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Tata AIA Term Plan

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 AIA Life Insurance Company Limited was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001.

By 2020, TATA AIA intends to secure the lives of 3 million consumers

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.

Features of Tata Aia Term Insurance

  • Pure Protection Cover - the simplest form of life insurance cover
  • Option to enhance protection through rider
  • Discounted rates for female lives
  • Discounted rates for a non-smoking lifestyle
  • Tax benefits u/s 80C & 10(10D) of the Income-Tax Act, 1961.
  • The entry age for TATA AIA Term Insurance plans varies between 18 years and 70 years.
  • The maximum tenure applicable on many term plans is 40 years.
  • The minimum sum assured on TATA AIA term insurance plans is Rs. 50 lakhs, while there is no upper limit.

Benefits of TATA AIA Term Insurance

  • Low cost: One of the greatest benefits of having a term plan is that it provides you a high coverage at substantially low cost.
  • Fixed premium: Now matter for what term you opt for, the premium for your term plan will always remain the same.
  • Special offer: Lower premium rate for non smokers and females
  • Tax Benefits: Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.
  • Flexible premium payment mode: Annually, half-yearly, quarterly and monthly
  • Term: Life cover for policy term up to 30-80 years of age.
  • Rebates: Discounts are offered if you opt for high protection cover
  • Return of premium: You can opt for return of premium plan by offering to pay high premiums. This benefit pays you all the premium paid, if you survive through the term of the policy.
  • You can buy TATA AIA Term Insurance online: From the comfort of your house at just one click, you can buy the TATA AIA term insurance online.

How Does TATA AIA Compare to Other Plans?

  • Premiums Against Size of Life Cover: Compare the premiums offered by different insurers against the ideal size of life cover for you.

  • Features of the Term Plan: Always check that the features and benefits of the term plan offered are flexible & suit your needs.

  • Claim Settlement Ratio: Higher the CSR, higher are the chances of your claim getting fulfilled by the insurance company.

Types of TATA AIA Term Plan

Understanding the need of securing your family's financial future in your absence, TATA AIA provides you the below term plans that help you keep your family protected.

Claim Process of TATA AIA Term 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 is simple and 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.

Rider Benefits of TATA AIA Term Insurance Plan

Death Benefit

  • In the event of the death of the life assured, the death benefit payable immediately to the nominee will be the ‘Rider Sum Assured’.
  • The rider sum assured will be paid out as opted for by the policyholder at rider inception:
    • Option I: Entire amount paid out as a lump sum.
    • Option II: The entire amount paid out in equal monthly instalments over 10 years.
  • If Option II is chosen, an amount equal to (1/120) times Rider Sum Assured will be paid every month as the monthly income for 10 years, starting from the subsequent monthly death anniversary following the date of death. Any accrued monthly income, due before intimation of death, will be paid with first payout under this option.
  • The rider premium will vary depending on the choice of option.

Exclusions of TATA AIA Term Insurance

Suicide: If the policyholder commits suicide with 12 months from the date of the commencement of the policy or from the date of the revival of the policy, then the nominee is not liable to receive the sum assured and will only be entitled to receive the total premiums paid, provided the policy is in force.

TATA AIA Term Plan Review

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%.

Tata Aia Term Insurance FAQs

FAQ's on TATA AIA Term Insurance

Can I buy a term insurance product for my spouse or child?

You cannot buy a term insurance policy for your spouse or child and can buy it only for yourself. If your spouse is a salaried individual then he/she can buy it for themselves. However, you can always nominate your spouse or child for receiving the death benefit.

What if I wish to cancel the policy after issuance?

A term plan offers you a free look period of 15-30 days. If you wish to cancel the policy then you can do it and the premium paid will be refunded.

Can I change the beneficiary during the tenure of my term plan?

Yes, you can change the beneficiary during the tenure of the policy.

How do I submit additional requirement asked for?

You need send the scan copy of the additional requirement to or submit the additional requirement by visiting any of the company's branches or courier the document to the following address TATA-AIA Life Insurance Company Limited, Websales Department B-Wing, 9th Floor, I-Think Techno Campus, Behind TCS, Pokhran Road No.2, Close to Eastern Express Highway, Thane(West) Pin Code – 400 607.

