Invest 5K per month & Get Rs 50 Lac return*
Tata AIA Life Insurance Company is formed between Tata Sons and AIA group with a shareholding pattern of 74% and 26% respectively. Both the companies boast of being leaders in their individual sectors and jointly the company is also among the leaders in the insurance sector due to their trustworthiness. The company offers various different types of insurance plans with traditional plans being one of them.
TATA AIA Insurance Company deals in multiple plans which are in the genre of traditional plans. Detailed below is a complete list of all the investment plans which the company has to offer along with the respective traits of each plan.
It’s a traditional Endowment Assurance plan where premiums are paid for a limited term only. Other attributes of the plan include:
Eligibility Details
|
|
Minimum |
Maximum |
|
Entry Age |
18 years |
55 years |
|
Maturity Age |
- |
69 years |
|
Policy Term |
14 years |
|
|
Premium amount |
Rs.40, 000 |
No limit |
|
Sum Assured |
Rs.250, 000 |
No limit |
|
Premium Payment Term |
7 years |
|
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
|
An Endowment Assurance plan where premiums are paid for a limited tenure only. The key points of the plan are discussed below:
Eligibility Details
|
|
Minimum |
Maximum |
|
Entry Age |
18 years |
50 years |
|
Maturity Age |
- |
Option A – 85 years Option B – 80 years |
|
Policy Term |
Option A – 35 years Option B – 30 years |
|
|
Premium amount |
Option A – Rs.15, 000 Option B – Rs.20, 000 |
No limit |
|
Sum Assured |
10 times the annual premium |
|
|
Premium Payment Term |
Option A – 15 years Option B – 12 years |
|
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
|
A plan with the following features and benefits:
Eligibility Details
|
|
Minimum |
Maximum |
|
Entry Age |
8 years |
55 years |
|
Maturity Age |
- |
65 years |
|
Policy Term |
10 years |
|
|
Premium amount |
Rs.50, 000 |
No limit |
|
Sum Assured |
10 times the annual premium |
|
|
Premium Payment Term |
5 years |
|
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
|
A plan where premiums are paid for a limited tenure only. The features and benefits of the plan are as follows:
Eligibility Details
|
|
Minimum |
Maximum |
|
Entry Age |
30 days |
45 years |
|
Maturity Age |
18 years |
65 years |
|
Policy Term |
10, 15 or 20 years |
|
|
Premium amount |
Rs.10, 000 |
No limit |
|
Sum Assured |
Rs.1 lakh |
Rs.10 lakhs |
|
Premium Payment Term |
7, 10 or 15 years |
|
|
Premium Paying Frequency |
Yearly, half-yearly or monthly |
|
A money back insurance plan participating in bonuses declared by the company. The features and benefits of the plan are as follows:
Eligibility Details
|
|
Minimum |
Maximum |
|
Entry Age |
2 years |
51 years |
|
Maturity Age |
18 years |
75 years |
|
Policy Term |
16, 20 or 24 years |
|
|
Premium amount |
Depends on term, age and coverage |
|
|
Sum Assured |
Rs.2 lakhs |
Rs.10 lakhs |
|
Premium Payment Term |
8, 10 or 12 years |
|
|
Premium Paying Frequency |
Yearly, half-yearly or monthly |
|
An Endowment Assurance plan participating in bonus. The features and benefits of the plan are as follows:
Eligibility Details
|
|
Minimum |
Maximum |
|
Entry Age |
6 years |
55 years |
|
Maturity Age |
- |
67 years |
|
Policy Term |
12 years |
|
|
Premium amount |
Depends on term, age and coverage |
|
|
Sum Assured |
Rs.2 lakhs |
No limit |
|
Premium Payment Term |
7 years |
|
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
|
An Endowment Assurance plan earning bonus. The features and benefits of the plan are discussed as under:
Eligibility Details
|
|
Minimum |
Maximum |
|
Entry Age |
Option A – 30 days Option B - 18 years |
50 years |
|
Maturity Age |
- |
65 years |
|
Policy Term |
10 years |
30 years |
|
Premium amount |
Depends on age, tenure and coverage |
|
|
Sum Assured |
RS.1.5 lakhs |
No limit |
|
Premium Payment Term |
Equal to plan term |
|
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
|
A plan covering the individual up to 85 years with the following attributes -
Eligibility Details
|
|
Minimum |
Maximum |
|
Entry Age |
30 days |
55 years |
|
Maturity Age |
- |
85 years |
|
Policy Term |
85 minus age at entry |
|
|
Premium amount |
Depends on age, tenure and coverage |
|
|
