Tata's outstanding leadership and the recognition of AIA as one of the largest pan-Asian independent life insurance groups worldwide with around 18 markets in the Asian Pacific region alone have made the Tata AIA group one of the most reliable insurance companies in India.
Tata AIA offers numerous term plans to benefit salaried individuals by covering their life and providing financial assistance to their families in case of their death. Tata AIA 1 Crore Term Plan is also provided under various schemes that offer a lump sum amount of 1 Crore to the insured person's family in case of his/her death. However, such term plans are valid only for a particular duration referred to as the policy term. The policyholders or their families cannot claim any benefits on the maturation of the policy.
The different Tata AIA 1 Crore Term Plans are:
- Tata AIA iRaksha Supreme
- Tata AIA iRaksha Trop
- Tata AIA Life MahalLife Supreme
Eligibility Criteria for TATA AIA 1 Crore Term Insurance Plan
Tata AIA 1 Crore Term Plan is provided under various schemes, and the eligibility criteria for different schemes are different. The age restrictions for different term plans that offer an assured sum of 1 Crore are summarized below.
Tata AIA Life iRaksha TROP
This is a non-linked, non-participating term insurance plan that can be purchased online. This plan not only ensures that your family is protected financially in case of your demise but also facilitates your family in receiving back all the premium values paid towards the plan at the end of the policy term. The received premium amount shall not include interest, tax, or underwriting additional premium.
- The minimum entry age for this plan is 18 years, and the maximum age is 65 years.
- The minimum policy term is 10 years, and the maximum policy term is 35 years.
- The minimum sum assured is INR 50 Lakh, and there is no maximum limit on the assured sum.
- The payable annual premium's minimum value shall be INR 12854. However, the maximum premium value depends on the assured sum and various other factors.
- The premiums are payable in single, annual, or semi-annual modes for 5 years or 10 years, depending on the policy term.
Tata AIA Life iRaksha Supreme:
- The minimum and maximum entry age of the plan is 18 and 70 years, respectively.
- The maximum age at which the policy matures is 80 years.
- The sum assured to the insured life is a minimum of INR 50 Lakh, and there is no maximum limit of the assured sum.
- The policy term shall extend from 10 years to 40 years, depending on the requirement of the policyholder.
- Premium payments depend on the policy term.
- Customers can choose to pay the premiums in semi-annual or annual modes.
Tata AIA Life MahaLife Supreme
This plan is offered under two different options – option A and option B. Both the options offer the insured person with a life cover equal to 10 times the annual premium rates. So, if the policyholder pays a minimum of INR 10000 per annum for 15 years, he/she shall be entitled to a life cover of Rs. 1 Crore. Hence, this is also one of the Tata AIA 1 Crore Term Plans.
- The minimum and maximum entry age of this term plan are 18 and 50 years, respectively.
- The plan's maximum maturation age under option A is 85 years, and the same under option B is 80 years.
- The minimum policy term under option A is 35 years, and that under option B is 30 years.
- The premium payment term is 15 years and 12 years for option A and option B, respectively.
- The minimum premium incurred per annum under option A and option B of this plan are INR 15000 and INR 20000, respectively.
Salient Features of 1 Crore Term Plan Tata AIA
Being the only income source of the family, you may hone several bigger responsibilities. In case of unfortunate events such as your demise, you cannot rely upon anyone to extend financial support to your family. To ensure that your family is completely protected to meet all the financial uncertainties in your absence, you are recommended to purchase a Tata AIA 1 Crore Term Plan at the earliest as the plans are highly beneficial and affordable. You can consider the following term plans as the ideal solutions to secure your family's financial future.
- iRaksha Trop
- Maha Raksha Supreme
- iRaksha Supreme
The key features of the Tata AIA 1 Crore Term plan are:
- The simplest model of life insurance covers in terms of pure protection plans.
- Provision to improve the protection offered by the plan through the addition of riders.
- Discounted premium rates for women policy buyers.
- Discounted premium rates for healthy individuals and non-smokers.
The crucial benefits of Tata AIA 1 Crore Term Plans are as follows:
- The term plans of Tata AIA that assures a life cover benefit of INR 1 Crore generally offer a high coverage at a lower substantial premium rate.
- The premium rates for the term plan remain the same irrespective of the policy tenure you choose.
- Special premium value discounts are offered for female policy buyers and non-smokers.
- Under Section 80C and Section 10(10D) of the Income-tax Act, the regularly paid premium values are valid to get tax benefits.
- Policyholders can choose to make the premium payments in annual, semi-annual, quarterly, or monthly payment modes.
- Discounts are offered on the policy purchase with higher life cover sum.
