About TATA AIA Term Insurance

TATA AIA is a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. The company offers protection through its multiple life insurance segments and term insurance is one of them.

Features of TATA AIA Term Insurance Plan

Protecting your family's future after your demise is one of the best things you can do for them.

Read along to explore the features of TATA AIA Term Insurance Plans:

1 Invest Early and Pay Low Premiums

The golden rule for buying a term plan is to buy it as early as you can, because the earlier you buy a term plan, the less will be the premium. The term plans offered by TATA AIA let you invest as soon as you turn 18.

2 Availability of Riders

Premium: Rs.900/month

Age: 25

To enhance your and your family's overall protection, TATA AIA term insurance plans allow you to add several riders to your basic term plan. These riders help you avail of additional coverage for your family members against the uncertainties of life.

3 Multiple Premium Payment Option

To make premium payment convenient for you, these plans let you choose your premium payment option. The options available are Limited Pay, Single Pay, and Regular Pay.

4 Flexible Payout Option

With TATA AIA Term Insurance plans, you have the flexibility to choose how your family will receive the sum assured. The pay-out can be in the form of a lump sum, a monthly or annual income, or a combination of lump sum and income as per the needs.

5 Covers COVID-19

Life is unpredictable, and this stands true when we look out at the current situation of this pandemic hovering over our heads. Fortunately, IRDAI has now made it mandatory for every insurance provider to cover the deaths due to the COVID-19, which means, in case of your death due to COVID, TATA AIA Term plans will pay your nominee the sum assured.

Benefits of TATA AIA Term Insurance Plans

Secure your family's futureDiscounts on premium for women policyholders Discounts on premium for non-smokersDiscount on premium rates for higher sum assured

Claim Settlement Ratio of TATA AIA Term Insurance

Buying Term Insurance is a major decision that you make in terms of investing money for the future. He claim settlement ratio is a metric to gauge the percentage of life insurance claims an insurer has settled during a financial year against the number of claims it receives. As per IRDAI's Annual Report 2019-2020, the CSR of TATA AIA was 99.06.

Let's compare TATA AIA's CSR with the top term insurers in the graph below.

Comparison between TATA AIA and other top insurance companies based on claim settlement ratio

Types of TATA AIA Term Insurance Plans

Let's discuss the above-listed plans in detail. Read below.

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 among 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 up to the age of 100.
   • The plan offers lower premium rates for female lives and non-smokers.
   • There are special discounts on premium rates provided to the policyholders if they opt for a higher sum assured amount.
   • One can avail of tax benefits as per the Income Tax Act, 1961.
   • Customers can enhance the coverage of their plan with the help of an optional rider.

   Eligibility Criteria

   Criteria	Minimum	Maximum
   Entry age	18 years	Regular Pay:70 years Limited Pay-5: 70 years Limited Pay 10/12: 65 years Pay till age 60: 50 years
   Maturity age	28 years	85 years Whole Life cover- 100 years
   Sum insured	Rs. 3,00,00,000	No Limit
   Premium payment option	Limited Pay and Regular Pay
   Premium payment mode	Annual, half-yearly, quarterly, and monthly

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 provides coverage for the policy term period of up to 40 years, or till age 100 years.
   • Customers are provided with the flexibility of choosing between two death benefit options. These options include a lump sum on the death and lump sum on the 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 Criteria

   Criteria	Minimum	Maximum
   Entry age	18 years	Regular Pay & Limited Pay 5 year: 70 years Limited Pay 10 years & 12 years: 65 years
   Maturity age	28 years	100 years
   Sum insured	Rs. 50,00,000	No Limit
   Premium payment option	Limited Pay and Regular Pay
   Premium payment mode	Annual, half-yearly, quarterly, and monthly

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

   • Customers have the choice to choose among single, regular, or limited premium payment terms.
   • The plan comes with dual benefits of financial protection and returns of premium if the policyholder survives till maturity age.
   • There are special discounts provided to the customers opting for higher coverage.
   • Females can avail the benefit of lower premiums.

   Eligibility Criteria

   Criteria	Minimum	Maximum
   Entry age	18 years	Single, Regular & Limited Pay 5 year: 70 years Limited Pay 10 years: 65 years
   Maturity age	-	100 years
   Sum insured	Rs. 50,00,000	No Limit
   Premium payment option	Limited Pay, Single Pay, and Regular Pay
   Premium payment mode	Annual, half-yearly, quarterly, monthly, Single (for Single Pay)

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 helps you to take care of 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.
   • The plan provides life cover up to age 85 or the option for Whole Life coverage i.e. till 100 years of age.
   • Non-smokers can get standard premium rates while females can enjoy discounted rates.

   Eligibility Criteria

   Criteria	Minimum	Maximum
   Entry age	18 years	Single, Regular & Limited Pay 5 year: 70 years Limited Pay 10,12 years: 65 years Pay to age 60 years: 45 years
   Maturity age	New whole life- 28 years Whole life- 100 years	100 years
   Sum insured	Rs. 50,00,000	No Limit
   Premium payment option	Limited Pay, Single Pay, Regular Pay, Limited Pay- 10/12 and Limited Pay to Age 60
   Premium payment mode	Annual, half-yearly, quarterly, monthly, Single (for Single Pay)

5. Tata AIA Life Insurance Saral Jeevan Bima

   Tata AIA Life Insurance Saral Jeevan Bima provides financial protection to family members of the insured person.

   Key Features

   • Customers have the flexibility to choose policy term and premium paying term at their convenience.
   • Female customers can avail the benefit of lower premium rates.
   • The plan also comes with optional riders to provide comprehensive protection.

   Eligibility Criteria

   Criteria	Minimum	Maximum
   Entry age	18 years	65 years
   Maturity age	-	70 years
   Sum insured	Rs. 50,00,000	Rs 49,50,000 with the limit reviewable as per Board approved underwriting policy
   Premium payment option	Limited Pay, Single Pay, and Regular Pay
   Premium payment mode	Single, Annual, Half-yearly, Monthly

How To Buy TATA AIA Term Insurance Plans?

The company sells two of its term 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 term insurance plans can be purchased by visiting the nearest branch of TATA AIA company.

In addition to this, TATA AIA Term 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.

Claim Process of TATA AIA Term Insurance

TATA AIA Term Insurance offers an easy-to-understand claim process. After the death of the policyholder, the claimant needs to follow the below steps to get their claims settled.