Term Insurance Calculator

1.What are the popular Tata AIA Life Insurance term plans?

Tata AIA offers 2 distinct term insurance plans under its catalogue:

• Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V05)
• Tata AIA Maha Raksha Supreme Select - Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V08)

You can opt for coverage among any of these term plans to ensure your family stays protected in your absence. If you are uncertain about what term plan to choose, feel free to use our term insurance calculator to compare quotes and policy benefits.  

2.Are all the term plans the same?

No, all term plans do not have the same offerings. For example, some term plans only offer pure protection while others offer a return on the premium. Some other term plans can also offer a life cover along with an income option.

Depending on the plan, you can choose the duration of the coverage, the premium payment term and the option to increase the coverage if needed

3.Is a term insurance calculator the same as other life insurance calculators?

No, a term plan premium calculator is not the same as other life insurance calculators. For instance, a ULIP calculator will show you the estimated returns you can receive on your policy, while a term insurance plan will show you the sum assured and coverage your family can receive and the premium required for the same.

4.What will happen if my nominee passes away before me?

If your term policy nominee passes away before you, the proceeds of your term life insurance policy will be paid to the beneficiary designated in your policy.

Therefore, in such a scenario, you should select a new nominee. You can contact us if you have concerns about your term life insurance policy or beneficiary designation.

5. Will I get the same benefits on a term plan as any other form of life insurance in India?

No, the benefits offered by a term plan are different from other life insurance plan benefits. For example, a savings plan will enable you to save a financial corpus, while a term plan offers extensive life cover benefits for your family.

6.Can the nominee be changed after I have purchased the policy?

Yes, you can change the nominee in term insurance after purchasing the policy. You can contact us if you want to change the nominee in your policy, and we will assist you with the process and the necessary documentation. 

7.Can pregnant women purchase a term policy?

Yes, pregnant women can purchase a term insurance policy, subject to certain policy terms and conditions.

8. Can housewives purchase a term policy?

Yes, housewives can purchase a term plan based on their family’s needs. You can calculate reasonable premiums of your choice using our term insurance calculator. This can help you pay affordable premiums while protecting your family. 

9. Are there any special advantages available for women?

Tata AIA term insurance plans offer lower premium rates to women policyholders than their male counterparts due to their longer life expectancy.

1. What types of deaths are covered in term plans?

Term plans cover most forms of death; however, they do have specific guidelines on suicide, self-inflicted injuries like adventure or hazardous activities. 

Generally, most insurers only cover suicide after the first 12 months from policy commencement. For any deaths due to suicide before this time frame, the insurance company will only pay 80% of the premiums paid in the first year to the policy nominee. 

If you want to know policy-specific guidelines on how we handle claims for death due to suicide under your chosen plan, feel free to contact us. 

2. What benefits does a term plan offer?

A pure term plan offers a death benefit to the family of the policyholder in the event of the latter’s untimely death during the policy year and no maturity benefits. However, a return of premium term plan offers a 100% return on the premiums⁵ if the policyholder survives the term.

3. Can I add riders to my term plan?

Yes, you can add riders¹⁶ to your term insurance plan depending on the type of situation you need additional coverage for. You can get a critical illness rider and receive coverage when diagnosed with a critical illness covered under the rider. Or you can get a waiver of premium cover and have future premiums on your policy waived off in case of permanent and total disability or other conditions as stated under the rider.

4. How many riders do I add to my term plan?

The number of riders¹⁶ you add to your term plan will be based on your need. However, additional riders mean an additional premium, and so, to keep your premium payments in check, choose only the riders you deem necessary.

5.Will I need to mention medical details on a term insurance calculator?

No, the Tata AIA Life Insurance term insurance calculator does not need your medical tests or reports.. 

6.How to get the best term insurance coverage?

To choose the best term insurance coverage, be sure to analyse your insurance needs, research all term plans, use a term insurance premium calculator to calculate the premiums. You can then choose a policy that suits you and your family well based on the coverage and the premiums.

7. What type of deaths are covered in term plans?

Term plans cover all types of death; however, there may be specific guidelines regarding death by suicide. If you need additional life insurance coverage for your family in case of accidental death, you can add an accidental death benefit rider¹⁶ or a similar rider to your term plan. 

8. What is the maximum cover I can get for a term plan without providing medical documents?

Yes, you can buy a term insurance plan without taking medical tests. It is an option provided by many insurance providers. However, in many cases, based on the terms and conditions of the individual insurers', term plans without medical tests are offered for a sum assured less than ₹1 Crore.

Lifestyle, age and family medical history are considered important factors by the insurance providers while offering term plans without medical tests.

9. What is a lump sum payout, and who should choose it?

A lump sum payout is a benefit payout mode selected by you (the policyholder). This means the death benefit proceeds of the term plan will be paid out as a single lump sum amount to your beneficiaries on your death.

Lump sum payouts can be a good option if your family needs a large sum of money immediately, such as to pay off debts or to buy a house soon for better financial security.

10. What is a monthly income plan, and who should choose it?

A monthly income plan is a regular income option under a term insurance policy. This payout mode allows your beneficiary to receive the death benefit in monthly payments rather than as a lump sum.

