For limited pay plans: Higher of 10 times the annualized premium or (0.5 x annualized premium x policy term)

Maximum basic sum assured:

For single pay plans: 1.25 times the single premium

For regular/limited pay plans:

  • If the entry age band is between 0 and 30, the maximum sum assured is 30 times the annualized premium
  • If the entry age band is between 31 and 40, the maximum sum assured is 20 times the annualized premium
  • If the entry age band is between 41 and 50, the maximum multiple of the annualized premium is the higher of policy term/2 or 15

ii. Tata AIA Life Wealth Pro Plan

Enjoy market driven-growth with the Wealth Pro Plan, which also offers the dual benefit of investment growth as well as an insurance cover.

Key Features:

  • Flexibility: Choose from 11 different fund options so you can meet your goals accruing to your needs. And when the market fluctuates, you can switch funds.
  • Riders: Option to select from 2 riders to enhance your plan further
  • Payment of premium: Choose the frequency of your premium payment term
  • Systematic investment – If you choose the Enhanced SMART option, you can systematically invest.
Minimum and maximum age at entry0 years and 30 days to 60 years
Age of maturityThe minimum is 18 years and the maximum is 75 years
Policy term15 to 40 years
Premium payment term

Single pay

Limited pay: 5/7 and 10 years

Regular/limited pay: 15 and 20 years

Premium payment mode
  • Single
  •  Annual
  •  Semi-annual
  •  Quarterly
  •  Monthly
Sum assured

Minimum basic sum assured:

For single pay plans: 1.25 times the single premium

For limited pay plans: Higher of 10 times the annualized premium or (0.5 x annualized premium x policy term)

Maximum basic sum assured:

For single pay plans: 1.25 times the single premium

For regular/limited pay plans:

  • If the entry age band is between 0 and 30, the maximum sum assured is 30 times the annualized premium
  • If the entry age band is between 31 and 40, the maximum sum assured is 20 times the annualized premium
  • If the entry age band is between 41 and 50, the maximum multiple of the annualized premium is the higher of policy term/2 or 15

iii. Tata AIA Life Fortune Maxima Plan

With coverage up to the age of 100 years in addition to investment growth, the Fortune Maxima plan also acts as a life cover while allowing you to make the most out of your investment.

Key Features:

  • Long life cover: Coverage for life insurance offered with single and limited premium payment terms and for an age of up t0 100 years.
  • Flexibility: You can make a selection from 11 funds and in case of any market fluctuation, you can quickly change funds.
  • Tax benefits: Tax rebate applicable as per the Income Tax Act in India.
  • Systematic investment – If you choose the Enhanced SMART option, you can systematically invest.
Minimum Age at entry0 years (30 days)
Maximum Age at entry60 years
Policy term100 minus the issue age
Maximum age of maturity100 years
Premium payment term

Choice of single premium payment or the following limited premium payment term options

  • 7 years
  • 8 years
  • 9 years
  • 10 years
  • 12 years
  • 15 years
  • 20 years
Premium payment frequency

Single

Annual

Semi-annual

Quarterly

Monthly

Sum assured (Minimum/maximum basic sum assured)

For single pay plans: 1.25 times the single premium

For limited pay plans: Higher of 10 times the annualized premium or (0.5 x annualized premium x policy term)

iv. Tata AIA Life Wealth Maxima Plan

Sync your investment and your goals with the Wealth Maxima plan and enjoy market-driven growth combined with a life insurance cover.

