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Different Plans for Different Needs

 

Select an Insurance Plan That’s Just Right For You

Family Picture - Tata AIA Life Insurance Plans


 

Calculate Life Insurance Policy with Life Insurance Calculator

What is a Life Insurance policy?


A life insurance policy is a contract between two parties, the life assured or the insured, also known as the policyholder, and an insurance company or the insurer. The insurer promises to pay a predetermined amount of money to the policyholder’s family in case the insured passes away during the course of the policy term.

The insured will, in return for this coverage, pay regular premiums to the insurer for a set number of policy years i.e. Premium Payment Term. In some life insurance policies, there may also be maturity benefits offered to the policyholder, if they survive the policy term.

Why Choose Life Insurance Plans?

Rajni, who is a 30-year-old working professional, is the sole breadwinner of her household and stays with her aged parents who are dependent on her. Five years ago, Rajni decided to get a life insurance policy for a period of 20 years and a sum assured of ₹50 lakhs so that her parents would be financially taken care of in her absence.

Hence, if an untoward incident were to befall Rajni, her parents will receive the life insurance sum assured as a death benefit and they will be able to sustain themselves financially. This would not have been possible without a life cover insurance policy since her parents’ savings would have not sufficed during such tough times as compared to the sum assured benefit of ₹50 lakhs.
 

Life Insurance plans offers the following benefits

  • Secure and protective cover for family - Benefits of Life Insurance plans
    Financial Protection for Family

    A life insurance plan offers a secure and protective cover for your family so that if any unfortunate event occurs such as death of the life assured, they will have a financial backup in the form of the policy’s sum assured. 

  • Covered against critical illnesses - Benefits of Life Insurance plans
    Critical Illness Benefit

    With a suitable life insurance rider, you can be covered against a host of minor-stage and major-stage critical illnesses, ensuring that you need not bear the cost of the treatment while protecting your basic sum assured.

  • Tax Savings Under Section 80C of the Income Tax Act - Benefits of Life Insurance plans
    Tax Savings

    Under Section 80C of the Income Tax Act, the life insurance premiums paid towards a policy are eligible for tax** deductions. You can claim up to a maximum of ₹1.5 lakhs on these premiums for a given financial year.

  • Protect your family against life’s uncertainties - Benefits of Life Insurance plans
    Peace of Mind

    With a protective life insurance cover to protect your family against life’s uncertainties, you can be at peace knowing that their financial future is secure even during the most trying and tough times.

  • Higher Coverage at Low Cost - Benefits of Life Insurance plans
    Higher Coverage at Low Cost

    With increase in age your premium amount may increase. If you purchase a life insurance policy in India at an early age, you can benefit from low premiums that let you enjoy high coverage.  

  • Opportunities to Create Wealth - Money Bag - Benefits of Life Insurance plans
    Opportunities to Create Wealth

    A life insurance savings plan can help you save and accumulate your wealth over the years while also securing your family with a life insurance cover. Therefore, a single life insurance plan provides the dual benefit of savings and life cover.

  • Financial Planning for Life - Benefits of Life Insurance plans
    Financial Planning for Life

    With a life insurance policy as part of your financial planning, you can utilise your money to create a future plan for your beneficiaries during uncertain times and also park your funds in a safe avenue that can get you assured returns later.

  • Assured Income for Retirement - Benefits of Life Insurance plans
    Assured Income for Retirement

    When you have a life cover insurance policy, apart from protecting your family, you can also use the maturity benefits it offers for your retirement years. And in case of your untimely demise, your family can sustain themselves financially. 

Why Choose Tata AIA Life Insurance? 

 
Families protected so far - Why Choose Tata AIA Life Insurance?

64 Lacs +

Families protected so far

98.02% Claim settlement ratio - Why Choose Tata AIA Life Insurance?

98.53%

Claim settlement ratio for FY 21 -221

AAA Stable - Rating by ICRA2

AAA(Stable)

Rating by ICRA2

Worth of Assets Under Management - Why Choose Tata AIA Life Insurance?

51,704 Crores

Worth of Assets Under Management4

300 + Branches across major cities in India - Why Choose Tata AIA Life Insurance?

