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Image Of Family Life Insurance Plan

 

Tata AIA Life

Family Life Insurance Plans

 

One life insurance policy to secure the whole family

Image Of Family Life Insurance Plan


 

 

What is a Family Life Insurance Policy?

Let’s assume you have a family of four members between the ages of 18 years and 65 years, and each of you need to be covered by a life insurance policy. You have two options here – each family member can get an individual life insurance policy which means four individual policies and premium payments, or you can opt for a family life insurance policy that covers all four under a single plan. Which one do you think would be a better option?

You already know how important it is to have life insurance coverage for your entire family, and that is exactly what a family life insurance policy does. All you need is a single policy that has been carefully planned, considering the needs of all the members. Moreover, having four individual policies to cover all the family members can be much more cumbersome than a single life insurance plan that offers sufficient coverage for each person and also enables you to manage the premiums through a single premium payment.

A family life insurance plan is also not restricted to a single type of life insurance policy; you can choose from a variety of policies depending on what insurance goals you all need to meet!

 

Why Choose Tata AIA Family Life Insurance?

Term Insurance Plans

Term insurance plans are the simplest and the most basic type of life insurance policy that offer life insurance coverage for a limited “term”. Pure term insurance plans only offer a death benefit wherein the sum assured is paid out to the family of the policyholder in the event of the policyholder’s demise within the policy period. This sum assured death benefit could help secure the financial future of the family members of the late policyholder, which becomes even more crucial if the policyholder was the sole earning member in the family.

When you buy a term insurance plan, you can choose from flexible policy terms and premium payment options and also plan the coverage of the term insurance plan as per your family’s needs.

Savings Plans

A savings plan combines the benefits of systematic long-term savings and a life insurance cover to offer financial security to you and your family. You can select the policy term and the premium payment term to accumulate your savings over a certain number of years. On maturity, you receive the guaranteed sum assured, either as a lump sum or as a regular income, depending on your choice of the payout mode.

There are different types of savings plans such as guaranteed savings plans or a monthly saving plan to choose from since everyone’s savings goals are not the same. Hence, the policy term or the tenure for which you want to save your money and how you want to pay the premiums can help you personalise your savings plan to meet your financial goals. A savings insurance plan will also pay out a guaranteed sum assured to your family as a death benefit in case of your untimely demise during the policy term.

Retirement / Pension Plan

A retirement plan or a pension plan helps you accumulate funds during the policy term and plan for your retirement years. And once you retire, not only do you benefit from a guaranteed regular income in the form of monthly payouts to support yourself and your family but also a life insurance cover to protect your family in case of an unfortunate event.

Retirement insurance plans work well as a replacement for a regular salary as the regular income paid out during your retirement years can be used for your essential expenses, emergency expenses and also for planning any major financial goals such as starting a business, paying for your child’s higher education and so on.

The amount of regular income you receive through your retirement insurance policy will have to be planned well in advance when you purchase the plan. You can do so by factoring in the various costs and expenses that need to be taken care of in your retirement years.

ULIP (Unit-Linked Insurance Plan)

A Unit-Linked Insurance Plan or ULIP, as it is commonly known, is a market-linked investment-cum-insurance policy that helps you create an investment plan to fulfil your future financial goals. The insurance component of the ULIP will secure your family financially in case of your unfortunate demise so that they can sustain themselves in your absence.

The premiums of a ULIP plan are split between the insurance cover and the investment so that you can enjoy insurance coverage while growing your wealth. One of the major benefits offered by a ULIP policy is the choice of ULIP funds that you can select for your investment purpose. Furthermore, if you feel that you need to alter some aspects of your investment, you can easily switch between the fund options and find something that is more fetching for your investment goals.

Since the returns on a ULIP investment are linked to the market, it is advisable to select your investments as per your risk appetite and your financial goals.

How to Choose a Life Insurance Beneficiary?

The life insurance policy beneficiary or the nominee, as known in insurance terminology, is the person who receives the insurance benefits of the policy in case of the policyholder’s death. One cannot simply become a nominee unless they have been allotted this designation by the policyholder in the insurance proposal form. Hence, the insurance company will not entertain any claims unless the nominee or a verified representative of the nominee files the claim.

Generally, it is a wise idea to nominate someone from the immediate family, such as your children or your spouse, as the beneficiary so that you leave behind the sum assured or the financial benefits in the hands of someone trustworthy.

When you choose the life insurance policy beneficiary, be sure to nominate someone who will be responsible for any of your unpaid debts, hospital bills and any major emergency expense that will be incurred by the family in your absence.

One of the most salient features of selecting a nominee is that you can either assign all the insurance benefits to a single nominee or choose to split the benefits among a few nominees.