These payments can provide a steady income over a longer period, which is helpful if your family cannot invest a large sum of money. Monthly income plans can also be suitable if your family needs a consistent source of income to cover ongoing expenses, such as mortgage payments or living expenses.

1. Will I get the right premiums with a term insurance calculator?

Term insurance calculators provide instant and accurate estimations and quotes based on your input. They are extremely reliable and mitigate the chances of human errors occurring during calculations as well.

To ensure you get relevant estimates under your chosen policy, make sure your details are correct and up to date. 

2. Can I use a term insurance calculator while renewing my term plan?

The use of a term insurance calculator is best before you purchase a term insurance policy, as you cannot adjust your premium payments when renewing your term plan.

3. Can I increase or decrease my premium amount on the calculator?

Yes, you can adjust the premium amount on the calculator by changing some of the variables on the calculator. However, do remember to provide the right details so that you can get accurate term insurance premium quotes.

4. Will my premiums increase if I purchase a term plan close to retirement?

Yes, the older you get, the higher your premiums will be. Hence, when you are close to retirement, your premiums will be higher than when you first started working.

5. Will my term plan lapse if I don’t make a premium payment?

Premiums need to be paid by the due date to keep the policy active. Most policies have an additional grace period to pay due premiums without affecting the policy benefits. The grace period can be 15 days or 30 days, depending on the mode of the policy purchase. The policy may lapse or be converted to a reduced paid-up policy (depending on the terms and conditions of the policy) if the premiums are not paid within the grace period. 

6.How much premium should one pay for ₹1 Crore term insurance?

With the help of a term insurance calculator, you can easily calculate the premium amount for your 1 crore term insurance. The calculator will help you choose a policy term and a premium paying term that enables you to pay affordable premiums.

7. How is the term life insurance premium amount computed?

Your term life insurance premium will be calculated based on your age, your health, your family’s medical history, your lifestyle habits, your profession, and any other factors that may pose a risk to your health. When you use a term plan premium calculator, these factors will be considered to determine your premium amount.

8. How does your age affect your term plan premium?

When you are young, you are at a lower risk of health conditions than an older person. Since the risk to your life or health is low, the term plan premiums will also be low. As you age, you are at a greater risk of developing lifestyle diseases and other health conditions, which need proportionate life insurance coverage. Hence, the premiums will also be higher.

9. Will my occupation impact my term insurance premium? 

If you have a risky occupation or a job where your life or your health may be at risk, your term plan premiums will be high. The greater the risk, the higher the premium. For instance, a person who is in the mining business will have a higher term plan premium as compared to a teacher or professor.

10.Which factors determine the term insurance premium?

Your term insurance premium will be determined as per your age, your term policy sum assured, the premium paying term, and the policy term. There are also other factors, such as your health condition, your family’s medical history, your occupation, and lifestyle habits, that will be considered while deciding your term insurance premium.

If you want to find out how to calculate your term plan premium, you can simply use a term insurance calculator that will help you know your premium instantly based on these factors.

11. What is the impact on term policy premiums for smokers?

If you are a smoker and want to purchase a term insurance plan, your premiums will be higher due to higher risk as you would be more susceptible to health issues. You can use a term plan calculator to know your premium amount. However, you will not be able to avail of any special premium rates that are offered to women policyholders and non-smokers.

1.How many times can one file a term insurance claim?

A term insurance claim can only be filed once in case the policyholder meets their untimely demise during the policy tenure. Once the death benefit is paid out to the nominee, the coverage ends, and no other benefits can be offered on the policy.

2.How do I file a term insurance claim?

To file a term insurance claim, contact us through any of the following channels:

• Email : customercare@tataaia.com
• Call - 1860-266-9966 (local charges apply)
• Visit us at any Tata AIA Life Insurance Company branch office.
• Write to us at :

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

3.What are the different term insurance claims that can be filed?

You can file a death claim on a term insurance policy. In case you have added a critical illness cover to your plan, you can also file a claim for the same if you are diagnosed with a critical illness.

4.How to ensure that my family receives a timely death benefit?

To ensure that your family does not face any hassles at the time of claim settlement, choose a reputed insurance provider with a high claim settlement ratio and fill up your insurance proposal form with correct and accurate details.

Tata AIA Life Insurance has an individual death claim settlement ratio of 99.13% for FY 2023-24².

5.What if my nominees want to file a claim in India from another country?

If your nominee wants to file the claim from outside India, they can upload the attested copies of the essential documents online and send them to us by email. To file a claim offline, they can courier these documents to their representative in India, who can submit them to us at any of our offices.

6.Are COVID-19 claims covered under the Tata AIA term policy?

Yes, all Tata AIA term insurance policies are designed to cover COVID-19-related death claims.

7.Can a claim be rejected?

A claim can be rejected due to different reasons. These are some of the common reasons for claim rejection:

• False information in the policy proposal form.
• Withholding crucial health-related information during policy purchase.
• Wrong or incorrect nominee details/information.

8.Will the claim be settled if I die within one year of the policy purchase?

Tata AIA settles claims for all deaths, subject to the completion of some premium payments. In the case of death by suicide within the first policy year, the claim will be settled as per specific policy terms.