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Tata AIA Life Insurance Savings Calculator
A savings calculator is an online tool that helps you determine the amount you need to invest in a savings insurance plan regularly for the long term to ensure a life cover and a guaranteed7 maturity benefit.
Our Tata AIA Life Insurance Savings Calculator makes it easy for you to understand how you can reach your savings goal over a given period. Not only does it help you save a lot of time on these calculations, but it also enables you to know how you save enough to meet your future obligations. Here is what you need to know about the savings plan calculator.
Popular Tata AIA Life Insurance Savings Plans
Non-Linked, Non-Participating, Individual Life Insurance Savings Plan
(UIN: 110N158V11) | 12T&C apply
Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan
(UIN:110N152V12) | *T&C apply
Tata AIA
Fortune Guarantee Supreme
Individual, Non-Linked, Non-participating, Life Insurance Savings Plan
(UIN110N163V06) | 8T&C apply
Tata AIA
Fortune Guarantee
Non-Linked, Non-Participating, Individual Life Insurance Savings Plan
(UIN: 110N120V10) | 7T&C apply
Tata AIA
Smart Income Plus
A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan
(UIN: 110N126V05) | 6T&C apply
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What Is a Savings Calculator?
A savings calculator is a convenient, easily accessible online tool that helps you determine the amount you need to save systematically over the limited or entire policy tenure to ensure you fulfil your future financial goals.
Savings are a part of your income that you can set aside to be utilised at a later date. The amount you want to save and how you want to save it can be determined by you as per your needs.
Savings plans are a systematic way to save money over a long period for dual purposes, life cover and guaranteed* maturity returns. At the end of the policy tenure, you can choose to receive the saved amount as a lump sum or as a regular income.
The savings calculator in India not only helps you determine this tenure but also factors in the interest rate to get a realistic estimate of your returns.
Since a savings calculator is an automatic tool, all you need to do is fill in a few basic details, such as how much you want to save, how you want to save, and how long you want to save to make a well-informed financial decision.
How Do Savings Calculators Work?
The savings calculator is a simple and user-friendly online tool. Here is how it works.
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![Annual Savings Amount for Policy Tenure]( "Annual Savings Amount for Policy Tenure")
How much do you want to save?
You will need to mention the amount you intend to save annually for the policy tenure. It can be decided as per your current financial condition and the timeline of your goals. Since it is an integral part of the calculation, ensure that it is as accurate as possible.
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![Savings Duration: Policy Term and Premium Payment Term]( "Savings Duration: Policy Term and Premium Payment Term")
How long do you want to save?
You will need to mention the policy term for your savings insurance plan and the premium payment term. In a regular pay policy, the premium payment term and the policy tenure can remain the same.
On the other hand, for a limited pay policy, the premium payment term can be a limited period of the entire policy tenure. Decide these factors based on your steady flow of income, timelines for your future goals, and current financial expenses.
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![Saving Method: Monthly, Quarterly, Semi-Annually, Annually]( "Saving Method: Monthly, Quarterly, Semi-Annually, Annually")
How do you want to save?
Upon deciding the amount, you need to save and the period for which you intend to save, you need to discover how you can pay the premium, whether monthly, quarterly, semi-annually, or annually.
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![Life Cover and Savings Benefit with Calculator]( "Life Cover and Savings Benefit with Calculator")
The final result
Based on your inputs, the calculator will determine the life cover and the guaranteed7 savings benefit for the savings plan. Your savings will grow as you earn interest on the savings yearly during the tenure, which may be detailed over the calculation. You can choose to receive the payout as a regular income or lump sum.
Furthermore, you can revise the inputs to try different combinations to determine the right and affordable strategy for your savings needs at the desired interest rate.
Example
Mr. Rahul is a 21 year-old IT employee, wants to save funds to accomplish his financial goals. He had purchased Tata AIA Life Guaranteed Return Insurance Plan - Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan (UIN:110N152V12) and pays Rs 10,000 per month for 10 years under Endowment Plan option.