Why Choose Tata AIA Life Insurance?

  • 66 Lakh+

    Families protected so far#

  • Express Claim Settlement

    Assured 4 hours of claim settlement**

  • The Tata AIA Assurance

    98.53% Claim Settlement Ratioin FY 2021 - 22

  • 300+ Branches across India

    Presence across major cities

  • Save on Tax~

    Save income tax as per applicable income tax laws

  • Pay your Way

    Flexibility to choose premium payment mode as per convenience

How To Decide on The Life Insurance Plan?

  • Decide the time of purchase

    When or at what life stage you buy your insurance plan is an important factor. Instead of waiting for an emergency to strike and empty out all your savings, get a life insurance policy as early in life as you can. With the age eligibility criteria for many life insurance plans starting at 18 years, the earlier you buy a life insurance policy, the longer you can protect your family from financial uncertainties.

  • Your financial needs

    Your financial goals and commitments will determine the sum assured or coverage of your life insurance plan. Also, consider your family’s financial needs, essential and otherwise, as well as any medical emergencies while planning the coverage of your life insurance policy. The sum assured should secure your loved ones adequately in case something happens to you.

  • Make sure it fits your budget

    While it is important to have sufficient life insurance coverage for your family, be sure that you are able to pay all the premiums on time. Run a cost-benefit analysis if needed to check whether the premiums justify the coverage and the plan’s offerings. You can also choose a policy term and a premium payment term that makes it easier for you to pay affordable premiums.

  • Compare life insurance plans

    Buying the first life insurance plan, you come across is never recommended. You will need to look at all the plans and compare each of them to see how your choice can best protect your family’s interests. When you compare life insurance policies online, you can keep out the options that do not match the needs of your family and only select one that has all the benefits and offerings for your family’s security.

How Much Life Insurance Do You Need?

The amount of life insurance you need for your family will depend on a few important factors as given below

  • Determine the coverage you need to protect your family - How to Choose the Best Term Insurance Coverage?

    Consider Basic Expenses

    Your family’s daily and essential needs cannot be hampered by the lack of financial resources, so, make provisions such that your life insurance plan can help your family lead a stress-free life in your absence, without having to worry about their daily sustenance.

  • Money Bag - Term Insurance premiums

    Allot Funds for Major Goals

    A life insurance policy coverage can be adequate to fund any important milestones that your family members want to achieve in the future. In case you are no more, the life insurance policy coverage should be able to take care of your children’s education or your spouse’s business venture.

  • Purchase a Term Insurance policy as per eligible age applicable for the product

    Plan for Emergencies

    We all are aware of how a single visit to the hospital for treatment can affect our savings. When you’re not around, it is possible that sickness or poor health may befall your family. To ensure that they can get the best care possible, be sure to avail of sufficient life insurance coverage.

  • Money Wallet

    Keep Debts in Mind

    Though you should ideally aim to pay off your debts and loans as early as possible, there is always a chance of an unpaid EMI or loan being left behind in your absence. If you are not around, your family will have to repay the loan, and so, the life insurance coverage should be able to cover that.

Importance of Comparing Different Life Insurance Policies

  • Adequate Coverage

    When you compare two or more life insurance policies, you get to know which plan offers the type of coverage you are looking for. Suppose you only need a life insurance cover; you can only know that by comparing different term plans for the most suitable life insurance coverage. Likewise, you can also compare different savings plans to know which one is better suited for your financial goals.

  • Cost-effective

    Comparing policies will help you find out which policy will enable you to pay affordable premiums. Of course, that will depend on the coverage of your policy, but if you learn about the appropriate policy term and the premium payment options available, you can plan the premium payments such that you can afford to uphold the policy with enough coverage while paying reasonable premiums.

  • Better Policy Selection

    No two life insurance policies will offer the same benefits and features, and that is something you can know if you only compare all your policy options. By not carrying out this policy comparison, you lose the chance to explore other policies that come the closest to meeting your insurance needs with the benefits and features that you are looking for to protect your family.

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FAQs on Family Life Insurance

Generic Cover Premiums Claim

What is a family insurance plan?

A family insurance plan is a form of life insurance plan that provides insurance coverage to your family members. You only need to pay a single premium to offer coverage to all family members instead of paying multiple premiums on insurance policies for each person.

How many members does a family insurance plan cover?

Up to 6 family members can be covered under a family insurance plan that includes you, your parents, your partner and up to 4 children.

When should you get a family insurance plan?

It is advisable to get a family insurance plan as early as possible so that you can be prepared for any kind of emergency that may befall your loved ones in the future. Also, by buying a family insurance plan early in life, you can get the benefit of paying lower premiums.

Is a family insurance policy better than an individual policy?

