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Non-Linked, Non-Participating Individual Life Insurance Savings Plan (UIN: 110N147V02)

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Tata AIAGuaranteed Monthly Income Plan

Get Guaranteed* monthly regular income and secure the financial future of your loved ones.


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Need more information?

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TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.

Saving money for your future goals and for taking care of your family’s needs can be simple when you have a savings plan in place that offers a guaranteed* income.

The Tata AIA Guaranteed Monthly Income Plan not only offers life cover protection to your loved ones throughout the policy term but also ensures the pay out of a guaranteed* regular income each month so that you can conveniently plan all your small and major goals in life while not having to worry about your family’s financial security.

Benefits of Tata AIA Guaranteed Monthly Income Plan

  • Money bag - Claim tax deductions as per applicable tax laws with Term Insurance Policy - Features of Tata AIA Term Insurance Policy
    Life Cover Protection

    Safeguard your family and their future against life’s uncertainties with the life insurance coverage offered under this guaranteed monthly income plan.

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    Guaranteed* Monthly Income

    You get steady flow of guaranteed* monthly income between 8.35% to 13.03% of the total premiums paid by you every year.

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    Flexible Income Term

    You get the flexibility to choose when you want to receive your monthly income. Select a convenient monthly income term from 10, 16 or 24 years, for as long as you want to receive the pay-out benefits as per your preference and needs.

  • Flexible Death benefit payout in a term plan can be offered either as a lump sum, a regular income or a combination of both
    Premium Boost

    Depending on your premium paying term and the annual premium amount, you can apply the Large Premium Boost$ to increase your monthly income benefit.

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    Enhanced Coverage

    Choose one or both optional riders^ under the policy to enhance your policy coverage and secure yourself and your family against specific risks and situations.

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    Get Income Tax# Benefits

    You can save additional income tax as per applicable income tax laws in India

Why Choose Tata AIA Life Insurance?

  • Express Claim Settlement

    Get your claims settled in 4 hours**

  • 98.53%

    Claim Settlement Ratio for FY 21 -22~~

  • 68 Lakhs+

    Families protected so far~

  • Save Income Tax

    up to 46,800++

  • 400+ Branches

    Presence across major cities in India

  • 88% Policy Renewal

    Customers renew their policy in 2nd year##

Plan Eligibility of Tata AIA Guaranteed Monthly Income Plan

Plan Parameters

Premium Payment Term (Years)

5

8

12

Policy Term (Years)

5

8

12

Income Term (Years)

10

16

24

Minimum Entry Age (Years)

For Policy Term 5 years: 13

For Policy Term 8 years: 10

For Policy Term 12 years: 6

Maximum Entry Age (Years)

For Policy Term 5 years: 60

For Policy Term 8 years: 60

For Policy Term 12 years: 55

Maximum Maturity Age (Years)

For Policy Term 5 years:  65

For Policy Term 8 years:  68

For Policy Term 12 years:   67

Minimum Annualised Premium

For Policy Term 5 years:

₹75,000/- per annum

For Policy Term 8 years:

₹50,000/- per annum

For Policy Term 12 years:

₹36,000/- per annum

Maximum Annualised Premium

No limit. Maximum limit subject to the approval of the board and underwriting policy

Basic Sum Assured

11 times the Annualised Premium

Premium Payment Mode

You can pay your premiums Annually/ Half Yearly/ Quarterly/ Monthly mode of payment

Documents Required

Pan Card - Documents required to purchase a Fortune Guarantee Plus - Savings Plan
PAN card

Bank Statement of the past 6 months - Documents required to purchase a Fortune Guarantee Plus - Savings Plan
Bank statement

(for the previous 6 months)

Salary Slip - Documents required to purchase a Fortune Guarantee Plus - Savings Plan
Salary Slip

Aadhar Card - Documents required to purchase a Fortune Guarantee Plus - Savings Plan
Aadhar Card

Income Tax Reciept - Documents required to purchase a Fortune Guarantee Plus - Savings Plan
Income Tax Reciept

Need more information?

Let us help you

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.

Looking to get a new plan? 

Connect with us now

+91

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.

Frequently Asked Questions about Guaranteed Monthly Income Plan

General Cover Claim

What is a monthly income plan?

A monthly income plan or a guaranteed* monthly income plan in life insurance offers a steady and regular income through the policy, which helps you take care of the future financial needs of your family and yourself. You can grow your savings under the policy in a disciplined manner throughout the premium paying term by paying the premium amount of your choice and then, during the income term, receive the monthly pay-out.

Will riders boost my guaranteed income plan?

Yes, adding an optional rider^ to your life insurance guaranteed* income plan can help boost your policy coverage. By selecting one or more riders as per your preference, you can avail of added coverage against specific risks. In the event of the occurrence of any risk covered under the rider, you will be paid out some amount or the entire rider sum assured to handle the costs arising from the event.

