Tata AIA Term Plan

TATA AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). 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.

Who Should Buy TATA AIA Term Plans?

• Young Individuals- Buying Term Insurance at a young age ensures that you can provide insurance coverage to your family at the earliest and for a greater number of years. 
• Parents- Parents in a family or at least one of them is generally the breadwinner of the family and the rest of the members depend on them for financial and educational support. Term insurance equips parents to secure the future of the dependents in case of a disability or demise. 
• Newly wedded couples- If you have taken the steps towards marital life it is necessary to consider the safety and security of your spouse. A term life insurance can take care of many financial liabilities when needed. 
• Professional working women- A working woman has many responsibilities like financially supporting their old parents, managing expenses, a new business venture, or a wedding. In the absence of the woman, the sum assured of a term plan can enable the bereaved family financially. 
• Investors- As an investor, you need to pay regular monthly amounts of money towards your investments which will grow and can be used for various purposes in the future. However, if something happens to you, these investments and financial benefits will stop. Buying term insurance will secure your family's future.
• Retired Individuals- Term insurance for a retired person can be beneficial, especially if they have dependent family members. Term policy benefits are also like an inheritance that the retiree leaves behind.

Why TATA AIA Term Plans?

Everyone wants to make sure that their loved ones have a comfortable life and a secure future. Most of us thrive to provide joy, comfort, and security to our family members making sure they are never short of financial resources. Read more to understand the key benefits of buying Term Insurance.

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

TATA term insurance provides a multitude of advantages to its customer and a few of the benefits are given below:

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

Claim Settlement Ratio of TATA AIA Term Insurance

Claim settlement ratio is one of the important factors that you should consider while deciding on the insurance provider to buy a term life insurance plan. Claim settlement ratio (CSR) is the % of claims that an insurance provider settles in a year out of the total claims. It acts as an indicator of their credibility. As a general rule, the higher the ratio, the more reliable the insurer is.

As per IRDA's Annual Report 2020-21, the Claim Settlement Ratio of TATA AIA was 98.02%.

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

Different TATA AIA Term Insurance Plans Available

To understand which plan is best for you and your family PolicyX has further simplified and provided a breakdown of the benefits and of the above mentioned Term Plans. Please scroll below to read.

1. Tata AIA Life Insurance Sampoorna Raksha Supreme

   Tata AIA Life Insurance Sampoorna Raksha Supreme plan is a non-linked non- participating individual life insurance plan ensuring a safe financial future for your family, especially in your absence. Tata AIA Life Insurance Sampoorna Raksha Supreme is a comprehensive term life insurance plan that offers you flexible plan options to secure your family's financial future.

   Key Features

   • Under this plan, you can avail of whole life coverage up to 100 years of age*.
   • With a range of rider options, you can be covered against critical illness, accidental death, etc., under this plan.
   • This plan allows you to choose between Single Pay, Limited Pay and Regular Pay as well as flexible premium payment modes.
   • The plan comes with a feature known as "The Life Stage Option benefit" that lets you increase your insurance cover by 25%, 50% or 100%, in accordance with the requirement during a certain life stage.
   • you can opt for a lump sum payout or a regular income of up to 60 months or a combination of both options.
   • The rider option under this plan enables you to uphold the policy and waives off future premiums while keeping the policy in effect.

   TATA AIA Life Insurance Sampoorna Raksha Supreme has further provided plans to cater to each individual's requirements.

   • Life Option

     This is a pure risk variant wherein the customer chooses the Base sum assured at the time of purchase.

     Eligibility Criteria

     Plan Option	Min age at entry	Max age at entry	Age at Maturity	Premium Payment Mode	Premium Payment Term (PPT)- Minimum	Premium Payment Term (PPT)- Maximum
     Life (POS)	18 years	60 years	65 years	Annual, Quarterly, Half yearly, Monthly, Single	Regular Pay- 60 months, Limited Pay- 60 months	Regular Pay- 564 months, Limited Pay- 563 months
     Life (non-POS)	18 years	65 years	100 years	Annual, Quarterly, Half yearly, Monthly, Single	Regular Pay- 13 months, Limited Pay- 13 months	Regular Pay- 984 months, Limited Pay- 983 months

   • Life Plus Option

     This is a protection oriented variant wherein the customer chooses the Base Sum Assured at the time of purchase subject to underwriting eligibility.

     Eligibility Criteria

     Plan Option	Min age at entry	Max age at entry	Age at Maturity	Premium Payment Mode	Premium Payment Term (PPT)- Minimum	Premium Payment Term (PPT)- Maximum
     Life Plus (POS)	18 years	55 years	65 years	Annual, Quarterly, Half yearly, Monthly, Single	Regular Pay- 120 months, Limited Pay- 60 months	Regular Pay- 480 months, Limited Pay- 479 months
     Life Plus (non-POS<)	18 years	65 years	100 years	Annual, Quarterly, Half yearly, Monthly, Single	Regular Pay- 120 months, Limited Pay- 60 months	Regular Pay- 480 months, Limited Pay- 479 months

   • Life Income

     This option provides for the Death Benet along with the regular monthly income.

