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Tata AIA Life Insurance
Tata AIA Life Insurance Company (Tata AIA Life) is a joint venture company formed by Tata Sons and the AIA Group (AI. Tata AIA Life band together Tata's paramount leadership position in India and AIA's presence as the largest, independent listed pan-Asia life insurance group in the world, spanning 17 markets in Asia Pacific. Tata Sons holds a majority stake of 74 percent in the company and AIA holds 26 percent through an AIA Group company. Tata AIA Life started operations on April 1, 2001.
The various life insurance plans in multiple segments offerered by Tata AIA Life such as
- Protection Plans
- Wealth Plans
- Savings Plans
- Child Plans
- Group Plans
- Micro Insurance Plans
1. Protection Plans
iRaksha TROP Term Insurance Plan
- A non- linked non - participating online term plan with the feature of return the Total Premiums Paid at the end of the policy term.
- Dual benefit of Protection against any ill-fated event and return on premium as survival benefit.
- Three option for premium payment frequency as regular, limited payment for 5 or 10 years or single premium plan.
- Benefit from a healthier lifestyle through preferential Premium Rates for Non- Smokers.
- Lower rates of premium for female customers.
- Tax benefit as per availing IT rules.
iRaksha Supreme Term Insurance Plan
- Tata AIA Life Insurance iRaksha Supreme is a non linked non participating, online term insurance plan
- Designed to cater the need of those who wants to avail protection plan with hassle free processing and on the go.
- Three option for premium payment frequency as regular , Limited payment for 5 or 10 years or single premium plan.
- Benefit from a healthier lifestyle through preferential Premium Rates for Non- Smokers.
- Lower rates of premium for female customers.
- Tax benefit as per availing IT rules.
- Other benefits include surrender benefit , paid up benefit , varying sum assured as per need and grace period.
Tata AIA Life Insurance Maha Raksha Supreme plan
- A term plan with comprehensive Protection Cover
- Flexibility to choose an option to enhance your protection cover in the future with Life Stage Plus Option
- Inbuilt Payout Accelerator Benefit advances 50% of Basic Sum
- Assured in the event of a Terminal Illness diagnosis, to help with expenses when needed most
- Premium payment as Single Premium or as Regular premiums
- Discounted rates for female lives
- Discounted rates for a non-smoking lifestyle
- Tax benefits u/s 80C & 10(10D) of the Income-Tax Act, 1961
2. Wealth Insurance Plans
Tata AIA Invest One Plan
- One time single premium with dual benefits of insurance and market linked returns
- Option to choose your policy term between 15 to 30 years
- Guaranteed Maturity addition to enhance the maturity benefit
- Loyalty Additions every five policy years starting from tenth policy anniversary
- Attractive premium allocation charges
- Flexibility to choose from 8 Fund options for enhanced investment opportunities
- Choice of 2 Investment Portfolio Strategies – Protect Returns of Funds Increased over Time (PROFIT) and Enhanced Automatic Asset Allocation Plus
- Tax benefits u/s 80C of the Income Tax Act, 1961
- A Non-Participating Unit Linked lifelong Plan wherein the investment risk is borne by the customer.
- Single or limited period premium terms for lifelong Insurance protection
- Regular Loyalty Additions to boost investments
- Flexibility to choose from 6 Fund options for enhanced investment opportunities
- Option to customize your plan with three additional unit deducting riders
- Tax benefits u/s 80C and 10 (10D) of the Income Tax Act, 1961
- A Non-Participating Unit Linked Endowment Insurance plan.
- Flexibility to pay premium one time or for a limited period as per choice
- Regular Loyalty Additions to boost investments
- Flexibility to choose from 6 Fund options for enhanced investment opportunities
- Option to customize your plan with three additional unit deducting riders
- Choice of Enhanced Systematic Money Allocation & Regular Transfer Investment Portfolio Strategy
- Tax benefits u/s 80C and 10 (10D) of the Income Tax Act, 1961
- A Non-Participating Unit Linked lifelong Plan with minimum age for enrollment is 30 days.