300 + Branches across India

Presence across major cities 

4 Hours Express Claim settlement - Why Choose Tata AIA Life Insurance?

4 Hours

Express Claim settlement3

Key Features of Life Insurance Policy in India

Features of a life insurance policy in India are mentioned below:

  • Offers a death benefit in case of untimely demise - Key Features of Life Insurance Policy
    Death Benefits

    The life insurance cover protects your family throughout the policy term and offers a death benefit in case you meet your untimely demise during the policy term. This death benefit keeps your family safe from financial uncertainties. 

  • Create Wealth by investing in market-linked funds - Key Features of Life Insurance Policy - Key Features of Life Insurance Policy
    Create Wealth

    With a Unit-Linked Insurance Plan, you can use your life insurance policy to in invest in market-linked funds and earn the returns to build your wealth. The premium amount paid is also tax free. 

  • Offer a maturity benefit - Key Features of Life Insurance Policy
    Maturity Benefit

    Some life insurance policies, offer a maturity benefit, death benefit, the sum assured, and other bonuses that the policyholder can receive if they survive the policy term.

  • Optional benefit that offers additional cover - Key Features of Life Insurance Policy
    Optional Riders

    A rider in life insurance is an optional benefit that offers additional cover for an extra premium. You can get coverage against critical illnesses, accidental death and disability, a waiver of premium benefit and much more with these riders. 

  • Coverage Against Various Liabilities - Key Features of Life Insurance Policy
    Coverage Against Various Liabilities

    A life insurance policy in India is designed to safeguard your family against a host of financial risks such as medical emergencies, unpaid debts and loans and much more. Such a policy ensures your family does not suffer financial instability. 

  • Flexibility to pay your renewal premium online and register a claim - Key Features of Life Insurance Policy
    Online Process

    You can choose from different types of online life insurance plans from Tata AIA Life Insurance website. Also, get the flexibility to pay your renewal premium online and register a claim. 

  • Convenient online claim assistance service - Customer Care service - Key Features of Life Insurance Policy
    Claim Assistance

    When it is time to file a claim for the benefits, Tata AIA Life Insurance offers a convenient online claim assistance service where you can simply get in touch with us and we will have your claim settled quickly. 

  • Choose a flexible premium payment term - Key Features of Life Insurance Policy
    Premium Payment Term

    You can choose a flexible premium payment term that can let you pay only for a limited term for a few years or a single premium payment and enjoy life cover for the whole policy term without worrying about regular premiums.

  • Payout Options - Key Features of Life Insurance Policy
    Payout Options

    When you buy a life insurance policy, you can choose to have the benefits paid out at your and your family’s convenience. You can choose a lump sum benefit or receive regular or monthly income, depending on your needs.

  • Save Regularly For Long-term - Key Features of Life Insurance Policy
    Long-term Savings

    With a life insurance savings plan, you can save regularly and your wealth in a systematic manner which can help you take care of many expenses such as starting a new business, buying a new car, moving to a new city, etc. 

Benefits of Life Insurance Plans

Loan Facility

Avail a loan amount on life insurance policy - Benefits of Life Insurance Plans

Loan Facility

You can avail yourself of a loan amount on your life insurance policy which can help you meet additional expenses at certain times. The eligible loan amount will depend on your insurance company’s terms, conditions and guidelines.

Backup for your Business

Backup for Business - Benefits of Life Insurance Plans

Backup for your Business

If you own a business, a life cover insurance policy can take care of the liabilities and debts you may leave behind in case of your untimely death. The sum assured looks after your family and any financial obligations.

Tax Benefits

Life insurance premiums are eligible for a tax deduction under Section 80C of the Income Tax Act - Benefits of Life Insurance Plans

Tax Benefits

Life insurance premiums are eligible for a tax** deduction of up to ₹1.5 lakhs under Section 80C of the Income Tax Act, while the death benefits are exempt under Section 10(10D), helping you save on your life insurance policy.

Risk Cover

Life insurance policy that covers your family - Benefits of Life Insurance Plans

Risk Cover

The life cover is the most important component of a life insurance policy that covers your family so that in case of an unfortunate event, your family or dependents will be financially protected with a sum assured benefit.

