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Life Insurance for NRIs

 

Secure your Family. Always!
 

Flying beyond geographical boundaries to study or progress in a career might be an ultimate necessity or a dream for many individuals in India! However, taking care of the dependent family, whether with you or back at home, continues to remain a top priority, which is where life insurance comes into the picture. So, let us get started and understand what it means in detail.

Happy and Secured NRI Family

Life Insurance for NRIs

Image Of NRI Life Insurance Mobile Banner

 Secure your Family. Always!


Flying beyond geographical boundaries to study or progress in a career might be an ultimate necessity or a dream for many individuals in India! However, taking care of the dependent family, whether with you or back at home, continues to remain a top priority, which is where life insurance comes into the picture. So, let us get started and understand what it means in detail.

Image Of NRI Life Insurance Desktop Banner


 

Select appropriate category to view plans

Popular Wealth and Health Plans

Discover Complete Health and Wealth: Our comprehensive plan takes care of your health, wellness, and financial security all in one.
 

In This Policy, The Investment Risk in Investment Portfolio Is Borne by The Policyholder
 

Popular Tata AIA Guaranteed Return Plans

Grow your wealth with our guaranteed return plans for a fikar-free future and also save on tax. No GST on premium payments through SWIFT/NRE/Forex accounts*
 

Popular Retirement and Pension Plans

Plan your retirement wisely with a suitable pension plan for peace of mind in your golden years.
 

Eligibility

NRIs, OCIs/PIOs & Foreign Nationals can purchase life insurance in India. Know what these terms mean:

  • Non-Resident Indian

    A citizen of India residing in another country.

  • Person of Indian Origin/Overseas Citizen of India

    (a) Any person of full age and capacity,

    • who is a citizen of another country, but was a citizen of India at the time of, or at any time after the commencement of the Constitution; or
    • who is a citizen of another country, but was eligible to become a citizen of India at the time of the commencement of the Constitution; or
    • who is a citizen of another country, but belonged to a territory that became part of India after the 15th day of August 1947; or
    • who is a child or a grandchild or a great grandchild of such a citizen; or

    (b) a person, who is a minor child of a person mentioned in clause (a); or
     

    (c) a person, who is a minor child, and whose both parents are citizens of India or one of the parents is a citizen of India; or
     

    (d) spouse of foreign origin of a citizen of India or spouse of foreign origin of an Overseas Citizen of India Cardholder registered under section 7A and whose marriage has been registered and subsisted for a continuous period of not less than two years immediately preceding the presentation of the application under this section: Provided that for the eligibility for registration as an Overseas Citizen of India Cardholder, such spouse shall be subjected to prior security clearance by a competent authority in India: Provided further that no person, who or either of whose parents or grandparents or great grandparents is or had been a citizen of Pakistan, Bangladesh or such other country as the Central Government may, by notification in the Official Gazette, specify, shall be eligible for registration as an Overseas Citizen of India Cardholder under this sub-section.

  • Foreign Nationals

    A person who is not a citizen of India.

Source: The Foreigners Act, 1946; The Citizenship Act, 1955; Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018.

When we refer to NRI in this document, it covers all the profiles mentioned above.

Picture Of NRI Life Insurance In India

Can NRIs Purchase Life Insurance Policies in India?
 

NRIs can purchase life insurance policies from anywhere. Here are the details:

While In India
Life insurance policy can be purchased in India easily through quick, digital process. 

When outside India
NRI can purchase the life insurance policy from their current place of residence subject to our Board approved underwriting policy. 

Picture Of NRI Life Insurance In India

Can NRIs Purchase Life Insurance Policies in India?

NRIs can purchase life insurance policies from anywhere. Here are the details:

While In India
NRI can purchase policy when visiting India. It can be purchased through quick, digital process.

When outside India
NRI can purchase the life insurance policy online from their current place of residence subject to our Board approved underwriting policy.


