Term Insurance

The popular term insurance policies offered by Tata AIA Life Insurance are:

• Tata AIA Sampoorna Raksha Supreme (A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V04) 

• Tata AIA SRS Vitality protect (A Non-Linked Non-Participating Individual Life Insurance Plan)

Solution Composition:

Tata AIA SRS Vitality Protect is a term solution which includes Tata AIA Life Insurance Sampoorna Raksha Supreme, a non-linked, non-participating, individual life insurance plan (UIN: 110N160V04) and Tata AIA Vitality Protect, a non-linked, non-participating, individual health rider (UIN: 110B046V02). Tata AIA Life Insurance Sampoorna Raksha Supreme is also available individually for sale

Yes, you can choose plan options under a term plan. For example, under our Tata AIA Sampoorna Raksha Supreme, you can choose from 4 different plan options – Life Option, Life Plus Option, Life Income Option and Credit Protect Option.

When you buy term insurance, your family is covered by the policy and the life insurance coverage as long as the duration of the policy term. At the end of your term life insurance policy, your life insurance coverage will be terminated, and the term plan benefits will no longer be valid.

You can buy term insurance at any age, depending on how many years you want to provide life insurance coverage for your family. However, when you purchase a term plan earlier in life, for instance, in your 20s, you are young and less prone to health risks.

Since term insurance considers the medical condition of the policyholder when calculating premiums, a younger individual will be able to get term insurance for lower premiums owing to lower health risks. As you grow older, your body becomes more susceptible to health risks which can lead to an increase in the premiums.

If you have a term plan with a return of premiums, the policy will pay out a total of all the premiums paid during the policy term, subject to your survival till the end of the policy term. If you have a pure term plan that only offers a simple life cover, there will be no maturity benefits at the end of the policy term.

A traditional life insurance plan can offer you and your family life insurance coverage. However, such plans are quite standard and may not offer a lot of flexibility in terms of the sum assured, the policy period, or the premium payment term.

On the other hand, a term insurance policy enables you to avail of a large sum assured for very affordable premiums. You can further reduce your premium payments by choosing a longer premium payment term and policy term that protects your family for a longer period.

A term insurance plan can secure you in multiple ways. While you may not be able to provide financial protection to your family if you buy a term plan late in life, you can add rider benefits to the plan and avail of financial protection in various circumstances like illness and accident.

These are the following types of term insurance policies:

• Level Term Plans

• Increasing Term Insurance

• Decreasing Term Insurance

• Convertible Term Plans

• Return of Premium Term Plans

If you become an NRI after purchasing a term plan in India, you can continue paying the premiums through a Non-Resident Ordinary (NRO) account in Indian currency while the policy offers life insurance coverage. In case of your demise, whether abroad or in India, your nominee can file the claim, and the death benefits will be paid out to your family.

In case you opt for a term insurance plan with no Return of Premium benefits, then if you survive the policy term of your pure term plan, the policy will end, and no additional benefits are applicable.

A term plan is a great way to secure your family against life’s uncertainties and financial burdens.

You can renew your term insurance plan online with Tata AIA with a quick, simple, and online renewal method to continue enjoying your policy benefits with us.

Yes, all types of natural deaths are covered under term insurance. Please refer to the policy document for detailed information on specific term insurance policy inclusions and exclusions.

Yes, Tata AIA Sampoorna Raksha Supreme (A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V04) Life Plus Option offers a 105% return of premium** on the total premiums paid at the end of the policy term if the policy stays in effect until then.

Yes, Tata AIA Sampoorna Raksha Supreme (term insurance plans) have options that offer whole life insurance coverage till the age of 100 years^$.

The sum assured of a term insurance plan will be based on the financial support needed by your family at a future date. Therefore, you will have to consider all their expenses, any major events, outstanding loans, and debts, as well as the inflation rate while deciding on a term plan sum assured.

