TATA AIA life insurance is a joint venture company formed by TATA Sons and AIA Group. TATA Sons have a stokehold of 51%, while the AIA group has a stake of 49%. The company boasts of a perfect combination of experience and efficiency. Tata AIA Life Insurance Company Limited was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001.
TATA’s pre-eminent leadership position in India and AIA’s presence as the largest, independent listed pan-Asian life insurance group in the world spans across 18 markets in the Asia Pacific region, making it one of the leading insurance companies in India.
Understanding the need of securing your family's financial future in your absence, TATA AIA provides you the below term plans that help you keep your family protected.
This is a non-linking, non-participating term plans that provides complete financial protection to your family in the event of your unfortunate demise. It is a pure term insurance plan that gives you the flexibility to choose various death benefit options.
| Parameters | Maximum | Maximum |
|---|---|---|
| Entry Age | 18 years | Regular Pay - 70 years
Limited Pay 5 - 70 years Limited Pay 10/12 - 65 years Pay till age 60 - 50 years |
| Maturity Age | 28 years | 85 years last birthday Whole life cover - 100 years last birthday |
| Death Benefit option | • Sum Assured on Death payable on Death
• Sum Assured on Death payable on Death and monthly income thereafter for 10 years • Enhanced Sum Assured on Death payable on Death • Enhanced Sum Assured on Death payable on Death & Monthly Income thereafter for 10 years |
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| Policy Term (PT) | Premium Paying Term (PPT) | Policy Term |
| Minimum | ||
| Regular Pay Limited Pay 5 years | 10 years | |
| Limited Pay/10 years/12 years Pay till age 60 | 15 years | |
| For Whole Life option | (100-age at entry) years | |
| Premium Payment Term (PPT) years | Limited Pay – 5 years/ 10 years/ 12 years/ Pay till age 60 years
Regular Pay (subject to maximum premium payment term of 50 years) |
|
| Basic Sum Assured in multiples of Rs. 1,00,000 | Rs. 50,00,000 | No upper limit, subject to underwriting policy |
| Premium | Based on Minimum Basic Sum Assured | Based on Maximum Basic Sum Assured |
| Premium Payment Mode | Annual/Half-yearly/Quarterly/Monthly | - |
| Policy Term | Sum Assured (Rs.) | Gender | Smoker/Non-smoker | Option 1 (Rs.) | Option 1 (Rs.) | Option 3 (Rs.) | Option 4 (Rs.) |
|---|---|---|---|---|---|---|---|
| 30 years | 50,00,000 | Male | Smoker | 6,650 | 10,000 | 8,100 | 11,450 |
| Male | Non-smoker | 5,000 | 7,000 | 5,900 | 7,900 | ||
| Female | Smoker | 5,950 | 8,750 | 7,100 | 9,900 | ||
| Female | Non-smoker | 4,550 | 6,300 | 5,250 | 7,000 | ||
| 30 years | 1,00,00,000 | Male | Smoker | 10,600 | 17,000 | 13,000 | 19,500 |
| Male | Non-smoker | 8,000 | 11,900 | 9,400 | 13,400 | ||
| Female | Smoker | 9,500 | 14,900 | 11,400 | 16,800 | ||
| Female | Non-smoker | 7,300 | 10,700 | 8,400 | 11,900 |
This plan not only secures your family's financial future, but also gives you return of premium until the maturity of the policy.
