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Tata AIA Life Insurance

Claim Settlement Ratio - 99.07%*
*Data according to IRDA Annual Report (2018-19)
*Please note that the quotes shown will be from our partners

In the life insurance segment, life insurance policies offered by TATA AIA is quite popular among the insurance seekers. One of the most attractive aspects of the TATA AIA Life Insurance is that anyone who is over the age of 17 and under the maximum age of 70 can apply for one of the numerous life insurance policies and be eligible to reap the benefits.

TATA AIA Life Insurance company is one of India’s top insurers in the private sector and has managed to achieve and maintain an astonishing 98 % claim settlement ration in FY- 2017- 2018. Not only that but the company has managed to have a 100 % grievance settlement ration for the year 2015 -2016 and as of 2020, the company has successfully secured the lives of over 3 million consumers.

Features and Benefits of TATA AIA Life Insurance

The following features of TATA AIA Life Insurance makes the policy unique. Here you go:

  • Tax benefit

    TATA AIA Life Insurance  plans offer tax benefits. This is applicable under Section 80 C and 10 (10 D) of the Income Tax Act of 1981

  • Wide Age Eligibility

    Anybody who is between the age of 17 and 70 years can easily apply for an insurance policy. This age bracket fits in 90% of the population of India. Add- on benefits: People who opt to make additional payments on their premiums for the life insurance policies can enjoy rider or add- on benefits on their insurance plans.

  • Flexible payment

    TATA AIA Life Insurance comes with an extremely flexible mode of payment. There are multiple options for the insurance holders to pay the premiums of the insurance policy. This can be on a monthly, quarterly, half-yearly, or even on an annual basis. The choice of premium payment and its frequency is as per the convenience of the insured.Return Policy: If, in the instance that a consumer is dissatisfied with the insurance plan or the options and service provided by TATA AIG Life Insurance, then the consumer can return the policy within 15 to 30 days of its purchase. All policies come with a free look period where the potential consumer and test and determine the feasibility of the insurance plan that they have chosen.

  • Bonuses

    The TATA AIA Life Insurance has added loyalty bonuses and additions to recurring and loyal consumers, which help boost their savings made through the insurance plans and policies.

  • Efficiency

    There is a constant, efficient chain of command in the processing of the insurance policies, which makes the enrolment a much more simplified process, and there is a fast claim settlement process available both through online and offline  modes.

  • Service

    TATA AIA Life Insurance Company has one of the most competent customer services that is available 24*7 for the consumers and potential insurers who might have a doubt or need assistance regarding their coverage options or insurance policy as a whole

List of Plans in TATA AIA Life Insurance

TATA AIA Life Insurance company has a wide array of different insurance plans that allow people to have a comprehensive protection plan and, at the same time, receive the double benefit of having both savings and insurance. Each plan has sub-policies under them from which potential consumers can choose as per their benefit and convenience 