Comprehensive Plan for Different Stages of Life

Parents with a new born baby - Benefits of Life Insurance Plans

Comprehensive Plan for Different Stages of Life

You can choose a flexible life insurance policy that provides adequate cover during the different stages of your life as and when your responsibilities increase so that you do not have to worry about your family’s financial security.

Cover for Increasing Health Expenses

Cover for Increasing Health Expenses - Benefits of Life Insurance Plans

Cover for Increasing Health Expenses

Life insurance policies can be customised with health riders that can offer hospitalisation benefits, accidental death and disability benefits and so on to help you get through emergencies without disrupting your basic sum assured.

Useful for Retirement Planning

Plan your retirement years in the absence of a monthly salary - Benefits of Life Insurance Plans

Useful for Retirement Planning

With a suitable life insurance policy, you can plan your retirement years so that in the absence of a monthly salary, you can have a steady source of income through regular pay-outs to take care of you and your family’s financial needs.


Who Can Buy a Life Insurance Policy?
 

When you buy a life cover online, it can be really beneficial at different stages of your life. Apart from protecting your family, here are a few points that show how a life insurance policy can help you in different stages of life:

  • Girl with a laptop in hand - Who Can Buy a Life Insurance Policy? - Who Can Buy a Life Insurance Policy?

    If you are between 20-30 years of age

    Policy buyers in this age group can easily avail of a lower premium on their life insurance policy and enjoy extensive insurance coverage to cover various expenses such as educational loans, etc., while protecting themselves and their families.
    Girl with a laptop in hand - Who Can Buy a Life Insurance Policy? - Who Can Buy a Life Insurance Policy?

    If you are between 20-30 years of age

    Policy buyers in this age group can easily avail of a lower premium on their life insurance policy and enjoy extensive insurance coverage to cover various expenses such as educational loans, etc., while protecting themselves and their families.
  • 30-40 years old young individual age group - Who Can Buy a Life Insurance Policy? - Who Can Buy a Life Insurance Policy?

    If you are 30-40 years of age

    A life insurance policy for people in this age group can help them take care of their financial commitments and help them save for the future through a long-term savings policy as per the life insurance policy of their choice.
    30-40 years old young individual age group - Who Can Buy a Life Insurance Policy? - Who Can Buy a Life Insurance Policy?

    If you are 30-40 years of age

    A life insurance policy for people in this age group can help them take care of their financial commitments and help them save for the future through a long-term savings policy as per the life insurance policy of their choice.
  • Parents with 40-50 years of age - Who Can Buy a Life Insurance Policy? - Who Can Buy a Life Insurance Policy?

    If you are 40-50 years of age

    In this age group, a life insurance policy can help you start your retirement planning or save for any major upcoming expenses that need to be taken care of, such as your children’s further education and so on.
    Parents with 40-50 years of age - Who Can Buy a Life Insurance Policy? - Who Can Buy a Life Insurance Policy?

    If you are 40-50 years of age

    In this age group, a life insurance policy can help you start your retirement planning or save for any major upcoming expenses that need to be taken care of, such as your children’s further education and so on.
  • Retired Parents above 50 years of age - Who Can Buy a Life Insurance Policy? - Who Can Buy a Life Insurance Policy?

    If you are above 50 years of age

    A life insurance plan for people under this age group can help them with a lump sum amount or a regular income to help them pay off their debts and settle their loans while protecting their family from uncertain events.
    Retired Parents above 50 years of age - Who Can Buy a Life Insurance Policy? - Who Can Buy a Life Insurance Policy?

    If you are above 50 years of age

    A life insurance plan for people under this age group can help them with a lump sum amount or a regular income to help them pay off their debts and settle their loans while protecting their family from uncertain events.



How Much Life Insurance Cover Do I Need?
 

The amount of life cover you need at each stage of life will not be the same. However, make it a point to always keep an adequate amount of coverage, considering the various needs, commitments and liabilities that you may need to look after during each life stage: 

  • Self Employed - Early Adulthood: 20 – 30 years - How Much Life Insurance Cover Do I Need? - How Much Life Insurance Cover Do I Need?