- Focused to induct the habit of early investment and the value of protection.
- Flexibility to pay premium one time or for a limited period as per choice
- Regular Loyalty Additions to boost investments
- Flexibility to choose from 6 Fund options for enhanced investment opportunities
- Option to customize your plan with three additional unit deducting riders
- Choice of Enhanced Systematic Money Allocation & Regular Transfer Investment Portfolio Strategy
- Tax benefits u/s 80C and 10 (10D) of the Income Tax Act, 1961
- A Non-Participating Unit Linked Endowment Insurance plan intended for wealth generation through intelligent participation in the market.
- Flexibility to pay premium one time or for a limited period as per your choice
- Regular Loyalty Additions to boost investments
- Flexibility to choose from 6 Fund options for enhanced investment opportunities
- Option to customize your plan with three additional unit deducting riders
- Choice of Enhanced Systematic Money Allocation & Regular Transfer Investment Portfolio Strategy
- Tax benefits u/s 80C and 10 (10D) of the Income Tax Act, 1961.
3. Savings Plans
Tata AIA Secure 7 Plan
- A limited premium paying Non-Linked Non-Participating Endowment Assurance Plan to cater the future needs along with protecting the future
- Guaranteed returns for the money invested. Guaranteed Annual Income payment will begin from the 8th policy anniversary and will continue till the 14th policy anniversary.
- Premium Payment for 7 years and guaranteed Annual Income for the next 7 years
- Protection against uncertainties of life for the entire policy term
- Protection of the Guaranteed Annual Income against erosion due to inflation
- On maturity, 25% of the Basic Sum Assured is payable
- Tax Benefits available under Section 80C and 10 (10D)
Tata AIA Maha Life Supreme Endowment Assurance Plan
- Limited premium payment endowment plan with Guaranteed Annual Income.
- Premium payment for either 12 or 15 years and receive guaranteed annual income for 18 or 20 years respectively
- Flexibility to choose between 2 options - based on Policy Term and Premium Payment Term .
- Steady and Guaranteed Annual Income to provide a regular inflow of funds
- On maturity, lump sum amount payable as a percentage of Basic Sum
- Assured as well as applicable Guaranteed Annual Income
- Tax Benefits available under Section 80C and 10 (10D).
Tata AIA Fortune Guarantee Plan
- A Non-linked Non-participating Endowment Insurance Plan.
- Guaranteed Maturity Benefit* that varies from 138% to 159% of Total Premiums Paid
- Easy to understand with the policy term of 10 yrs & premium paying term of 5 yrs
- Simplified plan with Basic Sum Assured as 10 times of the Annualized Premium
- Higher benefits for female lives
- Option to enhance protection through rider plans
- Flexibility of Additional Coverage and Tata AIA Life Insurance Accidental Death and Dismemberment Rider
- Tax benefits u/s 80C & 10(10D) of the Income-Tax Act, 1961
Tata AIA Life Insurance Insta Wealth Plan
- A Non Linked Participating Endowment Assurance Plan
- Hassle - free insurance cover with no medical or financial underwriting
- Benefit of paying for a shorter period and enjoy life cover throughout the term
- Guaranteed Additions# every year after completion of premium paying term
- Compound bonus and terminal bonus to further enhance your savings
- Guaranteed cover of up to Rs.10 lacs*.
- Tax benefits u/s 80C & 10(10D) of the Income-Tax Act, 1961
Tata AIA Life Insurance Money Back Plus Plan
- A participating non linked money back Insurance plan to cater the need for guaranteed cash inflow at regular intervals along with the protection of a life covers from ill-fated events in life.
- Survival payouts of up to 130% of Sum Assured1 at regular intervals throughout the term
- Life cover throughout the policy term regardless of the survival payouts already paid
- Additional protection in case of Accidental death through inbuilt Accident Benefit
- Limited premium payment equal to half the policy term
- Enhanced value for Savings through Compounded Reversionary Bonus & Terminal Bonus
- Lump sum Maturity addition to meet any financial needs
- Tax benefits u/s 80C & 10(10D) of the Income-Tax Act, 1961.