Products For NRIs

Tata AIA Life Insurance offers various life insurance products to secure a policyholder's family in the event of an unexpected death. In addition, there are also comprehensive solutions, such as NRI savings plans, NRI retirement plans, etc., that provide savings and investment benefits apart from life insurance coverage. Consider investing in Tata AIA life insurance products:

  • 01
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    Leader in retail protection (sum assured) issuance

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    Leader in investment fund ratings (all funds rated 4 or 513 by Morningstar14)

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    Unique investment-linked protection solution

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    Competitive guaranteed savings and retirement solutions


 

  • Features of Tata AIA Life Insurance for NRIs

    All eligible NRIs, OCIs/PIOs, and Foreign Nationals can purchase NRI insurance policies in India. We offer the following features for the long term. 
     

    Coverage

    We provide the required life insurance coverage based on the chosen policy term and the affordable premium cost. This covers them worldwide.

    Policy tenure

    The NRIs can avail of life insurance for a term suitable to their needs.

    Flexibility

    The policyholders can also avail themselves of the flexible features provided in India's NRI life insurance policies. For example, they can choose to pay the premium for a limited term while enjoying the benefits through the entire policy term, opting to include the add-on rider benefits, etc.,

    Different premium payment methods

    Premium payments by NRIs/OCIs/PIOs/Foreign Nationals can be made from their NRO/NRE/FCNR accounts in Indian Rupees. Alternatively, they can pay the same amount in foreign currency from their foreign bank account. The banker can be instructed on electronic money remittance through SWIFT into our bank account.

    Online procedures

    To purchase NRI insurance policies, online medical check-ups and consultation facilities are made available to the policyholders. Therefore, purchasing life insurance plans becomes a simple and convenient option. 

Benefits for NRIs Purchasing Life Insurance In India

Purchasing life insurance plans in India is considered beneficial for the NRIs based on the following:
 

  • Money Icon

    Affordable premium rates

    Compared to many countries offering life insurance plans, the premium rates of NRI term insurance policies are highly affordable. 

  • Group Icon

    Hassle-free procedures

    The NRIs can purchase a life insurance plan in India based on simple steps such as providing the required documents, choosing a comfortable premium payment method, etc.

  • Percentage Icon

    The Tata AIA Assurance

    Tata AIA Life Insurance registered an Individual Death claim settlement ratio of 99.01%28 during FY 2022-23.

  • Document Icon

    Non-resident Indian Taxation

    When the policyholder is investing in a life insurance plan, the NRI income tax benefits are as follows. the premium paid and the payout received will qualify for a tax9 deduction and exemption benefit based on the income earned and payouts provided in India under Section 80C and Section 10(10D) of the Income Tax Act, 1961, subject to fulfilling conditions specified therein

  • Responsible Community Icon

    Shield family from business risks

    NRI Customers also can avail themselves of the policy under Married Women Property Act and ensure that the family is safe from the claims of creditors in future. 

Settlement Guidelines
 

NRI insurance offers living benefits to policyholder and death benefits to the respective family members in the event of the policyholder's death, irrespective of their location. Here are a few guidelines that every NRI should know.

In rupee life insurance policies, if the claim needs to be settled in favour of the claimants residing outside India, the payout in foreign currency should be proportionate to the amount of premium that has been paid in foreign currency out of the total premiums payable.

Nominees/beneficiaries residing outside India are permitted to credit insurance claims/maturity/surrender value settled in foreign currency to their NRE/FCNR account if they so desire.

A resident beneficiary can open an RFC (Domestic) Account and credit claims/maturity benefits/surrender value settled in foreign currency to the account.

Resident beneficiaries previously residing outside India can open an RFC Account on becoming a resident and credit the proceeds of claims/maturity proceeds/surrender value settled in foreign currency.

If a rupee life insurance policy is issued to an Indian resident outside India and the premiums have been collected in non-repatriable rupees, the claims/maturity benefits/ surrender value will be credited to the beneficiary’s NRO account in rupees. The same applies if a death claim is settled in favour of the assignees/nominees of a resident outside India.