Key Features:

  • Loyalty rewards: Enjoy loyalty additions with this plan which help boost your plan and your earnings
  • Long life cover: If you choose, you can opt for lifelong protection up to the age of 100
  • Fund options: Choose where you invest with a choice of over ten fund options.
  • Easy switch: When the market faces any fluctuations, you can quickly switch to a different fund
  • Tax benefit: Tax benefits can be availed under the Income Tax Act
Minimum Age at entry0 years and 30 days
Maximum Age at entry60 years
Policy term100 minus the issue age
Maximum age of maturity100 years
Premium payment termChoice of single premium payment or the following limited premium payment term options: 7, 8, 9, 10, 15, 20 years
Premium payment modeSingle, Annual, Semi-annual, Quarterly, Monthly
Sum assured (Minimum/maximum basic sum assured)

For single pay plans: 1.25 times the single premium

For limited pay plans: Higher of 10 times the annualized premium or (0.5 x annualized premium x policy term)

v. Tata AIA Life Smart Sampoorna Raksha Plan

Create a corpus to secure your family’s future and enjoy the benefits of long-term returns and a life cover.

Key Features:

  • Enjoy refund: Refunds offered on premium allocation and mortality charges at different times during the term of the policy
  • Enhanced SMART: Choose to systematically invest with a portfolio strategy in a disciplined manner
  • Fund choice: You can pick and choose from nearly 11 different funds options and during market fluctuations, you can switch between them.
  • Personal Medical Case Management – Expert advice from cancer and heart illness experts with 24/7 multiple consultations.
Minimum Age at entry18 years
Maximum Age at entry60 years
Policy term30 years to 40 years
Age of maturityThe minimum is 48 years and the maximum is 100 years
Sum assuredMinimum: 10 times the Annualised premium and maximum has no limit (subject to underwriting)
Premium payment term

Limited pay: 5/10/12 years

Regular pay: Equal to the policy term

Premium payment frequencyAnnual, semi-annual, quarterly, and monthly

3. Tata AIA Life Savings Plans

TATA AIA savings plans are an effortless way to build a corpus to meet your future requirements. Not only do you develop a habit of savings but also get significant returns.

i. Tata AIA Life Fortune Guarantee Plus Plan

Enjoy guaranteed regular income along with a life cover and savings elements on your investment. This way you can stay secure in the future and also meet financial goals.

Key Features:

  • Riders: Choose from optional riders to enhance your policy coverage.
  • Return of premium: At the end of the income period, you can get a return on the premium.
  • Online medical consultation: Consult with medical practitioners online from over 23 different specialties 24×7 virtually.
  • Personal medical case management: 24×7 multiple consultations for 3 months with experts across the world in case of a cancer diagnosis or heart ailment.
Minimum Age at entry

Other than POS:

Option 1: 1 year

Option 2: 18 years

For POS:

Option 1: 1 year

Option 2: Not available

Maximum Age at entry

Other than POS/

For POS: 60 years

Age of maturity

Minimum:

Other than POS

Option 1: 18 years

Option 2: 23 years

For POS:

Option 1: 18 years

Option 2: Not available

Maximum:

Other than POS:

Option 1: 77 years

Option 2: 70 years

For POS:

Option 1: 65 years

Option 2: Not available

Sum assured

Minimum: For single pay:

Single Life – Rs. 50,000

Joint Life – Rs. 6,250 for First death and Rs. 50,000 for Second death

Minimum: Regular / Limited pay: Rs. 24,000* Death Benefit Multiple

Maximum: Other than PoS: No limit, subject to the Board Approved Underwriting Policy (BAUP)

For PoS: Corresponding to a maximum Death Benefit of Rs. 25 lakhs

Income period

Option 1: 20 to 45 years (in multiples of 5 years)

The Policy Term + Income period is within the range of 25 years to 50 years

Option 2: 30 years for 5 pay and 25 years for 10 pay

Income modeAnnual and monthly
Premium payment frequency
  • Single
  •  Annual
  •  Half-yearly
  •  Quarterly
  •  Monthly
Premium amount

Minimum:

Single pay: Rs. 5,000

Limited Pay / Regular Pay – Rs. 24,000 p.a.

Maximum:

For PoS: Corresponding to a maximum Death Benefit of Rs. 25 lakhs

Other than PoS: No limit, subject to the Board Approved Underwriting Policy (BAUP)

ii. Tata AIA Guaranteed Return Insurance Plan

Fulfill your life’s goals with the Guaranteed Return insurance plan to accumulate a corpus through systematic savings.

