- About Coverfox
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.
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.
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:
Documents required for filing a claim are as follows:
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.
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 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%.
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 can I submit the additional requirements asked for> How do I submit additional requirement asked for?
You need send the scan copy of the additional requirement to email@example.com 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