The features and benefits determined using our savings calculator are as follows:
Particulars |
Values |
Monthly Premium |
₹10,612 |
Policy Tenure |
15 years |
Premium Payment Term |
10 years |
Life Cover |
₹20,98,750 |
Guaranteed* Benefit |
₹20,80,1201 |
1Illustrated premium is calculated for a 21-year-old healthy male with a premium paying term of 10 years, policy term of 15 years and premium payment with monthly instalment under Endowment plan option. The premium shown is inclusive of taxes and the mentioned benefit is payable only if all premiums are paid as per the premium paying term and the policy is in force till the completion of entire policy term opted. | *T&C apply
How To Use Tata AIA Savings Calculator?
Follow these simple steps to use our savings calculator.
Visit our official Tata AIA Life Insurance page.
Under the 'Calculators' tab, click on 'Savings Calculator'.
Provide essential information such as your name, date of birth, and mobile number for OTP verification.
Enter further details such as type of savings plan, whether Endowment Policy or Regular Income and mention for whom the policy is for, whether spouse, minor, or major child.
You can go for the Suitability Analysis to try our recommendations or click on 'Get Quotes'.
Choose details such as the savings amount, policy term, premium payment term, and premium payment frequency.
Devise the right strategy by revising the inputs to derive the most suitable and affordable savings plan.
Benefits Of Using Savings Calculator
A savings calculator is more than just a mere calculating tool. It is helpful in planning for your financial goals and savings so that you can meet your objectives without having to worry about dipping into your emergency savings funds.
Here are some of the main benefits of a savings calculator:
Work on Systematic Savings
Work on Systematic Savings
Work on Systematic Savings
Work on Systematic Savings
When you use a savings calculator, you can understand how much money you need to save each month to accumulate the desired savings amount. As a result of this, you can start saving your money regularly so that you can allocate some funds to your savings in a disciplined way without hampering your other essential financial needs, such as household expenses.
Plan for Financial Goals
Plan for Financial Goals
Plan for Financial Goals
Plan for Financial Goals
Your financial goals, especially big purchases such as purchasing a house, starting a new business, etc., need to be planned well in advance. Without proper planning, you may end up with some debts and loans that can come in the way of achieving your goals. Since the savings calculator provides the estimate for your guaranteed7 returns, you can make precise financial decisions on your future goals.
Maintain your lifestyle
Maintain your lifestyle
Maintain your lifestyle
Maintain your lifestyle
Important milestones such as a wedding or the birth of a child mean new financial responsibilities. With the savings plan calculator, you can account for and target these life stages with adequate life cover and savings to handle the responsibilities without compromising on your current lifestyle.
Choice of Savings Plan
Choice of Savings Plan
Choice of Savings Plan
Choice of Savings Plan
Once you know how much you need to save for your goals, the Tata AIA Life Insurance savings calculator can show you which savings plans are most suitable for your savings goals. By choosing a savings plan that is suited to your needs, you will be able to save regularly until your financial objectives are met.
Financial Security for Dependents
Financial Security for Dependents
Financial Security for Dependents
Financial Security for Dependents
With our savings calculator, you can choose the savings plan and their features for purchasing it for your spouse or children (minor or major). You can decide on an endowment benefit or regular income and when they can start receiving the benefits based on the financial commitments.
Quick and Efficient
Quick and Efficient
Quick and Efficient
Quick and Efficient
The savings calculator is a simple online tool that can help determine your savings plan with the necessary features quickly and efficiently. You will not need any expert help to understand how to use the calculator and its flexible features.
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What Is a Savings Goal?
A savings goal is a financial goal that you want to accomplish in the near future or at a later date for which you need to plan and save funds over a definite period to ensure achieving them as desired. Depending on the goal, you can decide on the timeline, whether short-term or long-term and the necessary funds.