Protection Plan

·       Life Insurance Sampoorna Raksha

·       Life Insurance iRaksha Supreme

·       Life Insurance Sampoorna Raksha plus

·       Life Insurance Maha Raksha Supreme

·       Life Insurance iRaksha TROP

Wealth Plan

·       Life Insurance Wealth Maxima

·       Life Insurance Fortune Maxima

·       Life Insurance Fortune Pro

·       Life Insurance Invest One

·       Life Insurance Wealth Pro

Savings Solutions

·       Life Insurance Gold Income Plan

·       Life Insurance Monthly Insurance Plan

·       Life Insurance Insta Wealth Plan

·       Life Insurance Secure 7

·       Life Insurance Smart Income Plus

·       Life Insurance Fortune Guarantee

·       Life Insurance MahaLife Supreme

·       Life Insurance Money Back Plus

·       Life Insurance Smart 7

·       Life Insurance Smart Growth Plans

·       Life Insurance MahaLife Gold Plus

·       Life Insurance MahaLife Magic

·       Life Insurance MahaLife Gold

·       Life Insurance Money Maxima

Child Solutions

·       Super Achiever Plan

Retirement Solutions

·       Guaranteed Monthly Income Plan

·       Smart Annuity Plan

·       Life Insurance Freedom

Group Insurance

·       Life Insurance Group Loan Protect

·       Life Insurance Group Term Life

·       Life Insurance Group Total Suraksha

·       Life Insurance Group Immediate Annuity

Health Solutions

·       Life Insurance Vital Care Pro

Micro Insurance

·       Life Insurance Saath Saath

·       Life Insurance POS Saath Saath

TATA AIA Life Insurance Sampoorna Raksha

This plan aims at providing coverage for the entire family of the insured. The plan covers the entire family for 40 years or till the age of 80 of the insured person, with added benefits of enhancing the policy with riders.

The policy plan is also customizable for the death benefits for the beneficiary of the poly can choose to claim the benefit in a lump sum amount or divide the benefit into monthly income for a period of 10 years.

Age of Entry

18 years.

Mage of Maturity

28 years.

Death Benefit

Assured sum on death

 

Sum payable as monthly income for 10 years upon death

 

Enhanced sum assured on death payable

 

Sum Assured

Rs.50,00,000 (no maximum limit).

TATA AIA Life Insurance Sampoorna Raksha +

This policy offers financial protection for a term of 30 years or till the age of 80 years. This insurance policy allows the insured to get a return on the premiums paid during the term upon survival past the term period. Non- smokers and women are rewarded with lower premiums.

Entry Age

18 years

(for five years regular and limited pay- 70 years)

(for 10 and 12 years regular and limited pay- 65 years)

Maturity Age

28 years

Death Benefit

Assured sum

The customizable sum assured on death payable on death and monthly income for ten years

Sum Assured

Rs. 5000000 (no maximum limit)

TATA AIA Life Insurance iRaksha TROP

This insurance policy offers coverage for the entire family and an added benefit of a return on the premium upon survival of the insured. Alongside options like regular or limited pay, consumers can avail discount on high end protect if the sum assured is a minimum of Rs 75 lakh

Entry Age

18 years

Maturity Age

75 years

Death Benefit

High death benefit payable than the sum assured

The annualized premium is ten times more

105% of the total premium paid

Added benefits on maturity

Sum Assured

Rs. 50000000 (no max limit)

TATA AIA Life Insurance iRaksha Supreme

This insurance plan is a term plan with a comparatively lower premium rate for non-smokers and women. This plan has the added option of choosing the payment mode between single, limited or regular pay.

Entry Age

18 years

Maturity Age

80 years or less

Death Benefit

105% higher death benefit payable of total premium paid

Death benefit payable is 10 times the annualized premium

Overall higher sum assured

Sum Assured

Rs. 5000000 ( no max limit)

TATA AIA Life Insurance Maha Raksha Supreme

This insurance plan allows you to make changes and enhance the coverage as per the convenience of your life stage. This means that as your life progresses, you can make changes to the policy to fit your needs and requirement better.

The policy has a Payout Accelerator Benefit, that allows you to get an advanced payout with 50 % of assured sum if you are diagnosed with an illness that is terminal in nature.

Entry Age

18 years (max 70 years of age)

Maturity Age

80 years

Death Benefit

Higher basic sum assured

105% higher death benefit payable of total premium paid

Death benefit payable is 10 times the annualized premium

 

For Single Pay:

125% more of the single pay premium.

Sum Assured

Rs. 5000000 ( no max limit)

TATA AIAI Life Insurance Invest One

Having a single one-time payment premium, this plan offers the advantages of both insurance and market-linked returns. With both guaranteed maturity and loyalty additions, this plan assures different fund options with maximum market returns. With a term of 15 to 30 years, potential policyholders can choose between additional new funds.

Entry Age

30 days

Maturity Age

18 to 75 years

Death Benefit

Death benefit payable is higher than the sum assured net of deductible partial withdrawals

Single pay premium

Death benefit is 105 % of a single pay premium

Sum Assured

1.25 times a single paid premium

TATA AIA Life Insurance Fortune Maxima

This is a Non- participating Unit Linked Whole Life Plan. Here policyholders need to pay a single premium or choose to pay the premium for a limited period to get coverage for the rest of their lives. With the flexibility to choose from over 11 fund options, the plan maximizes your protection corpus with the help of market-driven growth for the whole life.