Sum Assured |
RS.2 lakhs |
No limit |
|
Premium Payment Term |
15 years |
|
|
Premium Paying Frequency |
Yearly, half-yearly or monthly |
|
A plan covering the individual up to 85 years with the following features and benefits:
Eligibility Details
|
|
Minimum |
Maximum |
|
Entry Age |
30 days |
55 years |
|
Maturity Age |
- |
85 years |
|
Policy Term |
85 minus age at entry |
|
|
Premium amount |
Depends on age, tenure and coverage |
|
|
Sum Assured |
RS.1 lakhs |
No limit |
|
Premium Payment Term |
15 years |
|
|
Premium Paying Frequency |
Yearly, half-yearly or monthly |
|
An Endowment Assurance plan earning bonuses with the following features:
Eligibility Details
|
|
Minimum |
Maximum |
|
Entry Age |
12 years |
55 years |
|
Maturity Age |
- |
73 years |
|
Policy Term |
18 years |
|
|
Premium amount |
Depends on age, tenure and coverage |
|
|
Sum Assured |
RS.2 lakhs |
No limit |
|
Premium Payment Term |
9 years |
|
|
Premium Paying Frequency |
Yearly, half-yearly or monthly |
|
An Endowment Assurance plan earning bonuses with the following features:
Eligibility Details
|
|
Minimum |
Maximum |
|
Entry Age |
12 years |
50 years |
|
Maturity Age |
- |
75 years |
|
Policy Term |
12 years |
30 years |
|
Premium amount |
Rs.12, 000 |
Depends on age, tenure and coverage |
|
Sum Assured |
RS.1 lakhs |
No limit |
|
Premium Payment Term |
Equal to plan tenure |
|
|
Premium Paying Frequency |
Yearly, half-yearly or monthly |
|
Online
The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Intermediaries
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
An endowment life insurance plan is a kind of insurance policy where the premium is paid for the entire duration of the policy and when it matures, the policyholder receives a lump sum amount of money. Death benefits are also paid out if the policyholder dies within the policy period. An endowment plan can also be surrendered mid way and a surrender value can be claimed. In other words, an endowment life insurance plan provides both cover and investment.
How does an endowment plan work?
Let us take an example to understand this. Mahesh buys a life insurance plan of Rs.20 lacs for 25 years. He pays the yearly premiums for 25 years, at the end of which he receives the maturity benefit, which is the sum assured along with the bonuses, if any. However, if Mahesh had died within this time, his nominee would receive the sum assured and the policy would terminate then and there.
What are the different types of endowment plans?
There are different types of endowment plans. While we have the traditional endowment plans, like the one Mahesh had purchase, we also have money back plans, marriage endowment plans, child endowment plans, education endowment plans and so on. These types of endowment plans allow you to opt for a steady flow of income throughout the policy period. You can opt to get, for example, 10% of the sum assured 5 years into the plan and the rest at the time of maturity. These plans help people deal with financially challenging situations that may arise due to various reasons.
Who are the people who benefit from an endowment plan?
People with a medium risk appetite and who want guaranteed returns benefit greatly from the endowment insurance plans. Since the endowment plans have a fixed return component, many people like purchasing endowment plans as opposed to ULIPs. A policyholder also has the option of buy a participating plan by agreeing to pay a higher premium. In such a plan, he will be entitled to the bonuses along with the sum assured. An endowment insurance plan is also essential for a person who has dependent family members. An endowment plan will help him to pay for the various expenses like his children’s education, marriage, etc at various points in time.
Why Endowment Plan?
Endowment insurance plans have been favored insurance tools for a lot of people for a number of reasons. The biggest advantage of an endowment plan is the fact that the plan provides cover as well as a platform for investment. An endowment plan also provides you the chance to save and receive money when you need it the most. Let us take a look at some of the biggest reasons for the popularity of endowment plans.
How does an endowment plan help in building a fund?