While you can avail of an individual insurance policy as per your needs, it is better to opt for a family insurance plan if you want to secure all your family members. That way, you will not have to purchase an insurance policy for each person, which can become expensive and unmanageable when it comes to the premium payments.

Is a family floater the same as a family insurance plan?

Yes, a family insurance plan is also known as a family floater plan.

How much life insurance do I need for my family?

The extent of coverage you need for a family life insurance policy will depend on the insurance needs of your family. The sum assured should be able to cover their basic and emergency needs, any financial liabilities, as well as their future goals, in case something happens and you cannot provide for them.

Is term insurance the right choice for my family?

You can get term insurance for your family if you are seeking pure life cover protection for them in the event of an unfortunate occurrence.

Can I add riders to my family term insurance plan?

Yes, you can add riders^ to your family term insurance plan if there is an option or provision for enhancing your insurance policy with optional riders. Be sure to add only the riders you need since these riders are available at a nominal but additional premium.

Will a family life insurance policy offer death benefits?

Yes, a family life insurance policy will offer death benefits to your nominees if you, the policyholder, happen to pass away during the policy term.

Can I get tax benefits for my life insurance policy?

As per Section 80C of the Income Tax Act, 1961, the premiums paid towards any life insurance policy are eligible for tax deductions. Moreover, the death benefits and the maturity benefits of the insurance policy will be eligible for tax~ deductions under Section 10(10D) of the Income Tax Act.

How can I keep the premiums for my family life insurance plan affordable?

If you select a sum assured as well as the premium payment term and policy term of your life insurance policy as per your family’s needs and did not opt for unnecessarily high coverage, you can ensure the payment of affordable premiums on your family life insurance plan. You can also use a life insurance calculator to plan the premiums so that you can determine if they will be affordable for you. Also, keep in mind that riders come at an additional premium cost and so only include the riders that you genuinely need instead of adding all riders to your policy.

What are the available modes for premium payment?

You can pay the premiums for your family life insurance cover through the monthly, quarterly, half-yearly or annual premium payment modes.

Can I choose the premium payment frequencies for my policy?

Yes, you can choose the premium payment frequency for your life insurance plan if there is an option between a Single Pay, Limited Pay and Regular Pay. Some insurance plans may offer an option of at least two of the premium payment frequencies.

Will I have to pay lower premiums if I remove one member from the plan?

If one family member chooses to opt out of the family life insurance plan, then along with the premium, the coverage will also be lowered. Plan for adequate coverage for all your family members to ensure that one member less in the policy should not affect your family’s security.

Will my family get the complete sum assured in the event of my death?

The death benefit in the form of the sum assured is a guaranteed amount that your family will receive upon your death, subject to the complete premium payments towards the policy.

What are the different life insurance claims that can be filed?

Under a life insurance policy, a nominee can file a death claim in case of the policyholder’s death during the policy term. A maturity claim can be filed if the policyholder outlives the policy term and wants to avail of their life insurance maturity benefits. If you have a critical illness rider or a health rider added to your policy, you can file a claim as per the illnesses events covered under the riders. 

Who needs to file a death claim in case of the policyholder’s death?

Someone formally nominated by the policyholder in the insurance proposal form, known as the nominee, or a representative formally chosen by the nominee can file a death claim in the event of the policyholder’s death.

When should you file a death claim on a life insurance policy?

A death claim should be filed by the nominee at the earliest after the death of the policyholder and after they have received all the relevant documents that need to be presented for filing the claim.

What are the documents needed for filing a claim on your life insurance plan?

Please click here to know the list of documents needed for the claim intimation and settlement process.

How to file a life insurance claim?

To file a claim, you can choose any of the following channels to reach out to us.

 

  • 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

Disclaimer

  • #66 Lakh+ as on 31st March 2022
  • *Individual Life Claim Settlement Ratio is 98.53% for FY 2021 - 22 as per the latest annual audited figures.
  • **4 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 completed documents.
  • 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.
  • ^Rider 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.
  • ~Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment 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 implications mentioned anywhere on this site. Please consult your own tax consultant to know the tax benefits available to you.
  • Tata AIA Life Insurance InstaProtect Solution comprises Tata AIA Life Insurance Sampoorna Raksha Supreme (Non-Linked, Non-Participating, Individual Life Insurance Plan) (UIN: 110N160V03) - Life Option (in case Return of Premium is No) or Life Plus Option (in case of Return of Premium is Yes), Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (NLCPR) (UIN: 110B033V02) - A Non-linked, Non-participating, Individual Health Rider; Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (NLCPR) (UIN: 110B031V02) - A Non-linked, Non-participating, Individual Health Rider.
  • 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/Sep/2340