Claims/maturity proceeds/ surrender value in respect of rupee policies issued to foreign nationals not permanently resident in India may be paid in rupees or may be allowed to be remitted abroad, if the claimant so desires


Note – If a credit card issued outside India is used for premium payments, it will not be treated as a payment in foreign currency as it will be credited to Tata AIA Life Insurance in Indian Rupee.

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Frequently Asked Questions
(FAQs)

Can I invest in a life insurance policy while I am residing outside India?

Yes, you can invest in a life insurance policy based on your residential status of being an NRI (Non-Resident Indian), POI (Person of Indian Origin) or Overseas Citizen of India (OCI) as stated in the Foreign Exchange Management Act (FEMA).

Tata AIA life insurance policies are available online. The NRI can access it all at any time on the official website, provide the necessary documents and purchase the life insurance plan effortlessly. Remote medical underwriting facilities are based on the country of residence. You can always contact the customer service team via WhatsApp or Email for the necessary clarifications related to the medical tests, documents required, etc. 

What documentation is required before investing in life insurance plans for NRIs?

The documentation required will differ based on the choice of the insurer and the NRI insurance product. However, here is a detail about some of the most common documents required.

  • Passport
  • FATCA form
  • Travel Questionnaire
  • Visa Copy/OCI Card/Other Proofs (for OCI/PIO & Foreign Nationals)
  • Proof of employment ID
  • Last Entry-Exit Stamp
  • Proof of residence
  • Last 3 months' salary payslips
  • Last 6 months' bank statement
  • Photographs
  • Proof of address in the country of residence
  • COVID vaccination certificate
  • CDC for Mariners

Which are the available premium payment modes?

You can choose your payment mode, Credit card standing instruction, National Automated Clearing House (NACH), Cheque, Debit card, Net banking, NEFT/RTGS, SWIFT, etc.  

Can I Pay in a foreign currency?

Yes, you may pay in convertible foreign currency equivalent to the premium.

Does an NRI need to have an Indian Bank Account?

It is not mandatory for an NRI to have an Indian Bank account to purchase a life insurance policy.  

Is a PAN card mandatory for an NRI wanting to purchase a life insurance policy?

As per the income tax rules for NRI, a PAN card is not mandatory for NRIs; you will have to provide Form 60 instead. However, in case of ITR filing for NRI, to be able to claim TDS credit (withholding tax), you can receive the TDS certificate only by submitting your PAN card.

Is online claim settlement available?

Yes, online claim settlement is available for the NRIs availing of life insurance benefits. However, it is subject to verification of the required documents and the related premium payments. You can connect to us through WhatsApp or Email for the transfer process.

How to intimate Claim? 

The claimant may visit any of our offices or send a request from their registered email.

Documents required for Claim:

  • Death Certificate issued by the Government
  • Original policy bond
  • Attested photocopy of ID proof and address proof of claimant
  • Claimant Statement/Intimation Letter
  • Copy of Bank passbook/Cancelled cheque of claimant/NEFT mandate
  • Post-mortem report and FIR (in case of an accident)
  • Medical Certificate issued by hospital (if available)

How is an insurance claim settled?  

To get an insurance claim settled, you can get in touch with our customer care team on the official Tata AIA Life Insurance website. To know more about claim settlement, you can refer to the section on Settlement Guidelines.

What modes of communication are available if I need to enquire about my policy or update any policy information?

Address Change, Nominee Change, and Bank Details can be updated Online through ‘My DigiAccount’ on Tata AIA Website (www.tataaia.com). You can also contact us through Email or Whatsapp at any time for further clarification. 

How can I get my life insurance policy document?

On issuance of your policy, we will send a digital copy to your registered email id or a physical copy as per the extant regulatory norms. You can also download the policy document here. 

Does my country of residence affect the premium rate?

Yes, the country of your residence will affect the premium rate. For example, the premium rate is subject to an increase if the country is highly risky, considering factors such as political instability. 

Can NRIs buy a life insurance policy under the MWPA?

