Why should you have life insurance?

Having life insurance serves many purposes. If you need pure life cover, you can get a term insurance plan and secure your family against financial insecurities. With a savings plan or money-back plan, you can save money over the long term and fulfil your future financial goals. Or you can choose wealth generation + life cover and earn market-linked returns through a Unit-Linked Insurance Plan.

When can you purchase a life insurance policy?

You can purchase life insurance at any stage of your life when you need to offer life insurance coverage to your family and fulfil your financial commitments.However, if you buy life insurance at a younger age, you can pay lower premiums. Conversely, buying life insurance at an older age means higher premiums.The maximum age limit up to which you can buy life insurance is 65 years.

Can life insurance be purchased online?

Yes, you can buy life insurance online. You can purchase a policy of your choice by browsing any Tata AIA Life Insurance plans online. Alternatively, you can also get in touch with us to know more about your policy choice.

Can I choose the policy term and premium payment term when buying life insurance?

Yes, you can choose a policy term and premium paying term per your preference before buying life insurance. This can help you pay your policy premiums at your convenience.

Why do you need term insurance?

Different policyholders need term insurance for individual reasons. Term insurance is primarily used to secure your family's financial future in your absence. However, you can also use a term plan with adequate coverage for many other reasons if you meet your demise within the policy term.The sum assured can protect your family from unpaid loans and debts, create a retirement fund for your spouse, set up a charitable trust fund for your family or underprivileged children, and so on.

Is term insurance more affordable than other life insurance policies?

Yes, term insurance is more affordable than other forms of life insurance. This is because term plans only offer a pure life cover which can be as extensive as your needs. In the event of your untimely demise during the policy term, the policy will offer your beneficiary/family a death benefit sum assured and then the policy will cease to offer any benefits. Since there are no other components under term insurance, the premiums are also quite low.

Which is the best age to buy a term insurance plan?

You can have a term insurance policy at any age if you need life insurance for yourself and your family. However, buying a term plan when young can ensure lower premium payments due to the lower health risks related to youth.Getting a term insurance plan early also means a longer policy tenure and more years of life insurance coverage for your family's protection.

Can I have more than one term policy?

Yes, you can have more than one term insurance policy. However, it is advisable to have one policy with adequate life insurance coverage than multiple policies. This is because the premium payments for two or three policies can become a financial burden over the years.Moreover, keeping track of so many premium payment due dates is a hassle. However, with one term plan and probably a few essential, optional riders, you can provide comprehensive protection to your family.

What are savings plans?

Savings plans are a form of life insurance that helps you save money over the long term while securing your family with a life cover. You can get the savings corpus as a maturity benefit when the policy matures if you outlive the policy term. This corpus can help you fulfil your future financial commitments and goals.On the other hand, in case of your death during the policy term, your family will receive the death benefit from the life cover. This sum assured will keep them financially secure in your absence.

Are there different types of savings plans?

Yes, there are different types of savings plans that you can choose from as per your needs: Money-back plans Endowment plans Guaranteed returns plans

Can I pay my premiums online toward my life insurance savings plan?

Yes, you can simply log in on your insurance provider's official website to access your savings policy and choose a digital payment channel to pay your premiums online in a secure manner.

What is the highest limit I can choose for my savings?

Depending on your choice of savings policy, you can choose any amount for your savings corpus per your goals. You can determine the highest savings limit. The life insurance sum assured can also be decided by you. However, while there is a minimum limit to the sum assured, the maximum limit will require your insurance provider's approval.

When should I get a child education insurance plan?

Start planning for a child education insurance plan when your child is an infant. A child education plan aims to cover your child's future education expenses. Once the policy matures, you can fund your child's college education through the child investment plan.

Does a child investment plan offer life insurance?

Yes, a child investment plan offers life insurance benefits. If the insured parent or both parents pass away, the death benefits will ensure the child's financial future is secure. If the child is a minor at the time of their parents' death, a beneficiary should be appointed in advance, who can manage the funds on behalf of the child until they reach 18 years of age.

How much should I invest in a child insurance plan?

Considering all the future educational expenses, tuition fees and course fees, determine an amount that will help meet all these costs. Also, consider the future rate of inflation so that there is no shortage of funds when it comes to fulfilling your child's goals and dreams.

Are there different child investment plans?

Yes, there are different types of child investment plans. Some can be market-linked plans, while others are low-risk savings plans. You can decide what type of policy you want to invest in for your child's future.

Why should one invest in a Unit-Linked Insurance Plan?

You can invest in a ULIP to grow your wealth long-term. By investing regularly, you can benefit from the market-linked returns5 through the years and, at maturity, receive the fund value on your investment.

Can I opt for more than one fund in a ULIP?

There are multiple funds to choose from when you invest in a ULIP. You can opt for a few or all the funds to invest in. This can help you diversify your ULIP portfolio. The type of funds will vary as per the ULIP you choose.

Is it possible to switch between funds?

If you are not satisfied with the performance of certain funds, you are allowed to make a certain number of free fund switches during the year. You can move your money to other funds available under the ULIP policy to improve your fund performance.

How many ULIPs are needed for wealth creation?

One ULIP can suffice for your wealth creation goals if you plan your investment. However, over the years, if you want to invest in new funds, you can opt for a second ULIP plan. It is advisable not to go overboard with many ULIPs as these are market-linked plans and carry investment risk.

When should I plan my retirement?

Retirement planning should start at least 10-20 years before your retirement. This will enable you to accumulate and save enough funds for all your post-retirement needs.

Can I get a regular income with a retirement plan?

Yes, you can opt for a retirement plan that offers regular income. Once you retire, you can buy an annuity plan with the investment. This annuity plan will pay out a monthly income to you. This can help you fulfil all your essential needs and meet any planned future goals after retirement.

Do retirement plans offer life insurance?

If you select a life insurance retirement plan, you can get a life cover for your family. Hence, in case of your death after retirement, your family can still be secured with the sum assured from life insurance.

Do I need to pay separate premiums for life insurance?

You only pay the premiums towards your retirement plan and buy the annuity on your retirement. There is no need to pay a separate premium for the life insurance component if your retirement plan offers life insurance benefits.

Life Insurance - Tata AIA Life Insurance Company in India 2025

Working Professionals

At a young age when you just join the workforce, you can avail of lower premiums. Salaried individuals with life insurance can provide extensive financial coverage for their loved ones without letting expensive premiums affect their other expenses.