Tata AIA Life Insurance, one of the leading insurance companies in the Indian private sector is a joint venture between Tata Sons Private Limited and AIA Group Limited. Tata AIA Life AIA boasts of being the largest listed pan-Asian life insurance group which has a presence in over 18 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. The company offers a comprehensive range of term insurance plans to its customers to meet their insurance requirements. Let’s discuss Tata AIA Term Insurance Plans in detail:
*Tax benefit is subject to changes in tax laws.
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
98.53% Claim Settlement Ratio: The company has a claim settlement ratio of 98.53% in FY 2021-22. This ensures that your loved ones receive the financial support needed in your absence, hassle-free.
4 Hours Claim Settlement: With ‘Express Claims’, TATA AIA endeavors to provide claim payment within 4 hours for policies with Death Benefit up to 50 Lacs.
40 Critical Illnesses Benefit: Additional Payout on 40 Critical Illnesses including Minor and Major Cancer related, Cardiac related, and other Critical Illnesses. This benefit safeguards your family against financial urgency resulting from these illnesses.
Whole Life Cover: Ensure financial protection and create a financial cushion for the family even in your absence with a whole life cover plan.
Accidental Death Benefit: One death every minute in India happens due to a road accident. This optional benefit provides your loved one’s additional pay-out in case of death due to an accident.
++Tax benefit is subject to changes in tax laws.
++All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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 term insurance.
Fixed premium: No matter what length you take the plan for, your premium will be fixed throughout, so you don’t have to appear for medical tests, etc during the policy tenure and have the premium increased.
Special offers: Discounted and low premium rates are available for smokers and non-smokers.
Tax Benefits: Get tax benefits u/s 80C and 10(10D) of Income Tax Act, 1961.
Flexible payment mode: You can pay the premium annually, half-yearly, quarterly, and monthly.
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.
Easily available Online: Most term insurance 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.
With four different term life insurance available both online and offline, TATA AIA life term insurance is 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 Term Plans | Entry Age | Maturity Age | Sum Assured | |
Tata AIA Sampoorna Raksha Supreme | 18 to 60 years | 100 years | Min: 50 Lakhs
Max: 20 Crore |
CLICK HERE |
Tata AIA Maha Raksha Supreme | 18 to 60 years | 85 years | Min: 2 Crore
Max: 20 Crore |
CLICK HERE |
Saral Jeevan Bima | 18 to 65 years | 70 years | Min: 5 Lakhs | CLICK HERE |
Tata AIA Smart Sampoorna Raksha | 18 to 45 years | 85 years | Min: 50 Lakhs
Max: 5 Crores |
CLICK HERE |
Tata AIA Insta Protect Solution | 18 to 45 years | 75 years | Min: 25 Lakhs
Max: 70 Lakhs |
CLICK HERE |
Let’s discuss Tata AIA term insurance plans in detail:
Tata AIA Sampoorna Raksha Supreme is a comprehensive and wide-ranging term insurance plan that provides you with flexible plan options to protect the financial future of your family.
You can easily choose from the following death benefit options: Life, Life Plus, Life Income, and Credit Protect Option.
The plan offers the option for whole-life coverage i.e., till 100 years
Flexibility to get death payout as a one-time (lump sum) or as income for up to 60 months or as a combination of both.
Option to enhance coverage at major milestones with an option of Life Stage
You have the option to increase the life cover using top-ups
Option to receive income payouts at 55, 60,65 years of age
Flexibility to select premium paying term and policy tenure
The plan offers lower and discounted rates for females
Increase your protection with optional riders
Get tax benefits as per the prevailing laws of the Income Tax Act, of 1961.
A pure-term insurance plan provides you with a number of choices to fulfill the financial protection needs of your family. It also offers you an option to enhance the sum assured at important milestones of life.
It is the simplest and pure protection cover.
You can select an option to increase your protection coverage in the long run. Using Life Stage Plus Option, you can enhance cover at future important stages of life without undergoing any fresh medical underwriting.
Option to pay as regular or single premiums to suit your needs
Discounted premium rates for non-smokers and females
The inbuilt payout accelerator benefit offers 50 percent of life cover in case of a diagnosis of a terminal illness.
Tax benefits are applicable u/s 80C and 10(10D) of the ITA, 1961.
Saral Jeevan Bima is an affordable and simple term insurance plan that offers financial protection to you and your family.
Flexibility to select policy tenure and premium-paying term
Lower premium rates for non-smokers and females
Increase your protection using option term riders
Tax benefits as per the applicable laws of the Income Tax Act, of 1961.
This plan is a combination of savings and protection that helps fulfill your long-term objectives such as retirement planning, wealth creation, and children’s education along with protecting your life goal with a sufficient sum assured.
You can select from 11 fund options ranging from equity-oriented to income-focused fund, depending on your risk appetite.
Protect your family's financial objectives from death benefits in case of an unforeseen death during the policy tenure
Tax benefit applicable as per ITA, 1961
Option to pay limited or regular premiums of 5/10/12 years.
Tata AIA InstaProtect Solutions plan is a complete term insurance plan that offers financial protection to you and your loved ones. This plan combines the long coverage benefits with accidental death, critical illness, total and permanent disability hospitalization expenses, and others.
Comprehensive health and life cover for you and your family. It covers hospitalization, heart conditions, terminal illness, cancer, disability, and critical illness.
Flexibility to choose premium paying term and policy term
Option of choosing return of premium benefit
The smooth easy policy buying process with no medical examinations, claim settlement procedure, and renewal with easy online transaction modes.
Tax benefit applicable as per ITA, 1961
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.
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 intimation
Submission of claim documents
Claim settlement decision and payment
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.
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.
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.