Yes, NRIs can purchase life insurance policies under the Married Women Property Act to ensure that creditors cannot claim the policy benefits that are to be paid out to the policyholder’s family or nominee.

Can an NRI return their policy during the free-look period?

As an NRI, you can cancel your policy through a written notice to the Company during the free-look period. This formal notice has to be submitted within 15 days (for offline policies) or 30 days (electronic or distance marketing mode) of receiving the policy document. Once the cancellation is approved by the Company, you will receive a refund on the premiums paid. This does not include the interest and the proportionate risk premium for the period on the cover; stamp duty and medical examination costs will be deducted as well.

Are insurance proceeds taxable? 

Tax proceeds for NRI/ PIO/OCI Insurance policy will be governed by the provisions of Sec 10(10D) of the income tax law and conditions prescribed under income tax rules for NRI and may be amended from time to time. The same is applicable to all policies except for annuity plan or pension plan for NRI, and health insurance. For a better understanding of the taxability, please contact your financial tax expert.

Effective Feb 2021, all ULIP policies where annual Aggregate premium exceeds Rs 2.5 Lakh premium and from 01st April 2023, all non ULIP policies where annual Aggregate premium exceeds Rs 5.0 Lakh, would be treated as taxable policies. Accordingly, income arising would be taxable at the time of any payout (i.e. Total payout minus Premium paid).

Are annuities taxable?

Annuities are considered income in the hands of the receiver and are taxable as per prevailing income tax slabs for non-resident taxpayers.

Is the purchase price or the guaranteed addition received in the hands of the nominee as the death benefit taxable or tax-free? 

There is ambiguity in Income tax law on the death proceeds of annuity plans; however, in our view, the same should not be taxable in the hands of the nominee.

In the case of NRI customers, will Tata AIA deduct TDS from the annuity amount? If yes, what will be the rate of deduction?

  • TDS will not be deducted if the NRI resides in a country where DTAA is applicable provided the following documents are submitted at least once a year (During the pay-out period):

    • FATCA/CRS (self-declaration form)
    • Form 10F (self-declaration form)
    • No Permanent Establishment (PE) declaration (self-declaration form)
    • Tax residency certificate (TRC) issued by Govt. of respective country

  • A list of major countries where DTAA benefits are available, and payment can be made without deduction of TDS subject to submission of mandatory documents are as under.

    No DTAA benefit is available for countries other than those mentioned in the below table, and payment will be subject to deduction of TDS irrespective of submission of mandatory documents.
     

    Country Country
    Australia Sudan

    New Zealand

    Ukraine
    Singapore Zambia
    Sri Lanka Switzerland
    UAE (Dubai) Ethiopia
    UK Ireland
    USA Norway
    Indonesia Czech Republic
    Thailand Hungary

    Saudi Arabia

    Iceland
    France Uganda
    Germany Mauritius
    Mozambique Vietnam
    Nepal Kazakhstan
    Oman Belgium
    Philippines Romania
    Portugal Poland
    Netherland

     

  • In countries where DTAA benefit is not available or policyholders do not submit the mandatory document, TDS will be deducted at the following rates:
     

Particulars

Tax Rate*

Aggregate Taxable payout is up to
₹ 50 Lakh

31.20%

Aggregate Taxable payout exceeds
₹ 50 Lakh, but up to ₹ 1 crore

34.32%

Aggregate Taxable payout is more than ₹ 1 crore

35.88%


*
Including applicable surcharge and cess. *This is as prevailing Tax rates.


In case a valid PAN is provided, the policyholder can claim credit for TDS deducted by filing a Non-Resident Indian income tax return.

Above DTAA benefits would be applicable for annuity payout, however in case of ULIP and non ULIP plan, payout would be taxable. Such NRI are required to file tax return in India, in accordance to provisions of income tax law. NRI will be eligible to get tax credit of tax so paid.

How is the TDS calculated in case of a surrender payout to an NRI customer? 

On surrendering a policy, TDS would be applicable on the incremental amount, i.e., Surrender value minus the amount of total premium paid. No TDS will be deducted if the surrender value is equal to or lower than the total premium paid.