An endowment plan works in a unique way. It help the policyholder in building up funds for specific life events like retirement, child’s marriage, etc. You can buy an endowment plan and opt to get parts of the sum assured at desired points in time. Let us take an example. Asoke’s son Varun is to get admitted into college exactly 20 years from the time he buys the policy. Asoke plans accordingly and receives 25% of the sum assured at that time. It helps him to pay for the college admission fees. Then, he opts to receive another 25% of the sum assured 10 years from then, at the time of Varun’s wedding. The remaining 50% he receives 10 years later, when he retires.
An endowment plan proves to be a great source of saving as well. It is particularly good for people who find it difficult to save in and maintain a savings bank account. An endowment plan sort of forces you to save and all this happens while your life is covered.
Do endowment plans provide tax benefits?
Yes, endowment plans do provide us with some very attractive tax benefits and this is another reason why endowment plans are popular. The entire amount received as the maturity benefit is non-taxable under section 10D(D). This proves to be helpful as you usually receive the amount when you need the cash badly and getting the maximum possible lump sum amount of money helps. Also, premiums up to Rs.1lac are tax exempted under Section 80C.
1. How to pay premium? What are the modes of payment available?
TATA AIA life Insurance offers 5 modes of premium payment namely;
For online payment mode, the policyholder can pay via;
Alternatively, the policyholder can pay in cash or drop cheque at any of the payment collection centers or dropboxes mentioned on the TATA AIA website.
2. How can I check policy status for Tata AIA Traditional Plans?
If you are a registered user, directly log into TATA AIA website with relevant username and password. You would be directed to the homepage of your policy account. Now simply click the tab “Check Policy Details” to check the status of your policy and other relevant details. For new policyholders they must register on the website and proceed with the same steps.
3. What is the policy renewal process for Tata AIA Traditional Plans?
TATA AIA offers the policyholders a chance to renew their policy online. Simply log into the portal and follow the link that leads to secured payment process. You can renew your policy by using debit, credit card, or net banking option. Opt for Auto Renewal, when you initially sign up for the policy to save efforts and time. If you did not then you can do now by contacting customer helpdesk at the same toll free number.
4. What is the company’s process to settle claim for Tata AIA Traditional Plans?
Company offers a transparent claim process. The policyholder can register claims by submitting their request at the customer care helpdesk. Upon receiving complete documents, the claim is settled within 7 working days. There are dedicated offices at certain locations to directly file the claims.
5. What is the policy cancellation process for Tata AIA Traditional Plans?
The policyholders must attach the relevant policy documents along with a filled surrender form at any of the branch locations in their city. Upon receiving the correct documents, the deposited amount is credited into the policyholder’s bank account as per the company’s records, and the policy is cancelled.
4.1 / 5 based on 25 User Reviews
After a long web search, got great traditional insurance policy which i took from tata aia life insurance company. Service is fantastic provided by the executives and staff members of the insurance company. Policy coverage is high approx.89% and the claims are even better. Procedure of the claims are very easy due to fast service.
Tata AIA life insurance is very great insurance company from long time. I purchase traditional insurance policy from them. Service is quick and the renewal of the policy can be done on online portal of the company website. Good coverage and claims, which can be easily sanctioned by the help of the executives of the company.
I have bought an insurance policy plan from tata aia life insurance company. The company provides good service which is on time too. Online website facilitate the easy method to renew the policy with few clicks. It reduces paperwork and waste of time waiting in the queue.
The premium of my traditional insurance plan is less and infact it come in low investment too. Policy coverage is high and the claims are good enough to reimbursed the amount. Service provided is fantastic and due to that the claiming become easy.
The traditional insurance plan you provided is superb which has low premiums. Service of tour staff is fabulous and even online portal service is easy to use. Updates of the insurance plan is mailed to me regularly. Policy coverage and claims are high.
Tata aia traditional plan which has 94% policy coverage and the claims are easy to get because of fast services provided by the executives and staff members. The daily updates are texted and mailed time to time to may email id and cell number. Nice future investment and tax saving too.
I invest my money in tata aia traditional plan. The policy coverage is good ~86% and the claims are high. The premiums are low ~14 K quarterly per year. Paybacks are really very good Rs.41 L. Good investment and tax saver policy plan. The executives and staff members are behave well with fast service.