To determine the necessary funds, calculate the amount required to accomplish them now and account for the inflation rate based on the timeframe. Some of the common savings’ goals are:
Save for Retirement
It is important to create a savings fund for your retirement as, during your golden years, you will not have the benefit of a monthly salary. Therefore, to plan for your retirement, it is advisable to save for a period of 10-20 years, depending on how much money you will need for all the expenses after you retire.
Save for Big Purchases
Big purchases and expenses such as buying a house, relocating to a new city, starting a business, or saving for your child’s higher education need careful planning. These goals should be planned well in advance and require at least 5-10 years of savings for you to be able to achieve them.
Emergency Fund
Apart from saving for all your financial goals, have an emergency fund to help you in serious situations. For example, in case of a medical emergency or a loss of income, you must have a financial support system to enable your family and you cover all your expenses for at least a year.
How Can a Savings Calculator Help You Understand Your Monthly Savings Contribution?
Apart from helping you calculate your total savings; a savings calculator offers an indication of how much you need to save and contribute towards a savings plan each month or on a regular basis. Therefore, if you are investing in a savings plan, you will also be able to determine the monthly premiums for the savings policy to meet your savings goal.
When you have clarity on the target amount for the financial accomplishments and the necessary timelines, you can find the regular savings that you need to afford with the savings calculator. Just key in a few details, such as the amount you can afford to save regularly, the policy tenure required, the convenient premium payment frequency, etc., and keep revising the inputs until you get the most affordable premium for the guaranteed7 maturity returns.
For example, suppose you need ₹17 lakhs to purchase a new car after 5 years. In that case, you can key in the details, such as the amount you can afford to save every month, the policy tenure (5 year), and the payment frequency(monthly), to determine the exact monthly savings required for the estimated guaranteed7 maturity returns (₹17 lakhs).
Decide on the financial goal and the required funds accounting for the inflation rate and the timelines to determine the monthly contribution precisely.
The savings tenure is also an important component of your savings. While you can opt for short-term savings, it is always advisable to save over the long term, at least 5 - 10 years.
Why Choose Tata AIA Life Insurance Savings Plans?
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![Guaranteed Income]( "Guaranteed Income")
Get Guaranteed* Income
For a worry-free future
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![Claims Settled within 4 Hours]( "Claims Settled within 4 Hours")
Express Claim Settlement
Get your claims settled under 4 hours15
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![Save Tax up to Rs 46,8003 per Applicable Income Tax Laws]( "Save Tax up to Rs 46,8003 per Applicable Income Tax Laws")
Save Tax up to Rs 46,8003
As per applicable Income Tax laws
-
![99.01% Individual Death Claim Settlement Ratio FY 2022-23]( "99.01% Individual Death Claim Settlement Ratio FY 2022-23")
99.01%
Individual Death Claim Settlement Ratio17 in FY 2022 - 23
*T&C apply | 15T&C apply
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Frequently Asked Questions About Savings Calculator
How does savings insurance work?
A savings insurance plan provides dual benefits, life cover, and guaranteed7 maturity returns in exchange for the premiums paid during the policy tenure. In the event of the unexpected death of the policyholder, the nominee will receive the sum assured as the death benefit.
On the other hand, if the policyholder survives the policy term, they will receive the guaranteed7 returns as the maturity benefit. With the savings calculator, you can determine the amount that needs to be saved regularly for the desired guaranteed7 returns and the policy tenure.
What is the best way to calculate savings?
The best way to calculate savings is to use a savings calculator. It is user-friendly, less time-consuming, and available online. You just need to provide a few details, such as the amount you can save regularly, the payment period, and the frequency of payment.
The calculator will provide details of the applicable life cover and the guaranteed7 returns. In addition, you can revise the inputs to find the best savings plan and the most convenient way to save regularly.
Why should I use a savings calculator?
Using a savings calculator can be helpful for the following reasons:
- Determine the regular savings required to accomplish a financial goal.
- Save funds without affecting your current lifestyle.
- Make a long-term financial plan incorporating the results of the savings plan calculator.
- Make well-informed financial decisions to avoid using emergency funds for a planned financial goal.