Tata AIA Life Insurance Smart 7 plan
- A limited premium paying Non-Linked Participating Endowment Assurance Plan with a host of benefits for future planning and investments.
- Benefit in just 5 years against Limited premium payment for 7 years.
- Growth of corpus over 12 years through Compounding Annual Bonus
- Maturity benefit as lump sum amount on maturity and life protection for 12 years
- Enhanced corpus with Additional Bonus at maturity
- Tax Benefits available under Section 80C and 10 (10D) of the Income Tax Act, 1961
Tata AIA Life Insurance Smart Growth Plus Plan
- A Non Linked, profit Endowment assurance plan with the flexibility to choose from a wide range of policy terms suited for Medium and long term financial planning.
- Assured additions of 5.5% p.a. of Sum assured during the First Five Years to supplement Savings.
- Flexibility to choose the policy term to suit your short to long term savings needs
- Double Sum Assured in case of Accidental death
- Growth of corpus through Compound Reversionary bonus and Terminal Bonus as applicable.
- Tax benefits u/s 80C & 10(10D) of the Income-Tax Act, 1961
Tata AIA Life Insurance Maha Life Gold Plus Plan
- A Limited Premium Paying, Non- Linked Participating Whole of Life Plan Up to Age 85
- Lifelong coverage up to age 85 against premium payment for only 15 years
- Add-on benefit of enhancement in protection by way of an Inflation Protection Cover during the policy term
- Regular stream of income for self and family for a long period of time
- Assured annual benefits from 10th to 30th policy years
- Non-Guaranteed Cash Dividends annually from 6th policy year till maturity
- Lump sum payment at maturity over and above to the regular income.
Tata AIA Life Insurance Maha Life Gold Plan
- A Limited Premium Paying, Non- Linked Participating Whole of Life Plan Up to Age 85 crafted especially for post retirement financial assistance and other financial obligations.
- Lifelong coverage up to age 85 against premium payment for only 15 years
- Assured annual benefits from 10th till plan maturity.
- Non- Guaranteed Cash Dividends annually from 6th policy year till maturity
- Lump sum payment at maturity over and above to the regular income.
- Tax Benefits available under Section 80C and 10 (10D) of the Income Tax Act, 1961
Tata AIA Life Insurance MahaLife Magic
- A limited premium paying Non-Linked Participating Endowment Assurance Plan designed to meet the long term capital return by paying for short term.
- Lump sum amount at maturity for premium payment for just 9 years • Bonuses to augment your maturity amount
- Potential for upside with the bonus components
- Protection against uncertainties of life for the entire policy term
- Tax Benefits available under Section 80C and 10 (10D) of the Income-Tax Act, 1961
Tata AIA Life Insurance Money Maxima Plan
- Tata AIA Life Insurance Money Maxima a Regular Premium Paying Non-Linked Participating Endowment Assurance Plan.
- This plan offers manifold benefit such as guaranteed and bonus returns to make the most of every penny invested.
- Flexible policy terms to achieve specific time bound goals
- Lifelong protection coverage throughout the policy term
- Maturity Benefit of Basic Sum Assured along with Bonuses and Guaranteed Loyalty Addition
- Tax benefits u/s 80C & 10(10D) of the Income-Tax Act, 1961
4. Tata AIA Life Insurance Child Plans
Super Achiever Plan
- A Non Participating Unit Linked Child Endowment Plan with continued policy benefits in event of untoward demise of the parent.
- A unique amalgam of rewarding maturity returns, and financial protection for child’s academic future in the bargain.
- Guaranteed Maturity Additions is provided at the end of the policy term
- Flexibility to choose from 8 Fund options for enhanced investment opportunities
- Choice of Enhanced Automatic Asset Allocation Plus & PROFIT Investment Portfolio Strategy
- You also have the Option to enhance your investment through Top Ups.
