TATA AIA Life Insurance is a renowned life insurance company in India. It is a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. TATA Sons hold a majority of stake- 74% whereas, AIA holds 26%. It deals in multiple life insurance segments such as protection plans, wealth plans, child plans, savings plans, group plans, and micro-insurance plans (among others). With branches all over India, the company is in reach of every common man.
Claim ratio | 99.06% |
No. of Insurance Policies Issued | 36 Million |
Business weighted premium | Rs.2692 Crore |
**Last Updated on 09-02-2021
Protection Plans are traditional life insurance policies that offer financial support and stability to your family in case of any eventuality. Below is the list of such plans for your reference.
A pure term insurance plan that provides financial protection to your family. The plan offers the flexibility to choose the plan option as per your needs. You can opt to receive either a lump sum benefit on death or monthly income for the next 10 years.
Key Features:
Eligibility:
Entry age | 18 years to 70 years |
Maximum Maturity age | 85 years Whole cover: 100 years |
Premium payment mode | Annual/ Half-yearly/ Quarterly/ Monthly |
**Last Updated on 09-02-2021
The values may change as per the chosen plan option
It is a unique form of protection plan that not only protects you from uncertainties of life but also gives you a return on the paid premium on survival till the maturity of the plan.
Key Features:
Eligibility:
Entry age | 18 years to 70 years |
Maturity age | 28 years to 100 years |
Policy term | 10 to 40 years |
Premium payment mode | Annual/ Half-yearly/ Quarterly/ Monthly |
**Last Updated on 09-02-2021
The values may change as per the chosen plan option
Tata AIA Life Insurance iRaksha TROP is a non-linked and non-participating online term insurance plan, which not only ensures peace of mind with required protection cover but also offers a return of the total paid premium at the end of the policy tenure.
Key Features:
Eligibility:
Entry age | 18 years to 65 years |
Maturity age | 75 years |
Policy term | 10 years to 30 years |
Premium paying frequency | Annually/ Semi-annual |
**Last Updated on 09-02-2021
The values may change as per the chosen plan option
Tata AIA Life Insurance Maha Raksha Supreme is a non-linked and non-participating term insurance plan that offers you a wide range of choices to fulfil your family's financial needs.
Key Features:
Eligibility:
Entry age | 18 - 70 years |
Maturity age | Minimum
Maximum
|
Sum assured | Min: 50,00,000 & Max: No Limit |
**Last Updated on 09-02-2021
Wealth insurance plans offer the right balance between investment & wealth accumulation to secure your family and fulfil your future goals. TATA AIA Life Insurance offers a wide range of wealth solutions, which are mentioned below.
It is a non-participating unit-linked endowment assurance plan under which settlement option is provided on maturity, thus enabling you to receive the maturity amount either in a lump sum or in installments. It offers liquidity facility in case of need.
Key Features
Eligibility:
Entry age | 30 days to 60 years |
Maximum maturity age | 75 years |
Premium paying term | Single Pay Limited Pay – 5 /7 and10 years Regular /Limited Pay – 15 and 20 years |
Minimum premium | Single Pay – Rs. 5,00,000 Regular/Limited Pay – Rs. 2,50,000 per annum |
**Last Updated on 09-02-2021
Under this plan, you have to pay the premium once or for a limited period and get insurance protection for your entire life. It also comes out with regular loyalty additions, which are credited directly to the policy.
Key Features
Eligibility:
Entry age | 30 days to 60 years |
Maturity age | 100 years |
Payment mode | Single/ Annual/ Semi-Annual/ Quarterly/ Monthly |
Minimum premium | Single Pay –Rs. 1,00,000 |
**Last Updated on 09-02-2021
It is a Unit Linked Individual Life Insurance Savings plan that offers protection throughout the policy tenure along with the choice of enhanced systematic money allocation & regular transfer investment portfolio strategy.
Key Features:
Eligibility:
Entry age | 30 days to 59 years |
Maturity age | 18 years to 75 years |
Premium paying term | Single Pay Limited Pay – 5 /7 and10 years Regular/Limited Pay – 15 and 20 years |
Pay mode | Single/ Annual/ Semi-Annual/ Quarterly/ Monthly |
**Last Updated on 09-02-2021
It is a non-participating unit-linked whole life insurance plan that allows you to customize your plan with three additional unit deducting riders.
Key Features:
Eligibility:
Entry age | 30 days to 60 years |
Maturity age | 100 years |
Pay mode | Single/ Annual/ Semi-Annual/ Quarterly/ Monthly |
Minimum premium | Single Pay – Rs. 5,00,000 Limited Pay – Rs. 2,50,000 per annum |
**Last Updated on 09-02-2021
Savings Insurance Plans allow you to build a corpus along with a life insurance cover. The plan offers multiple savings opportunities to assist you in case of any eventuality. Below is the list of all TATA AIA Life Insurance Plans for your perusal.