Are there any other documents to be submitted specifically for NRI customers?

The policyholder needs to submit the FATCA/CRS declaration form at the time of onboarding and during benefit pay-out (once in a calendar year). Pl refer questions referred below for details on FATCA.

What happens if an NRI customer relocates to India while the policy is still active?

The following documents need to be submitted with us:

  1. Indian address proof
  2. Declaration as per format - Residential Undertaking-Section 195
  3. Indian Bank account details for NEFT

What happens to the policy if a resident Indian relocates abroad and becomes NRI?

The following documents need to be submitted with us:

The life insurance policy will carry on in Indian currency after you move abroad. The maturity and death benefits will be payable if the premiums are paid regularly.  

What happens if an NRI changes the country of residence after buying life insurance?

The NRI should provide the insurer with their current address and residence status, but the life insurance coverage will continue across the world.

What is FATCA & CRS?

FATCA stands for Foreign Account Tax Compliance Act and includes reporting the details of accounts (policies) held by individuals being citizens or residents of the United States of America (‘US’) as may be prescribed.

CRS stands for Common Reporting Standard and includes reporting the details of accounts (policies) held by an individual other than US citizens or US residents. 

Central Board of Direct Taxes (CBDT) has adopted the rules of FATCA/CRS and issued guidelines for reportable transactions and required declaration/documents to be obtained to ensure regarding NRI who are covered under the Foreign Account Tax Compliance Act (FATCA) or Common Reporting Standard (CRS).

To who does FATCA & CRS apply?

It is applicable to all the policyholders for whom any of the following indicia belongs outside India:

  • Place of birth
  • Country of residence
  • Residency for the purposes of Tax
  • Residence or Mailing address
  • Whether NRI
  • Telephone number (residence or mobile)
  • Bank account type (NRE / NRO / Foreign)

For further information on FATCA/CRS, please visit www.incometaxindia.gov.in and refer to Central Board of Direct Taxes (CBDT) notification news on ‘Due Diligence and Reporting Rules 114F to 114H under section 285BA of Income Tax Act, 1961’

Do I need to furnish FATCA/CRS declaration again after taking policy Insurance policy?

Initially, a FATCA/CRS declaration is required along with the proposal form. All details need to be ensured mentioned correctly, For instance – TIN, Country of Tax, and address.

Govt of India has made changes in Income tax act vide finance act 2023, that in case a policyholder has incorrectly filled FATCA forms, same would be leading to penalty of Rs 5000 per year on policyholder.

In case of any change in address or change in status from NRI to resident, please inform the company official to update the same in the record so that reporting can be taken care of.

Is TIN Number Mandatory?

TIN Number is mandatory for FATCA returns; in countries where no income tax law applies (Middle East), other ID numbers available with the customer can be mentioned.

