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Lic Term vs Tata Aia Term Insurance

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Lic Term

Tata Aia Term Insurance

Rating	Rating 4.5	Rating 4.6
Number of term insurance plans and add-ons	No. of Plans 2	No. of Plans 6
Annual Premiums Collected (2024-25)	Annual Premiums Collected (2024-25) 848.92 crores	Annual Premiums Collected (2024-25) 483.60 crores
Payout Options	Payout Options Lump sum, monthly, or a combination of both	Payout Options Lump sum, monthly, or a combination of both
Claim ratio	Payout Options 98.15%%	Payout Options 99.41%
Solvency Ratio	Solvency Ratio 2.11	Solvency Ratio 1.80
Pan India Presence	Pan India Presence 2048	Pan India Presence 500+
Riders Available	Riders Available Accidental Death and Disability Benefit, Critical Illness, Premium Waiver Benefit	Riders Available Waiver of Premium Rider, Accidental Death Rider, Accidental Disability Rider, Critical Illness Rider
Policy Term	Policy Term 5 to 40 years	Policy Term 10 to 40 years
Inception year	Inception year 1956	Inception year 2001
Complaint ratio per ₹1 crore of premium collected	Complaint ratio per ₹1 crore of premium collected 0.005	Complaint ratio per ₹1 crore of premium collected 0.017
Average claim settlement time	Average claim settlement time 7-15 working days	Average claim settlement time Less than 30 days
IRDAI registration number	IRDAI registration number 512	IRDAI registration number 110
Awards and recognitions	Awards and recognitions 'Best Brand' at ET BFSI Awards, 'Most Trusted Insurance Brand' by Insurance Alerts, and recognitions for claim service and campaign excellence	Awards and recognitions Challenge Leader Award, Best Brand-Influencer Collaboration, JRDQV Award
Recommended Videos	6 Best LIC Plans to Invest Tata AIA Param Rakshak Pro \| TATA AIA Term Insurance Plan \| \| TATA AIA Param Rakshak Pro Solution \|

Overview

LIC Term Insurance Plans: Overview

LIC is India's largest and most reliable insurance provider with the highest market share. It offers a wide range of insurance products such as term, pension, ULIP Plans, micro, withdrawn, and health plans. LIC term plans provide financial protection to your loved ones in case of your unfortunate demise.

According to the IRDAI report for 2024-2025, LIC term insurance plans settled claims worth ₹13,000 crores, the highest in the market for that financial year. Additionally, LIC term plans reported a solvency ratio of 2.11 during the financial year 2024.

Key Features of LIC Term Plans

Multiple plan options to choose from
Death benefits for your loved ones
Choice of additional riders
Tax-saving benefits
Hassle-free purchase process
Affordable premium prices
Flexible sum assured
Flexible premium payment options

Riders

Riders You Can Avail With LIC Term Insurance Plans

Name of the Rider	Benefits
LIC Accidental Death and Disability Benefits Rider	Offers additional benefits if the policyholder suffers accidental death or disability.
LIC Accidental Death Benefits Rider	Provides a lump sum benefit to the nominee if the policyholder's death is due to an accident.
LIC Critical Illness Rider	Offers a lump sum benefit upon diagnosis of any of the specified critical illnesses.
LIC Premium Waiver Benefit Rider	Waives off future premiums if the policyholder suffers an accidental disability or is diagnosed with a specified critical illness.

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LIC Term Insurance

Explore India’s best-selling Term insurance plans below

One of India's most trusted and legacy insurance brands, LIC began its journey six decades ago and serves over 250 million policyholders.

LIC Jeevan Amar

LIC Jeevan Amar plan is a non-linked, non-participating, without profit, offline pure protection term insurance plan. With several benefits, LIC Jeeva...

Unique Features

Rebate on High Sum Assured
Discounted Premium for Women
Add-on cover with Accident Benefit Rider

LIC Jeevan Amar (Pros)

Choose your policy term
Flexibility to choose from two benefit options
Special rates for women

LIC Jeevan Amar (Cons)

No maturity benefits
No survival benefits
No policy loan

LIC Jeevan Amar (Other Benefits)

High sum assured rebate
Choose the riders of your choice
Attractive premium rates for non-smokers

LIC Jeevan Amar (Eligibility Criteria)

Entry age - 18 years
Max entry age - 65 years
Min sum assured - 25 lakhs
Max maturity age - 80 years
PPT - RP/SP/LP

LIC Tech Term Plan

LIC's Tech Term plan is a non-linked, non-participating online, pure risk premium plan that provides financial protection to the insured's family in c...

