Get covered at unbelievably low premiums for high sums. It can't get any better.

Tata AIA Life Insurance

TATA AIA life insurance is a joint venture company formed by TATA Sons and AIA Group. TATA Sons have a stokehold of 51%, while the AIA group has a stake of 49%.

The Company boasts of a perfect combination of experience and efficiency.

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 spans across 18 markets in the Asia Pacific region, making it one of the leading insurance companies in India. Tata AIA Life Insurance Company Limited was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001.

Interesting Facts about TATA AIA Life Insurance

  • 100% grievances were settled for year 2015-2016
  • 96.80% claim settlement ratio for year 2015-2016
  • By 2020, TATA AIA intends to secure the lives of 3 million consumers

Benefits of TATA AIA Life Insurance

  • Vast variety of plans to chose from
  • Tax benefits under section 80 and 10(10D) of the Income Tax Act, 1981.
  • Flexibility to chose premium payment mode and policy term
  • Loyalty addition and bonus is offered to enhance your savings

Types of life Insurance Plans Offered by TATA AIA Life Insurance

TATA AIA Life Insurance offers you a host of life insurance plans that give you the dual benefits of savings and insurance as well.

Protection Plans

TATA AIA Life Insurance Sampoorna Raksha: A pure term insurance plan that ensures complete financial protection for your family and also offers you the flexibility to choose the plan that caters to your needs. The plan offers life cover for a policy term up to 40-80 years of age and also lets you enhance your protection with optional rider. With this plan, you can opt for lump sum benefit on death or can also customize it as lump sum benefit on death and monthly income for next 10 years.

TATA AIA Life Insurance Sampoorna Raksha +: This plan not only offers you financial protection, but also gives you return of premium on your survival of the term. The plan is offered at low premium to non-smokers and females. You can choose for regular or limited (5-10 years) premium paying term and can also opt for policy term of up to 30-80 years of age.

TATA AIA Life Insurance iRaksha Trop: An ideal plan that helps you in securing your family’s financial future. This plan gives you peace of mind by securing your family members and also returns the total premium paid, in case you survive the policy term. Choice of premium payment is offered as you can pay it in regular pay, limited pay or single pay. Discounts are provided to customers opting for high level protection i.e. if the sum assured is of Rs. 75 lakh or above.

TATA AIA Life Insurance iRaksha Supreme: An affordable term insurance plan that provides financial protection in case of unfortunate demise of the policyholder. Non-smokers and female customers are offered low premium rates. Also, you can opt from three premium payment modes-single pay, limited pay or regular pay.

TATA AIA Life Insurance Maha Raksha Supreme: This is a pure protection plan that enables you to enhance the cover with its life stage plus option that gives you an option to increase cover at the time of future milestones in your life. If during the policy term, if you are diagnosed with terminal illness, then the Inbuilt Payout Accelerator Benefit advances 50% of Basic Sum Assured.

Wealth Plans

TATA AIA Life Insurance Invest One: A plan that lets you enjoy the benefits of insurance and market linked returns with a one time premium pay. Assuring you maximum returns, the plan comes with maturity additions and loyalty additions. You get an option to choose from over 8 fund options with 2 new funds. The policy term can be between 15-30 years.

TATA AIA Life Insurance Fortune Maxima: This is a Non-Participating Unit Linked Whole of Life Plan that lets you maximize your whole life protection corpus with power of market driven growth. You need to pay premium once or for a limited period of time to get insurance protection for your whole life. The plan offers you flexibility to choose from over 11 fund options and can also customize the plan with three additional unit deducting riders.

TATA AIA Life Insurance Fortune Pro: This Unit Linked Endowment Assurance Plan provides protection to your loved ones and also helps you grow your money by offering you over 11 fund options that help you enhance your investment opportunities. Loyalty additions are provided to boost your investments and you can customize the plan with three additional unit deducting riders.

TATA AIA Life Insurance Wealth Maxima: A Unit Linked Whole of Life Plan that provides you long term financial security to fulfil your financial needs for your children's education or retirement planning. You can opt for a single, annual, semi-annual, quarterly and monthly premium payment mode and can also have a premium paying term of single or limited pay. On survival till the end of the policy term, you will receive the Total Fund Value valued at applicable NAV on the date of Maturity.

TATA AIA Life Insurance Wealth Pro: Helping you accomplish your dreams and aspirations, this plan is a unit linked endowment insurance plan that offers you the flexibility to choose from over 11 fund options to enhance your investment. You have the Choice of Enhanced Systematic Money Allocation & Regular Transfer Investment Portfolio Strategy. The plan also gives you an option to customize your plan with three additional unit deducting riders.

Savings Solutions

Understanding the importance of good financial saving for the future, the savings solutions by TATA AIA Life Insurance ensure lifetime financial security for your family in case of unfortunate demise of the earning family member. TATA AIA offers you 14 types of life insurance plans that provide adequate life insurance coverage with an element of savings.