TATA AIA Life Guaranteed Return Life Insurance Plan is an individual, non-linked and non-participating life insurance savings plan. The plan assists you to fulfil your medium to long term goals like child's education, marriage, retirement, etc.
Key Features:
Eligibility:
Entry age | 0 years to 60 years |
Premium | Minimum: 24,000/- PA |
Premium payment mode | Single/ Annual/ Half-yearly / Quarterly/ Monthly |
Premium payment term | 5 years to 12 years |
**Last Updated on 09-02-2021
The values may change as per the chosen plan option
TATA AIA Guaranteed Monthly Income Plan is a non-linked and non-participating individual life insurance savings plan. It is a financial protection plan that helps you and your family to meet your future requirements.
Key Features
Eligibility:
Entry age | 6 years to 60 years |
Maximum maturity age | 68 years |
Maximum annualized premium | No limit, subject to board approved underwriting policy |
Premium payment mode | Annual/ Half Yearly/ Quarterly/ Monthly |
**Last Updated on 09-02-2021
The values may change as per the chosen plan option
Tata AIA Life Insurance Diamond Savings Plan is a limited pay insurance plan that assists you to deal with future requirements along with financial protection for your loved ones.
Key Features:
Eligibility:
Entry age | 0 to 60 years |
Policy term | 15 years to 25 years |
Basic Sum Assured | 11 times of the Annualised Premium |
Premium Payment Mode | Annual/ Half-yearly / Quarterly/ Monthly |
**Last Updated on 09-02-2021
The values may change as per the chosen plan option
Tata AIA Life Insurance Gold Income Plan is a non-linked and non-participating individual life insurance savings plan. This plan not only offers a guaranteed lump sum benefit on maturity but also gives guaranteed income.
Key Features:
Eligibility
Entry age | 3 years to 65 years |
Maturity age | 18 years to 77 years |
Policy term | 12 to 15 years |
Premium Payment Mode | Annual/ Half-yearly / Quarterly/ Monthly |
**Last Updated on 09-02-2021
The values may change as per the chosen plan option
Tata AIA Life Insurance Smart Income Plus is a non-participating and non-linked individual life insurance savings plan. The plan assists you to fulfil all your financial goals that include child education, marriage, etc.
Key Features:
Eligibility
Maximum entry age | 50 years |
Maturity age | 18 years to 75 years |
Basic sum assured | 11 times Annualised Premium |
**Last Updated on 09-02-2021
It is a non-linked participating plan that caters to different needs of customers with periodic payouts at key stages in life along with a life cover protection.
Key Features:
Eligibility:
Entry age | 0 years to 51 years |
Maturity Age | 18 years to 75 years |
Premium payment term | 8, 10 & 12 years |
Sum assured | 2 lakhs to no limit |
**Last Updated on 09-02-2021
TATA AIA MahaLife Gold is a non-linked and participating whole life individual savings plan. The plan allows the customer to fulfil one’s aspirations.
Key Features:
Eligibility:
Entry age | 30 days to 60 years |
Sum assured | Rs.1 lakh to no limit |
Payment mode | Annual / semi-annual / monthly |
**Last Updated on 09-02-2021
Tata AIA Life Insurance Fortune Guarantee is a non-linked and non-participating savings plan that offers financial protection to your family in case of any eventuality.
Key Features:
Eligibility:
Entry age | 18 years to 80 years |
Maturity age | 80 years |
Policy term | 10 years to 40 years |
Premium payment term | 5 years to 10 years |
**Last Updated on 09-02-2021
The values may change as per the chosen plan option
Tata AIA Life Insurance Value Income Plan is an individual, non-linked and participating life insurance savings plan, which protects your dreams without hampering your needs through financial resources.
Key Features:
Eligibility:
Entry age | 30 days to 65 years |
Maturity age | 18 years to 80 years |
Policy term | 10 years to 40 years |
Premium payment term | 5 years to 15 years |
**Last Updated on 09-02-2021
The values may change as per the chosen plan option
Tata AIA Life Insurance POS Smart Income Plus is a limited pay income plan that helps you to meet tomorrow's requirements along with protecting your loved ones.
Key Features:
Eligibility:
Entry age | 3 years to 50 years |
Maturity age | 18 years to 65 years |
Basic Sum Assured | 11 times the Annualised Premium |
Premium Payment Mode | Annual/ Half-yearly / Quarterly/ Monthly |
**Last Updated on 09-02-2021
Retirement Plans or pension plans are forms of life insurance plans, which are specifically designed to meet your post-retirement requirements like medical and living expenses. The plan ensures that you enjoy your golden years with financial independence. Below are the details of the plan.
Tata AIA Life Insurance Smart Annuity Plan is a single premium non-linked and non-participating individual annuity plan. By investing in this plan, you can gain financial freedom for your second innings.