- You can also choose to avail of the premium returns under a few Tata AIA 1 Crore Term Plans. Such premium return benefits pay you back the premiums paid towards the policy if you are alive till the end of the policy term.
- The term plans can be purchased online from the comfort of your home. Hence, the purchase process is easy, efficient, error-free, and hassle-free due to the least or no human intervention.
- Tax benefits on the paid premiums and the insured sum under sections 80C and 10(10D) of the IT Act.
“Tax benefit is subject to changes in tax laws.”
The Process to Purchase the Plans
Following are the steps to be taken in order to purchase the Tata AIA 1 Crore Term Plan online.
Step 1: Visit the official website of Tata AIA Life Insurance.
Step 2: Calculate the premium by entering the required details such as name, phone number, email address, required life cover, policy term, premium payment term, lifestyle habits, medical history, and current medical condition, etc.
Step 3: Do not forget to enter the sum assured is INR 1 Crore.
Step 4: Complete the premium payment through internet banking, mobile wallets, or e-wallets.
Step 5: You will receive a notification on your mobile and email if your policy purchase is approved. If it is not approved, the paid premium amount shall be refunded.
Step 6: You will be sent a request for a medical test report on the successful completion of the plan purchase.
It is an essential requirement to protect your family and provide them financial security when they encounter uncertainties such as your death. The best way to accomplish this is by purchasing a Tata AIA 1 Crore Term Plan that is pure protection plans. Tata AIA offers several term plans that secure your family to have a prosperous future.
Individuals who aspire to purchase the Tata AIA 1 Crore Term Plans shall furnish the following documents as proof of their identity, address, and income.
- Passport-sized photographs
Any one of the below-mentioned documents can be presented as proof of identity:
- PAN Card
- Driving License
- Voter's ID Card
- Aadhaar Card
- Job Card given by NREGA and signed by the respective State Government Authority
Any one of the following documents can be presented as address proof:
- Recent post office or bank account statement
- Municipal or property tax receipts
- Recent month's utility bills such as electricity bills, water bills, gas bills, telephone bills, post-paid mobile bills
- Rental Agreements
Tata AIA 1 Crore Term Plans are unique compared to other term insurance plans because of their following features.
- Excellent premium rates for the chosen size of life cover and policy term.
- Flexible features and benefits that can be adjusted as per the requirements of the policyholder.
- Higher claim settlement ratio on the purchased term plans.
Terms and Conditions
- The term plans offer a look-up period of 15 days from the date of purchase of the plan. If the policyholder is not happy with the plan provisions and wishes to cancel the contract, he can send the document back to the insurer within the free look period. The insurer will refund the entire paid premium less the stamp duty charges and any risk proportionate premium charged for the period of coverage.
- No plan conversion to any other TATA AIA is permitted.
- There is also no provision for taking a policy loan in these plans.
- Nomination and Assignment are permitted under the plans as per the provisions of Sec 39 & Sec 38 respectively of the Indian Insurance Act.
Tata AIA 1 Crore Term plans do not offer the plan benefits under the following circumstances.
- Accidental death due to driving under the stimulus of alcohol or any other drugs.
- Death during participation in racing events.
- Death while participating in adventurous sports.
- Death due to pregnancy and parturition.
- Death during participation in war or civil commotion
- Death,as a result of participation in illegal or criminal activities.
- Committing suicide or death due to self-inflicted damage.
A1. No. You are allowed to purchase the Tata AIA 1 Crore Term Plan only for yourself and register any of your family members as the nominee.
A2. Yes. The term plans of Tata AIA offer flexibility to the policyholders while paying the premiums. They can choose to pay the premiums either monthly, annually, quarterly or semi-annually.
A3. Yes. Online purchase of Tata AIA Term plans from the official website is absolutely safe and secure.
A4. Yes, the policyholders are provided with a grace period of 30 days in cases where the premium is not paid before the due date. However, if the premium is not paid even after the grace period, the plan will be blocked, and you can revive the benefits of the plan within two consecutive years from the date of blocking.
A5. Yes, the Tata AIA 1 Crore Term Plan premium rates are different for smokers and non-smokers. Non-smokers are offered preferentially lower premium rates.
A6. No. Tata AIA term plans do not offer any maturation benefits. The plan offers the assured sum to the nominee of the plan in case of the death of the policyholder before the end of the policy tenure.
A7. Any salaried individual who aspires to safeguard the financial liabilities of his/her family in case of his/her death must purchase the term insurance plans of Tata AIA.
A8. Yes. Women are offereddiscounted premium rates on the purchase of Tata AIA term insurance plans.
A9. No. Suicidal deaths are not covered under the term plans of Tata AIA. However, your family can claim 80% of the premiums paid towards the plan.