About TATA AIA Life Insurance

TATA AIA Life Insurance 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%. The company deals in multiple life insurance segments such as protection plans, wealth plans, child plans, savings plans, group plans, and micro-insurance plans (among others).

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

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 you decide which is the ideal company for you?

You should choose an Insurer and an Insurance plan as per your needs. To clear this confusion, we at PolicyX.com have mentioned key parameters about TATA AIA Life Insurance company for your convenient selection.

Refer to the table below:

Given below is a brief explanation of these features. Let’s explore.

1 Market Share

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.

If we talk about TATA AIA, the annual premium of this company stood at Rs. 1132.19 crores during 2016-17 which has increased to Rs. 3242.01 crores in 2019-20.

For more clarification, refer to the graph given below that compares the annual gross premiums of TATA AIA company from 2016 to 2020.

Gross Annual Premium of TATA AIA Life Insurance Company from 2016-17 to 2019-20

**Data from IRDAI Annual Reports

2 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 claim settlement ratio, the company recorded the CSR of 100% during the financial year 2018-19 and 99.06% in the year 2019-20.

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 Over The Years

**Data from IRDAI Annual Reports

3 Solvency Ratio

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 for the last 4 years.

Solvency Ratio of TATA AIA Life Insurance Company from 2016-17 to 2019-20

**Data from IRDAI Annual Reports

Types of Insurance Products offered by TATA AIA Life Insurance Company

At present, the company deals in 6 types of insurance products mentioned below:

Term Insurance PlansWealth PlansSavings PlansRetirement PlansGroup PlansOthers

Insurance Plans offered by TATA AIA Life Insurance

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. Let's take a look.

Riders Available Under TATA AIA Life Insurance

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:

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 Linked Comprehensive Health 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.

After making the payment, the company will send a soft copy of the policy to the registered email address of the customer.

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:

1. 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.

2. Assessment

   Once you submit the documents, the company will further examine and assess the same. They can ask for additional documents (if required).

3. 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.

How to Contact TATA AIA Life Insurance 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