Disclaimers

  • The complete name of Tata AIA Sampoorna Raksha Supreme is Tata AIA Life Insurance Sampoorna Raksha Supreme (UIN:110N160V04) - A Non-Linked Non-Participating Individual Life Insurance Plan.
  • Tata AIA SRS Vitality Protect is a term solution which includes Tata AIA Life Insurance Sampoorna Raksha Supreme, a non-linked, non-participating, individual life insurance plan (UIN: 110N160V04) and Tata AIA Vitality Protect, a non-linked, non-participating, individual health rider (UIN: 110B046V02). Tata AIA Life Insurance Sampoorna Raksha Supreme is also available individually for sale.
  • The complete name of Tata AIA Guaranteed Return Insurance Plan is Tata AIA Life Guaranteed Return Insurance Plan (UIN:110N152V12) - Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan)  
  • The complete name of Tata AIA Fortune Guarantee Plus is Tata AIA Life Insurance Fortune Guarantee Plus (UIN: 110N158V11) - Non-Linked, Non-Participating, Individual Life Insurance Savings Plan.
  • The complete name of Tata AIA Fortune Guarantee is Tata AIA Life Insurance Fortune Guarantee (UIN: UIN: 110N120V10) - Non-Linked, Non-Participating, Individual Life Insurance Savings Plan
  • Param Rakshak solution comprises of Tata AIA Life Insurance Smart Sampoorna Raksha - A Unit-linked, Non-participating, Individual Life Plan for Savings and Protection (UIN:110L156V03), Tata AIA Vitality Protect Plus - A Non-linked, Non-participating, Individual Health Rider (UIN: 110A048V03 or any other later version). Tata AIA Smart Sampoorna Raksha is also available individually for sale.
  • Tata AIA Pro-Fit comprises of Tata AIA Smart Health, A Unit-linked, Non-participating, Individual Health Insurance Plan (UIN: 110L168V02), Tata AIA Sampoorna Health, A Non-Linked, Non- Participating Individual Health rider (UIN: 110A167V02) & Tata AIA OPD Care, A Linked, Non-Participating Individual Health rider (UIN: 110A166V01). Tata AIA Smart Health is also available individually for sale.
  • The complete name of Tata AIA Fortune Pro is Tata AIA Life Insurance Fortune Pro (UIN: 110L112V06) - Unit Linked Individual Life Insurance Savings Plan.
  • Tata AIA Fortune Guarantee Retirement Ready (UIN: 110N175V02) - Individual Non-Linked, Non-Participating, Pension Plan. Multiple options are available in this plan: My Pension, Partner Pension, and Partner Pension Plus.
  • The complete name of Tata AIA Fortune Guarantee Pension is Tata AIA Life Insurance Fortune Guarantee Pension (UIN:110N161V08) - A Non-Linked Non-Participating Individual Life Insurance Plan. Multiple options are available in this plan: Immediate Life Annuity, Immediate Life Annuity with Return of Purchase Price, Deferred Life Annuity (GA-I) and with Return of Purchase Price, Deferred Life Annuity (GA-II) and with Return of Purchase Price.
  • The complete name of Tata AIA Saral Pension is Tata AIA Life Insurance Saral Pension (UIN: 110N159V07) - A Single Premium, Non-Linked, Non-Participating, Individual, Immediate Annuity Plan
  • *No GST on premium payments through SWIFT/NRE/Forex accounts subject to submission of address proof of foreign residence every year
  • 1Applicable for specific plan options. Please refer brochure for additional details.
  • 2Applicable for specific plan options. Please refer brochure for additional details.
  • 3On enrolling into the Wellness Program, you get an upfront discount of 5% on 1st year premium for Accidental Death, Accidental Total & Permanent Disability, Accidental Disability Care Benefits and of 10% on 1st year premium for Term Booster, CritiCare Plus, Accelerated CritiCare, Multistage CritiCare, Cancer Care, Cardiac Care. The rewards are offered on cumulative basis and in any year, the maximum rewards in view of both the Up-front Rewards and Annual Rewards Flex together or Cover Booster (applicable post premium payment Term) shall be 15% for Accidental Death, Accidental Total & Permanent Disability, Accidental Disability Care and 30% for all other benefit options. Discount is driven by accumulated points which is achieved through wellness status. Please refer policy document for more details.
  • 4Illustrated Internal rate of return (IRR)is for Rs. 5 lakh annual premium for Male/Female, age up to 50 years, standard life. Premium & IRR is excluding taxes for premium paying term of 12 years for policy term of 30 years. Internal Rate of Return will change subject to change in the combination of entry age, Plan Option, Policy Term, Premium Paying Term, Premium Paying Frequency. IRR is a discount rate that makes the net present value (NPV) of all cash flows equal to zero in a discounted cash flow analysis.
  • 5Guaranteed Annual Income (GAI) in the Regular Income option is a percentage of one Annualised Premium while in the Whole Life Income option is a percentage of the Total Premiums Paid
  • 6Tax 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.
