term insurance
TATA AIA Term Insurance Plans

TATA AIA Term Insurance

Tata AIA Life Insurance is a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). The company is also one of the leading insurers in the Indian private sector. The TATA AIA Term Insurance plans provide ideal solutions for a secured future.

What Is Term Life Insurance?

Term insurance is the easiest and most uncomplicated and basic form of life insurance. It provides financial protection to the family of the insured at extremely affordable rates. This means that you can get a large amount of life coverage (insurance amount) with a moderately low premium. The benefit amount is paid to the nominated authorized person in the event of the death of the insured person during the term of the policy.

Benefits & Features of Tata AIA Term Insurance Plans

  • Cost-effective: You get a higher cover at a significantly low cost.
  • Fixed premium: Regardless of the tenure of the term the premium for the term plan remains the same.
  • Special benefit: Non-smokers and females are eligible for a lower premium rate 
  • Flexibility: Premium can be paid annually, half-yearly, quarterly, and monthly
  • Term: Life cover for policy terms up to 30-80 years of age.
  • The TATA AIA Term Insurance online: The facility of buying a TATA AIA term insurance is accessible online from the comfort of your home. 
  •  Discounts: A higher protection cover is eligible if you opt for discounts 
  • Return of premium: By paying a higher premium you can choose a return of premium plan in which the insurer will reimburse all the premiums paid if you survive the policy term.
  • Tax Benefits: Tax benefits for premiums paid regularly under Section 80C and 10(10D) under the Income Tax Act.

Types of Tata AIA Term Insurance Plans

Term plans provide clear, basic protection to your family’s financial needs in the most expedient and reasonably priced manner within your means. And Tata AIA offers the following plans:

  • Sampoorna Raksha
  • Sampoorna Raksha +
  • Maha Raksha Supreme
  • iRaksha Supreme
  • iRaksha TROP
  • Saral Jeevan Bima
  • Sampoorna Raksha Supreme
PlanEntry ageMaximum age at maturityPolicy termSum assuredPremium paymentPremium payment frequency
Sampoorna Raksha 18 years to 70 years

85 years

Whole Life cover: 100 years last birthday

10 to 40 years

Minimum: Rs.50 lacs

Maximum: No limit

Regular pay and

Limited pay options of 5, 10 & 12 years

 Annual
Semi-annual
Quarterly
Monthly
Sampoorna Raksha + 18 years to 65 years

28 years to 85 years last birthday

Whole Life cover: 100 years

10 (or 15) to 40 years (depending on premium payment mode)

Minimum: Rs.50 lacs

Maximum: No limit

 Limited Pay – 5, 10, 12

Regular Pay

Monthly, Quarterly, Half-yearly, Annually & Single
Maha Raksha Supreme

Minimum: 18 years

Maximum: 65 years

28 years to 85 years last birthday

Whole Life cover: 100 years

10 to 40 years

Minimum: Rs.50 lacs

Maximum: No limit

Single

Regular

limited

Annual
Semi-annual
Quarterly
Monthly
Single (for Single Pay)
iRaksha Supreme

Minimum: 18 years

Maximum: 70 years

28-85 years

Whole Life cover: 100 years

Minimum: 10 years

Maximum: 40 years

Minimum: Rs.50 lacs

Maximum: No limit

Limited pay – 5, 10 years

Single and regular pay – 10 to 40 years

Semi-annual, annual
iRaksha TROP

Minimum: 18 years

Maximum: 65 years

100 years

Minimum: 10 years

Maximum: 40 years

Minimum: Rs.50 lacs

Maximum: No limit

Single

Regular

limited

Annual
Semi-annual
Quarterly
Monthly
Single
Saral Jeevan Bima

Minimum: 18 years

Maximum: 65 years

70 years5 to 40 yearsMinimum- Rs 5 lakh Maximum Rs 25 lakh

Single

Regular

limited

Single Annual Half-yearly Monthly
Sampoorna Raksha Supreme

Minimum: 18 years

Maximum: 65 years

65 years to

100 years

subject to the minimum maturity age being at least equal to 70 years

Minimum: Rs.1 lac

Maximum: No limit

Regular

limited

 Annual
Quarterly
Half-yearly
Monthly
Single

1. Sampoorna Raksha Plan

  • This is a basic non-linking, non-participating term plan 
  • Lower premium rates for non-smokers and females
  • The payment method for insurance premiums can be monthly, quarterly, semi-annual and annual.
  • Premiums paid under this plan are eligible for tax benefits under Section 80C and 10 (10D) of the Income Tax Act, 1961
  • The policyholder can choose for flexible death benefit payout to be in the form of lump sum or an income that is either monthly or annual. 
  • The plan offers no maturity or survival benefit
  • Plan conversion is not allowed and no policy loan is available under this plan
  • You can augment your protection with Optional Rider
  • Larger Sum Assured discount for Higher Coverage
  • You can reactivate an expired policy by paying unpaid premiums and providing the necessary revival papers.