    Early Adulthood: 20 – 30 years

    With minimal responsibilities and a steady salary, you can choose a life insurance policy whose sum assured can be ten times your annual income and liabilities. Such a policy will not only help you protect your family but also help you beat the rising inflation rate. 
    Self Employed - Early Adulthood: 20 – 30 years - How Much Life Insurance Cover Do I Need? - How Much Life Insurance Cover Do I Need?

    Early Adulthood: 20 – 30 years

    With minimal responsibilities and a steady salary, you can choose a life insurance policy whose sum assured can be ten times your annual income and liabilities. Such a policy will not only help you protect your family but also help you beat the rising inflation rate. 
  • Young Parents - Middle Adulthood: 30 – 45 years - How Much Life Insurance Cover Do I Need? - How Much Life Insurance Cover Do I Need?

    Middle Adulthood: 30 – 45 years

    This stage is when most people get married, have children and have a number of financial responsibilities. Along with your partner’s needs, consider any major future expenses such as a new house or car along with your children’s needs.
    Young Parents - Middle Adulthood: 30 – 45 years - How Much Life Insurance Cover Do I Need? - How Much Life Insurance Cover Do I Need?

    Middle Adulthood: 30 – 45 years

    This stage is when most people get married, have children and have a number of financial responsibilities. Along with your partner’s needs, consider any major future expenses such as a new house or car along with your children’s needs.
  • Retired individuals - Late Adulthood: 45 – 55 years - How Much Life Insurance Cover Do I Need? - How Much Life Insurance Cover Do I Need?

    Late Adulthood: 45 – 55 years

    This stage is where along with planning for your grown-up but dependent children’s needs, you will also need to start planning for your retirement. Ensure that your life insurance coverage is adequate enough for these requirements. 
    Retired individuals - Late Adulthood: 45 – 55 years - How Much Life Insurance Cover Do I Need? - How Much Life Insurance Cover Do I Need?

    Late Adulthood: 45 – 55 years

    This stage is where along with planning for your grown-up but dependent children’s needs, you will also need to start planning for your retirement. Ensure that your life insurance coverage is adequate enough for these requirements. 

How is Your Life Insurance Premium Calculated?

In life cover insurance plans, the premiums payable towards the policy will be calculated on the basis of the following factors:

  • As age increases pay higher premiums for greater risk - How is Your Life Insurance Premium Calculated?
    Age

    As you age, your body becomes more prone to many age-related health issues. Due to this, you will have to pay higher premiums for greater risk. Hence, buying a life insurance policy at a young age means lower premiums.

  • Women policyholders can avail of special premium rates as compared to men policyholders - How is Your Life Insurance Premium Calculated?
    Gender

    Most life cover insurance plans have a provision where women policyholders can avail of special premium rates as compared to men policyholders. Hence, your gender will play an essential role in the calculation of your life insurance premiums.

  • Lifestyle habits are considered when deciding the premiums for your policy - How is Your Life Insurance Premium Calculated?
    Lifestyle habits

    If you have smoking or heavy drinking habits, you are at a greater risk of many diseases and conditions than someone who doesn’t drink or smoke. Your insurer will consider this factor when deciding the premiums for your policy.

  • Longer policy tenure or whole life coverage - How is Your Life Insurance Premium Calculated?
    Duration of coverage

    If your life insurance plan has a longer policy tenure or whole life coverage, you will be paying premiums for a greater number of years which can be more expensive than paying for a short-term life insurance policy for a limited term.

  • Pre-existing health conditions as diagnosed - How is Your Life Insurance Premium Calculated?
    Existing health conditions

    If you have any pre-existing health conditions as diagnosed by a medical professional, not only will you have to pay higher premiums but also have to go through a waiting period before getting any policy benefits.

  • Medical History of policyholder - How is Your Life Insurance Premium Calculated?
    Medical history

    If you or your family have been diagnosed with any critical illnesses in the past, this factor will be considered by your insurer while calculating the premiums since there may be a potential risk of a critical illness in the future.

