TATA AIA Term Insurance
Tata aia  Term Insurance
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TATA AIA Term Insurance

TATA AIA, one of the renowned life insurance companies, is a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. It's one of the rapidly-growing companies in the life insurance sector and is ranked at no. 5 (based on individual weighted new business premium). The company offers protection through its multiple life insurance segments such as protection plans, wealth plans, savings plans, and retirement plans.

To offer comprehensive protection to you & your family, the company offers the best term insurance plans to create a financial bubble around your family. Let's discuss them in detail:

Types of TATA AIA Term Insurance Plans

With TATA AIA term insurance plans, you can provide financial support and stability to your family in case of your unfortunate demise. Below is the list of such plans for your reference.

1. TATA AIA Life Insurance Sampoorna Raksha

TATA AIA Sampoorna Raksha is a non-linked, non-participating, individual life insurance plan that provides financial protection to your family in your absence. The plan offers flexibility to choose between 4 death benefit options.

Key Features:

  • The plan offers life insurance cover up to 85 years of age. The policyholder can also opt for a whole life insurance cover for 100 years.
  • The plan offers lower premium rates for female lives and non-smokers.
  • One can avail of tax benefits as per the Income Tax Act, 1961.
  • Get an opportunity to enhance the coverage of the plan with the help of an optional rider.

Eligibility:

Entry age

Minimum:18 years

Maximum:

  • For Regular Pay - 70 years
  • For Limited Pay 5 - 70 years
  • For Limited Pay 10/12 - 65 years
  • For Pay till age 60 – 50 years

Minimum maturity age

28 years

Premium payment mode

Annual/ Half-yearly/ Quarterly/ Monthly

Minimum sum assured

Rs.50 lakhs

**Last Updated on 21-12-2020

2. TATA AIA Life Insurance Sampoorna Raksha+

TATA AIA Life Insurance Sampoorna Raksha+ not only protects your family from the uncertainties of life but also offers a return of premiums that are paid on survival till the maturity of the policy.

Key Features:

  • The plan offers the flexibility to choose between two death benefit options (lump sum on death or lump sum on death and monthly income of the next 10 years).
  • The plan offers an optional rider for enhanced protection.
  • The plan is available at lower premium rates for women and non-smokers.
  • Grab a discount on opting for higher coverage.

Eligibility:

Entry age

Minimum:18 years

Maximum:

  • For Regular Pay & Limited Pay 5 year: 70 years
  • For Limited Pay 10 years & 12 years: 65 years

Maturity age

28-100 years

Premium payment mode

Annual/ Half-yearly/ Quarterly/ Monthly

Minimum sum assured

Rs.50 lakhs

**Last Updated on 21-12-2020

3. TATA AIA Life Insurance iRaksha Trop

TATA AIA Life Insurance iRaksha TROP plan provides financial protection to your family and returns the total premiums paid at the end of the policy term.

Key Features:

  • One has the choice to choose among single, regular, or limited premium payment terms.
  • The plan comes with dual benefits of financial protection and return of premium at the time of maturity.
  • Avail of discounts on opting for higher coverage.
  • Females can grab the benefit of lower premiums.

Eligibility:

Entry age

18 – 70 years (for single pay, regular pay, and limited pay 5)

18 - 65 years (for limited pay 10)

Maximum maturity age

100 years

Minimum sum assured

Rs.50 lakhs

Policy term

10-40 years & 15-40 years

**Last Updated on 21-12-2020

4. TATA AIA Life Insurance Maha Raksha Supreme

TATA AIA Life Insurance Maha Raksha Supreme is a non-linked, non-participating, individual life insurance plan that offers you plenty of choices to fulfil your family's financial needs in case of your unfortunate demise.

Key Features:

  • The plan offers you the choice to pay only once for a limited period or throughout the policy term.
  • Grab an optional rider to enhance the overall coverage of the plan.
  • Take the benefit of Inbuilt Payout Accelerator, which gives a 50% advance of sum assured on the diagnosis of a terminal illness.
  • Non-smokers can get standard premium rates while females can enjoy discounted rates.

Eligibility:

Entry age 

Minimum: 18 years

Maximum:

  • 70 years for single pay, regular pay, and limited pay 5
  • 65 years for limited pay 10, 12
  • 45 years for pay to age 60 years

Maximum maturity age

  • Non Whole Life: 85
  • Whole Life 100

Premium payment mode

Annual/ Half-yearly/ Quarterly/ Monthly

Minimum sum assured

Rs.50 lakhs

**Last Updated on 21-12-2020

How To Buy TATA AIA Term Insurance Plans?

Buying TATA AIA Term Insurance Plans is an easy and hassle-free process. Just follow the below-mentioned steps to understand the buying process:

  • Visit the official website of TATA AIA.
  • Click on "Plans", and from the drop-down menu, select "Protection Solutions".
  • Now, move your cursor to "Tata AIA Life Insurance Maha Raksha Supreme", and click on "Buy Now".
  • Once done, you will be redirected to another page, where you need to fill in your basic personal details such as name, contact number, e-mail address, and click on "Continue".
  • You will then get an OTP on your registered email id and contact number.
  • Enter the OTP & Submit.
  • The next page will show you the premium amount, and other plan details.
  • Pay the premium online, and you will get a soft copy of the policy to your registered email address.

Note: To buy other term insurance plans, you need to visit the nearest TATA AIA branch.

What's the claim process of TATA AIA Term Insurance Plans?

TATA AIA offers an easy and simple claim process to assist customers in the hour of need. Below is the step by step representation of the process:

  • Visit the official website of the TATA AIA.
  • Take your cursor to the tab "Claims".
  • Select "Online Claim Process".

The claim process is divided into three steps-

Online Claim Intimation:

  • Scroll down to the online claim intimation section
  • Fill the form with basic details such as policy number, claim reason, and name of the life assured.

Assessment:

The claimant needs to submit the below-mentioned documents:

  • Claim Form.
  • Death Certificate issued by a local government body like the Municipal Corporation / Appropriate Authority.
  • Medical Records (Admission Notes, Discharge/Death Summary, Indoor Case Papers, Test Reports, etc.).
  • Original Policy document.
  • Claimant's Photo ID with age proof & relationship with the life assured.
  • Others requested by the company.

Once the above documents are submitted, the company will further examine and assess the same. The company may ask for additional documents (if required).

Claim Decision & Payout:

If approved, the claimant will receive the payment through NEFT.

Contact Details of TATA AIA Life Insurance

Address: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai 400013

Contact Number:

  • 1-860-266-9966 (Mon to Sat: 10 am to 7 pm)
  • +91-80- 67603700 (Callers outside India only)

SMS Service:

SMS "SERVICE" to 5676799

FAQs

1. Does being a smoker affect my term insurance premium amount?

Yes. If you are a smoker, you have to pay a higher premium amount than a non-smoker.

2. Can the premium amount change after some time?

No, one can't change a term plan's specifications after buying it. However, if required, one can opt for a plan that has an increasing or decreasing sum assured.

3. Will I get any tax benefits if I buy a term insurance plan?

Yes, under Section 80C of the Income Tax Act, 1961, one can avail of tax benefits.

4. Does it make sense for a person above 60 years of age to buy term insurance?

Generally, one buys term insurance to secure the financial future of his/her dependents. After 60, you are a senior citizen and considered a dependent. At that age, it's best to buy retirement plans. However, if you want, term insurance is also an option. Just remember one thing- you have to pay a higher premium in return.

Last updated on 21-12-2020