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TATA AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. TATA Sons hold a majority of stake 74% whereas, AIA holds 26%. TATA Life Insurance provides a diverse variety of insurance products to people, groups, and enterprises of all sorts, and is one of India's largest private-sector insurers, supplying life, health, and group insurance to its clients.
Tata AIA Life combines 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 spanning 18 markets in the Asia Pacific region. Tata AIA life started its operations on April 1, 2001.
For the financial year 2020-21, the total premium income of Tata AIA Life increased to Rs. 11,105.09 crore, a growth of 34%. With a claim settlement ratio of 98.02% and varied term plans to choose from for the financial protection of your family, Tata AIA Life is amongst the most trusted insurers.
To cater to the different insurance needs, TATA AIA Life Insurance Company Ltd. deals in multiple life insurance segments such as protection plans, wealth plans, child plans, savings plans, group plans, micro-insurance plans, and more.
Let's have a look at some of the recent awards and accomplishments of the company.
If you go on a search hunt for finding a suitable insurance company for yourself, you'll get to know that there are 24 life insurance companies in India. But given such a plethora of options available, how will be sure that TATA AIA Life Insurance Company Limited is the best choice for you?
To help you out in this situation, we at PolicyX.com have analysed TATA Life Insurance on certain parameters. Take a look at the TATA AIA Life Insurance company for confusion-free selection.
Refer to the table below:
Annual premium (2020-21) | Rs. 11105.09 crores |
Claim settlement ratio (2020-21) | 98.02% |
Solvency ratio | 2 |
No. of branches | 216 |
Given below is a brief explanation of these features. Let's explore.
Whenever we think about buying any insurance product, the business reputation and growth of the insurance provider should be checked. And for this, we should check the company's market share as it helps in analyzing the company's growth in terms of its annual premium of Rs. 11,105.09 in the financial year 2020-21.
For more clarification, refer to the graph given below that compares the annual gross premiums of TATA AIA company from 2018 to 2021.
Gross Annual Premium of TATA AIA Life Insurance Company from 2018 to 2021
**Data from IRDAI Annual Reports
The main objective of buying a life insurance plan is to make sure that your loved ones are able to get financial support at times when they need it the most. It is important to pay attention to the claim settlement ratio of the insurance provider. This ratio shows the percentage of claims settled by an insurance company against the number of claims filed by the customers during a financial year.
In terms of the claim settlement ratio, the company recorded a CSR of 100% during the financial year 2018-19 and 98.02% in the year 2020-21.
To get a clear picture of the company's claim settling service, refer to the graph given below that illustrates the CSR record of TATA AIA Life insurance over the last few years.
Claim Settlement Ratio of TATA AIA Life Insurance Company
**Data from IRDAI Annual Reports
In addition to market share and claim service, there is one more important factor that should be checked while buying a life insurance plan from an insurance company. This factor is the ‘solvency ratio' of the company. The ratio provides insights into the financial background of the company by measuring its ability to meet long-term debt obligations and other monetary commitments. As per IRDAI, all life insurance companies in India are obliged to maintain a solvency ratio of at least 1.5. At present, the solvency ratio of the company is 2.1.
We've created a graph below that highlights the solvency ratio of TATA AIA Life Insurance Company from 2018 to 2021.
Solvency Ratio of TATA AIA Life Insurance Company
**Data from IRDAI Annual Reports
At present, the company deals in 6 types of insurance products mentioned below:
Term Insurance PlansWealth PlansSavings PlansRetirement PlansGroup Plans Others
Catering to the above-listed insurance products, there are separate types of plans available. In the table given below, we've provided a list of all the plan variants available under TATA AIA Life Insurance Company. Let's take a look.