How can savings plans help you save tax?
The tax2 benefits that one can avail of on a savings plan are as per the prevailing tax2 laws and may be subject to change at any time. As per Section 80C of the Income Tax Act, premiums paid towards all life insurance plans for every financial year are eligible for a tax2 deduction of up to ₹1.5 Lakhs, subject to the terms and conditions of the policy. Therefore, one can claim tax2 benefits on the savings plan premiums paid during a financial year.
To enhance the scope and coverage of a savings plan, one can also add one or more optional riders16 to their base policy, whose premiums are not included in the base policy. By adding a critical illness rider or a health rider to the base savings plan, one can avail of tax2 deductions on the rider premiums under Section 80D of the Income Tax Act.
Tax2 benefits are also applicable to the death benefits, or the maturity proceeds of a savings policy. Under Section 10(10D) of the Income Tax Act, the death benefit sum assured, paid out to the nominee or the family on the death of the policyholder, is exempt from taxes2. Similarly, the maturity proceeds or the savings on the policy may also be exempt from taxes2, subject to policy terms and conditions.
Can I prepare a financial plan with a savings calculator?
Yes, one of the primary reasons why many people use a savings calculator in India is to understand how much money they should save over a certain period. For example, suppose you have some financial goals to be met in about 10 years. In that case, the savings calculator lets you know the amount to be saved during this period and an estimated return on your savings while also considering the inflation rate and other factors.
Will the savings calculator help me choose a savings plan?
If you use the Tata AIA Life Insurance savings calculator, you will receive a recommendation on which savings plans may be most suitable for your savings and financial goals. By comparing these plans, you can then choose one policy which makes it possible for you to meet your financial objectives.
Alternatively, if you are choosing between any of our savings plans and want to estimate your returns in the future from savings, our online savings calculator can help you know the amount you need to save.
Is an online savings calculator better than an offline savings calculator?
Yes, an online savings calculator offers accurate results based on the information you provide. Hence, if you fill in the correct details about your savings, you can get the right estimation of your expected savings by the end of the savings period.
Since the calculation is done online, there is also no room for human errors. And lastly, an online savings calculator also saves a lot of time as compared to the manual calculations of your savings.
Do I need to pay to use an online savings calculator?
No, using an online savings calculator does not incur any charges since this is a free and easy-to-use online tool. You can simply visit the official Tata AIA Life Insurance website and use the savings calculator.
- The complete name of Tata AIA Guaranteed Return Insurance Plan is Tata AIA Life Guaranteed Return Insurance Plan (UIN: 110N152V12)- Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan)
- The complete name of Tata AIA Smart Income Plus is Tata AIA Life Insurance Smart Income Plus (UIN:110N126V05) - A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan
- The complete name of Tata AIA Fortune Guarantee is Tata AIA Life Insurance Fortune Guarantee (UIN: UIN: 110N120V10) - Non-Linked, Non-Participating, Individual Life Insurance Savings Plan
- Tata AIA Fortune Guarantee Supreme - Individual, Non-Linked, Non-participating, Life Insurance Savings Plan (UIN110N163V06)
- The complete name of Tata AIA Fortune Guarantee Plus is Tata AIA Life Insurance Fortune Guarantee Plus (UIN: 110N158V11) - Non-Linked, Non-Participating, Individual Life Insurance Savings Plan.
- *Guaranteed Annual Income (GAI) in the Regular Income option is a percentage of one Annualised Premium while in the Whole Life Income option is a percentage of the Total Premiums Paid
- 1Illustrated premium is calculated for a 21-year-old healthy male with a premium paying term of 10 years, policy term of 15 years and premium payment with monthly instalment under Endowment plan option. The premium shown is inclusive of taxes and the mentioned benefit is payable only if all premiums are paid as per the premium paying term and the policy is in force till the completion of entire policy term opted.
- 2Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere on this site. Please consult your own tax consultant to know the tax benefits available to you.
