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Tata AIA Term 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 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
  • Buy riders: Enhance your cover with additional riders
  • 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 guarantees you the return of premium, if you survive through the term of the policy.
  • You can buy TATA AIA online: From the comfort of your house at just one click, you can buy the TATA AIA term insurance online.

Types of TATA AIA Term Insurance plans

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.

TATA AIA Life Insurance Sampoorna Raksha

This is a non-linking, non-participating term plan that provides complete financial protection to your family on the event of your unfortunate demise. It is a pure term insurance plan that gives you the flexibility to choose various death benefit options.

Features:

  • Minimum entry age 18 years and maximum entry age is 70 years
  • Age of maturity- minimum is 28 years and maximum is 80 years
  • The minimum sum assured is 50 lakhs and has no limits beyond that
  • Life cover for policy term up to 40 years to 80 years of age
  • Lower premium rates for non smokers and females
  • Offers you premium paying term of regular pay or limited pay
  • Premium payment mode can be monthly, quarterly, half-yearly and annually
  • Choice of regular or limited (5 or 10 years) premium paying term
  • Premiums paid under this plan are eligible for tax benefits under Section 80C and 10 (10D) of the Income Tax Act, 1961
  • The plan has a free look period of 15 days
  • The policyholder has the flexibility to choose from 4 death benefit options:
    • Option 1- “Sum Assured on Death” as lump sum benefit on death
    • Option 2- “Sum Assured on Death” as lump sum benefit on death and monthly income for next 10 years.
    • Option 3- “Enhanced sum assured on Death” as lump sum benefit on death
    • Option 4- “Enhanced sum assured on Death” as lump sum benefit on death and monthly income for next 10 years.
  • The plan offers no maturity or survival benefit
  • Plan conversion is not allowed and no policy loan is available under this plan
  • Surrender benefit:
    • For regular pay: No surrender benefit is offered
    • For limited pay: For the limited pay term of 5, if the premium is paid for at least 2 full years and for pay term of 10 years, if the premium is paid in full for 3 years then the policy can be surrender any time till maturity.

Surrender Value Factor multiplied by all the premiums paid (excluding underwriting extra premiums and modal loading)

  • The plan offers you a grace period of 15 days for monthly premium mode and 30 days for other modes. If you fail to revive the policy, then your policy lapses. You can revive the lapsed policy within a period of 2 years by paying the unpaid period and submitting the required documents.

TATA AIA Life Insurance Sampoorna Raksha+

This plan not only secures your family’s financial future, but also gives you return of premium until the maturity of the policy.

Features

  • The minimum entry age is 18 years and maximum for regular and limited 5-year pay is 70 years. For regular and limited pay of 10 years is 65 years.
  • Life Cover for Policy Term of up to 30 years or up to Age 80 years
  • Choice of Regular or Limited (5 or 10 Years) Premium Paying Term
  • The plan offers you the return of your premium if you survive till the maturity
  • You can avail sum assured of minimum Rs. 50 lakhs and the maximum amount has no limit
  • Annualized premium is based on minimum or maximum basic sum assured
  • Premium payment mode can be monthly, quarterly, half-yearly and annually
  • The plan offers you the flexibility to choose two death benefit options:
    • “Sum Assured on Death" as Lump Sum benefit on Death
    • "Sum Assured on Death" as Lump Sum benefit on Death and Monthly Income for next 10 year
  • No increase/ decrease in the sum assured is allowed post the inception of the policy.
  • With this policy, you can opt for Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider
  • Plan conversion is not allowed and no policy loan is available under this plan
  • Surrender benefit:
    • For regular pay: No surrender benefit is offered
    • For limited pay: For the limited pay term of 5, if the premium is paid for at least 2 full years and for pay term of 10 years, if the premium is paid in full for 3 years then the policy can be surrender any time till maturity.

Surrender Value Factor multiplied by all the premiums paid (excluding underwriting extra premiums and modal loading)

  • The plan offers you a grace period of 15 days for monthly premium mode and 30 days for other modes. If you fail to revive the policy, then your policy lapses. You can revive the lapsed policy within a period of 2 years by paying the unpaid period and submitting the required documents.

TATA AIA Life Insurance iRaksha Supreme

Designed to be a pure term insurance plan, TATA AIA Life Insurance iRaksha Supreme stands by its name by helping you take care of your family’s financial needs. This is one of the most attractive and affordable term plan offered by TATA AIA.

Features:

  • Minimum entry age is 18 years and maximum age is 70 years . The maturity age is 80 years
  • The minimum sum assured is Rs. 50 lakh and maximum has no limit
  • You can opt for premium payment option-regular pay, single or limited pay (5 to 10 years)
  • You can pay the premium on an annual and semiannual basis
  • Low premium rates are offered for female lives
  • Non-smokers and healthy living individuals can enjoy preferential premium rates
  • This plan ensures complete life protection by providing financial protection against the unfortunate demise of the policyholder.
  • Rate benefits for customers opting for higher level of protection (Sum Assured of Rs. 75 Lacs & above)
  • Tax benefits u/s 80C & 10(10D) of the Income-Tax Act, 1961
  • There is no maturity benefit offered under this plan
  • A free look period of 30 days is provided
  • Death benefit payable will be higher the sum assured, 10 times the annualized premium or 105% of the total premiums paid.
  • Surrender benefit:
    • For regular pay: No surrender benefit is offered
    • For limited pay: For the limited pay term of 5, if the premium is paid for at least 3 full years and for pay term of 10 years, if the premium is paid in full for 7 years then the policy can be surrender any time till maturity.

Surrender Value Factor multiplied by all the premiums paid (excluding underwriting extra premiums and modal loading)

  • The plan offers you a grace period of 15 days for monthly premium mode and 30 days for other modes. If you fail to revive the policy, then your policy lapses. You can revive the lapsed policy within a period of 2 years by paying the unpaid period and submitting the required documents.

TATA AIA Life Insurance Maha Raksha Supreme

This is a term plan that provides pure protection to your family’s financial needs. Offering you an array of choices, the plan lets you fulfill your family’s financial needs in the most convenient and affordable ways.

Features:

  • The minimum entry age is 18 years and maximum is 70 years. The maturity age is 80 years.
  • The basic sum assured can be 50 lakhs and maximum has no limits
  • The policy term can be for tenure of 10-40 years
  • You can opt for premium payment option-single and regular pay
  • You can pay the premium on annual, semi-annual, quarterly and monthly basis
  • You can enhance the cover by opting for an additional rider- Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL)
  • Discounts are offered to non-smokers and females
  • No maturity benefit is available for this plan.
  • No policy of loan is applicable
  • You can also enhance your protection by option for the below options
    • Life stage plus option: With this, you can increase your sum assured in accordance to the future events in your life. These lifestyle events include- your marriage, birth of a child or legal adoption of a child. This does not require you to opt for a fresh medical underwriting. Also, you are required to submit the documents of your marriage, the birth certificate of your child or the adoption papers.
    • Inbuilt payout accelerator provides you with 50% sum assured in case you are diagnosed with terminal illness. This Benefit will commence after 2 years of continuous cover since inception date.
  • Surrender benefit:

The Surrender Value for Single Pay Option = 75% x (PolicyTerm less Policy duration in complete years)/Policy Term x Single Premium.

Surrender benefit is not available for regular pay

  • The plan offers you a grace period of 15 days for monthly premium mode and 30 days for other modes. If you fail to revive the policy, then your policy lapses. You can revive the lapsed policy within a period of 2 years by paying the unpaid period and submitting the required documents.

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.

Review of TATA AIA Term 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%.

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