Key Features:

  • Guaranteed returns: Get guaranteed returns as a lump sum or regular or whole life income benefit
  • Riders: Select from optional riders that instantly enhance your protection
  • Loan option: In times of need, you have the option to avail of a loan against your policy.
Minimum Age at entry

Plan option 1: Endowment plan

10-year policy: 8 years

12-year policy: 6 years

20-year policy: 0 years

Plan option 2: Regular Income plan

11-year policy: 7 years

13-year policy: 5 years

Plan option 3: Whole Life Income plan

5-year policy: 45 years

10-year policy: 45 years

Maximum Age at entry

Plan option 1: Endowment plan

10-year policy: 60 years

12-year policy: 60 years

20-year policy: 55 years

Plan option 2: Regular Income plan

11-year policy: 55 years

13-year policy: 55 years

Plan option 3: Whole Life Income plan

5-year policy: 65 years

10-year policy: 65 years

Policy term

Plan option 1: Endowment plan

10-year policy

12-year policy

20-year policy

Plan option 2: Regular Income plan

11-year policy

13-year policy

Plan option 3: Whole Life Income plan

5-year policy

10-year policy

Premium payment frequency
  • Single
  •  Annual
  •  Half-yearly
  •  Quarterly

10-year policy

Premium payment term

Plan option 1: Endowment plan

10-year policy: 5-year PPT

12-year policy: 6-year PPT

20-year policy: 10-year PPT

Plan option 2: Regular Income plan

11-year policy: 10-year PPT

13-year policy: 12-year PPT

Plan option 3: Whole Life Income plan

5-year policy: Single year payment or 5-year PPT

10-year policy: 10-year PPT

Premium payment mode

Single

Annual

Semi-annual

Quarterly

Monthly

Sum assured (Age as on last birthday)The death benefit multiple X Annualised premium

iii. Tata AIA Life Guaranteed Monthly Income Plan

Secure your family with the Guaranteed Monthly Income plan by taking care of their current needs while also falling back on a stream of guaranteed income to meet your future requirements.

Key Features:

  • Guaranteed income: Avail of a guaranteed monthly income for up to 288 months to meet your financial needs.
  • Insurance coverage: Life cover offered for policyholders to secure their family’s future
  • Increased monthly income: With higher premium payments, get a premium boost on your monthly income
  • Riders: Option to enhance coverage with optional riders.
  • Loan facility: At times of need, you can quickly avail of a loan with the help of this policy.
Minimum Age at entry

5-year policy: 13 years

8-year policy: 10 years

12-year policy: 6 years

Maximum Age at entry

5-year policy: 60 years

8-year policy: 60 years

12-year policy: 55 years

Maximum age of maturity

5-year policy: 65 years

8-year policy: 68 years

12-year policy: 67 years

Policy term

5 years

8 years

12 years

Basic Sum assured11 times the Annualised Premium
Premium payment term

5 years

8 years

12 years

Premium payment mode

Single

Annual

Semi-annual

Quarterly

Monthly

iv. Tata AIA Life Diamond Savings Plan

Plan for major life goals through systematic savings and a life cover with the Diamond Savings plan. So, you have everything you need to safeguard your future.

Key Features:

  • Maturity bonus: Avail of vested compound reversionary bonus and terminal bonus on policy maturity, if applicable
  • Life cover: Avail of a life insurance cover with this plan to ensure your loved ones are secure.
  • Guaranteed income: Once the premium payment term is over, you can get guaranteed income
  • RIders: Boost your policy and protection further by availing optional riders
  • Loan: If and when you need it, you can avail of a loan from the policy.
Minimum Age at entry

For a 15-year policy with a 5-year premium payment term, the minimum entry age is 3 years.

For a 20-year policy with a 5-year premium payment term, the minimum entry age is 0 years.

For a 15-year policy with a 6-year premium payment term, the minimum entry age is 3 years.