Key Features:
Eligibility:
Entry age | 45 years to 85 years |
Annuity purchase price | Minimum:
Maximum: No-limit |
Premium payment period | Single premium |
**Last Updated on 09-02-2021
The Tata AIA Life Guaranteed Monthly Income plan is a non-linked, non-participating individual life insurance plan that provides financial protection to your family and a monthly income that meets tomorrow's requirements.
Key Features:
Entry age (in years) | Minimum
Maximum
|
Maximum Maturity Age (in years) | For Policy Term 5 years: 65 For Policy Term 8 years: 68 For Policy Term 12 years: 67 |
Premium payment mode | Annual/ Half Yearly/ Quarterly/ Monthly |
**Last Updated on 09-02-2021
A group life insurance is a form of insurance policy that is issued to a group of people under a single sum assured. Let’s take a look at the Tata AIA group insurance plans.
The plan provides comprehensive insurance cover to the borrowers of the institution/organization and clears the outstanding loan in case of life insured’s death, terminal illness, total permanent disability, and critical illness.
Key Features:
Eligibility:
Entry age | 14 years to 65 years |
Maturity age | 16 years to 75 years |
Sum assured | Minimum: Rs.10000 The maximum limit will be based on characteristics of the Group and shall be as per Board Approved Underwriting Policy |
Group size | 50 to no limit |
**Last Updated on 09-02-2021
Tata AIA Life Insurance Group Term Life is a non-linked and non-participating yearly renewable group term insurance policy. It allows customers to plan for a secure future of their loved ones.
Key Features
Eligibility:
Entry age | 14 years to 84 years |
Maturity age | 85 years |
Policy term | 1 year renewable |
Sum assured | Rs.5000 to no limit ( subject to underwriting) |
**Last Updated on 09-02-2021
Tata AIA Life Insurance Group Employee Benefit Plan is a unit-linked non-participating group life insurance plan. It is offered to employer-employee groups to manage employee gratuity and leave encashment benefit funds.
Key Features:
Eligibility:
Entry Age | Minimum: 18 years Maximum: As per scheme rules, subject to a maximum of 79 years |
Group size | 10 and above |
Maturity benefit | 80 years |
Sum assured | Rs.5000 per member |
**Last Updated on 09-02-2021
Tata AIA Life Insurance Smart Annuity plan helps employer-employee and non-employee-employer groups to purchase annuities in respect of annuity payments for their members.
Key Features:
Eligibility:
Entry age | 45 years to 85 years |
Annuity purchase price | Minimum:
Maximum: No-limit |
Premium payment period | Single premium |
**Last Updated on 09-02-2021
Key Features:
Eligibility:
Entry age | 14 years to 84 years |
Maximum Maturity age | 85 years |
Policy term | 1 year for Yearly Renewable option |
Premium payment mode | Yearly Renewable/ Single / Annual / Half-yearly / Quarterly / Monthly |
**Last Updated on 09-02-2021
The values may change as per the chosen plan option
Life Insurance Riders allow the customer to enhance the basic policy cover by paying an additional nominal premium. Below is the list of all such riders for your perusal.
This rider makes sure that your insurance benefits continue in case the proposer is unable to pay the premiums due to any unforeseen incident. Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider can be attached to any individual linked products by TATA AIA Life Insurance. The premiums that you pay under this rider are eligible for tax benefits under Section 80D of the Income Tax Act, 1961.
It is a linked individual health insurance rider with rider coverage term equal to the Premium Paying Term (PPT) of the base plan. The rider will waive off all future premiums in case the insured is unable to pay the same due to total and permanent disability. This rider is available with Tata AIA Life Insurance Wealth Pro, Tata AIA Life Insurance Fortune Pro, Tata AIA Life Insurance Wealth Maxima & Tata AIA Life Insurance Fortune Maxima. You will be liable to receive tax benefits on investing in this rider.
It is an optional individual health insurance rider. The plan provides the required financial protection by paying an amount equal to the rider sum assured (to the nominee) in case of accidental death.
TATA AIA Life Insurance Company offers an easy and simple claim process to assist customers in the hour of need. You can file the claim through two different modes- Online claim process and offline claim process. Let's discuss both in detail.
Online Process
Now, the claim process is divided into three steps, which are mentioned below-
Claim Intimation
Assessment
Once you submit the documents, the company will further examine and assess the same. They can ask for additional documents (if required).
Claim Decision & Payout
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.
Offline Claim Process
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
You can directly write to the company at the given address:-
Tata AIA Life Insurance Company Limited
B- Wing, 9th Floor, I-Think Techno Campus, Behind TCS, Pokhran Road No.2,
Close to Eastern Express Highway, Thane(West) – 400 607
The company will reach out to you for further formalities.
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 medical examination.
Last updated on 09-02-2021