- Settlement Options at Maturity to either receive the payout in lump sum or in the form of periodical payments
- Tax benefits u/s 80C & 10(10D) of the Income-Tax Act, 1961.
5. Tata AIA Life Insurance Group Insurance Plans
Group Total Suraksha Plan
- A group insurance plan offered to Banks, Financial Institutions, Non Banking Financial Institutions and any other business concern distributing or sanctioning or disbursing home loans / personal loans / education loans / auto loans etc.
- The plan provides comprehensive insurance cover to the borrowers of the institution and offers to pay off the principal loan outstanding in the event of death of the insured borrower.
- Insurance Cover for death of Insured Member
- Reducing Sum Assured or Level Sum Assured options
- Attractive group premium rates
- Simple enrollment process
- Single premium payment
- Insurance coverage linked to the loan amount
- Option to offer coverage for co-borrower of loan
- 24/7 Worldwide coverage
- No waiting period - Coverage from day one
- Tax exemption under section 80 C of Income Tax Act 1961
- Simple & Faster Claim Process
Tata AIA Life Insurance Group Term Life
- A non-linked non-participating yearly renewable group term plan.
- Protection against unforeseen and unfortunate event of death
- Simple & Hassle free enrolment.
- Easy premium payment
- Simple and faster claim processing
- Coverage 24-hours-a-day, 7-days-a-week, anywhere in the world
- Tax exemption for premium paid under Section 80C of the Income Tax act, 1961 for individual group members.
Tata AIA Group Immediate annuity plan
- A yearly renewable group term plan suited for employers to convert employee corpus into regular income.
- Single premium plan basis authorization from employee for enrollment.
- Choice of annuity payment frequency as Monthly, quarterly, half-yearly or yearly.
- No surrender value or loans available under this plan.
- Incentives available for higher purchase price.
6. Tata AIA Micro Insurance Plans
Tata AIA Life Insurance Navkalyan Plan
- A non participating regular premium paying Micro Insurance Protection Plan customized for maximum inclusion of economic weaker section of society .
- Crafted with a premium paying term of 5 years especially for the rural population who seek life insurance protection.
- Life Coverage throughout the policy term of 5 years .
- Premium Paying Term of 5 years fixed
- No medical tests
Tata AIA Life Insurance Saat Saath Plan
- A saving cum Endowment Micro Insurance Plan with return of a pre-specified percentage of Total Premiums Paid at maturity.
- Tailored to meet the requirement and needs of rural parts.
- Life Coverage throughout policy term
- Fixed Policy Term of 10 years
- Fixed Premium Paying Term of 7 years
- No medical tests
- Preferential rates# for Female lives
Other Rider Plans available
You may also like to read: What is an Annuity | Types of Annuity
ULIP Riders
- Tata AIA Life Insurance waiver of Premium Plus (Linked) Rider.
- Tata AIA Life insurance waiver on Premium (Linked) Rider.
- Tata AIA Life insurance Accidental death and dismemberment (Long Scale) Linked rider.
Traditional Riders
Tata AIA Life insurance Accidental death and dismemberment (Long Scale) Linked rider.
Other Plans:
Tata AIA Life Insurance - FAQ
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How to pay premium? What are the modes of payment available?
Tata AIA life Insurance offers 5 modes of premium payment namely;- Online Payment
- DropBoxes
- Auto debit
- Cash/Cheque collection center
- Payment Collection Center.
For online payment mode, the policyholder can pay via;
- NEFT transfer
- Activating auto debit facility in the bank account
- Quick pay via ICICI portal
- Internet Mobile Payment Service
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.
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How can I check policy status?
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. -
What is the policy renewal process?
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. -
What is the company’s process to settle claim?
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. -
What is the policy cancellation process?
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.