For an 18-year policy with a 8-year premium payment term, the minimum entry age is 0 years.

For a 25-year policy with a 12-year premium payment term, the minimum entry age is 0 years

Maximum Age at entry

For a 15-year policy with a 5-year premium payment term, the maximum entry age is 55 years.

For a 20-year policy with a 5-year premium payment term, the minimum entry age is 55 years.

For a 15-year policy with a 6-year premium payment term, the minimum entry age is 55 years.

For an 18-year policy with an 8-year premium payment term, the minimum entry age is 60 years.

For a 25-year policy with a 12-year premium payment term, the minimum entry age is 60 years

Policy term

15 years

18 years

20 years

25 years

Basic Sum assured11 times the Annualised Premium
Premium payment term
  • For a 15-year policy: a 5-year premium payment term or a 6 -year premium payment term
  • For a 20-year policy: a 5-year premium payment term
  • For an 18-year policy: an 8-year premium payment term
  • For a 25-year policy: a 12-year premium payment term
Premium payment mode

Annual

Half-yearly

Quarterly

Monthly

v. Tata AIA Life Gold Income Plan

Save systematically with the Gold Income plan and avail of guaranteed income and maturity benefits to meet your goals.

Key Features:

  • Guaranteed income: For 10 or 15 years after the end of the maturity year, avail of a guaranteed income benefit
  • Guaranteed maturity benefit: Get the basic sum assured as a maturity benefit
  • Riders: Enhanced coverage offered with optional riders
  • Loan option: Avail of a loan against your policy with this plan
Minimum Age at entry

5-year premium payment – 6 years

12-year premium payment – 3 years

Maximum Age at entry

5-year premium payment – 65 years

12-year premium payment – 55 years

Policy term

12 years

15 years

Basic sum assuredAnnualized Premium x Basic Sum Assured Multiple
Age of maturity

Minimum – 18 years

Maximum:

5-year policy: 77 years

12-year policy: 70 years

Premium payment term

For a policy term of 12 years, the premium payment term is 5 years

For a policy term of 15 years, the premium payment term is 12 years

Premium payment mode

Annual

Half-yearly

Quarterly

Monthly

vi. Tata AIA Life Smart Income Plus Plan

Meet the expenses of your major family milestones by investing in the Smart Income Plus plan and also enjoy a guaranteed income to meet your future needs.

Key Features:

  • Flexibility: Freedom to select your policy term as well as your premium payment term based on your needs and convenience.
  • Riders: Select from optional riders to boost coverage and protection of your policy
  • Life cover: Avail of a life insurance cover with this policy to protect your family and loved ones
  • Guaranteed returns: Get guaranteed returns in the form of a regular income or an endowment benefit
Minimum Age at entry

7-year premium payment – 3 years

10 and 12-year premium payment – 0 years (30 days)

Maximum Age at entry50 years
Policy term

15 years

21 years

25 years

Age of maturity

Minimum – 18 years

Maximum:

5-year policy: 65 years

8-year policy: 68 years

12-year policy: 67 years

Basic sum assuredAnnualized Premium x Basic Sum Assured Multiple
Premium payment term

For a policy term of 15 years: 7 years

For a policy term of 21 years: 10 years

For a policy term of 25 years: 12 years

Premium payment mode

Annual

Half-yearly

Quarterly

Monthly

vii. Tata AIA Life Money Back Plus Plan

Get guaranteed cash income at designated intervals to meet your life goals with the Money Back Plus plan. This plan also comes with a live cover for added protection.