Do all life insurance plans enable monthly income?

Not all plans offer monthly payouts. A savings plans with guaranteed* monthly income, can help you receive a regular monthly payout for a specific number of years, as mentioned under your savings policy. You can use this monthly payout or arrears to cover the various needs of your family. Some other savings plans may pay out a lump sum amount on maturity.

Are life insurance savings plans good tax-saving instruments?

Yes, life insurance savings plans offer tax# benefits under various sections of the Income Tax Act as per the prevailing tax laws. However, the main purpose of a life insurance savings policy is to offer the benefit of savings and life cover and not just tax benefits. Therefore, it is important to choose a savings plan based on its offerings and suitability for your needs.

Are there any tax benefits under the Tata AIA Guaranteed Monthly Income Plan?

Income Tax# deductions of up to ₹1.5 lakhs are applicable on premiums paid towards this policy under Section 80C of the Income Tax Act, while the death benefits and maturity proceeds are eligible for tax exemption under Section 10(10D). Moreover, you can also claim tax deductions on the rider premiums for an optional health rider added to your life insurance policy.

Can I avail myself of a fixed monthly income with the Tata AIA Guaranteed Monthly Income Plan?

Yes, if you are seeking a steady monthly income from your savings plan, this policy can offer you a monthly income during the income term selected by you at policy inception. The amount of monthly income paid out will depend on your sum assured as well as income tenure which can be for 10, 16 or 24 years.

Is there any need to pay additional premiums under this policy for the savings component or additional coverage?

If you want to enhance your life insurance coverage, you can choose from two optional rider^ benefits that can be added to your policy at an extra but nominal premium. There is, however, no need to pay any extra premiums for the savings aspect of this life insurance policy.

What are the policy terms and premium payment terms under this guaranteed income plan?

The policy terms under the Tata AIA Guaranteed Monthly Income Plan are 5, 8 and 12 years, and they have a corresponding premium payment term of the same tenure.

What documents are required for filing a claim?

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

How can I file a claim under the Tata AIA Guaranteed Monthly Income Plan?

If you want to file a claim with us, here are the following channels to contact 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

Is the claim settlement ratio of my life insurance provider important?

Yes, always be sure to check the claim ratio of your life insurance provider. An insurer with a high claim ratio can settle your claims effectively and within the regulatory timeline.

Yes, the claim settlement ratio is an important indicator for policyholders when they choose a life insurance provider. This ratio is the number of claims that have been settled compared to the number of claims received during a year. The higher the claim settlement ratio, the more reliable the insurer.

How will the claim be processed if the nominee is outside of India?

If your nominee wants to file a claim from outside of India, they will have to file the claim online by uploading the necessary attested copies of their documents online or sending them to us through email.

If they want to file the claim offline, then they can courier their documents to their representative in India, who can visit our office and submit the same.

Disclaimer

  • The complete name of Tata AIA Guaranteed Monthly Income Plan is Tata AIA Life Insurance Guaranteed Monthly Income Plan - Non-Linked, Non-Participating Individual Life Insurance Savings Plan (UIN: 110N147V02)
  • *Guaranteed Monthly Income is a percentage of Total Premiums Paid, depending on the age at entry and the chosen Policy Term. It is payable in arrears for 10, 16 and 24 years for a policy term of 5, 8 and 12 years respectively, starting from the end of 1st month after the end of Policy Term.
  • $Large Premium Boost bene­fit depends on the Premium Payment Term and Annualized Premium chosen. The applicable percentage shall be added to the Income Factors while calculating the Guaranteed Monthly Income.
  • ^Riders 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.
  • Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN:110B033V02 or any other later version), Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V02 or any other later version), Tata AIA Vitality Protect (A Non-Linked, Non- Participating Individual Health rider (UIN:110B046V01)) and Tata AIA Vitality Health (A Non-Linked, Non- Participating Individual Health rider (UIN:110B045V01)) are available under this plan.
  • ~68,75,083 families protected till October 2022
  • #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 implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
  • ~~Individual Life Claim Settlement Ratio is 98.53% for FY 2021 - 22 as per the latest annual audited figures.
  • **Applicable to only non-early claims more than 3 years of policy duration, non-investigation cases, upto Sum assured of 50 lac. Applicable for branch walk in. Time limit to submit claim to Tata AIA by 2 pm (working days). Subject to submission of complete documents. Not applicable to ULIP policies and open title claims.
  • ++Tax 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.
  • ##87.8% 13th month persistency for FY21-22.
  • 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.
  • This product is underwritten by Tata AIA Life Insurance Company Ltd.
  • This 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.
  • In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
  • For more details on risk factors, terms, and conditions, please read sales brochure carefully before concluding a sale.  
  • L&C/Advt/2022/Oct/2661