S.No | Type of plan | Available plans |
1. | Term Insurance Plans | Tata AIA Life Insurance Sampoorna Raksha Supreme TATA AIA Insta Protect Solution |
2. | ULIP Plans | Tata AIA Life Insurance Fortune Maxima Tata AIA Life Insurance Fortune Pro Tata AIA Life Insurance Wealth Maxima Tata AIA Life Insurance Wealth Pro Tata AIA Life Insurance Smart Sampoorna Raksha |
3. | Savings Plans | Tata AIA Life Insurance Fortune Guarantee Plus Tata AIA Life Insurance Guaranteed Returns Insurance Plan Tata AIA Life Insurance Guaranteed Monthly Income Plan Tata AIA Life Insurance Diamond Savings Plan Tata AIA Life Insurance Gold Income Plan Tata AIA Life Insurance Smart Income Plus Tata AIA Life Insurance Money Back Plus Tata AIA Life Insurance MahaLife Gold Tata AIA Life Insurance Fortune Guarantee Plus Tata AIA Life Insurance Fortune Guarantee Tata AIA Life Insurance Value Income Plan Tata AIA Life Insurance POS Smart Income Plus |
4. | Retirement Plans | Tata AIA Life Insurance Guaranteed Monthly Income Plan Tata AIA Life Insurance Smart Annuity Plan Tata AIA Life Insurance Fortune Guarantee Pension Plan Tata AIA Life Insurance Saral Pension Plan |
5. | Group Plans | Tata AIA Life Insurance Group Loan Protect Tata AIA Life Insurance Group Term Life Tata AIA Life Insurance Group Sampoorna Raksha Tata AIA Life Insurance Group Employee Benefit Plan Tata AIA Life Insurance Traditional Group Corporate Benefit Plan |
6. | Other Plans | Tata AIA Life Insurance Param Raksha Plus Plan Tata AIA Life Insurance Param Raksha Plan Tata AIA Life Insurance POS Saat Saath Tata AIA Life Insurance Saat Saath TATA AIA Smart Health Shield Plan |
Riders allow the customer to enhance the basic policy cover by paying an additional nominal premium. Below is the list of all such riders that are available under TATA AIA Life Insurance Plans:
Traditional Riders
ULIP Riders
The company sells two of its life insurance plans online and customers can easily purchase them from the company's website. These plans are Maha Raksha Supreme Plan and Sampoorna Raksha+ plan. The rest of the life insurance plans can be purchased by visiting the nearest branch of TATA AIA company.
In addition to this, TATA AIA Life Insurance plans can also be purchased from third-party intermediaries like insurance brokers or agents.
For your convenience, we've provided here the steps of buying the plans from the company website.
After making the payment, the company will send a soft copy of the policy to the registered email address of the customer.
To buy insurance policies from TATA AIA Life Insurance company, individuals are required to submit several documents along with the application. The list of documents are mentioned below:
You can file the claim through two different modes- Online claim process and Offline claim process. Let's discuss both in detail.
Now, the claim process is divided into three steps, which are mentioned below:
Once you submit the documents, the company will further examine and assess the same. They can ask for additional documents (if required).
In case of approval, the company will communicate with you through a phone call, email, or letter and the payment will be transferred to the registered account.
To file a claim through the offline process, you have to visit the nearest branch of TATA AIA Life Insurance Company, ask the representative for the claim form and submit it with the required documents.
Or else you can also directly write to the company at the registered address of the company.
Registered Office Address: B- Wing, 9th Floor, I-Think Techno Campus, Behind TCS, Pokhran Road No.2, Close to Eastern Express Highway, Thane(West) - 400 607
Customer Helpline Number: 1860-266-9966
Email Address: customercare@tataaia.com
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For all insurance policies which are active for 3 consecutive years, the death benefit is paid within 8 working days (once you submit all required documents). In case of any delay from the insurer side, the company will pay an interest of 6% p.a.
Riders/Add-ons are the additional benefits, which can be added to the basic policy by paying a marginal additional premium. They help to enhance the coverage of the policy.
In case of demise during the grace period, the policy is considered to have lapsed. If the policy gets lapsed on the demise date, there is no payout. For information, check with the company.
Yes, you can log on to TATA AIA's website or PolicyX.com to pay the premium via debit/credit card or net banking.
Usually, a person buying life insurance coverage for over Rs. 5,00,000 has to undergo a medical examination. This amount may vary from company to company. And the insurance company bears the cost of the medical examination.
You can pay your premiums in a variety of ways, including annually, semi-annually, quarterly, and monthly.
You can check the status of your policy by visiting the Tata AIA Life official website and logging in with your registered ID and password. The details of your insurance will be revealed once you've logged in.
Yes, you may cancel the insurance within the free look time, which is usually 15 days after you purchase it. After deducting some nominal amount, the money paid by you will be returned.
Do not worry if you've misplaced your original policy paper. Go to the nearest Tata AIA branch and fill out a 'Lost Policy Declaration Form.' Duplicate policy papers will be sent upon the submission and verification of the information provided in the form.
(Showing latest 5 reviews only)
February 24, 2022
mohit khanna
MaduraiFebruary 18, 2022
anu
DelhiMy husband passed away and I felt stuck but then when i contacted the company they helped me without giving me any issues.
October 5, 2021
Vridhi Singh
PuneIt is a very good company. Not only it looks after the customers needs but also is always available whenever the customer has any queries
September 21, 2021
Kanika Chaudhary
DelhiIf you are looking to buy a Term Life insurance policy, go for Tata aia Insurance company. their customer support team is very supportive and very helpful.
September 16, 2021
Ravi Dhingra
LukhnowHappy with the services of the company, Full satisfied. The customer care team helps its customers very patiently and nicely.
Last updated on August, 2021
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I have a home loan, a 4 year daughter, old mother and wife. I am a salaried person and always worried about future saving for them. TATA gave me a good cheap plan that fulfills my wishes for furture