Tata AIA Term Insurance Plans

4.2 / 5 based on 25 User Reviews
*Please note that the quotes shown will be from our partners

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 promises 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

 

Minimum

Maximum

Entry Age

18 years

65 years

Maturity Age

-

75 years

Policy Term

10 years

30 years

Sum Assured

Rs.50 lakhs

No limit

Premium Payment Term

Equal to the policy term or Limited pay for 5 or 10 years or Single Pay

Premium Payment Frequency

Yearly or half-yearly

 

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

Age

Policy term

Single pay

Regular pay

Limited pay (5 years)

Limited pay (10 years)

30 years

20 years

182,600

19,22

53,500

30,000

30 years

25 years

218,500

17,100

61,600

33,600

35 years

20 years

264,000

26,800

75,900

42,800

35 years

25 years

320,100

24,400

88,800

48,700

 

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

 

Minimum

Maximum

Entry Age

18 years

70 years

Maturity Age

-

80 years

Policy Term

10 years

40 years

Sum Assured

Rs.5 lakhs

No limit

Premium Payment Term

Equal to the policy term or Single Pay

Premium Payment Frequency

Yearly, half-yearly, quarterly or monthly

 

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.

Age

Sum Assured

Policy Term

Regular Pay

Single Pay

35 years

50 Lakhs

30 years

9300

139600

35 years

1 crore

30 years

16600

274200

40 years

50 lakhs

20 years

11500

127300

40 years

1 crore

20 years

21000

249600

 

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

 

Minimum

Maximum

Entry Age

18 years

70 years

Maturity Age

-

80 years

Policy Term

10 years

40 years

Sum Assured

Rs.50 lakhs

No limit

Premium Payment Term

Equal to the policy term or Limited pay for 5 or 10 years or Single Pay

Premium Payment Frequency

Yearly or half-yearly

 

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.

Gender

Smoking habit

Single pay

Regular pay

Limited 5 pay

Limited 10 pay

Female

Non-smoker

85,900

6,300

18,900

10,200

Female

Smoker

129,000

9,300

31,800

15,900

Male

Non-smoker

100,300

7,000

21,900

11,900

Male

Smoker

153,700

10,900

37,600

18,800

 

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.

What are the advantages of term life insurance?

There are many advantages if term life insurance. They are:

  1. Low cost – The greatest benefit of a term plan is that allows you to buy a substantial amount of life insurance at a very low cost. This makes it possible for people of all financial levels to have life insurance.
  2. Flexibility – Since term plans are bought for a specific term, you can choose for how long you want to stay covered and how much you want the sum assured to be. For example, if you have your 10 year old son as a nominee, you would want to purchase the policy for 15 years, because surely by the time he is 25, he will be financially independent. However if you die before that, he may need financial assistance.
  3. Fixed premium – No matter what length you take the plan for, your premium will be fixed throughout, and so you don’t have to appear for medical tests, etc during the policy tenure and have the premium increased.
  4. Riders – A term plan can be customized by adding additional riders such as waiver of premium, accidental death, etc.
  5. Return of premium – You can offer to pay higher premiums and opt for a return of premium plan, where at the end of the policy period, the premium would be returned to you if you survive.
  6. Easily available – Most term plans are available online and so buying them becomes extremely simple. All you have to do is log in, select the plan you want, and buy it instantly.

What are the disadvantages of term life insurance?

Broadly speaking, there aren’t really any disadvantages of a term plan. The cost at which you get the cover is so good that everything else becomes negligible. However, the only problem with term insurance is that you cannot surrender the plan mid way. So once you purchase the policy, you have to continue with it. You obviously have the option of lapsing the policy by stopping the premium payments. However you cannot get a surrender value and once you discontinue, you lose the cover as well as the previously paid premiums.

So should I buy term insurance?

Of course you should buy term insurance! From the above mentioned points, we can clearly see that the advantages overwhelmingly outweigh the disadvantages and so you must most definitely get a term plan today if you haven’t done so already.

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

1. 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.

2. How can I check policy status for Tata AIA Term Insurance 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 Term Insurance 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 Term Insurance Plans?

Company offers a transparent claim process. The policyholder can register claims by submitting their request at the customer care helpdesk or via an SMS. 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 Term Insurance 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.

Tata AIA Term Insurance Plans Reviews

TOTAL REVIEWS (25)
Jaswant
Guwahati
October 18, 2016

Marvelous Insurance Plan

Having term insurance policy which is so beneficial and the investment is also low. Service provided is quick and on time. Online renewals are made so simple through online portal service. Policy coverage is good and claims are even better.

Yashvir
Gurgaon
September 27, 2016

TATA Term Policy

Got the tata aia term insurance policy in low budget and coverage is high as promised. Service given is very nice and staff member of the company available 24X7. Claiming is simple and renewals are done through online portals which is very good service.

Rahul
Dangar
July 27, 2016

Quality Investment

The term insurance plan i have is very perfect in all other policies. Maximum returns and many benefits. The 24X7 service of yours is the most attractive point which is very clam and nice behaviour of the staff. Renewals are simple to do through online portal service.

Vishu
Mirzapur
July 12, 2016

Term plan

My term insurance plan is an above average policy which comes in low premiums. Policy coverage is high and claims are high too. Service is fantastic and because of that the documentations become hassle free. Renewal is easy by online portal.

Lakshay
Bawal
June 30, 2016

Good

I bought a term insurance plan and the policy provide me many benefits like low premiums and returns are high. Service you gave is superb and policy coverage is good but the investment is less. My family is very happy with your services.