  • Calender - How is Your Life Insurance Premium Calculated?
    Risky hobbies/profession

    If you work in a high-risk job or have hobbies that can pose a threat to your life in any way, do mention the same while applying for a life insurance policy. Though you will be paying higher premiums, you can secure the risks. 

What is a Life Insurance policy? | Tata AIA Life Insurance

Calculate Your Life Insurance Premium

You can use our various online calculators to find the right plans and premium amount to meet your life goals and get the desired quotes.

 

Important Terms About Life Insurance Policy

  • Amount payable to the nominee of the policyholder - Sum Assured - Important Terms About Life Insurance Policy
    Policy

    The insurance policy is the contract that the insurer and the policyholder enter into and is evidenced by the policy document, the proposal form, the policy schedule and any other information/document(s) provided to the insurance company.

  • Amount payable to the nominee of the policyholder - Sum Assured - Important Terms About Life Insurance Policy
    Sum Assured

    The amount payable to the nominee of the policyholder in the event of the policyholder’s demise during the policy term is known as the sum assured.

  • Annualised premium and does not include additional premiums, taxes and loading - Important Terms About Life Insurance Policy
    Annualised Premium

    If the policy premiums are computed on a yearly basis, then this amount is known as the annualised premium and does not include any additional premiums, taxes and loading.

  • Duration during which the insured and his/her family is covered under the policy - Important Terms About Life Insurance Policy
    Coverage Period

    The duration during which the insured and their family are covered under the policy and are eligible for receiving the benefits is known as the coverage period.

  • Maturity date is the date on which the policy expires - Important Terms About Life Insurance Policy
    Maturity Date

    The maturity date is referred to as the date on which the policy expires. However, the maturity date is used as a term only if the policy offers maturity benefits.

  • Life insurance premium is a specified amount payable by the policyholder - Important Terms About Life Insurance Policy
    Life Insurance Premium

    The life insurance premium is a specified amount in the life insurance policy, payable by the policyholder in exchange for policy benefits and does not include any applicable taxes.

  • Policyholder pays the premium on life insurance from time to time - Important Terms About Life Insurance Policy
    Premium Payment Mode or Frequency

    The policyholder pays the premium on life insurance from time to time which is known as the premium payment frequency – yearly, half-yearly, quarterly and monthly. The premium payment mode refers to the period for which they pay the premiums – Single Pay, Regular Pay, Limited Pay. 

  • Life insurance riders are optional benefits - Important Terms About Life Insurance Policy
    Life Insurance Riders

    Life insurance riders are optional benefits that can be added to your life insurance policy at an extra premium to enhance the policy coverage.

How to Choose a Life Insurance Policy?

While choosing a life insurance policy is not a tedious task, it is important to find a policy that suits you and your family’s needs. If you select a policy that does not meet your requirements, you may risk leaving your family exposed to financial risks in the future. Therefore, here is what you need to look out for when you buy a life insurance policy:

  • Understand life insurance requirements
    Understand your requirements

    The amount of money needed to take care of your family’s needs, any financial liabilities and future expenses will need to be taken into consideration to analyse your insurance needs before you choose a life insurance plan for your family.

  • Seek affordable premiums
    Seek affordable premiums

    Paying all the premiums on time is important so that your family stays protected and you can continue regular savings through your policy. Since a lapse could put a halt to these benefits, ensure that you are able to pay all your premiums.

  • Check the Claim Settlement Ratio
    Check the Claim Settlement Ratio

    When looking for a life insurance policy in India, it is important to find a reliable and reputed life insurance provider whose claim settlement ratio proves that they can settle your claims effectively and without any hassles!

  • Always compare the quotes
    Always compare the quotes

    Avoid settling for the first insurance plan you see, and instead, compare the various features, benefits, exclusions and premiums of different plans so that you can pick the one that offers you the benefits of your choice.

  • Examine the policy
    Examine the policy

    Make sure that you read your policy document well without missing out on the fine print and the exclusions. Once you know of these exclusions, it may help you decide if you need coverage against these risks and take a look at other plans.