2. Sampoorna Raksha + Plan

  • The plan offers you the return of your premium if you survive till the maturity
  • The method of paying insurance premiums can be monthly, quarterly, semi-annual and annual.
  • Lower premium rates for female lives and non-smokers
  • The policyholder can choose for flexible death benefit payout of the Sum Assured as lump sum benefit or monthly income for the next 10 years
  • Enhance your protection with Optional Rider for Accidental Death and total disablement.
  • Large sum assured discount for higher coverage
  • tax benefits u/s 80C and 10(10D), as per the applicable Income Tax laws
  • Plan conversion is not allowed and no policy loan is available under this plan
  • Surrender benefit: only for limited pay terms of 5 –10 years by paying a premium in full for 2/3 years 
  • You can reactivate an expired policy by paying unpaid premiums and providing the necessary revival papers.

3. Maha Raksha Supreme Plan

  • You can enhance the cover by opting for an additional rider to cover accidental death and permanent disablement
  • Discounts are offered to non-smokers and females
  • No maturity benefit is available and no benefit for a loan is permitted in this plan. 
  • You can increase your safeguard on the occasion of- your marriage, birth, or legal adoption of a child. After 2 years this plan provides a 50% sum assured for terminal illness. 
  • Surrender benefit is not available for regular pay
  • You can reactivate an expired policy within a 2-year period by paying unpaid premiums and providing the necessary revival papers.
  • Upon the death of the insured during the term of the policy, provided the policy is in force, the death benefit payable to the Nominee will be the Sum Assured on death along with Additional Sum Assured. 
  • The Policy terminates on the death of the insured and no further benefit is applicable.

4. iRaksha Supreme Plan

  • Low premium rates are presented for female applicants
  • Healthy and Non-smoker applicants are eligible for better premium rates
  • The plan guarantees complete financial protection against the death of the insured.
  • Special benefits for customers who opt for a higher level of protection (Rs. 75 Lacs and above)
  • Tax benefits u/s 80C & 10(10D) of the Income-Tax Act, 1961
  • There is no maturity benefit under this plan
  • The death benefit payable will be higher with a higher sum assured.
  •  No surrender benefit is offered for regular pay. For the limited pay if the premium is paid in full for specified years the policy can be surrendered within its maturity.
  • You can reactivate an expired policy within a 2-year period by paying unpaid premiums and providing the necessary revival papers.

5. iRaksha TROP (Return Of Premium)

Provides life safeguard against the death of the insured and in case you survive till the end of the policy term, you will be eligible for the sum of all due premiums paid till maturity. Like other term plans it is a non-participating, non-linked term insurance policy that gives special premium facilities for females and non-smokers and the insured can avail tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.

6. Saral Jeevan Bima

This is a basic, non-linked non-participating term insurance plan, which assures payment of lump sum to the nominee in the event of the demise of the insured during the policy term. The plan is affordable, with a flexible choice of term and premium paying mode. Optional riders are available and tax benefits, as per the applicable Income Tax laws.

7. Sampoorna Raksha Supreme

  • Flexibility to receive death benefit payout as a Lump sum or Income or both
  • Sum Assured can be increased through top-ups
  • 50% of basic sum assured in case a terminal illness is diagnosed
  • Income payouts at 55, 60, or 65 years onwards 
  • Premium concession if insured is female
  • You can augment your cover with elective riders
  • Tax benefits, as per the applicable Income Tax laws

Reasons To Buy Term Plans Online

Term life insurance is a must investment for young families who live on a stringent budget. It has four advantages.

  • The process is both time and cost-effective.
  • The procedure is convenient and practical.
  • Online transactions afford quick access without the intervention of an agent.
  • Most term insurance providers offer promotional discounts online to attract clients.
  • It saves you from the burden of documentation.
  • The process is more transparent with an easy mode of payment and an online renewal facility.