Nakul
Sant_kabir_nagar
April 21, 2016

slow service

The tata aia term plan has slow service issue. Policy coverage and claims are high with low investments. The executives and staff members behave well with the customers and providing nice outputs. The daily updates are mailed and texted to me regularly. It saves taxes.

Abhinav
Ooty
April 21, 2016

Nice Policy

Tata aia term policy plan is wonderful with huge benefits like low premiums and the policy coverage is high 91%. Claims are good and the payback amount is around Rs.40 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions. Good future investment with tax savings.

Raghav
Agartala
April 21, 2016

Great Service

My tata aia term insurance policy plan is wonderful with huge benefits like low premiums and the policy coverage is high 89%. Claims are are good and the payback amount is around Rs.38 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions. Daily update are mailed to me.

Harindra
Bageshwar
April 21, 2016

Below Average

The term policy plan i have is not as i expected. The policy coverage is 69% and the claims are less. The premiums are 22 K twice a year. Services are fast and the behaviour of the executives and staff members are good. Some improvement needed in the web site. Manageable policy plan.

Gautam
Kadipur
April 21, 2016

High Returns In Low Premium

My term insurance policy plan is with tata aia life insurance. The policy coverage is high and the claims are high too. Claims are easily sanctioned because of fast services provided by the executives. Fantastic policy plan which provides good terms and conditions.

Fabian
Pune
April 21, 2016

Awesome Policy

I purchase tata aia life insurance term policy plan. The policy plan is an average one but the premiums are low with good policy coverage ~89%. This is an online policy plan, easy to buy. The plan has 5% less on premiums for women. Premiums and claims are free from taxes.

Mayank
Dahiwadi
April 21, 2016

Super Policy

I have term insurance policy plan from tata aia life insurance. Policy coverage is good and the premiums are low approx. 32 K. Claiming is easy and the waiting time is very less due to fast and on time services from executives and the staff members. Nice work.

Waqar
Rampur
April 21, 2016

Poor Policy

My policy is not good because the service is slow, the policy coverage is less, Claims are not enough, premiums are high, not provided help when needed by the staff members not in the company or either on the call. Not satisfied with this policy.

Ojasvi
Krishnagiri
April 21, 2016

Trustworthy

Got term insurance policy plan with tata aia life insurance. The policy plan is above average and the premiums are low. Policy coverage and the claims are high with high payback returns. Services provided by you guys is appreciable with good behaviour of your staff members and the extra good treatment provided by the executives is very nice.

Dhruba
Yamunanagar
April 21, 2016

Fantastic Plan

The term insurance policy plan i have is tata aia life insurance. The policy coverage is high with high claiming amount. The premiums are low and the payback returns are approx. rs.41 L. The service provided by the executives and the staff members is good with nice behaviour.

Gautam
Dungargarh
April 21, 2016

Best Plan

Great term insurance policy plan i got from tata aia life insurance. They has good speed and responsive for any query and for any help. Policy coverage is 88% and the claims are good with easy claiming process. The investment is good and it saves taxes also.

Jiten
Sultanpur
April 21, 2016

Happy With Services

I have term insurance policy plan from tata aia life insurance. The policy is good and the premiums are very less. The best investment and the taxes are also saved. Policy coverage and claims are good and the services are super fast. I really like my policy plan.

Karan
Lonavla
April 21, 2016

Damn Good

Tata aia life insurance is one of the best insurer for term insurance policy plan. The policy coverage is 92% and the claims are good even the the claiming procedure is easy because the service provided by the company members are good and even the web services are even better. The premiums are low and for women get 5% less extra benefits on premiums. My future is secure.

Sandeep
Ponda
April 21, 2016

Wonderful

Policy coverage is less around 78% and the premiums are low around 25 K twice a year. Service are good and always on time till now. The claims are cleared easily due to quick response from the executives and staff members. Please improve your policy coverage for better performance.

Rahul
Kundra
April 21, 2016

Awesome

The term policy plan i have is not as i expected. The policy coverage is 68% and the claims are less. The premiums are 27 K twice a year. Services are fast and the behaviour of the executives and staff members are good. Some improvement needed in the web site. Good tax saving benefit.

Ishant
Panipat
April 21, 2016

Really Good

Tata aia life insurance is one of the perfect insurance providers, i took term insurance policy plan from them. The policy is good in service and it can be buy online also. The web service is awesome and 5% less for women on premiums. Policy coverage and the claims are high. Due to online facility, it reduces the paper work and the waiting part is erased. It saves taxes also.

Akash
Gurgaon
April 21, 2016

Fair Policy

My term insurance policy plan is with tata aia life insurance. The policy coverage is high ~88% and the claims are approx. 36 L after policy get mature. Claims are easily sanctioned because of fast services provided by the executives. Fantastic policy plan which provides good terms and conditions.

Manish
Malapuram
April 21, 2016

Manageable

I purchased tata aia life insurance policy and the product is term insurance plan. The premiums are ~Rs.43 K per year. The claims are good and easily sanctioned. Service facilitate by executives and staff members are very nice and fast. The policy saves taxes and it is really very good investment for future.

Prabhjot
Darjeeling
April 21, 2016

Nice Policy

The tata aia term plan is wonderful with huge benefits like low premiums and the policy coverage is high 87%. Claims are are good and the payback amount is around Rs.34 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions. Good future investment.

Lalit
Gangtok
April 21, 2016

Good

Great term insurance policy plan i got from tata aia life insurance. They has good in facilitate the fast services. Policy coverage is 91% and the claims are good with easy claiming process. The investment is good and it saves taxes also. The behaviour of executives and staff members are very nice.