  • 7Guaranteed Addition (Endowment option) defined as a percentage of GMB shall accrue at a simple rate for each completed policy year, throughout the Policy Term and shall be payable on Maturity or Death whichever is earlier, subject to all due premiums being paid. GA shall accrue @ 5% of GMB
  • 8Guaranteed Benefit is a % of Total premiums paid based on the policy term, premium paying term, gender, annualised/Single premium band & entry age
  • 9Income 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.
  • 10Guaranteed Income shall be a fixed percentage of the Annualised Premium / Single Premium (excluding discount) payable in a year. Guaranteed Annual Income as per the chosen Income Frequency shall commence after maturity till the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period.
  • 11Guaranteed returns in this plan depends on Age at Entry of life assured, Premium payment term, policy term, premium amount and plan option chosen.
  • 12The current loyalty addition rate on the Sub-wallet will be 4.05% compounding annually. This rate will be reviewed every six months (on 1st April & 1st October every year).
  • 13All funds open for new business which have completed 5 years since inception are rated 4 or 5 star by Morningstar on a 5 year basis as of Nov’ 2023
  • 14©2020 Morningstar. All rights reserved. The Morningstar name is a registered trademark of Morningstar, Inc. in India and other jurisdictions. The information contained here: (1) includes the proprietary information of Morningstar, Inc. and its affiliates, including, without limitation, Morningstar India Private Limited (“Morningstar”); (2) may not be copied, redistributed or used by any means, in whole or in part, without the prior, written consent of Morningstar; (3) is not warranted to be complete, accurate or timely; and (4) may be drawn from the data published on various dates and procured from various sources and (5) shall not be construed as a n offer to buy or sell any security or other investment vehicle. Neither Morningstar, Inc. nor any of its affiliates (including, without limitation, Morningstar) nor any of their officers, directors, employees, associates or agents shall be responsible or liable for any traducing decisions, damages or other losses resulting directly or indirectly from the information
  • 15Subject to a maximum policy term of 40 years
  • 16On survival to the end of the policy term, the Total Fund Value including Top-Up Premium Fund Value valued at applicable NAV on the date of Maturity will be paid. Tata AIA Life Insurance Smart Sampoorna Raksha is also available individually for sale. The customer is advised to refer the detailed sales brochure of respective individual product and riders mentioned herein before concluding sale.
  • 17Under SurgiCash Benefit of the Tata AIA Sampoorna Health Rider, the payouts are offered basis the categories of surgeries: 10% of sum assured up to Rs. 50,000 for day care procedures such as eye cataract, nasal sinus operation, 25% on Category 1 surgeries, like Amputation of foot or hand, 50% on Category 2 surgeries, like knee or hip replacement, 75% on Category 3 surgeries, like Aortic Valve Repair,  and 100% on Category 1 surgeries, like CABG. Refer list of surgeries for benefit payouts.
  • 185 year computed NAV for Multi Cap Fund as of December 2023. Other funds are also available
  • 19Under CritiCash Benefit of the Tata AIA Sampoorna Health Rider, Benefit payouts for multistage critical illnesses are offered depending on the category of the illness. For minor critical illnesses such as cardiac arrest, angioplasty, Early-stage cancer etc, the payout will be 25% of sum assured. For major critical illnesses such as Heart attack, Major head trauma, Parkinson’s disease, Alzheimer’s disease etc., the payout will be 100% of sum assured. For a catastrophic illness like end stage cancer or major organ/bone marrow transplant, the payout will be 150% of sum assured. Refer list of critical illnesses for benefit payouts.
  • 20Loyalty Additions will be credited only if Policy is in-force and all due premiums have been paid. For Regular Pay & Limited Pay, additional units @ 0.20% of units in each of the funds under Regular Premium Account will be credited (post deduction of applicable charges) to the respective funds every Policy Anniversary starting from eleventh (11th) Policy Anniversary till end of Policy Term. For Single Pay, additional units @ 0.35% of units in each of the funds under the Single Premium Account will be credited (post deduction of applicable charges) to the respective funds every policy anniversary starting from sixth (6th) Policy Anniversary till end of Policy Term. Loyalty Additions are not payable on Top-up Premium Account.
  • 21Guaranteed Additions accrue at the end of each completed policy year, subject to all due premiums being paid and form a part of the Death Benefit offered under the option.