TATA AIA Life Insurance Gold Income Plan: A limited pay income plan that ensures you guaranteed returns on money invested. Apart from offering guaranteed lump sum benefit on maturity, the plan also offers guaranteed income during the income term that increases every year. You need to pay for 5-12 years for a policy term of 12-15 years. The policyholder is eligible to receive guaranteed income starting at 12% of the basic sum assured. You can also enhance your protection with optional riders.

TATA AIA Life Insurance Smart Income Plus: A plan that helps you meet your tomorrows requirements, while also protecting your loved ones by offering guaranteed returns on money invested. You are eligible to receive guaranteed payouts from 120% to 160% of the annualized premium. You pay for 7/10/12 years and get guaranteed life cover for 15/21/25 years and can chose between regular income or endowment options.

TATA AIA Life Insurance Monthly Insurance Plan: This plan helps you build financial corpus for your future needs by helping you save monthly for a limited period of time. With this plan, you can avail loan facility and can also enhance the life cover with optional riders. You receive a lump sum benefit on maturity and are also eligible for Guaranteed Yearly Additions and Bonuses that further maximize your savings.

TATA AIA Life Insurance Secure 7: This is a non-linked non-participating endowment assurance plan that requires you to pay premium for 7 years and receive guaranteed annual income for the next 7 years. It protects you against uncertainties of life during the entire policy term and also protects your guaranteed income against erosion due to inflation.

TATA AIA Life Insurance Maha Life Supreme: A plan that provides you with dual benefits of savings outflow and regular income flow. This non-linked non-participating endowment assurance plan also provides all the important benefits of life insurance protection. The plan is a limited premium payment endowment plan with guaranteed annual income that also provides you an option to increase your protection using riders.

TATA AIA Life Insurance Fortune Guarantee: A plan that provides you the benefits of saving and also protects your family in case of any unfortunate events. It offers you guaranteed maturity benefit with a short premium paying term. For a policy term of 10 years, you are required to pay for 5 years. Guaranteed Maturity Benefit* that varies from 138% to 159% of Total Premiums Paid and high benefits are offered to females.

TATA AIA Life Insurance Insta Wealth Plan: This is a simple non-linked endowment assurance plan that offers you life cover without any hassles of medical examinations. You have the convenience to pay for short term and enjoy life cover throughout the term of the policy. The plan offers you guaranteed life cover of up to 10 lakhs and also gives guaranteed additions and bonus to enhance your savings.

TATA AIA Life Insurance Money Back Plus: A plan that offers you periodic payout at key stages in your life and also offers you life cover protection. It offers survival payouts of up to 130% of sum assured at regular intervals throughout the term and also offers lump sum maturity addition to meet your needs. It also offers you with an advantage of paying premium for half the term and also enhances your savings by giving you bonuses throughout the term.

TATA AIA Life Insurance Smart 7: Besides fulfilling your insurance needs, this plan also helps you enhance your financial corpus by giving you lump sum amount on maturity. You pay for a limited period of 7 years and receive the benefits in next 5 years while also enjoying life protection for a term of 12 years. It lets you enjoy growth of corpus over 12 years through Compounding Annual Bonus and also gives you an option to enhance protection by opting for riders.

TATA AIA Life Insurance Smart Growth Plans: This is a non-linked with profit endowment plan that gives you flexibility to chose policy terms depending on your short term or long term saving needs. The policyholder receives double the sum assured on the account of his death. The plan helps you enhance your savings by bonuses and guaranteed additions of 5.5% p.a. of Sum assured.

TATA AIA Life Insurance MahaLife Gold Plus: A short term investment plan that offers best returns on a longer run. Enjoy lifelong coverage up to the age of 85 years by paying premium only for a term of 15 years. The plan ensures regular income flow for you and your family and in addition to it also provides you with a lump sum amount on maturity. The policyholder is eligible to receive annual coupons from 10th to 30th policy anniversary and can also recevive Non Guaranteed Cash Dividends annually from 6th policy anniversary till maturity.

TATA AIA Life Insurance MahaLife Gold: A plan that helps you create legacy for over three generations by ensuring a regular income flow for you and your family members. You also enjoy a lifelong coverage up to the age of 85 and are also eligible to receive lump sum amount on maturity. The policyholder is eligible to receive annual coupons from 10th to 30th policy anniversary and can also recevive Non Guaranteed Cash Dividends annually from 6th policy anniversary till maturity.

TATA AIA Life Insurance MahaLife Magic: An easy to understand plan which requires you to pay for 9 years and offers you a lump sum amount on maturity. This non-linked participating endowment assurance plan also helps in maximizing your savings with additional bonuses. It also gives you an option to enhance the cover with riders and also provides protection throughout the entire policy term.