  • Enhancing your policy coverage by adding essential riders
    Add essential riders

    Though riders are most certainly helpful for enhancing your policy coverage, adding too many of them will only make your premiums more expensive. Go for only one or two riders that you feel are necessary for your insurance policy.

Why Buy Life Insurance Policy Online?

Purchasing a life insurance policy online can have a host of death/maturity and others benefits that outperform the benefits of buying it offline. While the insurance plans do not change in any way, here is how the online purchase can make the process more convenient and smoother: 

  • Transparency - No Hidden Information - Why Buy Life Insurance Policy Online?
    Transparency

    Right from features of a life insurance plan to its premiums, reviews and the insurer’s claim settlement ratio, all details are at your fingertips which makes it easier for you to make an informed choice with no hidden information.

  • Calculate your premiums and compare the life insurance plans - Why Buy Life Insurance Policy Online?
    Compare Plans

    Online insurance plans enable you to compare life insurance plans while saving a whole lot of your time. With the help of our online life insurance premium calculator, you can simply calculate your premiums and compare the plans. 

  • Secure online payment options - Why Buy Life Insurance Policy Online?
    Secure Payment Modes

    When buying an online life insurance plan, the secure online payment options can save you a lot of time during the payment. This process also makes it easier for you to pull up your transactions when you need to claim tax deductions. 

  • Renewing your life insurance policy online - Why Buy Life Insurance Policy Online?
    Simple Policy Renewal

    Renewing your life insurance policy online can be completed in a matter of minutes as compared to an offline renewal. All it takes is a few clicks to complete the renewal process online without any hassles.

What are the Payout Options Available for Life Insurance Plans?

The payout options under a life insurance plan can be quite flexible and you can choose the payout as per your needs and convenience.

  • Lump-Sum Benefits - Payout Options Available for Life Insurance Plans
    Lump-Sum Benefits

    Under life insurance, you can choose to receive the payout or the sum assured in the form of a lump sum, where a single, one-time payout will be made to you or your nominee as a maturity benefit or death benefit respectively. 

  • Lump-Sum Plus Regular Income - Payout Options Available for Life Insurance Plans
    Lump-Sum Plus Regular Income

    Some life insurance plans offer the sum assured of the policy as a lump sum payout or regular payout or a combination of both during a specified number of years or the income period, as per the policy guidelines.

  • Whole Life Income Benefit - Payout Options Available for Life Insurance Plans
    Whole Life Income Benefit

    The whole life income benefit pays out the policy benefits as a regular to the policyholder, starting from a certain point in the policy term until the death of the policyholder or the end of the policy term – the earlier of the two. 


Documents Required
 

To purchase a life insurance policy in India, these are the following documents you will need:

Pan Card - Documents required to purchase a life insurance policy
PAN card

Aadhar Card - Documents required to purchase a life insurance policy
Aadhar Card

Bank Statement of the past 6 months - Documents required to purchase a life insurance policy
Bank Statement of the past 6 months

Salary Slip - Documents required to purchase a life insurance policy
Salary Slip

Income Tax Reciept - Documents required to purchase a life insurance policy
Income Tax Reciept

How to Register 

a Claim Online

All claim settlements are top most priority for us. When you register a claim with us, we know what it means to you and your family. Our trained team expertly examines your claim, and guides you to settle your claim in a seamless manner.

Tata AIA Life Insurance helps you settle your claims in three easy steps –

Salary Slip - Documents required to purchase a life insurance policy

Step 01

Register you claim online & upload your documents
Income Tax Reciept - Documents required to purchase a life insurance policy

Step 02

Documents are verified & claim is processed
Claim amount is disbursed - How to Register a Claim Online

Step 03

Claim amount is disbursed
  • Fast Claim Service - How to Register a Claim Online
    Easy Claim Initiative provides convenient claim service - How to Register a Claim Online
    Doorstep claim services

    Our Easy Claim Initiative provides convenient claim service at your doorstep. The Beneficiary can call our helpline to schedule an appointment. Our Rakshakarta agent will visit your residence and help in completing the documentation and quickly initiate the claim process.

