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 holds a majority of stake 74%, 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.
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.
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 crores, 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.
Achievements of TATA AIA Life Insurance Company
Let's have a look at some of the recent awards and accomplishments of the company:
Extraordinaire Award at the 5th edition of Brand Vision Summit in 2019-20.
'InsureTech Company of the Year award by the India Insurance Summit & Awards in 2019.
'Aon Best Employer Award' in 2019. The company wins this award for the fourth time in a row.
'Best Influencer Marketing Campaign' award by the Annual Masters of Modern Marketing Awards & Conference 2019.
'Compliance Team of the Year in 2019 by UBS Forum Out of Box Compliance Program.
Key Features of TATA AIA Life Insurance Company
With a plethora of life insurance companies available, choosing the ideal one for you can be a tough choice. Thus, to be sure of your decision, it is advisable to check the company’s performance beforehand to avoid any stress at the time of claim settlement.
We at PolicyX.com have analyzed TATA Life Insurance on certain parameters such as claim settlement ratio, solvency ratio etc.Â
Claim Settlement Ratio 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 98.02% during the financial year 2020-21.
Solvency Ratio 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.
Annual Premium The business reputation and growth of the insurance provider should be checked. And for this, we should check the company's annual premium as it helps in analyzing the company's growth in terms of its annual premium of Rs. 11,105.09 Crores in the financial year 2020-21.
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Insurance Plans offered by TATA AIA Life Insurance
Catering to the insurance needs of every individual, TATA AIA offers several life insurance plans. 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.
Tata AIA Term Plan
Term 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:
Plan Name
Entry Age
Maximum Maturity Age
Minimum Sum Assured
Sampoorna Raksha Supreme
18-65 years
100 years
Rs. 1,00,000
Saral Jeevan Bima
18-65 years
70 years
Rs. 5,000,000
InstaProtect Solution
18-45 years
75 years
Rs. 25,00,000
Maha Raksha Supreme
18-60 years
For Non-Whole Life: 85 years For Whole Life: 100 years
ULIP plans offer the right balance between investment & wealth accumulation to secure your family and fulfill your future goals. TATA AIA Life Insurance offers a wide range of ULIP Plans which are mentioned below.
Plan Name
Issue Age
Maximum Maturity Age
Policy Term
Wealth Pro
30 days-59 years
75 years
15-40 years
Fortune Maxima
30 days-60 years
100 years
100 minus the issue age
Fortune Pro
30 days-59 years
75 years
15-40 years
Wealth Maxima
30 days-60 years
100 years
100 minus the issue age
Smart Sampoorna Raksha
18-60 years
100 years
30 and 40 yearsÂ
Tata AIA Savings Plans
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.
Plan Name
Entry Age
Maximum Maturity Age
Sum Assured
Diamond Savings Plan
0-60 years
NA
11 times the Annualized Premium
Gold Income Plan
3-65 years
77 years
Annualized Premium x Basic Sum Assured MultipleÂ
Smart Income Plus
0-50 years
68 years
11 times the Annualized PremiumÂ
Money Back Plus
30 days-51 years
75 years
Rs. 2,00,000 (in multiples of 1000)
Fortune Guarantee
30 days-70 years
80 years
10 times Annualized Premium
Fortune Guarantee Plus
1-60 years
77 years
Rs. 50,000Â
MahaLife Gold
30 days-60 years
85 years OR 100 years
Rs. 1,00,000
Guaranteed Monthly Income Plan
6-60 years
68 years*
11 times the Annualized Premium
Smart Value Income Plan
30 days-65 years
100 years
Death Benet Multiple of 10 times Single Premium Death Benet Multiple based on entry age
Value Income Plan
30 days-58 years
80 years
NA
POS Smart Income Plus
3-50 years
65 years
11 times the Annualized Premium
Guaranteed Return Life Insurance Plan
0-65 years
85 years
Death benefit multiple x Annualized premium
TATA AIA Retirement Plans
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.Â
Plan Name
Entry Age
Maximum Maturity Age
Sum Assured
Guaranteed Monthly Income Plan
6-60 years
68 years
11 times the Annualized Premium
Smart Annuity Plan
45-85 years
NA
NA
Fortune Guarantee Pension Plan
30-85 years
NA
NA
Riders Available Under TATA AIA 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 that are available under TATA AIA Life Insurance Plans:
Traditional Riders
Tata AIA Life Insurance Waiver of Premium Plus (WOPP) Rider
Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider
Tata AIA Life Insurance Non-Linked Comprehensive Health Rider
Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider
ULIP Riders
Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider
Tata AIA Life Insurance Waiver of Premium (Linked) Rider
Tata AIA Life Insurance Linked Comprehensive Protection Rider
Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider
Tata AIA Life Insurance Linked Comprehensive Health Rider
How To Buy TATA AIA Life Insurance Plans?
