TATA AIA Life Insurance
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.
Highlights
Claim ratio | 99.07% |
Customer assistance | 24*7 |
Business weighted premium | Rs.2232 crore |
**Last Updated on 26-06-2020
What Are The Different Types of TATA AIA Life Insurance?
- Tata AIA Life Insurance Sampoorna Raksha
- Tata AIA Life Insurance Sampoorna Raksha +
- Tata AIA Life Insurance iRaksha Trop
- Tata AIA Life Insurance Maha Raksha Supreme
- TATA AIA Life Insurance Fortune Maxima Plan
- Tata AIA Life Insurance Fortune Pro
- TATA AIA Wealth Maxima
- Tata AIA Life Insurance Wealth Pro
- TATA AIA Life Guaranteed Return Life Insurance Plan
- TATA AIA 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 Maha Life Gold
- Tata AIA Life Insurance Fortune Guarantee
- Tata AIA Life Insurance Smart Annuity Plan
- Tata AIA Life Insurance Group Loan Protect
- Tata AIA Life Insurance Group Term Life
- Tata AIA Life Insurance Group Employee Benefit Plan
1. Tata AIA Protection Plan
Protection Plan or term insurance 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.
i) Tata AIA Life Insurance Sampoorna Raksha
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
4 Death Benefit Options: The plan offers the flexibility to choose from 4 different death benefit options. Such options are-
Option 1 - "Sum Assured on Death" as a lump sum benefit on death.
Option 2 - "Sum Assured on Death" as a lump sum benefit on death & monthly income for the next 10 years.
Option 3 – "Enhanced Sum Assured on Death" as a lump sum benefit on death.
Option 4 – "Enhanced Sum Assured on Death" as lump sum benefit on death & monthly income for the next 10 years.
Life Insurance Cover: The plan offers life insurance cover up to 85 years of age. The policyholder can also opt for a whoe life insurance cover till 100 years.
Optional Rider: The plan allows you to invest in additional riders through which you can enhance the basic cover.
Eligibility
Entry age | 18 years to 70 years |
Maturity age | 25 years to 85 years Whole cover: 100 years |
Policy term | 10 to 85 years Whole cover: 100 years |
Premium payment mode | Annual/ Half-yearly/ Quarterly/ Monthly |
**Last Updated on 26-06-2020
ii) Tata AIA Life Insurance Sampoorna Raksha+
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
Life Insurance Cover: The plan offers a life insurance cover of up to 40 years or up to 100 years of age.
Choice of Premium Paying Term: The plan comes out with the flexibility to choose regular or limited (5/ 10/ 12 Years) premium paying term.
Lower Premium Rates: The plan is available at lower premium rates for women and standard premium rates for non-smokers.
Tax Benefits: The policyholder can receive tax benefits under section 80C and 10(10D) of the Income Tax Act, 1961.
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 26-06-2020
iii) Tata AIA Life Insurance iRaksha Trop
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
Return of Premium: The plan comes out with the return of a premium feature in case of survival till the maturity date.
Lower Rates for Females: Under this plan, female customers can get the benefit of lower rates.
Riders: You can invest in optional riders for additional coverage by paying a nominal premium.
Eligibility
Entry age | 18 years to 65 years |
Maturity age | 75 years |
Policy term | 10 years to 30 years |
Premium paying frequency | Annually/ half-yearly |
**Last Updated on 26-06-2020
iv) Tata AIA Life Insurance Maha Raksha Supreme
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
Life Protection: The family offers financial protection to your family in case of your unfortunate demise.
Choice of Premium Payment: The plan allows you to choose a premium payment option out of all three options- regular pay, limited pay and single pay.
Benefits of Living a Healthy Lifestyle: The plan provides multiple benefits to those who carry a healthy lifestyle (like low premiums for non-smokers).
Eligibility
Entry age | 18 - 70 years |
Maturity age | 80 years |
Sum assured | Min: 50,00,000 & Max: No Limit |
Policy term | 10 years to 40 years |
**Last Updated on 26-06-2020
2. Tata AIA Wealth Solutions
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.
i) Tata AIA Life Insurance Invest One
Tata AIA Life Insurance Invest One is an attractive unit-linked insurance product that helps you to plan for your future with a one-time premium. The plan provides loyalty additions and guaranteed maturity addition that assures maximized returns at the time of maturity.
