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TATA AIA ULIP Plans

TATA AIA Life Insurance Company is a collaboration of TATA Sons Ltd. and the AIA Group Ltd. This Company has recorded a total premium collection worth Rs.1,397 crores in the last financial year i.e. 2017-2018 and a retail claim settlement ratio of 98% with the 13th month persistency of the company standing at 81.2%. TATA AIA Life aims to offer the best health as well as life insurance solutions to its users. Amongst the host of life insurance plans that this Company offers, we will elaborate about the Unit linked plans (ULIPs) in this space.

TATA AIA ULIP plans are designed to fulfil your dreams such as buying your dream house, your children’s education or marriage or leading a relaxed and stress-free life post retirement. These plans help you make every milestone of your life a memorable journey by planning your finances in a smooth way.

Types of TATA AIA ULIP Plans

You can invest your hard-earned money in TATA AIA’s Unit linked plan to get life coverage in case of any uncertainty. These plans also help in accomplishing your financial goals. There are 6 different types of ULIP plans that TATA AIA offers. Let’s have a look at these plans:

TATA AIA Life Insurance Fortune Pro Plan

TATA AIA Life Insurance Fortune Pro Plan is a non-participating unit linked endowment plan that helps to multiply your money gradually over a period of time. Besides, this plan also offers protection to your family members. Any medium to long term goals can be achieved by investing in this plan.

Features and Benefits of TATA AIA Life Insurance Fortune Pro Plan

  • Flexibility to make the premium payment either once or for the limited period and in turn get insurance coverage throughout the policy period
  • Offers credit of loyalty additions on a regular basis that helps to boost your investments.
  • Offers flexibility to select from the 11 fund options to enhance your investment probabilities.
  • Offers top-up facility.
  • Offers liberty to make partial withdrawals during financial crunch post completion of 5 policy years.
  • Offers the flexibility to choose amongst the choice of enhanced systematic money allocation and regular transfer investment portfolio strategy.
  • Offers income tax benefit under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
  • On maturity, settlement can be done by offering you the option to receive the funds either in lump sum or in equal installments.

Eligibility

Minimum Issue Age0 Years (30 days)
Maximum Issue Age59 years
Minimum Maturity Age18 years
Maximum Maturity Age75 years
Policy Term15 to 40 years
Premium Paying TermSingle Pay Limited Pay – 5/7 and 10 years Regular/ Limited Pay – 15 and 20 years
Pay modeSingle, Annual, Semi- Annual, Quarterly, Monthly
Minimum PremiumSingle Pay - Rs.1 lakh Regular/ Limited Pay – Rs.50,000 p.a
Maximum PremiumSingle Pay - Rs.5 lakh Regular/ Limited Pay – Rs.5 lakh p.a.
Minimum Basic Sum AssuredFor Single Pay – 1.25 times the Single Premium For Regular/ Limited Pay – Higher of (10*AP) OR (0.5* Policy term* AP)
Maximum Basic Sum AssuredFor Single Pay – 1.25 times the Single Premium For Regular/ Limited Pay

TATA AIA Life Insurance Fortune Maxima Plan

TATA AIA Life Insurance Fortune Maxima Plan is a non-participating unit linked whole life plan that offers financial security to your loved ones in your absence. It basically boosts your whole life protection corpus with the help of growth based on market power. Any medium to long term goals such as children’s education, leaving a legacy for the next generations, etc. can be achieved by investing in this plan.

Features and Benefits of TATA AIA Life Insurance Fortune Maxima Plan

  • Flexibility to make the premium payment either once or for the limited period and in turn get insurance coverage throughout the policy period.
  • Offers credit of loyalty additions on a regular basis that helps to enhance your investments.
  • Offers flexibility to design the plan as per your needs with 3 riders that are unit deducting.
  • Offers flexibility to select from the 11 fund options to enhance your investment probabilities.
  • Offers top-up facility.
  • Offers liberty to make partial withdrawals in case of any financial crunch post completion of 5 policy years.
  • Offers the flexibility to choose amongst the choice of enhanced systematic money allocation and regular transfer investment portfolio strategy.
  • Offers income tax benefit under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

TATA AIA Life Insurance Wealth Pro

TATA AIA Life Insurance Wealth Pro Plan is a non-participating unit linked endowment assurance plan that is designed to multiply your money to fulfil your dreams.

Features and Benefits of TATA AIA Life Insurance Fortune Maxima Plan

  • You can choose the premium payment term as well as the period of your investment.
  • This plan helps your wealth grow as your dreams and aspirations.
  • Offers credit of loyalty additions on a regular basis that helps to enhance your investments.
  • Offers flexibility to design the plan as per your needs with 3 riders that are unit deducting.
  • Offers flexibility to select from the 11 fund options to enhance your investment probabilities.
  • Offers top-up facility
  • Offers liberty to make partial withdrawals in case of any financial crunch post completion of 5 policy years.
  • Offers the flexibility to choose amongst the choice of enhanced systematic money allocation and regular transfer investment portfolio strategy.
  • Offers income tax benefit under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

TATA AIA Life Insurance Wealth Maxima

TATA AIA Life Insurance Wealth Maxima Plan is a non-participating unit linked whole life plan that is designed to offer superlative avenues for investment for the years to come. Basically, this plan helps to enhance and protect your long term finances. You can fulfil your medium to long term goals by investing in this plan.