Key Features:

  • Guaranteed money back: Get a guaranteed payout at regular intervals throughout the term of the policy
  • Additional benefit: Additional benefit is in-built for enhanced coverage
  • Life cover: Avail of a life insurance cover with this plan to secure the future of your loved ones.
  • Loan option: Get a loan against this policy at times of need so you have some form of security.
  • Rider: Enhance your policy coverage with the Waiver of Premium Plus rider
Minimum Age at entry

Plan option 1: 2 years

Plan option 2 and 3: 0 years (30 days)

Maximum Age at entry51 years
Policy term

Plan option 1: 16 years

Plan option 2: 20 years

Plan option 3: 24 years

Age of maturity

Minimum: 18 years

Maximum: 75 years

Basic sum assuredThe minimum sum assured is Rs. 2,00,000 (in multiples of Rs. 1,000) and the maximum has no limit, but subject to financial underwriting
Premium payment term

Plan option 1: 8 years

Plan option 2: 10 years

Plan option 3: 12 years

Premium payment mode

Annual

Semi-annual

Monthly

viii. Tata AIA Life MahaLife Gold Plan

Enjoy annual returns and bonuses plus a life cover with the MahaLife Gold plan and fulfill your dreams while securing your family’s future.

Key Features:

  • Whole life income: Avail of a regular income till the age of 85 years or 100 years
  • Cash bonus and income: Avail of a cash bonus from the 6th anniversary of the policy and a guaranteed income from the 10th anniversary of the policy
  • Riders: Choose from optional riders to boost your policy coverage and protection
  • Loan facility: When in need, you can turn to this policy and avail of a loan against this policy
Minimum Age at entry0 years (30 days)
Maximum Age at entry

For a 6-year PPT: 55 years

For an 8-year or 15-year PPT: 60 years

Policy term

85 years minus the entry age or

100 years minus the entry age

Maturity age85 years or 100 years
Basic sum assuredThe minimum sum assured is Rs. 1,00,000 and the maximum has no limit, but is subject to financial underwriting
Premium payment term

6 years

8 years

15 years

Premium payment mode

Annual

Semi-annual

Monthly

ix. Tata AIA Life Fortune Guarantee Plan

Enjoy life insurance coverage coupled with an element of savings to realize your life goals and build a corpus for your family with the Fortune Guarantee plan.

Key Features:

  • Maturity benefit: Receive a lump sum benefit upon policy maturity
  • Benefits for women: Women policyholders can reap higher benefits
  • Riders: Select from optional riders for better coverage
  • Tax benefit: Tax rebates applicable as per the Income Tax Act
  • Loan facility: Avail of a loan against this policy
Minimum Age at entry0 years (30 days) or 18 years less policy term, whichever is higher
Maximum Age at entry65 years or 80 years less policy term, whichever is lower
Policy term10 years to 40 years
Maximum age of maturity

The 10-year policy is 75 years

The 11-year policy is 76 years

The 12-year policy is 77 years

The 13-year policy is 78 years

The 14-year policy is 79 years

15 to 40-year policy is 80 years

Basic sum assured10 times the Annualised Premium
Premium payment term5 years to 10 years
Premium payment mode

Annual

Semi-annual

Quarterly

Monthly

x. Tata AIA Life Value Income Plan

Enjoy guaranteed returns along with the benefits of a life cover with the Value Income plan.

Key Features:

  • Early income: Enjoy benefits in the form of an early cash bonus from the 2nd anniversary of the policy until maturity
  • Flexibility: Choose from a cash bonus or a lump sum maturity payout
  • Life cover: Enjoy a life insurance cover with a choice to extend coverage until the age of 100
  • Riders: Choose from optional riders to enhance policy coverage and protection
  • Loan facility: At a time of need, you can easily take a loan against this policy to give you stability.
Minimum Age at entry30 days
Maximum Age at entry

For a premium payment term of 5 years: 55 years

For a premium payment term of 6 years: 58 years

For a premium payment term of 7 years: 62 years

For a premium payment term of 8 to 15 years: 65 years

Policy term

10 to 40 years

(Minimum policy term: Premium Paying

Term + 5 years)

Age of maturity

Minimum: 18 years

Maximum: 80 years

Premium payment term5 years to 15 years
Premium payment mode

Annual

Half-yearly

Quarterly

Monthly

xi. Tata AIA Life POS Smart Income Plus Plan

Save systematically to meet your life goals while also securing your family’s future with a life cover.