These are the following riders^@ you can add to your Tata AIA term insurance plan:

• Tata AIA Vitality Protect - A Non-Linked, Non- Participating Individual Health rider (UIN:110B046V02)

• Tata AIA Vitality Health - A Non-Linked, Non- Participating Individual Health rider (UIN:110B045V01)

• Tata AIA Non-Linked Comprehensive Protection Rider - A Non-Linked, Non- Participating Individual Health Rider (UIN:110B033V03)

• Tata AIA Non-Linked Comprehensive Health Rider – A Non-Linked, Non- Participating Individual Health Rider (UIN:110B031V03)

Yes, an increasing sum assured term plan allows you to increase the term plan coverage at various life stages to help meet your changing financial goals. With Tata AIA, you can buy our Life Stage~ option under Tata AIA Sampoorna Raksha Supreme (A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V04) and increase your coverage at important milestones in your life.

The inbuilt Payor Accelerator benefit is a feature under the Tata AIA Sampoorna Raksha Supreme plan that accelerates the payout of 50% of the base sum assured7 to the policyholder in case of a terminal illness diagnosis.

While term plans cover natural deaths and deaths due to health conditions and illnesses, such a policy will not cover death by suicide within a year. Please refer to the exclusions as mentioned under a term plan for details before opting for the policy.

To get 1 crore term insurance, you should meet the insurer’s eligibility criteria for such a high sum assured. Moreover, ensure that you can comfortably pay the policy premium for ₹1 crore term insurance.

Term insurance costs can be affected by the following factors:

• Age

• Individual and family medical history

• Gender

• Lifestyle

• Smoking and drinking habits.

• Policy tenure

• Sum assured.

You can conveniently calculate the premiums of your term insurance plan online by using the term insurance premium calculator on our website. Simply enter a few basic details into the online calculator and get your policy quote without any manual calculation.

The term insurance premium payment frequencies under Tata AIA Life Insurance term plans are annual, half-yearly, quarterly, monthly and Single Pay.

According to various studies, women have a longer life expectancy than men. Therefore, the term plan premiums are lower for women policyholders. Tata AIA Life Insurance offers term plan for women policyholders.

Yes, rider benefits added to the term plan come at an incremental premium and help by providing very comprehensive protection. By choosing the riders^@ wisely, you can enhance the policy coverage without increasing the policy cost unnecessarily.

If you stop your term insurance premium payments and cross the expiry date, Tata AIA Life Insurance offers a grace period of 15 days (for monthly frequencies) and 30 days (for yearly and half-yearly frequencies). If you cannot make the payment within this period, the policy will lapse, and you and your family will not be able to gain any benefit from the plan.

One of the benefits of having a term plan is that you can lock in the policy premiums when you purchase the term plan. That way, if you buy insurance early in life, you can avail of low premiums all throughout the policy period, even if the sum assured is high.

However, if you opt for optional riders or a life stage benefit^~ for additional coverage, these factors may lead to an increase in the premiums over the years.

The claim settlement ratio of insurance providers helps you understand if they will be able to settle your claims on time without any hassles. A higher term plan claim settlement ratio is a good indicator and means that the insurance provider has settled maximum claims in a financial year out of all the claims received. Tata AIA Life Insurance has an individual death claim settlement ratio of 99.01%¹ for FY 2022 – 23.

To learn about all the term life insurance policy documents needed for the claim intimation and settlement process, please click here.

If you want to file a claim with us, you can choose any of the options below:

• Send us an email at: customercare@tataaia.com

• Call our helpline number - 1860-266-9966 (local charges apply)

• Visit any of our Tata AIA Life Insurance Company branch offices.

• Write to us at the below address:

The Claims Department,

Tata AIA Life Insurance Company Limited

B- Wing, 9th Floor,

I-Think Techno Campus,

Behind TCS, Pokhran Road No.2,

Close to Eastern Express Highway,

Thane (West) 400 607.

IRDA Regn. No. 110

Some of the term plan claims that can be filed are: 

• Death claim

• Cashless and reimbursement claim

• Hospitalisation and dismemberment claim

• Natural calamity claim

• Death of Payor claim

• Critical illness and disability claim

Yes, if a nominee from outside India wants to file a claim, they can upload attested copies of their documents through email or online. To file the claim online, they will need to courier the documents to a representative in India who can come to our office and file the claim on their behalf.

An insurer can deny your term insurance claim if you fail to submit the required information to process the claim. Additionally, if any of the documents or information you provided at the policy inception are found to be fraudulent, your insurance claim can be denied.