Entry Age

0- 60 years

Maturity Age

100 years

Death Benefit

Death benefit payable is higher than the net sum assured of all deductible partial withdrawals, from limited or single pay premium

 

Death benefit is 105 % of the single pay premium

 

Death benefit payable is ten times the annualized premium for the limited premium term

 

Sum Assured

It depends on age and annualized premium for regular or limited pay

TATA AIA Life Insurance Fortune Pro

This Unit Linked Endowment Assurance Plan protects and covers the entire family of the Policyholder. With over 11 fund options, this helps in growing money reserves and enhances investment opportunities.

Entry Age

0- 59 years

Maturity Age

18 -75 years

Death Benefit

Death Benefit payable will be higher of:

The Basic Sum Assured net of Deductible Partial Withdrawals,
from Regular or Single Premium Fund Value, or Regular or Single Premium Fund of the Policy or 105% of total Regular or Single Premiums paid or 10 times of annualized premium for limited premium payment term

 

In addition:

Highest of the approved Top - up Sum Assured(s) or top - up Premium Fund Value of the Policy or 105% of total Top - up Premiums paid is payable provided that Policyholder has Top - up Premium Fund Value

 

Deductible Partial Withdrawals aren’t applicable for top - up Sum Assured

Sum Assured

1.25 times premium for single pay

 

It depends on age and annualized premium for regular or  limited pay

TATA AIA Life Insurance Wealth Maxima

The Policyholder can opt for either single, annual, semiannual, monthly, or quarterly payment of premium. This policy also has the option of single and limited payment of premium. Upon survival of the policy term, the Policyholder will receive the total fund value (valued at NAV applicable).

Entry Age

0- 60 years

Maturity Age

100 years

Death Benefit

Death Benefit payable will be higher of:

The Basic Assured Sum net of all Deductible Partial Withdrawals, if any, from Regular or Single Premium Fund Value


Regular or Single Premium Fund Value of the Policy


105 % of total Regular or Single Premiums paid.


10 times annualized premium for limited premium payment term.


In addition:

· Highest of the approved Top - up Sum Assured(s) or

· Top - up Premium Fund Value of this Policy or

· 105% of the total Top - up Premiums paid are also payable if Policyholder has Top - up Premium Fund Value. Deductible Partial Withdrawals are not applicable for Top - up Sum Assured.

Sum Assured

1.25 time the premium for single pay.


For Limited Pay – Higher of (10*AP) OR (0.5*Policy Term*AP) AP is Annualised Premium selected by the Policyholder.

Claim Process of TATA AIA Life Insurance

The online claim process for TATA AIA Life Insurance policies is as follows:

  • Step 1: Online Claim Initiation
    Fill out the necessary information about the insurance policy that has been taken up by you and the associated claim.
  • Step2: Submit Requirements for the Claim
    Death claim
    Hospitalisation and Critical Illness claim
    Disability and Dismemberment claim
    Cashless claim
    These claims, depending on the type of claim submitted, are to be received by the insurance company and then assessed and evaluated by the claims team. If there are additional requirements or ivetsigation required, the sameshall be communicated to the insured or the beneficiary of the insurance policy.

  • Step 3: Pay Out
    After completing all necessary communication, the claim approval is sent to the consumer, and the insurance payment is made through NEFT.

Documents Required

The online claim process for TATA AIA Life Insurance policies is as follows:

  • Original policy document
  • Original death certificate (in case of a death claim)

  • Rider policy document

  • Filled claim application

  • Copy of original insurance policy

  • Attested FIR report

  • Attested Post Mortem report (in cause of unnatural death)

  • Certificate issued by the last attending medical practitioner

  • Copy of proof of identity of the claimant

  • Additional documents required by the Claims Team for the processing of the claim application as needed

Tax Benefits of TATA AIA Life Insurance

All TATA AIA Life Insurance plans offer tax benefits under Section 80 C of the Income Tax Act. Any individual or member of a Hindu Undivided Family or HUF can avail tax benefit on the payment of premium paying towards a life insurance policy.