Features and Benefits of TATA AIA Life Insurance Wealth Maxima Plan

  • You can choose the premium payment term as well as the period of your investment.
  • Offers credit of loyalty additions on a regular basis that helps to enhance your investments.
  • Offers flexibility to design the plan as per your needs with 3 riders that are unit deducting.
  • Offers flexibility to select from the 11 fund options to enhance your investment probabilities.
  • Offers top-up facility.
  • Offers liberty to make partial withdrawals in case of any financial crunch post completion of 5 policy years.
  • Offers the flexibility to choose amongst the choice of enhanced systematic money allocation and regular transfer investment portfolio strategy.
  • Offers income tax benefit under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

TATA AIA Life Insurance InvestOne

TATA AIA Life Insurance InvestOne is a non-participating unit linked endowment insurance plan that is made to achieve your once in a lifetime dream, with just a onetime premium payment. This plan however, doesn’t allow you to withdraw your funds till the completion of 5 policy years.

Features and Benefits of TATA AIA Life Insurance InvestOne Plan

  • The premium payment to be done here is just once
  • Offers liberty to choose the policy duration ranging from 15 to 30 days
  • Offers credit of loyalty additions post completion of every 5 policy years, starting from the tenth policy
  • Enhances the maturity benefit by offering guaranteed maturity additions
  • Offers 2 investment portfolio strategies to choose from
  • Offers flexibility to select from the 8 fund options to enhance your investment probabilities along with introduction of 2 new funds
  • Offers income tax benefit under Section 80C of the Income Tax Act, 1961

TATA AIA Life Insurance Super Achiever

TATA AIA Life Insurance Super Achiever is a non-participating unit linked child endowment plan. This plan helps to get worthwhile returns on maturity and at the same time help in securing your child’s future during his academics. In short, this child plan helps to plan your child’s present in a systematic way to help him enjoy a bright future. In case the parents die prematurely, the child will still get the benefits of the plan.

Features and Benefits of TATA AIA Life Insurance Super Achiever Plan

  • Offers flexibility to select from the 8 fund options to enhance your investment probabilities.
  • Offers top-up facility
  • At the end of the policy period you can avail the benefit of guaranteed maturity addition. However, this wouldn’t be paid on top-up premium.
  • Offers the flexibility to choose amongst the choice of enhanced automatic asset allocation plus and profit investment portfolio strategy.
  • Offers income tax benefit under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
  • On maturity, you can either receive the benefit in equal instalments or in lumpsum.

Why choose TATA AIA Life Insurance Company

Today, there are so many insurance companies in India that offer life insurance. TATA AIA is the best amongst others. There are many plans available here such as child plans, wealth creation plan, term plans, investment plans, etc. Being around for so many years in the insurance industry, people have gained trust in this company. The products offered by TATA AIA Life Insurance Company are in line with the benefits it has in store for its customers. These products are pocket-friendly and cater to different types of people. The claim settlement process of TATA AIA Life Insurance Company is hassle-free and quick. This Company has a superb quality customer service department to help you in case of any queries.

Documents required for Investing in TATA AIA ULIP Plans

Following are the documents required for investing in TATA AIA ULIP Plans-

  • Proof of income
  • Proof of address
  • Proof of identity
  • Photographs
  • Duly filled and signed proposal form

FAQs on Tata AIA ULIP Plan

How to pay a premium? What Modes of payment are available?

You can make the premium payment via a debit/credit card, net banking facility, auto debit, payment collection centre and cash or cheque collection centre. In case of online payment, you can transfer the funds via NEFT, mobile payment and using ICICI portal.

How can I check policy status for Tata AIA ULIP Plan?

You can directly log on to the TATA AIA website using the User id and password. You will then be redirected to the insurance company’s homepage. You will find an option of, ‘Check Policy details’. Click there to check the status of your TATA AIA ULIP Plan. In case you are a new customer, all you need to do is register yourself on the website and then check the status.

What is the policy renewal process for Tata AIA ULIP Plan?

You can renew your TATA AIA ULIP Plan by simply logging in to the TATA AIA Life Insurance Company’s website by later following the secured payment procedure. Payment can be made using the debit/credit card or net banking facility. If you are a new user, you can register yourself for auto debit option to save your valuable time and energy.

What is the company’s process to settle claim for Tata AIA ULIP Plan?

You can call up the customer service desk if you wish to register a claim. The TATA AIA Life Insurance Company would then do the needful and help process your claim in 7 working days. One can also file a claim online through the claim portal available on company’s website.

What is the policy cancellation process for Tata AIA ULIP Plan?

In case you wish to cancel your TATA AIA ULIP Plan, all you need to do is fill up a policy surrender form along with the relevant documents and then submit at any of the branches of TATA AIA Life Insurance Company. The company would then do the needful by crediting your bank account with the amount that you have deposited earlier and then close (Cancel) the policy.

How does Tata AIA ULIP Plan work?

Under a ULIP Plan, premium paid is invested in the chosen fund after deducting all applicable charges. On maturity, the applicable total fund value as on date of maturity is paid. In case of death, the applicable death benefit which is usually higher of sum assured or total fund value, is paid.

What are ULIP Plans in India and how does it work?

Unit linked insurance plan or ULIP are market-linked insurance products wherein the premiums that you pay are later invested in different funds of your choice post deducting the allocation charges as well as any other charges used for fund management and administrative charges. Certain units are then cancelled to offer life insurance cover. On maturity, the applicable fund value is paid and on death, applicable death benefit is paid.

Is Tata AIG and Tata AIA same?

NO, TATA AIG stands for General Insurance Business done by the company, while TATA AIA stands for Life Insurance Business undertaken by the company.