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.

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.

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

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.

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%.

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 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 esales.support@tataaia.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

  • 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
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