Key Features
Dual Benefits: By investing under this plan, you will receive dual benefits of insurance and market-linked returns.
Guaranteed Maturity Benefit: The plan offers guaranteed maturity benefit to enhance the maturity benefits.
8 Funds Options: The plan offers flexibility to choose from 8 different fund options that enhance investment opportunities.
Eligibility
Entry age | 0 to 30 years |
Maturity age | 18 years to 75 years |
Policy tenure | 15 years to 30 years |
Minimum premium | Rs.100000 |
**Last Updated on 26-06-2020
ii) Tata AIA Life Insurance Fortune Maxima
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
Multiple Funds Options: The plan comes out with 11 funds options that offer enhanced investment opportunities.
Riders: The plan offers the option to customize your policy with three additional unit deducting riders.
Partial Withdrawals: The plan allows you to make partial withdrawals from the 5th policy year to deal with financial needs in case of urgency.
Eligibility
Entry age | 0 to 30 years |
Maturity age | 100 years |
Payment mode | Single/ Annual/ Semi-Annual/ Quarterly/ Monthly |
Minimum premium | Single Pay –Rs. 1,00,000 Limited Pay – Rs. 50,000 per annum |
**Last Updated on 26-06-2020
iii) Tata AIA Life Insurance Fortune Pro
It is a non-participating unit-linked endowment assurance plan that offers protection throughout the policy tenure along with the choice of enhanced systematic money allocation & regular transfer investment portfolio strategy.
Key Features
Fund Options: The plan comes out with 11 fund choices to assist you with better investment strategies.
Settlement Option: The plan offers a settlement option on maturity that allows you to receive the maturity amount either in a lump sum or in installments (over a period of time).
Top-up Facility: The plan also offers a top-up facility through which you can further augment your portfolio.
Eligibility
Entry age | 0 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 26-06-2020
iv) TATA AIA Wealth Maxima
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
Multiple Fund Choices: Under this plan, you will receive 11 fund choices that will provide several investment opportunities.
Enhanced Systematic Money Allocation: The plan offers the choice of enhanced systematic money allocation and regular transfer investment portfolio strategy.
Tax Benefits: The plan offers tax benefits under section 80C and 10 (10D) of the Income Tax Act, 1961.
Eligibility
Entry age | 0 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 26-06-2020
v) TATA AIA Life Insurance Wealth Pro
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
Flexibility To Pay a Premium: The plan offers the flexibility to pay the premium one time or for a limited period.
Riders: The plan offers the opportunity to customize your product with the help of three-unit deducting riders.
Partial Withdrawals: Under this plan, you can make partial withdrawals from 6th year to meet your financial needs.
Eligibility
Entry age | 0 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 26-06-2020
3. Tata AIA Savings Solutions
Savings Insurance Plans allows 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.
i) TATA AIA Life Guaranteed Return Life Insurance Plan
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
Multiple Plan Options: The plan offers the flexibility to choose from three different plan options which include endowment, regular income or whole life income.
Guaranteed Additions: The plan offers guaranteed additions to boost the corpus regularly under the endowment plan option.
Cover Your Spouse: Under the whole life plan, you will be liable to cover your spouse.
Eligibility
Entry age | 8 years to 60 years |
Premium | Rs.500000 |
Premium payment mode | Single/ Annual/ Half-yearly / Quarterly/ Monthly |
Premium payment term | 5 years to 65 years |
**Last Updated on 26-06-2020
ii) TATA AIA Guaranteed Monthly Income Plan
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 the future’s requirements.
Key Features
Guaranteed Monthly Income: The plan offers guaranteed monthly income for double the policy tenure.
Premium Boost: The plan comes out with an applicable premium boost that will help in increasing the monthly income.
Optional Rider: The plan allows the insured to enhance the basic cover with the help of additional riders.