Unique Features

Online Application
Rebate on High Sum Assured
Lower Premium for Women

LIC Tech Term Plan (Pros)

Choose from two benefit options
payment of benefit in installments
Special rates for women

LIC Tech Term Plan (Cons)

No maturity benefits
No survival benefits
No policy loan

LIC Tech Term Plan (Other Benefits)

High sum assured rebate
Choose your policy term
Enhance your protection with riders

LIC Tech Term Plan (Eligibility Criteria)

Entry age - 18 years
Max entry age - 65 years
Min sum assured - 50 lakhs
Max maturity age - 80 years
PPT - RP/SP/LP

Tata AIA Term Insurance

Explore India’s best-selling Term insurance plans below

TATA Insurance Company is a joint venture between TATA Sons Pvt. Ltd and AIA Group Ltd. The company is amongst the top term insurance providers in the Indian subcontinent.

TATA AIA Insta Protect

Tata AIA Insta Protect is a comprehensive plan protecting your family against death, disability, and disease under a single plan. The plan safeguards ...

Unique Features

All round protection
Loaded with features
Very high Sum Insured

TATA AIA Insta Protect (Pros)

Covers Death Due to Accident
No Medical Tests
Accelerated Terminal Illness

TATA AIA Insta Protect (Cons)

No Loans Allowed
No Maturity Benefit
No Suicide Cover in Terminal Illness

TATA AIA Insta Protect (Other Benefits)

Return of Premiums (Optional)
Survival and Maturity Benefit
Health and Wellness Benefits

TATA AIA Insta Protect (Eligibility Criteria)

Entry Age - 18 years
Max Entry Age - 45 years
Minimum Sum Assured - 25 L
Maximum Maturity Age - 75 Yrs
Premium Payment Term - LP/RP/SP

Tata AIA SRS Vitality Protect

Tata AIA SRS Vitality is a rеmarkablе term insurance plan that sеamlеssly blеnds two еssеntial еlеmеnts - Tata AIA Life Insurance Sampoorna ...

Unique Features

Whole Life Cover
Wellness Program
Cover Boosters

Tata AIA SRS Vitality Protect (Pros)

10% Guaranteed Discount
Wellness Rewards Program
Guaranteed 1st Year Discount

Tata AIA SRS Vitality Protect (Cons)

No Plan Conversion Option
No Maturity Benefit
Limited Premium Payment Terms

Tata AIA SRS Vitality Protect (Other Benefits)

75% SA Terminal Illness Coverage
Cover Boosters
Up To 30% Rider Premium Discount

Tata AIA SRS Vitality Protect (Eligibility Criteria)

Entry Age - 18 years
Max Entry Age - 65 years
Minimum Sum Assured - 50 L
Max Maturity Age 100Yrs
Premium Payment Term - (5-81 Yrs) LP/RP/SP

TATA AIA Saral Jeevan Bima

TATA AIA Saral Jeevan Bima is a pure protection plan. The plan is designed with simple terms and conditions, it is affordable and accessible to even t...

Unique Features

A simple and easy plan
Affordable premiums
Choose your rider options

TATA AIA Saral Jeevan Bima (Pros)

Available for Online Buying
Choose to pay Premium Once
Max Sum Assured 50L

TATA AIA Saral Jeevan Bima (Cons)

No Survival Benefit
No Maturity Benefit
No Surrender Benefit

TATA AIA Saral Jeevan Bima (Other Benefits)

Suicide Cover
Spouse Cover
Policy Revival Within 5 Years

TATA AIA Saral Jeevan Bima (Eligibility Criteria)

Entry Age - 18 years
Max Entry Age - 65 years
Minimum Sum Assured - 5 L
Maximum Maturity Age - NA
Premium Payment Term - RP/SP/LP(5&10 Years)

TATA AIA Maha Raksha Supreme

TATA AIA has introduced a term plan which covers you for terminal illnesses. You can avail of 50% of the basic sum assured in case you are diagnosed w...

Unique Features

Life Stage Plus Option
Payout Accelerator Benefit
Non-smoker & Female Discounts

TATA AIA Maha Raksha Supreme (Pros)

Additional Riders
High Cover Discount
Life Coverage with Terminal Illness Payout

TATA AIA Maha Raksha Supreme (Cons)

No Policy Loan is Available
No Plan Conversion Option
No Maturity Benefit

TATA AIA Maha Raksha Supreme (Other Benefits)

Payout Accelerator Benefit
105% SA Death Benefit
Whole Life coverage (till age 100 years)

TATA AIA Maha Raksha Supreme (Eligibility Criteria)

Entry Age - 18 years
Minimum Sum Assured - 50 L
Max Maturity Age 100Yrs
Premium Payment Term - LP/RP/SP
Max Entry Age - 65 years(Adaptable)

Tata AIA Sampoorna Raksha Promise

Sampoorna Raksha Promise by Tata AIA Life Insurance is a pure-term insurance plan that offers financial protection to your loved ones in case of your ...

