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 hold a majority of stake 74% whereas, 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.
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 crore, 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.
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.
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 be sure that TATA AIA Life Insurance Company Limited is the best choice for you?
To help you out in this situation, we at PolicyX.com have analysed TATA Life Insurance on certain parameters. Take a look at the TATA AIA Life Insurance company for confusion-free selection.
Refer to the table below:
|Annual premium (2020-21)||Rs. 11105.09 crores|
|Claim settlement ratio (2020-21)||98.02%|
|No. of branches||216|
Given below is a brief explanation of these features. Let's explore.
1 TATA AIA Life Insurance 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 of Rs. 11,105.09 in the financial year 2020-21.
For more clarification, refer to the graph given below that compares the annual gross premiums of TATA AIA company from 2018 to 2021.
Gross Annual Premium of TATA AIA Life Insurance Company from 2018 to 2021
**Data from IRDAI Annual Reports
2 TATA AIA Life Insurance 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 100% during the financial year 2018-19 and 98.02% in the year 2020-21.
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
**Data from IRDAI Annual Reports
3 TATA AIA Life Insurance 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 Company from 2018 to 2021.
Solvency Ratio of TATA AIA Life Insurance Company
**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 Plans Others
- Term Plans - A pure risk life insurance product that provides a cover to the insured for very affordable premiums.
- ULIP- TATA AIA Life insurance offers Unit linked wealth plans that provide you with the benefits of market-linked returns coupled with a life insurance cover.
- Savings Plans- A savings plan offers twofold benefits which are guaranteed returns and a life cover.
- Retirement Plans- Retirement plans or pension plans, as they are also called, are retirement investment plans that help you create a financial fund for your retirement years.
- Group Plans- Employee-group benefit plans to manage gratuity, superannuation and leave encashment benefits.
- Combo Plans- A combo plan is a unique life insurance solution that combines the best of a unit-linked insurance plan and savings plan to protect your life and also your growing wealth. It does so by combining two or more life insurance plans under a single solution.
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 available under TATA AIA Life Insurance Company. Let's take a look.
|S.No||Type of plan||Available plans|
|1.||Term Insurance Plans||Tata AIA Life Insurance Sampoorna Raksha Supreme|
TATA AIA Insta Protect Solution
|2.||ULIP Plans||Tata AIA Life Insurance Fortune Maxima|
Tata AIA Life Insurance Fortune Pro
Tata AIA Life Insurance Wealth Maxima
Tata AIA Life Insurance Wealth Pro
Tata AIA Life Insurance Smart Sampoorna Raksha
|3.||Savings Plans||Tata AIA Life Insurance Fortune Guarantee Plus|
Tata AIA Life Insurance Guaranteed Returns Insurance Plan
Tata AIA Life Insurance 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 Life Insurance MahaLife Gold
Tata AIA Life Insurance Fortune Guarantee Plus
Tata AIA Life Insurance Fortune Guarantee
Tata AIA Life Insurance Value Income Plan
Tata AIA Life Insurance POS Smart Income Plus
|4.||Retirement Plans||Tata AIA Life Insurance Guaranteed Monthly Income Plan|
Tata AIA Life Insurance Smart Annuity Plan
Tata AIA Life Insurance Fortune Guarantee Pension Plan
Tata AIA Life Insurance Saral Pension Plan
|5.||Group Plans||Tata AIA Life Insurance Group Loan Protect|
Tata AIA Life Insurance Group Term Life
Tata AIA Life Insurance Group Sampoorna Raksha
Tata AIA Life Insurance Group Employee Benefit Plan
Tata AIA Life Insurance Traditional Group Corporate Benefit Plan
|6.||Other Plans||Tata AIA Life Insurance Param Raksha Plus Plan|
Tata AIA Life Insurance Param Raksha Plan
Tata AIA Life Insurance POS Saat Saath
Tata AIA Life Insurance Saat Saath
TATA AIA Smart Health Shield Plan
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:
- 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
- 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.
After making the payment, the company will send a soft copy of the policy to the registered email address of the customer.
Documents Required to Buy TATA AIA Life Insurance Plans
To buy insurance policies from TATA AIA Life Insurance company, individuals are required to submit several documents along with the application. The list of documents are mentioned below:
- Passport size photograph.
- Identity proof such as Passport, PAN card, Voter ID, Driving licence, Aadhaar card.
- Residence proof such as Bank account or post office account statement, Property tax or municipal tax receipt, Utility bills (electricity, gas, telephone) not more than 2 months old etc.
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.
- 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:
- 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.
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.