Eligibility
Entry age | 5 years to 60 years |
Maturity age | 5 years to 68 years |
Maximum annualized premium | No limit, subject to board approved underwriting policy |
Premium payment mode | Annual/ Half Yearly/ Quarterly/ Monthly |
**Last Updated on 26-06-2020
iii) Tata AIA Life Insurance Diamond Savings Plan
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
Guaranteed Income: The plan offers guaranteed income after completion of premium payment tenure.
Bonus: The plan provides a vested compound reversionary bonus and the terminal bonus at the time of maturity or on death.
Life Insurance Cover: The plan offers life insurance cover for the entire policy tenure.
Eligibility
Entry age | 0 to 50 years |
Maturity age | 18 years to 75 years |
Policy term | 18 years to 25 years |
Premium Payment Mode | Annual/ Half-yearly / Quarterly/ Monthly |
**Last Updated on 26-06-2020
iv) Tata AIA Life Insurance Gold Income Plan
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
Guaranteed Income: The plan offers guaranteed benefit of around 12% of the basic sum assured. The insured can choose income for 10 or 15 years.
Maturity Benefit: The plan comes out with maturity benefit at the end of the policy tenure.
Income Booster: The plan provides the benefit of increased income with income boosters of 5% to 10% on guaranteed income.
Eligibility
Entry age | 5 years to 55 years |
Maturity age | 18 years to 70 years |
Policy term | 12 to 15 years |
Premium Payment Mode | Annual/ Half-yearly / Quarterly/ Monthly |
**Last Updated on 26-06-2020
v) Tata AIA Life Insurance Smart Income Plus
Tata AIA Life Insurance Smart Income Plus is a non-participating and non-linked individual life insurance savings plan investment plan. The plan assists you to fulfil all your financial goals that include the child’s education, marriage, etc.
Key Features
Guaranteed Payouts: The plan offers guaranteed payouts starting from 120% to 160% of the annualized premium under regular income options. The same will depend on the chosen premium payment term.
Life Cover: The plan provides a guaranteed life cover of 15 to 25 years. The same varies from the chosen policy tenure and premium payment term.
Benefit For Women: The plan offers high benefits to female customers.
Eligibility
Maximum entry age | 50 years |
Maturity age | 18 years to 75 years |
Policy Term (PT) (years) | 15/21/25 |
Basic sum assured | 11 times Annualised Premium |
**Last Updated on 26-06-2020
vi) Tata AIA Life Insurance Money Back Plus
It is a non-linked money back insurance plan that caters to different needs of customers with periodic payouts at key stages in life along with a life cover protection. This plan gives you the flexibility to choose from various term options to meet your financial commitments with the advantage of paying for only half the term along with enhanced savings and bonuses (throughout the term).
Key Features
Payouts: The plan offers money back payouts of up to 130% of the sum assured (regularly) during the chosen policy tenure.
Life Insurance Cover: The plan comes out with a life insurance cover throughout the policy tenure regardless of paid survival payouts.
Bonus: The plan allows you to enhance your savings with the help of compounded reversionary bonus & terminal bonus.
Eligibility
Entry age | 2 years to 51 years |
Policy term | 16 years to 24 years |
Premium payment term | 8 years to 12 years |
Sum assured | 2 lakhs to no limit |
**Last Updated on 26-06-2020
vii) TATA AIA MahaLife Gold
TATA AIA MahaLife Gold is a non-linked and participating whole life individual savings plan. The plan allows the customers to fulfil one’s aspirations. It will be there as a long term companion.
Key Features
Lifelong Coverage: By paying a premium for 6, 8 or 15 years, you will receive lifelong coverage of up to 85 years out of 100 years of age.
Regular Income: The plan provides a regular income for you and your family for a long period of tenure. Along with regular income, you may receive a lump sum amount on maturity.
Riders: The plan allows you to enhance the basic coverage with the help of optional riders.
Eligibility
Entry age | 0 to 60 years |
Premium payment term | 6 years, 8 years or 15 years |
Sum assured | Rs.1 lakh to no limit |
Payment mode | Annual / semi-annual / monthly |
**Last Updated on 26-06-2020
viii) Tata AIA Life Insurance Fortune Guarantee
Tata AIA Life Insurance Fortune Guarantee is a limited premium paying, non-Linked and non-participating endowment assurance plan. It is a saving plan that offers financial protection to your family in case of any eventuality.
