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Tata AIA Life Insurance

Savings Calculator

Tata AIA Life Insurance

Savings Calculator



Plan your savings with the Tata AIA Life Insurance savings calculator

Non-Linked, Non-Participating, Individual Life Insurance Savings Plan (UIN: 110N158V06)

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Why Choose Tata AIA Life Insurance Savings Plans?

  • Get Guaranteed* Income

    For a worry-free future

  • Option To Get Your Premium+ Back

    At the end of the Income Period

  • Save Tax up to Rs 46,800++

    As per applicable Income Tax laws

  • Life Insurance Cover

    To protect your loved ones 

  • Get Health Cover 

    against 40 Critical Illnesses~ 

  • Express Claim Settlement

    Assured 4 hours of claim settlement**

  • The Tata AIA Assurance

    98.53% Claim Settlement Ratio1 in FY 2021 - 22

  • 66 Lacs +

    Families protected so far2

The Tata AIA Life Insurance savings calculator makes it easy for you to understand how you can reach your savings goal over a given time 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.

What is Saving?

Savings are a part of your income that you can set aside to be utilised at a later date. Generally, you can choose to save a part of your salary or monthly income to save; however, you can also save any other earnings or bonuses that you may receive from time to time. 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 of time. At the end of the policy tenure, you can choose to receive the saved amount as a lump sum or as a regular income.

What is a Savings Calculator?

A savings calculator is a convenient and free online tool that you easily access to calculate your savings over a number of years. When you have a financial goal that needs to be fulfilled after some number of years, you can decide the tenure during which you want to save a certain amount of money. The savings calculator in India not only helps you determine this tenure but also factors in the interest rate provided by you so that you get a realistic estimate of your returns.
 

Since a savings calculator is an automatic tool, all you need to do is fill in the amount you would like to save during a given time period and mention the interest rate. The result will let you know the final returns based on the information provided.
 

A savings calculator in India is an important tool since you can plan your financial goals over the years and meet them without affecting your basic and essential expenses in any way. As a financial planning tool, a savings calculator also helps you systematically save your money.

Popular Tata AIA Life Insurance Savings Plans 

How Do Savings Calculators Work?

With the help of a savings calculator, you can calculate the amount you need to save over a certain number of years to meet your financial goals. This simple and free-of-cost online tool helps you understand the amount of savings you need with the help of some information on your current savings, the time period of your savings, and the annual interest on your savings. Here is how a savings calculator works:
 

Savings Amount: You will need to mention the target amount you intend to save by the end of the savings tenure. This can be decided by you as per the timeline of your goals. Since this is an important part of the calculation, ensure that it is as accurate as possible.
 

Savings: Your current or existing savings will also help you calculate how much more you need to save over the savings time period. Be sure to include all of your savings and not just the ones that are liquid and can be accessed at any time. Since your liquid funds are easier to access, it is possible that you may not be able to account for them accurately at all times.
 

Monthly/Annually: A savings calculator helps you know the result of your calculations, either on a monthly or quarterly basis. Therefore, you can mention the months or the years during which you want to save your money. At the end of this tenure, you will have saved the desired amount of funds, and you will be able to fulfil your financial obligations as and when needed.
 

Rate of Interest: Your savings will grow as you earn interest on the savings on a yearly basis during the tenure. You can choose the current rate of interest as of the present day to get a fair estimation of how your savings will grow. Note that the interest rate is subject to fluctuation, and if it is lower in the future, it will impact your savings accordingly.

How to Use Tata AIA Savings Calculator?

Using the Tata AIA Life Insurance savings calculator is not only free of charge but also very convenient. You can follow a few easy steps to use the savings calculator and swiftly get an accurate result for your savings:

 

  • Visit the official Tata AIA Life Insurance website.
     

  • Under the “Calculators” tab, click on Savings Calculator.
     

  • On this form, fill in your personal and contact details. Select your smoking/non-smoking habit as well.
     

  • After an OTP verification for your security, you will be directed to the main calculator page.
     

  • Here, you can fill in details such as your existing savings, the target savings amount, the estimated savings tenure, and the rate of interest.
     

  • Once you click “Submit”, you can then view how many years you will need to save a certain amount of money to reach your savings goal. You will also be able to check how the interest rate has impacted your savings.

Benefits of Using Savings Calculator
 

A savings calculator is more than just a mere calculating tool. It is useful for helping you plan your financial goals and savings so that you can meet your financial objectives without having to worry about dipping into your emergency savings funds. Here are some of the main benefits of a savings calculator:

Systematic Savings

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.

Financial Goals

Financial Goals

Your financial goals 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 is an important planning tool, it can help you meet your financial objectives.

Important Milestones

Important Milestones

Important milestones such as a wedding or the birth of a child mean new financial responsibilities. This requires you to plan your savings carefully, with the help of a savings calculator, so that at any of these milestones, you should not be troubled by the shortage of financial resources.

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.

Save for Big Purchases

Save for Big Purchases

Saving money for big expenses such as a house or a new business requires you to save over the years. The savings calculator helps you know how many years you should save if you want to spend on these purchases. Hence, you need not compromise on your essential needs for these financial goals.

