TATA AIA Life Insurance

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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.

awards
  • 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:

Annual premium (2019-20)Rs. 3242.01 crores
Claim settlement ratio (2019-20)99.06
Solvency ratio2.1
No. of branches216

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

Annual Premium Chart of TATA AIA Life Insurance

**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

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

Solvency Ratio of TATA AIA Insurance

**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

Tata AIA Life Insurance Banner

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.

S.NoType of planAvailable plans
1.Term Insurance PlansTata AIA Life Insurance Sampoorna Raksha Supreme
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 Saral Jeevan Bima
2.Wealth and ULIP PlansTata 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 PlansTata 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
Tata AIA Life Insurance Value Income Plan
Tata AIA Life Insurance POS Smart Income Plus
4.Retirement PlansTata AIA Life Insurance Guaranteed Monthly Income Plan
Tata AIA Life Insurance Smart Annuity Plan
Tata AIA Life Insurance Saral Pension Plan
5.Group PlansTata 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 PlansTata 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

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.

Buying Process TATA AIA Term Insurance Plans

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

Tata AIA Life Insurance Banner

FAQs

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.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.9/5 (14 Total Rating)

October 5, 2021

Vridhi Singh

Pune

It is a very good company. Not only it looks after the customers needs but also is always available whenever the customer has any queries

September 21, 2021

Kanika Chaudhary

Delhi

If you are looking to buy a Term Life insurance policy, go for Tata aia Insurance company. their customer support team is very supportive and very helpful.

September 16, 2021

Ravi Dhingra

Lukhnow

Happy with the services of the company, Full satisfied. The customer care team helps its customers very patiently and nicely.

June 28, 2021

Kunal Sahni

Indore

TATA AIA offers a wide range of life insurance products. I have bought two life insurance plans from the company, and I am happy about my decision.

June 28, 2021

Vivek Kumar Sahni

Chennai

One of the best thing I have bought for my family. I have this assurance that in my absence my family s dreams would be fulfilled without any roadblocks. Thank you TATA AIA for supporting every need of its customers.

Last updated on August, 2021

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