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Tata AIA Life Insurance
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Tata AIA Life Insurance
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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Provide a solid foundation for your family's financial future, & protect the smiles of your loved ones
Tata AIA Life Insurance term plans are designed to secure the future of your loved ones through a protective life cover and can protect them from the impact of uncertain events such as medical emergencies, loss of income and more.
Tata AIA Life Insurance savings plans enable you to build systematic long-term savings that offer guaranteed6 returns on maturity to fulfil your financial goals and a life cover to protect your dear ones.
Tata AIA Life Insurance Unit-Linked Insurance Plans help you achieve your goals by creating and growing your wealth through investments, enabling you to enjoy the benefits of market-linked returns along with a secure life cover.
With Tata AIA Life Insurance retirement solutions, you can ensure a financially secure retired life for yourself and your family with a steady source of income from the annuity payout while safeguarding your family with a life cover.
Group insurance plans from Tata AIA Life Insurance offer unique life insurance as well as credit and loan protection solutions so that all the group members can enjoy insurance benefits and stay protected in a cost-effective manner.
Tata AIA Life Insurance presents exclusive insurance solutions to help you get comprehensive coverage. Choose from ULIPs and riders or extensive health insurance solutions as per your unique insurance needs.
Tata AIA Life Insurance presents a unique solution that combines savings, life insurance and a unit-linked insurance plan under a single policy to help you build a robust wealth plan for your future with multiple benefits to choose from.
Tata AIA Life Insurance riders5 provide an extra layer of protection to you when added to your life insurance solution. Enjoy coverage against critical illnesses, hospitalisation expenses, and more with these optional riders.
Tata AIA Life Insurance ULIP riders are designed to enhance the coverage of your ULIP policy. You can enjoy the coverage of these optional riders either by paying additional premiums or through adjusted fund units of your policy.
Families protected so far
Claim settlement ratio for FY 21 -221
Retail Sum Assured2
Worth of Assets Under Management4
Presence across major cities
Express Claim settlement3
Customers renew their policy in 2nd year8
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Table of Content
Features of a life insurance policy in India are mentioned below:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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:
If you are between 20-30 years of age
If you are between 20-30 years of age
If you are 30-40 years of age
If you are 30-40 years of age
If you are 40-50 years of age
If you are 40-50 years of age
If you are above 50 years of age
If you are above 50 years of age
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:
In life cover insurance plans, the premiums payable towards the policy will be calculated on the basis of the following factors:
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.
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.
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.
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.
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.
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.
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.
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:
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.
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.
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!
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.
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.
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.
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:
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.
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.
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 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.
The payout options under a life insurance plan can be quite flexible and you can choose the payout as per your needs and convenience.
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.
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.
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.
To purchase a life insurance policy in India, these are the following documents you will need:
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 –
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.
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.
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?
The different types of life insurance plans are:
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.
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.
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 types of policies does Tata AIA Life Insurance offer?
Tata AIA Life Insurance offers:
Term Plans
Savings Plans
Unit Linked Insurance Plans
Money-Back Plans
Retirement Plans
Group Insurance Plans
Combo Plans
Which are the popular term insurance policies sold by Tata AIA Life Insurance?
The various Term Insurance policies offered by Tata AIA Life Insurance are:
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.
No, not all life insurance policies offer a loan facility.
What is the main purpose of life insurance plans?
The main purpose of life insurance is to secure the family or the dependents of the policyholder with a financial benefit after the death of the policyholder. During the policy term, the dependents are covered under the policy, and if the policyholder’s death occurs within the policy term, then the death benefit or the sum assured of the life insurance plan will be paid out to the beneficiaries, so that they can support themselves financially.
Why is life insurance important in India?
Life insurance is important in India because most families have a single earning member or a single source of income. In the event of the sole earning member’s untimely demise, the loss of income can cause financial inconvenience to the other family members. During this time, it may not be wise to sustain one’s family on emergency savings and the like. Since life insurance plans are designed to pay out a death benefit sum assured to the family on the policyholder’s death, life insurance is important.
Which is better whole life insurance or term life?
