Features of Tata AIA Term Plans

Here is a list of all the features of Tata term insurance plans:

• Low premium rates: Tata AIA term plans allow you to buy term plans with a large life cover at a very low cost. This makes it possible for people of all financial levels to buy term plans. You can also use a Tata AIA term insurance premium calculator to estimate the applicable premiums for the desired term insurance plan.

• Fixed Premiums: The premium rates for the Tata term insurance plans remain constant for the entire policy tenure, so you don’t have to worry about your future medical conditions and have the premiums increased.

• Whole Life Coverage: With Tata AIA term plans, you can secure your loved ones for your whole life. This means your family will be financially protected until you turn 99 or 100 years of age. 

• Special Offers: Most term insurance plans provide special premium rates for female and non-smoking customers, which can help you save further on your premiums.

• Flexible Payment Options: You can pay the Tata AIA term plan premiums annually, half-yearly, quarterly, and monthly for the limited or regular premium payment terms or pay the premium in a single payment.

• Customizable Life Cover: Tata term insurance plans offer the option of increasing the base sum assured through top-ups and Life stage options to ensure the plan fits your evolving needs throughout the policy term.

• Protect your Liabilities: You can use your Tata AIA term plans to secure your family against any liabilities they might be burdened with in your absence. Your family can use the payout to pay off any outstanding debts like student or home loans in the event of your untimely demise.

Benefits of Tata AIA Term Insurance Plans

Let us take a look at the benefits you can avail of by buying Tata AIA term plans:

• Financial Protection: Tata AIA term plans provide financial protection to the family in case of the policyholder’s untimely demise during the policy term. 

• Death Benefits: The Tata term insurance plans provide the death benefit to the family to help them take care of their financial needs and obligations like rent, child’s school fees, and any remaining loans like home or business loans.

• Maturity Benefits: Tata AIA term plans do not provide any maturity benefits unless you have opted for the term return of premium option at the time of policy purchase. These plans provide the premiums paid throughout the policy term on survival of the policy tenure.

• Rider Benefits: Tata AIA term insurance plans offer rider benefits through which you can enhance the coverage of the term plan. The most important term insurance riders available in India are critical illness riders, terminal illness riders, hospicare benefit riders, accidental death riders, accidental total permanent disability riders, and waiver of premium riders. 

• Comprehensive Wellness Benefit: Most Tata term insurance plans offer the option of availing special benefits with its wellness program that provides special discounts on the rider premiums of the 1st year and get a complimentary yearly medical check-up.

• Tax Benefits: You can avail of the term insurance tax benefits with Tata AIA term plans u/s 80C, 80D, and 10(10D) of the Income Tax Act, 1961.

Who Should Buy Tata AIA Term Plans?

• Young Earning Individuals

• Working Females

• People with Dependant Spouse

• People with Kids

• Taxpayers

• People with Loans and Debts

• Retirees

How to Buy Tata AIA Term Insurance Plans From Policybazaar?

• Step 1: Visit the Tata AIA Term Insurance Plan page of Policybazaar

• Step 2: Fill out the form by providing the requested details such as Name, age, and contact details.

• Step 3: Then, click on ‘View Free Quotes’

• Step 4: After this, answer some questions related to your job, annual income, education, and smoking habits

• Step 5: As soon as you submit all these details, a list of available term plans will be displayed

• Step 6: Choose a Tata AIA Term insurance Plan as per your convenience and then choose life cover, premium payment term, and cover till age to get detailed information

• Step 7: Click on ‘Proceed’ and you will be redirected to the payment section

• Step 8: Pay the premium amount.

Documents Required to Buy Tata AIA Term Insurance

The documents required to buy Tata AIA term plans are as follows:

• Proof of Identity like a Passport, Adhaar card, PAN card, Voter ID, or Driving license

• Proof of Address like Utility bills not more than 2 month old, municipal/property tax receipts, Bank statements, Pension/Family pension payment

• Proof of Income like 3 month’s salary slips, Income tax returns, or the latest Form 16

Points to Consider Before Buying Tata AIA Term Plans

Here is a list of all the points you need to consider before buying Tata AIA term insurance plans:

• Age: Age affects the term insurance premium rates as the older you are at the time of buying term insurance, the more the premiums will be. Therefore, it is suggested that you buy term plan as soon as possible to secure your loved ones at low premiums.

• Claim Settlement Ratio: The claim settlement ratio of a company gives us an insight into the company’s tendency to settle claims. The more the CSR value, the higher the chances of the company settling your family’s claim in your absence. Therefore it is better to purchase a term plan from a company with a CSR of at least 95% or more.

• Solvency Ratio: The solvency ratio of the term insurance company should be more than 1.5 or 150% to ensure the company is capable of settling all the existing policies in case of an eventuality. 

• Customer’s Experience: Before buying term plan, always go through the company’s honest customer reviews, as they can tell you how the company actually treats its customers and their customer experience.

• Available Riders: A term plan might not be enough to cover your personal needs, but you can enhance the plan to fit your specific needs by adding riders to the base plan. You should go through the list of available riders in each plan and ensure that the term plan of your choice offers suitable riders.

• Multiple Payout Options: Tata AIA term insurance plans offer several payout options that can act as income replacements in the time of need. You can choose from a lump sum payout, regular instalments, and lump sum + instalments.

• Ease of Purchase: Tata AIA term plans are easy to purchase as you can buy term plans online from the comfort of your home in just a few minutes without visiting the company office and waiting in long queues.

Claim Settlement Process of Tata AIA Term Insurance Plans

Tata AIA Term insurance company offers you an easy way to file a claim online without going through any documentation process. The online claim procedure is simple and consists of 3 steps:

• Claim Initiation: The nominee must inform of the policyholder’s death as soon as possible and submit the filled out Tata AIA term insurance claims form with all the required documents attached.

• Claim Assessment: The insurer will review the claim request and contact the nominee on the given contact details for further processing.

• Claim Settlement: The company will payout the claim amount in the nominee’s bank account in case of successful verification of the provided details.

Documents Required for Filing Tata AIA Term Plan Claims

• Original Policy documents

• Original certificate of death

• Rider policy documents

• Copy of FIR, post-mortem report, police panchnama, etc. duly attested by the police personnel.

• Certificate provided by the last attending medical practitioner

• ID Proof, claimant’s proof, and supporting documents showing the claimant’s right.

Exclusions of Tata AIA Term Insurance Plans

• Suicide: If the life assured commits suicide within a year (12 months) from the date of starting of the policy or from the date of the policy revival, then the nominee is not eligible to get the sum assured amount and will only be liable to receive the total premium amount paid, provided the policy is active.

• Pre-existing Health Conditions: You must disclose any pre-existing medical conditions when purchasing the policy. Benefits will only be paid out if the insurer is aware of this information in advance.

• Risky Activities: Tata AIA Term insurance won't provide coverage in case of your demise resulting from involvement in unlawful or high-risk activities. Similarly, it won't cover fatalities linked to extreme sports.

• Exemptions for Natural Disasters: Tata AIA Term insurance policies do not offer protection for loss of life due to natural disasters or calamities.

• Intoxication: Deaths caused by drug or alcohol use or overdose are not covered by Tata AIA term insurance policy.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

Tata AIA Term Insurance Plans - FAQ