Key Features:

  • Life cover: Enjoy a life insurance cover with this plan to ensure a secure future
  • Flexibility: Freedom to choose between regular income and endowment benefits based on your needs and situation
  • Limited premium payment term: Premium payment term of seven years lets you enjoy a life cover for 15 years
  • Income: Get guaranteed income payout on the regular income option
Minimum Age at entry3 years
Maximum Age at entry50 years
Policy term15 years
Age of maturity

Minimum: 18 years

Maximum: 65 years

Basic sum assured11 times the Annualised Premium
Premium payment term7 years
Premium payment mode

Annual

Half-yearly

Quarterly

Monthly

4. Tata AIA Life Retirement Plans

Easily plan for your retirement with TATA AIA’s retirement plan. Make a choice from the different plans to cater to various needs.

i. Tata AIA Life Insurance Smart Annuity Plan

Retire tension-free with the Smart Annuity plan for flexible annuity options, top-ups, different annuity modes, and a guaranteed lifetime income.

Key Features:

  • Guaranteed lifetime income: Single premium for a guaranteed whole-life annuity to safeguard your future.
  • Flexibility: Choose your annuity payout mode to meet your different retirement needs.
  • Online offers: Get 2% extra annuity and guaranteed income upon online purchase of this policy online.
  • Loan facility: Avail of a loan under this policy during emergency situations
Age of entry

Minimum: 45 years

Maximum: 85 years

Annuity payouts
  • Annual payouts
  • Half-yearly payouts
  • Quarterly payouts
  • Monthly payouts
Minimum annuity payouts
  • Annual payouts: Rs. 12,000
  • Half-yearly payouts: Rs. 6,000
  • Quarterly payouts: Rs. 3,000
  • Monthly payouts: Rs. 1,000
Maximum annuity payoutsNo limit
Premium Payment TermSingle premium

ii. Tata AIA Life Saral Pension Plan

Manage your expenses independently even after retirement with the Saral Pension plan with the help of guaranteed regular income.

Key Features:

  • Flexibility: Choose your annuity option and payout mode based on your retirement needs
  • Single premium: Pay a one-time premium for a guaranteed whole-life annuity
  • Loan option: Avail of a loan on this plan to help you during a time of financial need.
Age of entry

Life Annuity with Return of 100% of the purchase price (ROP)

  • Minimum – 40 years
  • Maximum – For PoS: 70 years Other than PoS: 80 years

Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on the death of the last survivor

  • Minimum – 40 years
  • Maximum – For PoS: N/A – Other than PoS: 80 years
Annuity payouts
  • Annual payouts
  • Half-yearly payouts
  • Quarterly payouts
  • Monthly payouts
Minimum annuity payouts
  • Annual payouts: Rs. 12,000
  • Half-yearly payouts: Rs. 6,000
  • Quarterly payouts: Rs. 3,000
  • Monthly payouts: Rs. 1,000
Maximum annuity payoutsNo limit
Premium payment termSingle premium

Why Choose Tata AIA Life Insurance Company?

Tata AIA Life Insurance has been a trusted brand in the Indian life insurance market and has a high claim settlement ratio of 98.02%. With multiple awards under its belt, Tata AIA offers a host of different life insurance products to suit every need. Some plans even offer additional benefits when bought online. Here are a few reasons that make Tata AIA Life Insurance a top choice for buyers:

  • Protected more than 62,96,773 families to date
  • Easy claim management and settlement with a trained team including express claims within 4 hours
  • 90% of sales and service is done online to save buyers umpteen hassles
  • A trusted brand in the business with strong leaders and multiple awards.

Exclusions Under Tata AIA Life Insurance Plans

Some of the general exclusions for all of Tata AIA’s life insurance policies are as follows:

  • Grace period: depending on the policy, the grace period for premium payment is usually 15 to 30 days.
  • Free-look period: The free-look period for all Tata AIA’s life insurance products are 15 days. However, if the policy has been bought online, then the free-look period is 30 days.
  • Suicide clause: If the policyholder dies by suicide within 12 months of purchase or renewal of the policy, then the beneficiary is eligible to receive 80% of the total premium amount paid to date. However, if the policyholder dies by suicide after 12 months of the purchase or renewal, the beneficiary receives the sum assured.