  • Express Claims service - where claim amount is received within 4 hours - How to Register a Claim Online
    Express Claim - 4 hour claim settlement - How to Register a Claim Online
    4 hour claim settlement

    Also, with our Express Claims service, a unique service initiative, the Beneficiary can submit the necessary documents with our Rakshakarta agent who will initiate the claim process and ensure that the claim amount is received within 4 hours3.

Frequently Asked Questions

Generic Policy Cover Premium Claim
What is a life insurance policy?

A life insurance policy is defined as a contract between the insurer and the insured (policyholder), where the insurer promises to pay a defined sum of money to the nominees on the death of the insured person or after the policy matures. The insured must, however, pay the timely premiums for a set term to ensure that the policy remains in effect.

What are the different types of life insurance plans?

Life insurance plans are of the following types –
 

  • Term Plans

  • Term Plans with Return of Premiums7

  • Endowment Plans

  • Unit Linked Insurance Plans

  • Money-Back Plans

  • Retirement Plans

  • Group Insurance Plans

Can life insurance policies be used as tax saving options in India?

Yes, life insurance policies are eligible for tax benefits. However, the primary aim of a life insurance policy in India is to offer life cover and should not be used only as a tax saving option.

How to choose a life insurance policy for my family?

To choose a life insurance policy for your family, ensure that the coverage amount is sufficient for their future financial needs. Take into consideration your income, your financial commitments, all liabilities such as loans and debts, as well as medical emergencies while choosing an adequate life insurance policy coverage for your family.

Is it more convenient to purchase life insurance online?

Yes, purchasing life insurance online can be much more convenient since you can easily calculate the life insurance premiums online, carry out all the research, read online reviews, check the claim settlement ratio of your insurer and make the online purchase and payment from anywhere and at any time.

What different types of life insurance policies does Tata AIA Life Insurance Company offer?

Tata AIA Life Insurance offers:

  • Term Plans

  • Savings Plans

  • Unit Linked Insurance Plans

  • Money-Back Plans

  • Retirement Plans

  • Group Insurance Plans

  • Combo Plans

What are the term insurance policies of Tata AIA Life Insurance Company?

Tata AIA Life Insurance Sampoorna Raksha Supreme (UIN: 110N160V02), Tata AIA Life Insurance InstaProtect Solution (InstaProtect comprises of Tata AIA Life Insurance Sampoorna Raksha Supreme (UIN: 110N160V02), Protection Rider (UIN: 110B033V02), Health Rider (UIN: 110B031V02) and Tata AIA Life Insurance Saral Jeevan Bima (110N157V01) are the term insurance policies of Tata AIA Life Insurance.

What is the difference between savings plans and Unit-Linked Insurance Plans?

Unit-Linked Insurance Plans invest a portion of the premiums in market-linked funds which means that the returns on the plan are market-linked but not guaranteed, while savings plans help you accumulate your wealth in low-risk avenues over the years and offer guaranteed returns at the end of the policy term.

Is there a grace period for all different types of life insurance policies?

Yes, all different types of Tata AIA Life Insurance plans offer a grace period of 30 days for the quarterly, half-yearly and yearly premium payment frequencies, starting from the due date of the premium, while the grace period offered is 15 days for the monthly premium payment frequency.

Is there a loan facility on all life insurance policies?

No, not all life insurance policies offer a loan facility.

Do life insurance policies offer only death benefits?

No, some life insurance policies offer death benefits as well as maturity benefits, payable to the policyholder on the maturity of the policy.

What types of deaths are covered by life insurance policies?

Tata AIA Life Insurance policies cover all types of deaths, including death by suicide. However, the terms and conditions for different types of deaths will vary.

Can I have multiple life insurance policies at once?

Yes, you may choose to have multiple life insurance policies at once. However, paying the premiums for so many policies can be very expensive, so it is advisable to have a comprehensive life insurance plan for yourself and your whole family, which can be much more cost-effective.

When can I add a rider to my life insurance plan?

You can add a rider to your life insurance plan at the time of the policy inception or during the policy anniversary while renewing the policy.

How to pay the life insurance online premium on a policy?