Tata AIA Life Insurance - Latest News
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AIA Group Receives Approval to purchase 23% additional Stake in Tata AIA Life
January 18,2016 : CCI (Competition Commission of Indi, the fair trade regulator, has approved the purchase of an additional 23% by AIA Group in Tata AIA Life Insurance, its joint venture with the TATA group. Currently AIA group holds a 26% stake in the JV and this additional purchase would raise its stake in Tata AIA Life Insurance to 49%.This decision to purchase an additional stake by the AIA Group is viewed to be a direct result of government’s decision to allow an increase in foreign direct investments in private insurance companies to 49%. Though the details of the deal have not yet been confirmed, Tata AIA Life Insurance is set to receive a fresh cash infusion at completion of the deal. The JV which initiated operations in the year 2001, features a wide range of products that cater to the wealth creation, savings and protection needs of Indians. -
Tie up between Tata AIG Insurance and Vakrangee took shares up by 2%
Shares of Vakrangee grew by 2 % as the company publicized its corporate tie up with Tata AIG General Insurance Company, which is a joint venture between American International Group (AIG) and Tata Group. This tie-up will assist in distributing value general insurance products by the means of Vakrangee distribution network. As per the BSE filing, this tie-up will ensure easy access to quality general insurance products offered by Tata AIG General Insurance Company for the citizens in underserved and un-served areas. The company will be announcing its results for the third quarter (i.e. the quarter ended December 31, 2015) on February 6, 2016. Presently, Vakrangee is trading at Rs 185.2, up Rs 2.45, or 1.34 % from its earlier closing of Rs. 182.75 on the BSE. -
Tata AIA’s #CatchUp Campaign Still Going Strong
Tata AIA Life Insurance, the leading private sector life insurance JV between Tata Sons and AIA group, has continued running its #CatchUp campaign to rope in new customers. The campaign has focused on the key issue of most Indian families specially those in the middle class being under insured or uninsured. Tata AIA uses its proprietary “CatchUp Calculator” to let individuals know how far behind they are from their actual insurance requirement as compared to their current insurance coverage.The campaign was launched in January 2016 and has continued trending since that time. Apart from letting prospective future customers know how much additional insurance they and their family members need with respect to their income, the calculator will also provide options regarding Tata AIA products that the prospect may be eligible for. The Quick Check CatchUp Calculator take only 30 seconds to provide results, while the Advance Check feature of the calculator requires 2 minutes and takes into account multiple criteria provided by the user. -
AIA increases its stake to 49% in Tata AIA/AIG Life joint venture
AIA group completed the purchase of 23% additional stake in the Tata AIA life joint venture on Monday (April 26, 2016) for a total sum of Rs 2,055 Crore. This takes AIA’s total stake to 49%. The other 51% is held by Tata Sons. This also means that the total valuation of the Tata AIA Life Insurance Company stands at Rs 8,935 Crore. The increase in stake comes after the Indian government relaxed the investment norms in Insurance sector.Tata AIA Life Insurance was launched in April 2001 as a joint venture in India. Since then it has registered premiums of Rs 2,122 crore. Their net profit stands at Rs 264 in the fiscal year 2014-15. AIA group spun off from the American AIG group in 2012 and it is now headquartered in Hong Kong. AIA group is the world’s second-largest insurance company by virtue of market value. This increase in stake means that AIA is taking a keen interest in expanding their business in India. -
Tata AIA to Purchase 70% Stake in PNB Metlife
In a recent board meeting, Tata group and its partner AIA group have placed a proposal to obtain 70% stake in PNB Metlife upto the limit of Rs. 2700 Cr. They have also proposed to merge it further with Tata AIA Life Insurance Company.The decision was finalized in the meeting that was held on 24th October, 2016. The details of this decision have been filed as a part of the petition of Cyrus Mistry against the trust in National Company Law Tribunal (NCLT).The sources have revealed that according to the deal structure, as far the stakes are concerned, PNB will either sell the put option in the merged set-up within 3 years or AIA and Tata group will sell the call option in 4-5 years post merger. Started its operation in April 2001, Tata AIA Company aims to serve and secure the lives of approximately 3 million consumers by the year 2020.
Written By: PolicyBazaar - Updated: 04 November 2020
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