     Eligibility Criteria

     Plan Option	Min age at entry	Max age at entry	Age at Maturity	Premium Payment Mode	Premium Payment Term (PPT)- Minimum	Premium Payment Term (PPT)- Maximum
     Life Income (non-POS )	30 years	50 years	100 years	Annual, Quarterly, Half yearly, Monthly, Single	Regular Pay- N/A Limited Pay- 60 months	Regular Pay- N/A Limited Pay- 120 months

   • Credit Protection

     This is a pure risk variant wherein the policyholder chooses the Base SA at the time of purchase subject to underwriting eligibility

     Eligibility Criteria

     Plan Option	Min age at entry	Max age at entry	Age at Maturity	Premium Payment Mode	Premium Payment Term (PPT)- Minimum	Premium Payment Term (PPT)- Maximum
     Credit Protect (POS)	18 years	60 years	65 years	Annual, Quarterly, Half yearly, Monthly, Single	Regular Pay- 60 months, Limited Pay- 60 months	Regular Pay- 360 months, Limited Pay- 359 months
     Credit Protect (non-POS)	18 years	65 years	100 years	Annual, Quarterly, Half yearly, Monthly, Single	Regular Pay- 60 months, Limited Pay- 13 months	Regular Pay- 360 months, Limited Pay- 359 months

   Tata AIA Life Insurance Sampoorna Raksha Supreme and its flexible plan options are designed to help you meet your insurance needs. At each life stage, regardless of one's gender, occupation, age, etc. It also gives you the option to enhance your cover with the following riders.

   Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider

   • Additional coverage against unforeseen events like accidental death, accidental disability, critical illnesses including cancer and cardiac conditions, and terminal illnesses, and more.
   • Option to extend the rider coverage to protect your loved ones under the same plan. Option to receive the balance premiums on maturity.

   Tata AIA Life Insurance Non-Linked Comprehensive Health Rider

   • Additional coverage against different risks such as hospitalization, accidental disability and critical illnesses like cancer and cardiac arrests at minor and major stages, and more.
   • Coverage against major ailments as well as major and minor illnesses or injuries along with multiple claim payouts.
   • Flexible choice of benefit payout as a lump sum, monthly income for 10 years, or lump sum and income for a fixed period.

2. Insta Protect Solution

   InstaProtect is a comprehensive solution that provides financial protection to you and your family. This Smart Solution combines the benefit of a life cover along with critical illness, hospitalization expenses, accidental death, total and permanent disability, and more.

   Key Features

   • Criticare plus benefit- Under Criticare Plus Benefit, you will be entitled for lumpsum payout# on the first diagnosis of any of the specified 40 critical illnesses or undergoing any covered procedures. Hence, this benefit provides comprehensive coverage against multiple illnesses, including cancer and cardiac.
   • Hospicare benefit- Hospicare Benefit option will pay out# a per day hospitalization benefit of 0.5% of the sum assured. And if you are admitted to the Intensive Care Unit (ICU), an additional 0.5% of the sum assured will be paid out.
   • Accidental Total and permanent disability benefit- In case of an unfortunate event of a total and permanent disability due to an accident, a lump sum will be paid# which can help you cover the treatment expenses, and expenses to modify your home/vehicle, loss of income, etc.
   • Accidental death benefit- This feature pays out an additional lump sum to your family in case of death due to an accident.

   Eligibility Criteria

   Criteria	Minimum	Maximum
   Entry Age	18 Years	45 Years
   Maximum Age	23 Years	75 Years

3. 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 Plans?

The insurers sell two-term plans online and you can purchase them easily from their official website. The two plans are TATA AIA LIFE Insurance Sampoorna Raksha Supreme and a newly launched plan TATA AIA LIFE Insurance Insta protect solution.

We have provided a clear breakdown to help you navigate the buying process easily:

After making the payment, the company will send a soft copy of the policy to the registered email address of the customer.

How to Register a Claim Online?

All claim settlements are the topmost priority for any insurance provider. To claim a policy only these are the steps one needs to follow for a smooth process

TATA AIA has commenced two new initiatives to make the claim process smoother. Read below to know more about the same:

• Easy claim doorstep service -Easy Claim Initiative provides convenient claim service at your doorstep. The Beneficiary can call our helpline to schedule an appointment.
• Express claim 4-hour settlement- Express Claims service, a unique service initiative, the Beneficiary can submit the necessary documents with TATA AIA agent who will initiate the claim process and ensure that the claim amount is received within 4 hours.