| Parameters | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 years | Regular Pay - 70 years
Limited Pay 5 - 70 years Limited Pay 10/12 - 65 years |
| Maturity Age | 28 years | 100 years |
| Death Benefit Option | - Sum Assured on Death payable on Death
- Sum Assured on Death payable on Death and monthly income thereafter for 10 years |
|
| Policy Term (PT) | Premium Paying Term (PPT) | Policy Term |
| Regular Pay
Limited Pay 5 years |
10 to 40 years, subject to maximum maturity age 100 years | |
| Limited Pay 10 years/12 years | 15 to 40 years, subject to maximum maturity age 100 years | |
| Premium Payment Term (PPT) years | Limited Pay – 5 years/ 10 years/ 12 years Regular Pay | - |
| Basic Sum Assured in multiples of Rs. 1,00,000 | Rs. 50,00,000 | No limit subject to Board approved underwriting |
| Premium | Based on Minimum Basic Sum Assured | Based on Maximum Basic Sum Assured |
| Premium Payment Mode | Annual/Half-yearly/Quarterly/Monthly |
Indicative Premiums: Annual premiums for a 30 year old individual for plan option –‘Sum Assured on Death’
| Policy Term | Sum Assured (Rs.) | Smoker/Non-smoker | Regular Premium (Rs.) | Limited (5 pay) Premium (Rs.) | Limited (5 pay) Premium (Rs.) | Limited (12 pay) Premium (Rs.) |
|---|---|---|---|---|---|---|
| 30 years | 50,00,000 | Smoker (M) | 12,800 | 28,300 | 17,000 | 15,750 |
| Non-smoker (M) | 9,550 | 20,250 | 12,300 | 11,400 | ||
| Smoker (F) | 11,400 | 24,200 | 14,650 | 13,600 | ||
| Non-smoker (F) | 8,750 | 17,700 | 10,800 | 10,050 | ||
| 30 years | 1,00,00,000 | Smoker (M) | 21,800 | 48,100 | 28,900 | 26,800 |
| Non-smoker (M) | 16,200 | 34,400 | 20,900 | 19,400 | ||
| Smoker (F) | 19,400 | 41,100 | 24,900 | 23,100 | ||
| Non-smoker (F) | 14,900 | 30,100 | 18,400 | 17,100 |
Designed to be a pure term insurance plan, TATA AIA Life Insurance iRaksha Supreme stands by its name by helping you take care of your family’s financial needs. This is one of the most attractive and affordable term plan offered by TATA AIA.
Life is uncertain and our objective should be that in case of an unfortunate incident, our family stays financially well protected. In case of unfortunate demise of the insured during the policy term, the Death Benefit as stated below will be paid to the nominee/legal heir.
Death Benefit = Higher of:
Death benefit payout will be made subject to the policy being in force. Annualised Premium shall be the premium paid in a year with respect to the basic sum assured chosen by the policy holder, excluding the underwriting extra premiums and loading for modal premiums, if any.
Total Premiums Paid means amount equal to the total premiums paid during the premium paying term of the policy. Such amount should be excluding interest, tax, underwriting extra premium and loading for modal premiums, if any.
There is no maturity benefit payable under this policy.
| Parameters | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 years | 70 years |
| Maturity Age | NA | 80 years |
| Policy Term | 10 years | 40 years |
| Sum Assured | Rs. 50 lakh | No upper limit, depends on the underwriter |
| Premium Payment Term | Limited Pay - 5 years/10 years
Single & Regular Pay |
|
| Premium Payment Frequency | Semi-annual & Annual | |
Indicative Premiums: Sample annual premiums for a healthy 30 year old individual for a sum assured of Rs. 1,00,00,000 is as below.
| Gender | Smoker/Non-smoker | Policy Term (years) | Regular Pay (Rs.) | Limited 10 Pay (Rs.) | Limited (5) Pay (Rs.) | Single Pay (Rs.) |
|---|---|---|---|---|---|---|
| Female | Non-smoker | 25 | 6,300 | 10,200 | 18,900 | 85,900 |
| Female | Smoker | 25 | 9,300 | 15,900 | 31,800 | 1,29,000 |
| Male | Non-smoker | 25 | 7,000 | 11,900 | 21,900 | 1,00,300 |
| Male | Smoker | 25 | 10,900 | 18,800 | 37,000 | 1,53,700 |
This is a term plan that provides pure protection to your family's financial needs. Offering you an array of choices, the plan lets you fulfill your family’s financial needs in the most convenient and affordable ways.
Upon 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 under Life Stage Plus Option, if any less Payout Accelerator Benefit already paid, if any: “Sum Assured on death” shall be defined as the highest of the following for regular pay:
| Parameters | Option A |
|---|---|
| Entry Age | Minimum: 18 years
Maximum: 70 years |
| Maximum Maturity Age | 80 years |
| Policy Term | 10 - 40 years |
| Sum Assured | Min – Rs. 50 lakhs |
| Premium Payment Term | Regular Pay/Single Pay |
Indicative Premiums: Sample annual premium for healthy, non-smoker, male life
| Age (years) | Basic Sum Assured (Rs.) | Policy Term (years) | Regular Pay (Rs.) | Single Pay (Rs.) |
|---|---|---|---|---|
| 35 | 50,00,000 | 1,39,600 | 9,300 | 1,39,600 |
| 35 | 1,00,00,000 | 30 | 16,600 | 2,74,200 |
| 40 | 50,00,000 | 20 | 11,500 | 2,74,200 |
| 40 | 1,00,00,000 | 20 | 21,000 | 2,49,600 |
TATA AIA provides you a hassle free claim process as you can easily file a claim online without having to go through the boring paperwork process. The online claim process is simple and includes the below three steps:
Suicide: If the policyholder commits suicide with 12 months from the date of the commencement of the policy or from the date of the revival of the policy, then the nominee is not liable to receive the sum assured and will only be entitled to receive the total premiums paid, provided the policy is in force.