It should be noted that the tax deductions are restricted to 20% of the premiums that are paid to the actual sum assured.

If a life insurance policy is terminated before the completion of 2 years, then all deductions claimed till the point of termination shall be considered as income for the year in which the policy is canceled.

If the policy is canceled AFTER two years from the point of commencement, then deductions claimed under section 10 (10 D) will be considered exempted, subject to clauses after that.

How to Buy TATA AIA Life Insurance?

  • Visit the official TATA AIA Life Insurance webpage
  • Select the tag “Plans”

  • Find the type of plan you wish to purchase

  • Select the policy you wish to consider after comparing and contrasting with other policies of a similar kind

  • Attach the necessary documents to the proposal form

  • Click on ‘Submit’ option

  • Pay the premiums online using debit or credit card or net banking

  • Get the policy intimation and avail the soft copy of the policy online

How to Renew TATA AIA Life Insurance?

The renewal process for all TATA AIA Life insurance policies is a simple and easy task.  Policyholders who are looking to renew their insurance can simply log in to the official website of TATA AIA with their registered ID and password.

After logging in, they must select their insurance policy and enter the other necessary details

Next is to enter the designated number for particular policy

Click on proceed.

Those who are renewing can choose from making their renewal premium payment

  • online
  • through EMI

  • Jio Money

  • registered Paytm account

Documents Required to apply for TATA AIA Life Insurance

The documents required for applying for an insurance policy from TATA AIA life insurance are:

  • Insurance proposal from
  • Proof of identity

  • Proof of age

  • Proof of address

  • Proof of income

Faqs

  • Q: Why was my TATA AIA Life Insurance claim rejected?

    Ans: If your policy claim has been rejected, then it is most likely on the fact that there must have been:

    • An exclusion clause in your policy term
    • Failure to submit medical test and records

    • Your policy may have lapsed

    • Due to suppression or misinterpretation of certain facts regarding the claim

  • Q: How to pay premium online?

    Ans: One can pay their TATA AIA Life Insurance premium by creating a policy account online and logging into it to make the payment.
  • Q: How to check the status of my policy?

    Ans: You may check the status of your policy by logging into the official website of TATA AIA life insurance with your registered ID and password.  
  • Q: What is assured sum in a unit-linked insurance plan?

    Ans: The amount an insurer agrees to pay to the insured’s nominee in case he/she passes away is known as the assured sum.
  • Q: How can I pay my premium without logging in?

    Ans: Users can opt to pay their insurance premium without logging in using net banking, credit and payments, debit cards (with and without a PIN), and even through EMI.
  • Q: How long does it take to settle a claim?

    Ans: After submission of the proper documents for the claim, the company shall verify the proceeding, and within seven business days, the claim is estimated to be settled.
  • Q: How to cancel a policy?

    Ans: To cancel, the policyholder must attach the original policy form along with a surrender form to any company branch in the city. After summation and verification, the deposited amount is credited back to the policyholder, and the policy is officially terminated and cancelled.
  • Q: Can I be registered to have an ECS pay my premiums on my behalf?

    Ans: Yes, you can register and have an ECS pay your premiums through

    • Credit card
    • Debit Card

    • National Automated Clearing House or NACH

    • Standing instructions left with your account at SBI

    • Aadhaar Card based e-NACH registration
  • Q: Is there any clause for delayed claim payment?

    Ans: Yes, if the company fails to forward the claim within proper time, then the company will pay 6% per annum interest for the delay.
  • Q: Can apps be used for payment of premium?

    Ans: Yes, you can use

    • Jio money
    • Paytm

    • ICICI Bank Quick Pay

    • EBPP

    • Interbank Mobile Payment Service and other applications of the same nature for your premium payments
  • Q: Can I file a claim online?

    Ans: Policyholders can file an online claim by

    • Visiting the official website of Tata AIA Life Insurance Company
    • clicking on the ‘Claims’ button at the top of the screen

    • clicking on the ‘Online Claim Intimation’ button to access the Online Claim Intimation Form.

Written By: Paisawiki - Updated: 14 July 2020