Life Insurance Plans

Tata AIA Life Insurance offers:

• Term Plans

• Savings Plans

• Unit Linked Insurance Plans

• Money-Back Plans

• Retirement Plans

• Group Insurance Plans

• Combo Plans

The various Term Insurance policies offered by Tata AIA Life Insurance are:

• Tata AIA Sampoorna Raksha Promise
• Tata AIA Maha Raksha Supreme Select

Unit-Linked Insurance Plans invest a portion of the premiums in market-linked funds³³ 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 guaranteed⁶ returns at the end of the policy term.

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

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.

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.

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.

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.

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.

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.

Most Life insurance plans offer the following tax⁷ benefits:

• Under Section 80C of the Income Tax Act, the policy premiums paid for the life insurance policy qualify for tax deductions.
• The death benefits offered by the life insurance policy are exempt from taxes under Section 10(10D) of the Income Tax Act.
• Health rider premiums, if any, paid towards the life insurance plan qualify for tax deductions under Section 80D of the Income Tax Act.

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.

For most life insurance policies, 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.

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.

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.

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.

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.

• Young Adults: As a young adult, one should have a life insurance policy so that they can prepare for future financial responsibilities and avail of lower policy premiums. Even though the current situation may not need life insurance protection, a young individual should plan for their future.
• New Families: Newly married couples or new parents should avail of a life insurance policy since they may have one or more dependents such as aged parents and/or young children. Since the financial obligations are greater, life insurance can help protect your family in case of a misfortune.
• People with Home Loans: If you have purchased a new home and are paying off the EMIs along with others bills, a life insurance policy can help you safeguard your family from these financial obligations in your absence. The sum assured of the policy can assist your loved ones in paying off any pending loans and debts.
• Business Owners: People who have just started their own business or are growing their venture should get life insurance plans. This is because losses to the business in your absence can impact your family. In such a situation, your life insurance policy can help safeguard your family and your business.

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 rider³² 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 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 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.

No, you can only file one death claim and one maturity claim (where applicable) on your life insurance policy. 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