Tata aia life insurance is one of the best insurance company. I took traditional insurance policy plan which provide me good service and high returns. The premiums are low and the policy coverage is high ~93% with high claims. The behaviour is good from executives and staff members. Good future investment.
I purchase tata aia traditional policy plan. The policy coverage is low that is 71% and the claim is around 31 L. Service is bit slow, please improve your services for better performance. The web service is also slow. The policy is not good for long term investment and the tax rate cutter has low percentage. Please improve the terms and conditions for better results.
I have traditional insurance policy plan which i buy from tata aia life insurance. The policy coverage is 92% and the claims are good. The premiums are low and the claiming process is easy and sanctioned in short time period. The policy is good future investment and it saves taxes too. I like the policy.
I own tata aia traditional plan. Plan is good and premium is low. Policy coverage is high ~90% and payback returns good too. Claiming amount is Rs.36 L. Service is fast like super sonic. The daily updates are mailed to me time to time. The service facilitate by the executives and staff members is very good and the behaviour is also nice.
I have tata aia traditional policy plan. The policy coverage is 82% and the claims are high which can be easily sanctioned. The service provided by the executives and staff members are fast and responsive. Nice policy plan which save taxes also. Good behaviour of executives and staff members make's the policy better.
I have traditional policy plan from tata aia life insurance. The policy provides good coverage with low premiums. Claims are around Rs.38 L. Service always on time. The executives and staff members are facilitate great services. Daily updates are mailed to me. Good plan.
I own tata aia traditional plan which facilitate great services. The policy coverage is high ~88% and the premiums are low ~18.9 K thrice per year. The payback money is high around 40 L. The services are fast and the behaviour of the executives are really nice with policy owners. Good future investment.
The traditional policy plan i have from tata aia life insurance which is really nice plan. The premium is low and the policy coverage is around 89% and claims are high. Services is fast, so any work is done without waiting and no paper work. Good policy which save taxes.
Policy has all benefits and the investments are also low. Around Rs.33 L is payback amount. Tata aia life insurance provide me traditional plan which has good facilities and the service is very quick. The up gradation details in policy is mailed to me time to time. Fantastic future investment. Good behaviour of executives is really very impressive.
My tata aia traditional plan is good with great facilities. Superb plan with good benefits, your service is fast and on time. Premiums are low and the policy coverage is 91% with good claims. Executives and staff members facilitate the services very nicely. Good experience, It save my taxes.
I have tata aia traditional policy plan which is really nice. Policy coverage is awesome. Claims are high ~Rs.34 L, even premiums are low ~Rs.17 K thrice per year. But the only thing is the service you provided is slow. Please improve it for better responses and for better outcomes. Nice future investment.
The tata aia traditional policy plan i have is below average. The premium is high and the returns are less. Services is bit slow and the behaviour of the staff members is not so well. Web services are also not working. Bad experience. I'm not satisfied with this policy.
My tata aia traditional plan is great with huge benefits. The premiums are low and the policy coverage is 91%. Claim is easy to make because of fast service and the work is done on time. Good behaviour is seen by executives of the company. Good work, I like this plan.
Superb policy i buy i.e., tata aia traditional plan. The returns are good ~Rs.40 L in very low premiums ~Rs.19 K quarterly per year. Service is fast which facilitate by executives and all company members with nice behaviour and quick response. It save my taxes.
Tata aia traditional plan is good in services. The policy coverage is good ~87% and the premiums are low. Claiming process is easy due to fast service provided by the executives and the staff members. The payback amount is ~Rs.36 L. Good future investment which save taxes.
I have tata aia traditional plan. The policy is great with maximum benefits. The policy coverage is high ~85%. The investment is low approx. Rs.13 K quarterly per year. The claims are good and easily cleared without waiting. Payback amount is nice ~rs.30 L. Good future investment, i like it.
Policy has all benefits and the investments are also low. Around Rs.31 L is payback amount after policy end. Tata aia traditional policy plan which has nice facilities and the service is very quick. This is good future investment which is tax saver also. The service provided by the executives is nice. Good job guys.
Tata aia traditional plan i have which provide me best service and good returns in low investment. The premiums are low and the policy coverage is 87% with high claims. The behaviour is good of executives and staff members. Good future investment which reduces taxes too.
*T&C Applied.