Tata AIA Life Insurance Term Plans

Tata AIA Life Insurance Company is a joint venture between Tata Sons Limited who owns the majority of the stake-holding in the company at 74% and AIA Group Limited who have the remaining holding of 26%. While on one hand Tata is a leading group in the country specializing in multiple business ventures, on the other hand AIA boasts of being the largest listed pan-Asian life insurance group which has a presence in over 17 markets in the Asia Pacific region. The experience and efficiency of both these companies have established Tata AIA Life Insurance Company in the insurance sector of the country. Today, the company offers a multitude of products to its customers to meet their insurance requirements.

Tata AIA Life Term Plans

With three different term plans available both online and offline, TATA AIA life insurance something new to the customers in all their plans. A complete feature analysis of the plans sold by the company is done below.

Tata AIA Life Insurance iRaksha TROP

The plan has return of premium option on maturity so that the policyholder does not lose the premiums paid on survival till maturity. Other notable points are:

• It can be bought through online website of the company
• Death benefit will be given on death
• The death benefit is higher of Sum Assured chosen or 10 times the yearly premium or 105% of premiums paid till death or the total premium paid till death.
• 100% of premiums paid are returned at maturity
• Premiums can be paid regularly for the entire duration of the plan under the Regular pay option, for a limited period of 10 or 5 years only under the Limited Pay option or in one lump sum on inception of the plan under the Single Pay option of premium payment.
• Non-smokers are given preferential rates of premiums for maintaining a healthy lifestyle
• Female lives are charged lower premiums
• Rebates in premiums are also allowed for choosing high Sum Assured levels.

Eligibility Details

Sample Rates of Premium

The table illustrates sample rates of premium for different premium payment terms and different ages assuming the coverage to be of Rs.1 crore

Tata AIA Life Insurance MahaRaksha Supreme

A pure term plan which allows enhancement of the Sum Assured at important milestones of one’s life. The details of the plan are:

• If the life which was insured dies, death benefit is payable equal to the applicable Sum Assured as on death of the insured
• The death benefit payable will be the amount higher of the Sum Assured or 10 times the annual premium or 105% of total premiums paid till the date of death for regular premium payment option and higher of Sum Assured or 125% of the Single Premium paid under the Single Premium payment option.
• There is a unique option of a Life Stage Plus feature which the policyholder has to choose the inception of the plan. The option enables the policyholder to increase the Sum Assured during the tenure of the plan up to a maximum of Rs.50 lakhs at important milestones of the insured’s life like marriage and childbirth. The enhancement in the Sum Assured will be dome by the company without any fresh underwriting formalities which may involve medical examinations
• There is an inbuilt Payout Accelerator Benefit which pays 50% of the Sum Assured immediately if the insured is diagnosed with a terminal illness during the tenure of the plan.
• Premiums can be paid regularly for the entire duration of the plan under the Regular pay option or in one lump sum at the time of inception of the plan under the Single Pay option of premium payment.
• Non-smokers are given preferential rates of premiums for maintaining a healthy lifestyle
• Female lives are charged lower premiums

Eligibility Details

Sample Rates of Premium

The following table illustrates sample rates of premium for different premium payment terms and different ages. The chosen Sum Assured and the tenure of the plan are also varying at each instance.

Tata AIA Life Insurance iRaksha Supreme

An online term insurance plan offering higher coverage levels at lower rates of premiums. The features of the plan are as follows:

• The plan is available online and it can be bought from anywhere just by visiting the company’s official website
• Death benefit is payable on death
• Death benefit payable will be higher of the Sum Assured or 10 times the annual premium or 105% of total premiums paid till the date of death
• Premiums can be paid regularly for the entire duration of the plan under the Regular pay option, for a limited period of 10 or 5 years only under the Limited Pay option or in one lump sum at the time of inception of the plan under the Single Pay option of premium payment.
• Non-smokers are given preferential rates of premiums for maintaining a healthy lifestyle
• Female lives are charged lower premiums
• Rebates in premiums are also allowed for choosing high Sum Assured levels of Rs.75 lakhs and above.

Eligibility Details

Sample Premium Rates

The table illustrates the sample rates of premium payable by males and females depending on their smoking habits. The age of the individual is taken to be 30 years. The policy tenure is 25 years and the coverage amount is Rs.1 crore.

Applying for a Term Insurance Plan from the company:

• 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.

Why Term Life Insurance?

Term life insurance is one of the most handy, useful and affordable life insurance products available today. With extremely low costs and extremely high coverage, it makes all the sense in the world to buy a term plan, no matter what your life situation is. Whether you are a single, young entrepreneur, a family person with kids, a person with loans and mortgages or a healthy middle aged person, a term plan would always be a suitable life insurance policy for you. With many advantages and almost no drawbacks, you can secure the future of your dependents with a term plan and rest assured that if something unfortunate were to happen to you, they would not be left in a financially challenging position.

I won't be inheriting any money. Do I need a term plan?

People who inherit a lot of money may feel secured about their future and also about the financial security of their dependents after their demise. However, if a person doesn’t have this kind of a fund to fall back upon, it is important to buy a term plan that will provide financial aid to the family after the person’s demise.

Tata AIA Term Insurance Plans - FAQ