Unique Features

4 Plan Options
Joint Life Option
Instant Payout on Claim

Tata AIA Sampoorna Raksha Promise (Pros)

Choice of Plan Options
Instant Payment on Claim Intimation
Whole Life Coverage Option

Tata AIA Sampoorna Raksha Promise (Cons)

No Policy Loan is Available
No Plan Conversion Option
No Maturity Benefit

Tata AIA Sampoorna Raksha Promise (Other Benefits)

Special Discount for Females
Add-on Riders to Choose
Choice of Death Benefit Payout

Tata AIA Sampoorna Raksha Promise (Eligibility Criteria)

Entry Age - 18 years
Minimum Sum Assured - 25 L
Max Maturity Age - 100 Yrs
Premium Payment Term - LP/RP/SP
Max Entry Age - 65 years (Adaptable)

Tata AIA Maha Raksha Supreme Select

Tata AIA Maha Raksha Supreme Select is a pure term insurance plan that protects your family's lifestyle, secures long-term objectives, and repays debt...

Unique Features

Flexible death benefit options
Whole life cover
Super Retirement Benefit (Life Secure Options)

Tata AIA Maha Raksha Supreme Select (Pros)

Financial protection
Illness and waiver benefits
Early Payout

Tata AIA Maha Raksha Supreme Select (Cons)

1 Year WP for Suicide
No Policy Loans
No Pre-existing Conditions

Tata AIA Maha Raksha Supreme Select (Other Benefits)

Super Retirement Benefit (Life Secure Options)
Acceleration of 50% of the Effective Sum Assured on the Diagnosis of Terminal Illnesses

Tata AIA Maha Raksha Supreme Select (Eligibility Criteria)

Entry Age - 18 Years
Max Entry Age - 65 years
Minimum Sum Assured - ₹ 25
00
000
Maximum Maturity Age - 100 years
Premium Payment Term - RP/SP/LP

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Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.

Name of the rider	Benefits
Tata AIA Waiver of Premium Rider	It will waive all future premiums and the benefits of the policy will remain the same in case of disability, dismemberment, or diagnosis of critical illness.
Tata AIA Accidental Death Rider	Offers financial help to your dependents in addition to base policy benefits in case of the policyholder’s death due to an accident.
Tata AIA Accidental Disability Rider	This rider offers financial benefits in case the policyholder becomes partially or totally disabled due to an accident.
Tata AIA Critical Illness Rider	In case the policyholder is diagnosed with any of the critical illnesses mentioned in the brochure then rider benefits are paid to them.

Lic Term vs Tata Aia Term Insurance

Compare

Lic Term vs Tata Aia Term Insurance

Overview

LIC Term Insurance Plans: Overview

Key Features of LIC Term Plans

TATA AIA Term Insurance: Overview

Riders

Riders You Can Avail With LIC Term Insurance Plans

Riders You Can Avail With TATA Term Insurance Plans

But how does it work?

Other Term Insurance Companies

LIC Term Insurance

LIC Jeevan Amar (Pros)

LIC Jeevan Amar (Cons)

LIC Jeevan Amar (Other Benefits)

LIC Jeevan Amar (Eligibility Criteria)

LIC Tech Term Plan (Pros)

LIC Tech Term Plan (Cons)

LIC Tech Term Plan (Other Benefits)

LIC Tech Term Plan (Eligibility Criteria)

Tata AIA Term Insurance

TATA AIA Insta Protect (Pros)

TATA AIA Insta Protect (Cons)

TATA AIA Insta Protect (Other Benefits)

TATA AIA Insta Protect (Eligibility Criteria)

Tata AIA SRS Vitality Protect (Pros)

Tata AIA SRS Vitality Protect (Cons)

Tata AIA SRS Vitality Protect (Other Benefits)

Tata AIA SRS Vitality Protect (Eligibility Criteria)

TATA AIA Saral Jeevan Bima (Pros)

TATA AIA Saral Jeevan Bima (Cons)

TATA AIA Saral Jeevan Bima (Other Benefits)

TATA AIA Saral Jeevan Bima (Eligibility Criteria)

TATA AIA Maha Raksha Supreme (Pros)

TATA AIA Maha Raksha Supreme (Cons)

TATA AIA Maha Raksha Supreme (Other Benefits)

TATA AIA Maha Raksha Supreme (Eligibility Criteria)

Tata AIA Sampoorna Raksha Promise (Pros)

Tata AIA Sampoorna Raksha Promise (Cons)

Tata AIA Sampoorna Raksha Promise (Other Benefits)

Tata AIA Sampoorna Raksha Promise (Eligibility Criteria)

Tata AIA Maha Raksha Supreme Select (Pros)

Tata AIA Maha Raksha Supreme Select (Cons)

Tata AIA Maha Raksha Supreme Select (Other Benefits)

Tata AIA Maha Raksha Supreme Select (Eligibility Criteria)

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