How To Find The Right Term Plan Online?

While buying a Term Plan, you need to compare some parameters that may help you select the best term plan:

  • Claim Settlement Ratio: or the rate and efficiency at which the company settles its claims. A higher ratio is better. 
  • Solvency Ratio: The Solvency Ratio shows whether your chosen insurance company has the financial capacity to settle your claim if necessary.
  • Option to add a rider and an add-on benefit: When selecting an insurance company, you must decide on one which offers multiple rider options such as Accidental death, Waiver of Premium, Accidental disability, enhanced sum assured, Critical illness, and Hospitalization benefit riders.
  • The efficiency of customer care is an important factor to consider.
  • Choose plans which can be bought and handled online and the policy document is sent to you by e-mail where it is easily accessible and safe.

How To Buy TATA AIA Term Insurance Plans?

  1. Gauge your financial requirements: The sum assured you select must be adequate to meet your family’s requirements and commitments in your absence. (15-20 times your yearly wages). Also, consider the future rate of inflation.
  2. Choose your plan:  Visit the Tata AIA website and assess the different online term plans. You can buy the plans online.
    • Apply for the plan online by providing your basic details and submitting the requisite KYC information, income proof, and upload medical documents.
    • Select the available riders that enhance your safeguard cover.
    • The website will display your premium depending on the total sum assured.
    • Revise your entries carefully and read the policy terms and conditions.
  3. Make the payment
    • Pay the premium at a mode of your choice.
    • Your term plan will become active.

Renewal Of TATA AIA Term Insurance Plans

Tata AIA has an online payment facility for the renewal of premiums. This does away with the hassle of visiting a branch to deposit a cheque. The insured can make premium payments at the click of a tab from the comfort of their office or home.

  • To make premium renewal payments online visit the Tata AIA Life Insurance website.
  • Access the ‘Customer Service’ tab on the homepage.
  • A new window will open
  • Enter policy number for validation
  • In the new window click on the ‘Premium Payment’ tab 
  • Select the ‘Online Payment’ tab and pay the premium in a prompt, swift, easy, and stress-free manner.

Claims Process Of Tata AIA Term Insurance Plans

Online Claims Process:

  • Visit the website of the Tata AIA Life Insurance Company and click on the ‘Claims’ tab 
  • Select ‘Online Claim Intimation’.
  • An online form will appear on the screen.
  • Select the nature of the claim you wish to file from among the options provided 
  • The individual will have to fill in the following details:
    • Policy number
    • Name of the policyholder
    • Date and cause of the claim 
    • Name, e-mail, mobile number of the claimant 
    • Full address with pin code of the claimant
  • Necessary documents must be uploaded.
  • Click on the ‘Submit’ button 
  • The Claims Team will validate and review the information and notify the claimant and send out the payment through NEFT.

Offline Claims Process:

Individuals who wish to file an insurance claim offline can do so by calling on or writing to the Tata AIA helpline number or visiting a branch of the Tata AIA Life Insurance Company.

Individuals can also file a claim through their insurance agent.

Frequently Asked Questions

1. What are term insurance riders?

Riders are supplementary benefits that cover some aspects that do not already fall under your plan.

2. Can I port my TATA AIA term insurance plan?

No, Term insurance transfer is not authorized for all policies as per the IRDAI.

3. Is it possible to change my TATA AIA term insurance plan?

No. You cannot change a term plan’s stipulations once you have bought it.

4. What happens to my policy if I become an NRI after buying a TATA AIA term insurance plan?

Your plan will continue even after you become an NRI. You will need to inform your insurer about your change of status and update your KYC failing which you will not be able to renew your policy.

5. Does a TATA AIA term insurance plan cover death by a terrorist attack?

Yes, death due to terrorist attacks is also covered under the plan.

6. What will happen if my TATA AIA term plan insurance claim gets rejected?

Sometimes a claim may get rejected due to some inconsistency in the policy document. However, your nominee can re-apply for the same by approaching the grievance redressal cell of the company or the IRDAI can be approached.

7. What if I wish to surrender my TATA AIA term insurance policy before completion of the policy tenure?

You will be at a loss. In a term insurance plan, you do not get any benefits if you surrender your policy.