Key Features
Lump-sum Amount: Tata AIA Life Insurance Fortune Guarantee provides a lump sum benefit at the time of maturity.
Enhance Cover: The plan allows customers to enhance the cover with the help of optional riders.
Tax Benefits: By investing in this savings plan, you will be liable to receive tax benefits under section 80C & 10(10D) of the Income Tax Act, 1961.
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 26-06-2020
4. TATA AIA Retirement Solutions
Retirement Plans or pension plans are forms of life insurance plans which are designed specifically 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.
i) Tata AIA Life Insurance Smart Annuity 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 second innings. It offers regular income to manage your expenses (post-retirement).
Key Features
Flexible Annuity Options: The plan comes out with flexible annuity options to meet your future requirements. Such options are mentioned below-
- Immediate Life Annuity
- Immediate Life Annuity with Return of Purchase Price
- Deferred Life Annuity with Return of Purchase Price
Top-up: The plan offers a top-up facility that allows customers to enhance the annuity payout.
Payout Mode: Under this, you have the freedom of choosing annuity payout mode as per your own convenience.
Eligibility
Entry age | 45 years to 85 years |
Annuity purchase price | Rs.85,227 to no-limit |
Premium payment period | Single premium |
**Last Updated on 26-06-2020
5. Tata ATA Group Insurance Plans
A group life insurance is a form of insurance policy that is issued to a group of people under a single sum insured. Usually, an employer or an organization invests in this policy on behalf of its employees/workers. TATA AIA Life Insurance offers three group life insurance plans that are mentioned below.
i) Tata AIA Life Insurance Group Loan Protect
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
9 Different Plan Options: The plan offers the flexibility to choose comprehensive coverage out of 9 different plan options.
Moratorium: In case of need, you can opt for a moratorium period of 3, 5 and 7 years with or without interest payment.
Premium Payment Term: The plan comes out with the convenience of premium payment option - Single pay/ 5 years pay.
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 26-06-2020
ii) Tata AIA Life Insurance Group Term Life
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
Protection: The plan offers required protection to your loved ones in case of an unfortunate event of death.
Easy Enrolment: The plan comes out with a simple and easy enrolment process.
24*7 Coverage: The plan offers coverage for 24-hours-a-day and 7-days-a-week (anywhere in the world).
Eligibility
Entry age | 14 years to 84 years |
Maturity age | 85 years |
Policy term | 1 year |
Sum assured | Rs.5000 to no limit ( subject to underwriting) |
**Last Updated on 26-06-2020
iii) Tata AIA Life Insurance Group Employee Benefit Plan
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 which helps to manage employee gratuity and leave encashment benefit funds.
Key Features
5 Investment Funds: The plan offers the choice of 5 investment funds to deal with multiple needs of the customers.
Benefits at Different Levels: The plan pays a benefit in case of retirement/ resignation/ termination/ any other exit as per plan rules.
Tax Benefits: The plan provides tax benefits as per the prevailing tax laws.
Eligibility
Entry Age | Min: 18 years & Max: As per scheme rules, subject to a maximum of 79 years |
Group | Employer-Employee |
Group size | 10 and above |
Maturity benefit | 80 years |
Sum assured | Rs.5000 per member |
**Last Updated on 26-06-2020
What Are The Different Riders Under TATA AIA Life Insurance?
Life Insurance Riders are basically add-on covers that allow the customer to enhance the basic cover by paying an additional nominal premium. Below is the list of all such riders for your perusal.
- Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider
- Tata AIA Life Insurance Waiver of Premium (Linked) Rider
- Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider
Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider
This rider makes sure that your insurance benefits continue, in the case where 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 will be eligible for tax benefits under Section 80D.
Tata AIA Life Insurance Waiver of Premium (Linked) Rider
It is a unit-linked individual life insurance rider with rider coverage term equal to the Premium Paying Term (PPT) of the base plan. The rider will waive 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.
Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked 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.
Claim Process
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
To file TATA AIA life insurance claims through the online mode, you have to follow the below-mentioned steps.
- 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
Online 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 claim teams will further examine and assess the same. The company 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. You will receive the payment through NEFT.
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 the same along 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.