The choice between whole life insurance and term life insurance will depend on the needs of the policyholder and their family. If you are looking for life insurance coverage for a limited term or a maximum of up to 40 years of coverage, term insurance will be a good choice that offers a higher sum assured for low premiums.
A whole life insurance policy is a good option for those wanting to provide lifelong coverage for their family without having to buy a new life insurance policy. Hence, this type of policy will offer insurance coverage till the policyholder is 100 years of age or for their whole life.
Do you get your money back at the end of term life insurance?
If you have a level term life insurance policy, you will not get any maturity benefits since the coverage will expire at the end of the policy term. In this case, only if the policyholder passes away during the policy term, the death benefit will be paid out to their beneficiaries.
Term plans with return of premiums, however, do offer the total premiums paid as a return at the end of the policy term. If the policyholder survives the policy term, they can claim the maturity benefit.
What is the best age to get life insurance?
One should purchase life insurance as early as possible so that they can benefit from lower premiums. Though it is possible to have a life insurance plan later in life, the policy premiums will be higher as an older age is associated with health risks. When you are young, there is a lower risk of health issues and therefore, the premiums will be lower.
Is it too late to get life insurance at 50 years of age?
Though it is advisable to purchase life insurance as early as you can, you can still avail of a new life insurance policy at the age of 50 years. However, given the higher age of the insured, the policy premiums will also be higher due to the risk of health conditions.
Does life insurance offer tax benefits?
Life insurance plans offer the following tax** benefits:
What's the difference between whole life and term life insurance?
The main difference between whole life and term life insurance is that whole life insurance, as the name suggests, provides life insurance coverage throughout the entirety of the policyholder’s life, while term insurance offers life insurance coverage only for a limited term or number of years, as selected by the policyholder.
What is the minimum & maximum age to buy life insurance?
The minimum entry age for buying life insurance is 18 years, while the maximum entry age could be between 65-75 years and may vary across different policies.
When should I buy a life insurance policy?
You can purchase life insurance at any stage of your life when you feel that you have upcoming financial responsibilities. It is also important to consider why you should buy life insurance. For instance, if you are the sole earning member of your family, a life insurance policy will ensure a financial backup for your beneficiaries in the event of your death, which will lead to a loss of income.
Most people purchase life insurance policy plans early in life to benefit from lower policy premiums.
Can a minor be appointed as a nominee in life insurance?
Yes, a child or a minor (below 18 years of age) can be appointed as a nominee for a life insurance policy. In case of a claim, an appointee chosen by the policyholder will file a claim on behalf of the minor nominee.
Is life insurance necessary for senior citizens?
Yes, senior citizens should have a life insurance policy so that during their retirement years, they can protect their families in a number of ways. For instance, a whole life insurance plan can offer extended coverage to all the family members till the insured reaches 100 years of age.
If they have a savings insurance plan or a retirement insurance plan, it can offer payout benefits as a regular income to the retired policyholder and their family, thus helping them sustain themselves financially and achieve their financial goals.
How do I find the best life insurance policy?
To find the best life insurance policy, you should first ascertain the needs of your family members and how much financial support they will need in your absence. According to their requirements, you can choose a reputed life insurance provider that offers a policy and a flexible sum assured that covers these needs. If you buy a life insurance policy online, you can compare different plans on the official website of your insurance provider to select the best life insurance policy for your family and yourself.
What if I become an NRI after purchasing a life insurance plan?
If you buy a life insurance plan in India and then become an NRI, your life insurance policy will remain active as long as you pay the premiums through a Non-Resident Ordinary (NRO) account in Indian currency. Hence, the active life insurance policy will continue offering life insurance coverage to your family or beneficiaries in India. In the event of your death during the policy term, your nominee can file the claim in India or from abroad and the benefits will be offered to your family or nominee.
Who Should Buy a Life Insurance Plan?
No, some life insurance policies offer death benefits as well as maturity benefits, payable to the policyholder on the maturity of the policy.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
No, only the nominee mentioned on the policy document by you is eligible to file the death claim and receive the death benefits.
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 directly 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
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