For buying a TATA AIA term insurance plans what documents can I submit as identity proof?

For Identity proof, you can submit the following documents

  • Pan card
  • Passport
  • Voter ID card
  • Driving License
  • Valid Employee ID
  • IRDA card
  • Armed force / Defense ID
  • Bank passbook with photo
  • Ration card with photo

Are maturity benefits available for term life insurance plans?

No, term insurance does not pay out maturity benefits. However, individuals who wish to get back the premiums paid on term insurance can opt for Term Insurance with Return of Premium (TROP) Plan. Here, if the insured passes away during the policy period, his or her beneficiary will receive the sum assured. However, if the individual outlives the policy term, the premiums paid will be returned to the insured. An important point to be noted is that TROPs will cost 2-3 times more than a regular term plan.

How can I check policy status for TATA AIA Term Insurance plans?

You can track the current status for your policy application by following these simple steps:

  • Visit the official website of TATA AIA Term Insurance
  • Click on the ‘Track Application’ option
  • Enter personal details like mobile number to generate an OTP that will be sent to your mentioned contact number. Alternatively, you can enter your details like policy number, date of birth, followed by the unique captcha, and then select the ‘Verify Details’ button
  • Your current policy status will be displayed on the screen

What is the policy renewal process for TATA AIA Term Insurance plans?

You can renew your TATA AIA Term Insurance policy either online via the company website, or offline by visiting any branch or calling their customer service.

What is the company's process to settle claim for TATA AIA Term Insurance plans?

You can make a claim against your TATA AIA Term Insurance plan through these 3 steps:

The online claim process is simple and includes the below three steps:

  • Intimate the insurance company
  • Submission of essential documents and thorough verification of the accuracy of your personal information
  • Claim decision and premium payment

What is the policy cancellation process for TATA AIA Term Insurance plans?

For cancelling a TATA AIA Term Insurance policy before its maturity, you have to visit any branch as per your convenience and submit a dully filled surrender form.

Are there any savings options better than a TATA AIA Life Insurance plan?

Your investment decisions will be determined by your unique financial objectives.

Do all policies have the same modes of payments?

No, different Policies offer different payment modes like Annual/SemiAnnual/Quarterly/Monthly. Kindly check the available payment modes in your chosen plan.

What are the consequences if I fail to make premium payment on time?

On being unable to meet the due date for premium payment for your TATA AIA Term Insurance plan, you will be granted a grace period of 30 days. It is mandatory for you to clear your payments within the grace period, without which your policy will lapse.

Do the terms of the policy vary for smokers and non-smokers?

No, the policy terms do not vary for smokers and non-smokers. Only premium rates charges are different.

What is the policy renewal process for TATA AIA Term Insurance Plans?

You can renew your TATA AIA Term Insurance Plan either online or offline.

Online Renewal can be done by paying outstanding premiums through modes like:

  • Paytm
  • EBPP (Electronic Bill Processing and Payment)
  • ICICI Bank Quick Pay
  • IMPS (Interbank Mobile Payment Service)

For the Offline Renewal Process, you can visit any branch of the insurance company for assistance and payment of outstanding premiums.

What is the policy cancellation process for TATA AIA Term Insurance Plans?

TATA AIA Term Insurance offers a Freelook period of 15 days from the date of purchase of the policy. Policyholders can cancel the policy within the Free look period and become eligible for a return of the premium paid till date, minus charges that may be applicable. For further assistance, you can get in touch with their customer service on the toll-free number 1800-266-7780 and place a request for cancellation.

How to pay premium? What are the modes of payment available?

The modes of premium payment are different for different policies. Most policies, however, allow applicants to pay premium in the following modes: monthly, quarterly, half-yearly and annually.

Premiums can be paid by cheque, cash, ECS or online payment. Under the online payment route, individual can choose from Visa, Master Card, Citibank E-card, Diners Club International Card, American Express Card, Debit Card and Net Banking Account.

How can I check policy status for Tata AIA term insurance plans?

To check the policy status, registered users need to first log into the website of TATA AIA Life Insurance by entering their username and password. This will direct them to the homepage of the policy account, where they can check policy details and other relevant information. New policyholders would have to first register on the website of the insurance company and proceed with the same steps.