  • 22Return of Purchase price means return of all premiums paid excluding any extra premium, any rider premium, taxes and other statutory levies, if applicable
  • 23Illustrated annuity rate (IRR) is for joint life where one of the annuitant is 60 years of age while the other is 69 or above for plan type - Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor. IRR is a discount rate that makes the net present value (NPV) of all cash flows equal to zero in a discounted cash flow analysis.
  • 24The word Guaranteed, and Guarantee means the annuity payout is fixed at inception of the policy and will be payable for whole of life or till death of the Annuitant(s).
  • 2577,26,727 families protected till 31st March 2023.
  • 26Retail Sum Assured for FY23 is Rs 4,43,479 Crores.
  • 27As on 31st August 2023, the company has a total Assets Under Management (AUM) of Rs. 81,601.11 Crores
  • 28Individual Death Claim Settlement Ratio is 99.01% for FY 2022 - 23 as per the latest annual audited figures.
  • 29Applicable to only non-early claims with more than 3 years of policy duration, non-investigation cases, up to Sum Assured of Rs. 50 lakhs. Applicable for branch walk in. Time limit to submit claim to Tata AIA Life Insurance is 2 pm on working days. Subject to submission of complete documents. Not applicable for ULIP policies and open title claims.
  • 30Riders are not mandatory and are 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/Intermediary/ branch.
  • 31Illustrated Income Rates (Internal rate of return – IRR) is for Rs. 5 lakh annual premium for Male/Female, age up to 50 years, standard life. Premium & IRR is excluding taxes for premium paying term of 10 years for policy term of 14 years and income term of 30 years. Internal Rate of Return will change subject to change in the combination of entry age, gender, Plan Option, Policy Term, Premium Paying Term, Premium Paying Frequency, Income Benefit Pay-out Frequency, Lump Sum benefit. IRR is a discount rate that makes the net present value (NPV) of all cash flows equal to zero in a discounted cash flow analysis.
  • 32Return of Premium Benefit is The Total Premiums Paid (excluding loading for modal premiums and discount) to the policyholder at the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period.
  • 33Available under Regular Income with an Inbuilt Critical Illness Benefit option
  • For ULIP products
  • The fund is managed by Tata AIA Life Insurance Company Ltd. For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale. The precise terms and condition of this plan are specified in the Policy Contract.
  • Past performance is not indicative of future performance. Returns are calculated on an absolute basis for a period of less than (or equal to) a year, with reinvestment of dividends (if any).
  • Investments 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.
  • Tata AIA Life Insurance Company Limited is only the name of the Insurance Company & Tata AIA Smart Health and Tata AIA Fortune Pro and Tata AIA Smart Sampoorna Raksha is only the name of the Unit Linked Life Insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
  • Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. Please know the associated risks and the applicable charges, from your Insurance Agent or Intermediary or Policy Document issued by the Insurance Company.
  • Various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. The underlying Fund's NAV will be affected by interest rates and the performance of the underlying stocks.
  • The performance of the managed portfolios and funds is not guaranteed, and the value may increase or decrease in accordance with the future experience of the managed portfolios and funds.
  • Premium paid in the Unit Linked Life Insurance Policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the Insured is responsible for his/her decisions.
  • Please know the associated risks and the applicable charges, from your insurance agent or the Intermediary or policy document issued by the Insurance Company.
  • 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.
  • This product is underwritten by Tata AIA Life Insurance Company Ltd.
  • The plan is not a guaranteed issuance plan, and it will be subject to company’s underwriting and acceptance.
  • 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. The precise terms and condition of this plan are specified in the Policy Contract.
  • 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.
  • In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
  • This publication is for general circulation only. This document is for information and illustrative purposes only and does not purport to any financial or investment services and does not offer or form part of any offer or recommendation. This document is should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
  • L&C/Advt/2024/Jan/0316
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