TATA AIA Life Insurance Money Maxima: A regular premium paying non-linked participating endowment assurance plan that offers you guaranteed bonuses for every rupee invested. It offers you flexible policy term which you can chose as per your future needs. The plan provides coverage for entire policy term and also gives an option to enhance the protection by opting for riders.

Child Solutions

Ensuring a strong financial future for your child, TATA AIA Life Insurance Child Solutions help you turn your child’s dream into a reality.

TATA AIA Life Insurance Good Kid: A plan which offers you money back benefits to finance your child’s education and career needs and also gives milestone additions @ 5% of Basic Sum Assured during the first 5 policy years. It also gives an option to enhance your protection with Accidental Death & Dismemberment (Long Scale) (ADDL) Rider. You get a life cover of 11 times the Annualised Premium for the entire policy term.

TATA AIA Life Insurance Super Achiever: A plan that continues even on the account of death of the insured (parents). a Non Participating Unit Linked Child Endowment Plan that offers flexibility to choose from over 8 fund options and also gives an option to enhance investment using top-ups. Guaranteed maturity additions are provided at the end of the policy term.

Retirement Solutions

Secure a financially healthy and peaceful retirement with Retirement solutions by TATA AIA Life Insurance.

TATA AIA Life Insurance Freedom: Non - Linked Participating Endowment plan that helps you boost your financial corpus with guaranteed additions. All you need to do is choose a policy term as per your convenience and get 10% annualized premium at the beginning of each policy year till the premium paying term. You can decide when you want to retire-at the age of 55 or 60. You can also enhance your plan with optional TATA AIA Life Accidental Death and Dismemberment rider.

Health Solutions

TATA AIA Life Insurance Vital Care Pro: An affordable health plan that provides you superior health protection. This is a unique critical illness plan that pays you a lump sum amount in case you are diagnosed with any of the 15 critical illnesses mentioned in the plan during the term of the policy. You can also cover your spouse under the same plan. You have the flexibility to choose the following options- Pro Care - Lumpsum Benefit and Pro Care Plus - Lump sum Benefit with Income Loss Benefit. No medical examination is required for this plan and you are also eligible to receive additional monthly payouts for 10 years on Critical Illness Benefit claim.

Group Insurance

TATA AIA Life Insurance Group Total Suraksha: A plan that is offered to groups having a minimum membership of 50 eligible members. It offers financial support to your family in case of any unfortunate event. The plan has a very simple enrollment process and has single premium payment option. Insurance cover is provided for death of the insured member and has attractive premium rates.

TATA AIA Life Insurance Group Term Life: A plan that helps you secure the future of your loved ones by providing protection against any unforeseen and unfortunate event of death. It has a simple and faster claim process and also has easy premium payment.

TATA AIA Life Insurance Group Immediate Annuity with Return of Purchase Price: A plan that helps you convert your employer's corpus to regular income. Your employee has to authorize transfer of a single premium and choose annuity payment modes-monthly, quarterly, half-yearly or yearly.

Micro Insurance

TATA AIA Life Insurance Saath Saath: A non-linked, non-participating endowment micro insurance plan with return of a pre-specified percentage of "Total Premiums Paid" at maturity. The plan requires you to pay premium for 7 years and get a life cover for 10 years. No medical tests are required and preferential premium rates are offered to females. The plan provides attractive returns at specified rates for higher Sum Assured on survival.

Claim Process of TATA AIA Life Insurance

TATA AIA provides you a hassle free claim process as you can easily file a claim online without having to go through the boring paperwork process. The online claim process includes the below three steps:

  • Online claim intimation
  • Submission of claim requirements
  • Claim decision and payment

Documents required for filing a claim are as follows:

  • Original policy document
  • Rider policy document
  • Original death certificate
  • Claim forms duly filled
  • Copy of the policy panchnama, FIR, post mortem report, etc duly attested by the police authorities.
  • Certificate by the last attending medical practitioner.
  • A copy of photo-identity proof of the claimant and supporting documents evidencing the rights of the claimants.
  • Any additional information and documents required by the Company for assessing the validity of a claim and for processing a claim request

For policies that have been in force for a continuous period of 3 years, the death benefit is paid within 8 working days on the receipt of the all required claim documents. The company also pays interest of 6% p.a. in case of any delays.

Review of TATA AIA Life Insurance

TATA AIA is one of the leading private sector insurers in India. The company offers a wide range of insurance products catering to the diverse needs of various customers including several individuals, businesses and associations. The company offers various life insurance products including wealth solutions, retirement solutions, saving solutions, health solutions and others. As of Dec 31, 2016, the 13th month persistency of the company stands at 81.3%. At the end of FY 16, the retail claims settlement ratio of the company was 96.8%.

Contact Details of TATA AIA Life Insurance

B Wing, 9th Floor, IThink Techno Campus, Behind TCS,, Pokhran Road Number 2, Close to Eastern Express Hwy, Thane, Maharashtra 400606 Phone: 022 6647 9000

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