TATA AIA Life Insurance
  • Life cover upto 100 years
  • Low premium for females
  • Optional riders
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TATA AIA Life Insurance

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. 

  • 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.
Tata Life Insurance Key Features

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.

  1. 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
    Rs. 5,000,000

    Know More About: Tata AIA Term Plan

  2. Tata AIA ULIP Plans

    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 years 
  3. 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 Multiple 
    Smart Income Plus 0-50 years 68 years 11 times the Annualized Premium 
    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. 50,000 
    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
  4. 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. 

    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.

How to Contact TATA AIA Life Insurance Company?

B- Wing, 9th Floor, I-Think Techno Campus, Behind TCS, Pokhran Road No.2, Close to Eastern Express Highway, Thane(West) - 400 607

customercare@tataaia.com

1860-266-9966

Life Insurance Articles

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

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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

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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.

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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.

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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.

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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...

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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.

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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.

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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.