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.

Tata AIA - At A Glance

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

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. Tata AIA offers the following plans:

1. Tata AIA Life Sampoorna Raksha Supreme Plan

This is one of Tata AIA’s bestselling plans and comes with various features that individuals customise as per their requirements.

Key Features: 

  • Benefits for women – As a woman, you have additional benefits in the form of lower premiums.
  • Tax Benefits– Receive Tax Benefits as per the prevailing laws under the Income Tax Act 1961.
  • Life cover – Enjoy life cover up to the age of 100 years.
Age Criteria

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: Life, Life Plus, Credit Protect: 65 Years
Life Income: 50 Years

Policy Term

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 Assured 

Minimum: Rs. 1,00,000

Maximum: No limit

2. Tata AIA Instant Protection Solution Plan

This plan is perfect for individuals who are seeking a combined plan to provide the benefits of health insurance and life insurance in one.

Key Features: 

  • Critical Plus Benefit: This plan covers a wide range of 40 critical illnesses.
  • Hospice Benefit: Reimbursement for hospitalization/ICU admission
  • Accidental Total & Permanent Disability: Covers financial cost for total and permanent disability caused by accident.

Eligibility:

Age CriteriaMin: 18 years, Max: 45 years
Maturity Age23 years
Policy Term (PT)The minimum is: 5 years
The maximum is: 40 years, subject to max maturity age as stated above
Basic Sum
Assured
Rs. 25 lakhsRs. 70 lakhs

3. Tata AIA Life Insurance Fortune Guarantee

Fortune Guarantee that provides life insurance cover throughout the policy term for the financial security of your family and a Guaranteed lump sum benefit on maturity to fulfill your future goals.

Key Features:

  • Guaranteed# lump sum benefit on Maturity
  • Life cover to protect your loved ones
  • Flexible policy term & premium paying term
  • Higher benefits for female lives
  • Option to enhance protection through riders

Age Criteria:

Age CriteriaMin: 18 years, Max: 60 years
Maturity Age70 years
Policy Term (PT)The minimum is: 5 years
The maximum is: 40 years, subject to max maturity age as stated above
Basic Sum
Assured
Regular Pay/ Limited Pay – 10 times Annualized Premium

4. Tata AIA Life Insurance Fortune Guarantee Plus

The plan provides financial protection for your family and Guaranteed Regular Income that meets tomorrow’s requirements, thus helping you plan towards your future needs and protection for your loved ones

Key Features:

  • Flexibility to choose Plan Option – Regular Income or – Regular Income with an inbuilt Critical Illness benefit
  • Flexibility to choose Income Period from 20 to 45 years
  • Get return of premium at the end of Income Period
  • Choice to receive Income – Monthly/Annually
  • Option of Joint Life under Single Premium payment option
  • Choice of Premium Payment Term
  • Enhance your protection with optional Riders
  • Tax benefits as per applicable Tax Laws

Age Criteria:

Age CriteriaMin: 18 years, Max: 60 years
Income PeriodOption 1: 20 to 45 years (in multiples of 5 years). The Policy Term + Income period is within the range of 25 years to 50years.
Option 2: 30 years for 5 pay and 25 years for 10 pay
Maturity Age70 years
Policy Term (PT)The minimum is: 5 years
The maximum is: 40 years, subject to max maturity age as stated above
Basic Sum
Assured
Regular Pay/ Limited Pay – 10 times Annualized Premium

3. Tata AIA Life Insurance Saral Jeevan Bima

This is a straightforward and inexpensive insurance plan that offers financial security to your family, with economical premiums designed to be accessible to all income backgrounds.

Key Features:

  • Tax Benefits: Get tax benefits as per the prevailing income tax laws.
  • Hassle-free: This plan is simple & hassle-free with easy procedures and processing.
  • Death Benefit: Get death benefit payable upon the death of the insured.
Age CriteriaThe minimum is 18 years and the maximum is 65 years
Maturity Age70 years
Policy Term (PT)The minimum is: 5 years
The maximum is: 40 years, subject to max maturity age as stated above
Basic Sum
Assured
Rs. 5,00,000Rs. 49,50,000 with the
limit reviewable as per
Board approved
underwriting policy
(BAUP)

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 companies 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.
  1. 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.
  1.  Make the payment
  • Pay the premium at a mode of your choice.
  • Your term plan will become active.

Renewal Of TATA AIA Term Insurance Policy

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.

Renewal Of TATA AIA Term Insurance Policy

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

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

Term insurance transfer is not authorized for all policies as per the IRDAI.

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

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.

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

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.

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

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