A life insurance cover is designed to offer a life cover to your family basis the policy term chosen by you as per your life insurance needs. During this policy term, you, the policyholder, pay the life insurance premium to keep the policy active. In addition, if the life assured meets with an untimely demise during the life cover, your family will be offered a death benefit that will keep them financially secure even in your absence.

These are some of the important features of a life insurance policy:

• Choice of life insurance plans as per your needs
• Choice of the policy term and premium paying term
• Optional rider^** benefits to enhance life insurance coverage
• Assured death benefits for your beneficiaries

A life insurance company issues a life insurance policy to a policyholder once the latter selects a policy as per their life insurance needs. Hence, it offers insurance coverage against the potential risk to one’s life.

In the event of the policyholder’s death during the policy term, the life insurance company will pay out the predetermined sum assured to the policyholder’s beneficiaries that will financially sustain them.

Life insurance is based on the following fundamental principles:

• Subrogation/Assignment – The ownership of the life insurance policy is transferred from the insured to the insurer if the insurer has compensated the loss for the policyholder.
• Insurable Interest – The insured and their beneficiaries have insurable interest since they are covered under the life insurance policy.
• Good Faith – The insured is supposed to provide all the correct and complete information to the insurer so that the life insurance policy can be issued with adequate premiums, coverage, and other specifics.
• Indemnity – Indemnity means the amount or the value of the loss that the insurer will incur, the value of which should not be higher than the value of the loss.
• Proximate Cause – In case the death of the insured occurs due to an accident and not due to natural causes, the insurer will examine and investigate the cause of the event before the claim is disbursed.

Purchasing life insurance has several benefits, such as offering financial assistance to the insured’s beneficiaries, helping one create and grow a wealth plan, enabling market-linked^{^} investment options along with a life cover, building a disciplined savings habit, retirement planning and much more.

A life insurance policy in India is offered to an insured by the insurer. In return for the life insurance cover, the insured has to pay the policy premiums regularly as per the predetermined premium paying term to keep the policy active and protect their family under the life insurance cover.

During the policy term, in case of the policyholder’s death, a predetermined sum assured will be paid out to the late policyholder’s beneficiaries to help sustain them financially.

Life insurance plans such as savings plans offer survival benefits and maturity benefits. Apart from the life insurance coverage for your family, a money-back savings plan can help you with a period payout benefit during the policy term. If you survive till the end of the policy term, the maturity benefits, which comprise the savings and any applicable bonuses, will be paid out.

People purchase a life insurance policy so that they can secure their families against life’s uncertainties. While many people may choose not to have a life insurance policy, at some point in time, you should consider creating a financial safety net for your family so that they can be financially secure in your absence.

Your claim is our priority. When you purchase a policy from Tata AIA Life Insurance, you claims will be settled within 4 hours^~~.

 ^~~T&C apply 

Yes, life insurance plans enable you to choose a flexible policy term or policy tenure, depending on how many years of life insurance coverage you and your family need. In the case of whole life insurance plans, the coverage will be offered till the policyholder is 100 years^* of age.

The life insurance plans you purchase will depend on your life insurance needs. Most people choose to start with a term insurance policy since the premiums are lower for younger policyholders. However, when you want to start saving or investing for your future, a savings policy or a unit-linked insurance plan can be a good choice.

If you are planning your retirement in your 40s or 50s, then during those years, you can purchase a retirement plan that will offer a steady source of income for you and your family retirement.

Though life insurance does offer tax^# benefits under the prevailing tax laws, the primary goal of a life insurance policy is to offer a life insurance cover to your family. This life cover will support your loved ones financially in case of your death during the policy term.

The claim settlement ratio is an important indicator of a life insurance provider’s capacity to settle your claims in full and on time. If your life insurance provider has a high claim settlement ratio, it means they have settled many claims during a financial year against the number of claims received.

The premium payment frequency in life insurance policy plans is the number of times you can pay your premiums in a year. Hence, if you choose the monthly frequency, you pay your premium each month and so on. Hence, you can pay your life insurance premiums annually, half-yearly, quarterly, or monthly.

If you have opted for a life insurance policy that does not offer a return of premiums, you cannot receive the life insurance premiums back as a maturity benefit. However, life insurance plans with a return of premium benefit will pay the total of all the paid life insurance premiums to you at the end of the policy term if a death claim has not been filed.