Calculate Inflation Rate

Calculate Inflation Rate

With a savings calculator, you can take the inflation rate into consideration, which helps you get a realistic estimate for your savings. Hence, you will be able to save your funds over the years, keeping in mind the inflation rate so that inflation does not impact how you fulfil all your financial goals.

How Can a Savings Calculator Help You Understand Your Monthly Savings Contribution?

When you want to save towards your financial goals, it is important to ensure that the savings habit is disciplined and regular. Hence, you can set aside a predetermined sum that will be saved each month, gradually leading up to the savings corpus at the end of the tenure.
 

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. Hence, instead of looking at saving some money over a few months, opt for a savings tenure of at least 5-10 years.
 

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.
 

With a savings plan, you can not only select the tenure for which you want to save your money but also determine how you want to pay the premiums towards the savings plans. Hence, if you choose to pay your premiums on a monthly basis, you can save some money each month, which comes with the added benefit of life insurance coverage for your family and yourself.
 

At the end of the policy term of the savings plan, you can receive the maturity benefits in the form of savings either as a lump sum or as a regular income, subject to the terms and conditions of the policy.

Savings Calculator: What Is a Savings Goal? How Long Should You Save for?

Savings goals are financial goals that you can achieve by saving the desired amount of funds which can then be used to fulfil these goals. For example, suppose you are planning to purchase a new car after 5 years, you can use a savings calculator to check how much money you need to save during this time to be able to buy your car. Here, the purchase of your new car is the savings goal.
 

Similarly, you may have to save for a longer duration for bigger goals such as purchasing a house or planning your child’s higher education. Depending on how major the savings goal is, you can know the savings tenure and the amount to be saved with the help of the savings calculator. Below are some of the goals most people save for:

 

  • 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 needs 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.

Savings Calculator: How Is Interest Earned on a Savings Account?

To calculate simple interest on your savings account, you need to multiply the account balance by the rate of interest by the duration the money is present in the account.
 

Hence, you can use the simple interest formula: Interest = P x R x N.
 

P = Principal amount (the initial balance).
 

R = Interest rate (per annum, expressed as a decimal).
 

N = Number of years (the time period of your savings).
 

So, if your savings account has ₹50,000 and is earning 1% interest each year, the interest rate, in decimal form, will be 0.01%. Here is the formula for the same.
 

Interest = ₹50,000 x 0.01 x 1, which equals ₹500.
 

You can use the Tata AIA Life Insurance savings calculator to find out how much money you can save over the years to achieve your financial goals and how much interest your savings will earn during this period.

How Can Savings Plans Help You Save Tax?

The tax benefits that one can avail of on a savings plan are as per the prevailing tax 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 tax deduction of up to ₹1.5 lakhs, subject to the terms and conditions of the policy. Therefore, one can claim tax 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 riders 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 tax deductions on the rider premiums under Section 80D of the Income Tax Act.
 

Tax 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 taxes. Similarly, the maturity proceeds or the savings on the policy may also be exempt from taxes, subject to policy terms and conditions.

Frequently Asked Questions

Why should I use a savings calculator?

You can use a savings calculator in India for different reasons, such as creating a financial plan based on your savings, purchasing a savings insurance policy to meet your goals, and understanding how much money you need to fulfil your short-term or long-term goals.
 

The savings calculator is a free and flexible online tool that lets you choose the tenure for your savings along with the interest rate. This helps you know the final amount that you will have to save and make a concrete plan accordingly. In addition, the whole process saves a lot of time which would have been spent making manual calculations.

How much money should I save each month?

The amount you save each month should be such that your basic and essential expenses should not be disrupted. This will depend on your current income, your household expenses, your family’s needs and so on. If you have a financial goal that needs to be met after a certain time period, you can use a savings calculator to check how much you should be saving during this time to ensure that you can meet the savings goal.

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, if you have some financial goals to be met in about 10 years, 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.

Do I need to input the amount I have in the calculator?

By mentioning your existing savings amount, you will understand how much more you need to save over the years or months to be able to meet the expected returns. The gap between your present savings and the expected amount helps you make a better and more realistic financial plan for your needs.

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.

  • *Guaranteed Income shall be a fixed percentage of the Annualised Premium / Single Premium (excluding discount) payable in a year.

  • +Return of Premium Benefit is The Total Premiums Paid (excluding loading for modal premiums and discount) by the policyholder will be payable at the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period.

  • ++Tax 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.

  • ~Available under Regular Income with an Inbuilt Critical Illness Benefit option

  • Claims beyond three years from the date of issuance of policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later. Subject to all the relevant terms and conditions of the policy contract.

  • Claim Processing - All the relevant terms and conditions of the policy contract, including provisions in respect to claim procedure shall apply. Unit linked products; policies with unclaimed amounts or last premium payment not cleared are excluded.

  • **4 Hour claim processing is applicable for Tata AIA Life Insurance working days (Monday to Friday) up to 2 pm and bank working days subject to submission of completed documents.

  • 1Individual Life Claim Settlement Ratio is 98.53% for FY 2021 - 22 as per the latest annual audited figures.

  • 266 lacs+ as on 31st March 2022

  • 3Guaranteed Returns/Pay-outs depend on Plan Option, Policy Term, Premium Payment Term and Age at entry

  • ^Rider is not mandatory and is 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/ branch.

  • 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/2022/Sep/2180