Riders Offered With Life Insurance Tata AIA Plans

Tata AIA life insurance offers a few riders which can be opted in addition to your base policy. These are traditional in nature:

Non-Linked Comprehensive Protection Rider – With this rider, complementing your base policy can help you tackle any challenge thrown at you. It provides coverage for various risks such as critical & terminal illnesses, disability due to an accident, and even death. 

Benefits:

  • Term benefit with Accelerated Terminal Illness – Compensation will be payable on death or diagnosis of a terminal illness of the insured.
  • Accidental Death Benefit – Compensation will be payable in the event of the death of the insured due to an accident.
  • Accident Total and Permanent Disability Benefit – Compensation will be payable in case of a total and permanent disability of the insured due to an accident. The benefits are doubled in certain circumstances.
  • CritiCare Plus Benefit – The benefit is payable if the insured survives for a period of 30 days from the first day of the diagnosis of any of the covered illnesses. 
  • CritiCare Benefit – It is an accelerated benefit that accelerates the payout of the base plan death benefit on the occurrence of an insured event. 

2. Non-Linked Comprehensive Health Rider – Provide protection to your family against various risk coverage such as disability, hospitalization and, cardiac, cancer, and other critical illnesses. 

Benefits:

  • Accidental Permanent Total or Partial Disability Benefit – Under this rider the life insured will be paid compensation if an accident causes permanent total or partial disability.
  • Multistage Critical Illness Benefit – This rider covers 39 critical illnesses including those detected at a minor stage.
  • Multistage Cancer Care Benefit – This rider covers you against early as well as late-stage cancers.
  • Multistage Cardiac Care Benefit – This rider covers 14 minor as well as 8 major cardiac and other related ailments.
  • HospiCare Benefit – This rider also covers the costs of hospitalization, ICU, etc.

3. Waiver of Premium Plus Rider – The Waiver of Premium Plus Rider, you will continue to avail all the benefits of your policy even if you are unable to pay the premium.

4. Accidental Death and Dismemberment (Long Scale) Rider – With this rider, you can ensure that your family, in the event of death the life insured, receives a lump sum amount to bridge the financial gap. Your family is also eligible to receive a percentage of the rider sum assured if the life insured suffers from loss of bodily functions or burns due to an accident. 

ULIP RIDERS

You can opt for the following ULIP Riders to complement your base policy:

  1. Waiver of Premium Plus(Linked) Rider – This rider ensures that you continue to receive the insurance benefits even if you are unable to pay the premiums for your base plan due to disability, or the proposer’s death.
  2. Waiver of Premium (Linked) Rider – This rider ensures you continue to receive the insurance benefits even if you are unable to pay the premiums for your base plan due to permanent and total disability.
  1. Linked Comprehensive Protection Rider – This rider provides you assistance to face death, disability due to accident, critical illness, terminal illness, etc. 
  1. Accidental Death and Dismemberment (Long Scale) Linked Rider – This rider ensures that your family, in the event of death the life insured, receives a lump sum amount to bridge the financial gap. 
  1. Linked Comprehensive Health Rider – This rider provides protection to your family against various risk coverage such as disability, hospitalization and, cardiac, cancer, and other critical illnesses.

How To Buy Tata AIA Life Insurance Online?

Purchasing TATA AIA life Insurance online comes with many benefits. You get better control over your purchase. Enjoy a hassle-free and paperless buying experience. Here’s what you need to do to purchase a policy 

Buy TATA AIA Life Insurance online through the official website:

  1. Visit TATA AIA’s website, browse through different offerings and select the one that best suits your needs.
  2. Click on the ‘buy online’ option
  3. Enter your contact details and verify your phone number and email address.
  4. Choose the term of your policy.
  5. Select if you want to pay your premium monthly, quarterly, bi-annually, or annually.
  6. You can opt for any available riders at a nominal charge.
  7. Add your nominee.
  8. Let the company now verify all the details and documents shared by you. Post-approval, you will get your policy document.