You can pay the life insurance premium online through any of the digital payment options available on the Tata AIA Life Insurance website after you purchase or renew your life insurance policy.

What are the premium payment modes when you buy a life insurance policy online?

You can opt for single premium pay, limited pay or regular pay for your life insurance policy as per the offering of the plan. Do note that not all plans may offer all three premium payment modes.

Will my life insurance lapse if I stop paying the premiums?

If you do not pay your policy premiums for two years within the grace period, the policy will lapse, and no maturity/death benefits will be payable on the policy.

Do I have to continue paying the premiums if I surrender the policy?

Once you surrender your policy, your life insurance benefits will end immediately, terminating the coverage. Therefore, there will be no more premium payments. It is not advisable to surrender your policy so that you and your family can be protected throughout the policy term.

How do I pay affordable premiums for my life insurance plan?

To be able to pay affordable premiums on your life insurance plan, ensure that you choose coverage that is not too expensive or inadequate. You can also calculate your life insurance premiums on a life insurance premium calculator and compare plans to opt for reasonable premiums. 

Can I file a claim during the policy term?

If you file a death claim, then this should take place if the policyholder dies during the policy term. If you want to file a maturity claim, you will need to do it once the policy matures.

What is a maturity claim in life insurance?

A maturity claim is a claim you file when your policy matures, and you are eligible to claim the maturity/death and other benefits, which could be the guaranteed savings from the life insurance plan. These will be paid out to you in the form of a lump sum benefit or as a regular income, as per your choice.

Can you file multiple claims in a life insurance policy in India?

No, you can only file one death claim and one maturity claim (where applicable) on your life insurance policy in India. However, if you do have a health rider, you will be allowed to file claims for minor stage and major stage cardiac diseases and cancer, as mentioned in the rider document.

Will a life insurance death claim be payable if someone other than my nominee files the claim?

No, only the nominee mentioned on the policy document by you is eligible to file the death claim and receive the death benefits.

How to file a life insurance claim?

To file a claim, reach out to us through any of the following channels.
 

  • Email us at: customercare@tataaia.com

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

  • Walk into any of the 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

Articles Related to Life Insurance

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

  • **Income 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 implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.

  • $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.

  • ^on a 5 year basis as of December 2021

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  • 1Individual Life Claim Settlement Ratio is 98.02% for FY 2020 - 21 as per the latest annual audited figures.

  • 2Assigned the highest issuer rating of AAA by ICRA. Issuer Rating represents opinion on ability to pay policy-holder obligations and claims in a timely manner for an insurance company.

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

  • 4As on 30th September 2021, the company has a total Assets Under Management (AUM) of Rs. 51,704 Crore

  • 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.

  • 5Rider 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.

  • 6Guaranteed Returns/Payouts depend on Plan Option, Policy Term, Premium Payment Term and Age at entry

  • 7At the time of purchase, if the policyholder chooses to opt for a Return of Balance Premium option -For Sampoorna Raksha Supreme (Life Plus Option), an amount equal to the 105% of the Total Premiums Paid towards the product (excluding loading for modal premiums) shall be payable at the end of the Policy Term, provided the life assured survives till maturity and the policy is not terminated earlier. For Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider and Tata AIA Life Insurance Non-Linked Comprehensive Health Rider, an amount equal to the Total Premiums Paid towards the respective benefit option (excluding loading for modal premiums), less any claim amount already paid out under the respective benefit option, shall be payable at the end of the benefit option term, provided the benefit option is not terminated.

  • IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER

  • THE LINKED INSURANCE PRODUCT DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICY HOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF THE FIFTH YEAR.

  • Past performance is not indicative of future performance.

  • All investments made by the Company are subject to market risks. The Company does not guarantee any assured returns. The investment income and price may go down as well as up depending on several factors influencing the market.

  • Please make your own independent decision after consulting your financial or other professional advisor.

  • 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.

  • In case of sub-standard lives, extra premiums will be charged as per our underwriting guidelines.

  • 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.

  • The products are underwritten by Tata AIA Life Insurance Company Ltd.

  • The plans are not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance.

  • L&C/Advt/2022/Aug/1846


 

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