- 3Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess, if any will be charged extra as per prevailing rates. The Tax Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
- 4Illustrated Internal rate of return (IRR)is for Rs. 5 lakh annual premium for Male/Female, age up to 50 years, standard life. Premium & IRR is excluding taxes for premium paying term of 12 years for policy term of 30 years . Internal Rate of Return will change subject to change in the combination of entry age, Plan Option, Policy Term, Premium Paying Term, Premium Paying Frequency. IRR is a discount rate that makes the net present value (NPV) of all cash flows equal to zero in a discounted cash flow analysis.
- 5Guaranteed Addition (Endowment option) defined as a percentage of GMB shall accrue at a simple rate for each completed policy year, throughout the Policy Term and shall be payable on Maturity or Death whichever is earlier, subject to all due premiums being paid. GA shall accrue @ 5% of GMB
- 6Guaranteed Payout (GP) is a fixed percentage of the Annualized Premium and shall be payable annually from income start year in case of Regular income option and at the end of policy year preceding the year of Maturity in case of Endowment option. Guaranteed Maturity Pay-out (GMP) is a percentage of the Annualised Premium and shall be payable at maturity.
- 7Guaranteed Benefit is a % of Total premiums paid based on the policy term, premium paying term, gender, annualised/Single premium band & entry age
- 8Guaranteed returns in this plan depends on Age at Entry of life assured, Premium payment term, policy term, premium amount and plan option chosen.
- 9This feature must be chosen at inception only. The last instalment due on end of Policy Term shall be paid on the date of Maturity only, and not on Special Date.
- 10The current loyalty addition rate on the Sub-wallet will be 4.05% compounding annually. This rate will be reviewed every six months (on 1st April & 1st October every year).
- 11Illustrated Income Rates (Internal rate of return – IRR) is for Rs. 5 lakh annual premium for Male/Female, age up to 50 years, standard life. Premium & IRR is excluding taxes for premium paying term of 10 years for policy term of 14 years and income term of 30 years. Internal Rate of Return will change subject to change in the combination of entry age, gender, Plan Option, Policy Term, Premium Paying Term, Premium Paying Frequency, Income Benefit Pay-out Frequency, Lump Sum benefit. IRR is a discount rate that makes the net present value (NPV) of all cash flows equal to zero in a discounted cash flow analysis.
- 12“Guaranteed Annual Income” shall be a fixed percentage of the Annualised Premium / Single Premium (excluding discount) payable in a year. Guaranteed Annual Income as per the chosen Income Frequency shall commence after maturity till the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period.
- 13Return of Premium shall be the return of Total Premiums Paid (excluding loading for modal premiums, discount, any extra premium, rider premium and taxes) by the policyholder and shall be payable at the end of the Income Period irrespective of survival of the life insured(s) during the Income Period.
- 14Available under Regular Income with an Inbuilt Critical Illness Benefit option
- 15Applicable to only non-early claims with more than 3 years of policy duration, non-investigation cases, up to Sum Assured of Rs. 50 lakhs. Applicable for branch walk in. Time limit to submit claim to Tata AIA Life Insurance is 2 pm on working days. Subject to submission of complete documents. Not applicable for ULIP policies and open title claims.
- 16Riders are not mandatory and are available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/Intermediary/ branch.
- 17Individual Death Claim Settlement Ratio is 99.01% for FY 2022 - 23 as per the latest annual audited figures.
- This product is underwritten by Tata AIA Life Insurance Company Ltd. The plan is not a guaranteed issuance plan, and it will be subject to company’s underwriting and acceptance
- Insurance cover is available under this product.
- For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale. The precise terms and conditions of this plan are specified in the Policy Contract.
- Risk cover commences along with policy commencement for all lives, including minor lives.
- Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid.
- In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
- For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
- All Premiums and interest payable under the policy are exclusive of the taxes, rider premiums, underwriting extra premiums, loading for modal premiums, if any which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium or interest. Tata AIA Life shall have the right to claim, deduct, adjust, and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.
- L&C/Advt/2024/Jan/0295