If you need help to choose the right plan, you can visit the website, enter your full name, mobile number, and request a callback.

Buy TATA AIA Life Insurance online on Probus:

  1. Visit our website and fill in a few details like your gender, age, diseases suffered, etc. and you’ll get quotes from different insurers. 
  2. Opt for any riders if any and enhance your base policy.
  3. Make an online payment of the premium and receive the policy document in your inbox.

How To Renew Online Tata AIA Life Insurance Online?

Renew your plan from the Tata AIA Life Insurance website

  1. Open the website and login using your credentials.
  2. Pick the policy you want to renew.
  3. Receive a copy of your policy document after paying the quoted premium.

Claims Process For Tata Aia Life Insurance Plan

  1. You can register your claims by submitting a request at the customer care helpdesk or on the website.
  2. Click on the ‘customer service’ tab then ‘Claim with Ease’ and follow the steps to register a claim
  3. You can also file your claims directly at the company’s dedicated offices.

Documents Required To File A Claim

For death claims, here are the documents you need:

  1. Claimant’s statement
  2. Photo ID
  3. Address proof
  4. Canceled cheque
  5. Death certificate issued by a local government body
  6. Proof of legal title to the claim proceeds
  7. Documents related to the cause of death
  8. Attending physician’s statement
  9. Medical records if applicable
  10. Copy of the First Information Report FIR in case of accidental or unnatural death
  11. Copy of autopsy report if performed in case of accidental or unnatural death
  12.  Copy of Final Police Investigation report or the charge sheet in case of accidental or unnatural death

For Hospitalization and dismemberment claim, you need:

  1. Claim forms.
  2. Copies of hospital bills and reports
  3. Attested true copy of indoor Case Papers of hospital
  4. Discharge summary
  5. Photo ID of the life assured along with age and address proof
  6. Bank details of the claimant
  7. Medical examination certificate
  8. Follow-up consultation notes

If the hospitalization is due to accidental causes: 

  1. All police reports
  2. Proof of accident/Panchnama
  3. Photographs of the accident, if available

For critical illness and disability claims, you need: 

  1. Claim forms
  2. Attested true copy of indoor case papers of hospital
  3. Discharge summary
  4. A photo ID of the life assured along with age and address proof
  5. Bank details of the claimant
  6. All examination reports
  7. Disability certificate issued by the attending physician
  8. Rehabilitation certificate
  9. Photographs showing the insured areas

For death of payor, you need: 

  1. Claimant’s statement
  2. Photo id
  3. Address proof
  4. Canceled cheque copy 
  5. Death certificate
  6. Original policy document
  7. Proof of legal title to the claim proceeds
  8. Cause of death and other related documents
  9. Attending physician’s statement
  10. Medical records if applicable
  11. Copy of the First Information Report FIR in case of accidental or unnatural death
  12. Copy of autopsy report if performed in case of accidental or unnatural death
  13.  Copy of Final Police Investigation report or the charge sheet in case of accidental or unnatural death.

Frequently Asked Questions

You can register your Tata AIA insurance claim online, while the settlement amount will be paid through NEFT into your linked bank account.

The nominee can submit the claim online by uploading the signed and self-attested copies, or e-mail the documents. All the documents can also be sent to a representative in India who can visit the Tata AIA branch and intimate the company about the claim.

If it’s a death claim without any investigation, Tata AIA will take a turnaround time of 30 days from the date of receipt of all the required documents. If it’s a death claim with an investigation, the turnaround time will be 90 days to complete the investigation and 30 days more to process the payout.

While purchasing a Tata AIA term plan, you will need to submit your proof of address, proof of identity, and proof of income.

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