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.
Visit the official website of TATA AIA.
Click on 'Plans' and select 'Term Insurance'.
Select your desired plan and click on 'Buy Now'.
Fill in the required details and click on 'Continue'.
An OTP will be sent on your registered email ID and contact number.
Enter the OTP & Submit.
Check the premium and plan details.
Pay the premium online.
What Is The Claim Process of TATA AIA Life Insurance Company?
You can file the claim through two different modes- Online claim process and Offline claim process. Let's discuss both in detail.
Online Process
Visit the official website of the "TATA AIA Life Insurance".
Take your cursor to the tab "Claims".
Select "Claim Process".
Now, the claim process is divided into three steps, which are mentioned below:
Claim Intimation
Scroll down to the online claim intimation section.
Fill the form with basic details such as policy no., claim reason, name of policyholders, and address among others.
Don't forget to upload documents before submitting the form.
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 else you can also directly write to the company at the registered address of the company.
TATA AIA Life Insurance: Frequently Asked Questions
1. What is the usual claim processing time for a Tata AIA Life Insurance policy?
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.
2. Do I get a greater benefit if I opt for Riders or Add-ons?
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.
3. In case of death, will the nominee get any benefits when the policy is in lapsed mode?
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.
4. Can I pay the TATA AIA Life Insurance policy premium online?
Yes, you can log on to TATA AIA's website or PolicyX.com to pay the premium via debit/credit card or net banking.
5. Do I need to go through a medical examination when I buy life insurance? If yes, is the cost borne by the company?
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.
6. What are the various payment options available under Tata AIA Life Insurance Company limited?
You can pay your premiums in a variety of ways, including annually, semi-annually, quarterly, and monthly.
7. How to check my TATA AIA Life Insurance Policy status?
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.
8. Is it possible to cancel myTATA AIA Life Insurance Policy if I'm unsatisfied with it?
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.
9. I have lost my TATA AIA policy documents? What is the procedure for requesting duplicate policy documents?
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.
What Our Customers Have to Say
Priya Sharma
Jaipur
December 14, 2022
PolicyX has a smooth service from booking policy to verification. Employees are very patient and have good knowledge and help you throughout the process.
Had great experience dealing with them
Somesh
Agra
December 9, 2022
I had many confusions regarding the term policies . But Policyx has handled it well, m happy that they are my wayfarer in this journey.
Prerna Kumari
Mumbai
July 11, 2022
Good company. Presents nice term insurance plans and flexible plans also. My husband has brought one for the family.
Priya Sangwan
Mumbai
July 11, 2022
IndiaFirst Term Insurance company ensures that your family s needs are looked after. One of the best companies offers a term plan per your needs.
Priyanshi Deewan
Hyderabad
July 6, 2022
I recently received the claim amount of the policy that my husband had brought for us. I am glad that the company understands the needs of its customers and their families. Well done Canara HSB...
Rishabh Kumar
Delhi
July 6, 2022
I bought a term plan with Canara HSBC for the protection of my family and have been satisfied with the benefits received. It is simple and easy to buy their plans.
Samarth Gaur
Chennai
July 6, 2022
I am very happy with the term plans offered by the Canara HSBC Life Insurance company. The plans offer comprehensive coverage and I am sure will support my family after my demise.
Vipul Bhardwaj
Coimbatore
June 9, 2022
Bharti AXA is a good life insurance company, and I am sure if something ha[opens to me, the company will look after my family s needs.