TATA AIA is one of the leading private sector insurers in India. The company offers a wide range of insurance products catering to the diverse needs of various customers including several individuals, businesses and associations. The company offers various life insurance products including wealth solutions, retirement solutions, saving solutions, health solutions and others. As of Dec 31, 2016, the 13th month persistency of the company stands at 81.3%. At the end of FY 16, the retail claims settlement ratio of the company was 96.8%.
You cannot buy a term insurance policy for your spouse or child and can buy it only for yourself. If your spouse is a salaried individual then he/she can buy it for themselves. However, you can always nominate your spouse or child for receiving the death benefit.
A term plan offers you a free look period of 15-30 days. If you wish to cancel the policy then you can do it and the premium paid will be refunded.
Yes, you can change the beneficiary during the tenure of the policy.
You need send the scan copy of the additional requirement to esales.support@tataaia.com or submit the additional requirement by visiting any of the company's branches or courier the document to the following address
TATA-AIA Life Insurance Company Limited,
Websales Department
B-Wing, 9th Floor,
I-Think Techno Campus,
Behind TCS, Pokhran Road No.2,
Close to Eastern Express Highway, Thane(West)
Pin Code - 400 607.
For Identity proof, you can submit the following documents
No, term insurance does not pay out maturity benefits. However, individuals who wish to get back the premiums paid on term insurance can opt for Term Insurance with Return of Premium (TROP) Plan. Here, if the insured passes away during the policy period, his or her beneficiary will receive the sum assured. However, if the individual outlives the policy term, the premiums paid will be returned to the insured. An important point to be noted is that TROPs will cost 2-3 times more than a regular term plan.
You can track the current status for your policy application by following these simple steps:
You can renew your TATA AIA Term Insurance policy either online via the company website, or offline by visiting any branch or calling their customer service.
You can make a claim against your TATA AIA Term Insurance plan through these 3 steps:
The online claim process is simple and includes the below three steps:
For cancelling a TATA AIA Term Insurance policy before its maturity, you have to visit any branch as per your convenience and submit a dully filled surrender form.
Your investment decisions will be determined by your unique financial objectives.
No, different Policies offer different payment modes like Annual/SemiAnnual/Quarterly/Monthly. Kindly check the available payment modes in your chosen plan.
On being unable to meet the due date for premium payment for your TATA AIA Term Insurance plan, you will be granted a grace period of 30 days. It is mandatory for you to clear your payments within the grace period, without which your policy will lapse.
No, the policy terms do not vary for smokers and non-smokers. Only premium rates charges are different.
You can renew your TATA AIA Term Insurance Plan either online or offline.
Online Renewal can be done by paying outstanding premiums through modes like:
TATA AIA Term Insurance offers a Freelook period of 15 days from the date of purchase of the policy. Policyholders can cancel the policy within the Free look period and become eligible for a return of the premium paid till date, minus charges that may be applicable.
For further assistance, you can get in touch with their customer service on the toll-free number 1800-266-7780 and place a request for cancellation.
The modes of premium payment are different for different policies. Most policies, however, allow applicants to pay premium in the following modes: monthly, quarterly, half-yearly and annually.
Premiums can be paid by cheque, cash, ECS or online payment. Under the online payment route, individual can choose from Visa, Master Card, Citibank E-card, Diners Club International Card, American Express Card, Debit Card and Net Banking Account.
To check the policy status, registered users need to first log into the website of TATA AIA Life Insurance by entering their username and password. This will direct them to the homepage of the policy account, where they can check policy details and other relevant information. New policyholders would have to first register on the website of the insurance company and proceed with the same steps.
