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A savings plan offers two-fold benefits – guaranteed returns and life cover. A life insurance savings solution is a type of insurance product that helps you save your money over the years and create an assured financial corpus that can be used to fulfil your essential needs, your future goals, and meet your financial commitments. A savings plan can also act as your secondary source of income, depending on the policy you choose, thus letting you make a financial plan for the long term.
Savings plans are particularly useful for inculcating a disciplined and regular savings habit that will yield guaranteed returns during the course of or at the end of the policy term or both. Along with a robust financial plan, the life insurance coverage of a Tata AIA savings plan will keep you and your family secure so that any future emergencies your family may face can also be taken care of.
Monthly Income Plans
Monthly income plans provide the security of a monthly income along with the benefit of a life cover. By investing in a monthly income plan, you can receive a steady stream of funds every month during the plan’s income period or on the maturity of the plan.
Guaranteed Return Plans
As the name suggests, guaranteed return insurance plans ensure guaranteed return on your savings plan and help your family stay safe under a life cover. Such plans are useful for helping you meet major milestones in your life where the need for finances is paramount.
Money-back Plans
Money-back plans enable you to invest in a savings plan where you get a part of the sum assured at regular intervals during the policy tenure instead of getting lump sum amount at the end of term. These plans give you the liquidity you need to meet immediate goals along with the security of a life cover.
Regular Income Plans
Regular income plans are meant to help you meet your daily and essential needs with the help of a steady source of funds. Apart from allowing you to choose the frequency of the payouts, these plans also safeguard your family’s future with a life cover.
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By buying our online assured savings insurance plan, you can carry out your research, refer to our plan brochures, compare our plans and make an informed decision.
Our smooth online process helps you have a hassle-free experience so that you do not have to spend much time or effort while buying our online savings plans.
We ensure the use of minimum documentation in the form of soft copies, which you can simply upload on our website, thereby keeping the environment clean.
Savings plans offer assured maturity benefits which help create a financial plan that will be beneficial for fulfilling you and your family’s future needs.
A life insurance cover is an important feature of a life insurance savings plan that keeps you and your family secure so that your savings need not be compromised.
Savings plans are preferred for their stable returns. So you need not worry about losing any money.
With a savings plan, you can opt to pay your premiums monthly, quarterly, half-yearly, annually, or as a single premium payment plan, as per your preference.
Depending on the plan of your choice and the eligibility criteria, you can start a savings plan at any stage of your life and align them with your financial goals and requirements.
Savings plans come with flexible policy terms so that you can plan your financial goals accordingly and fulfil them through the benefits of the plan.
To enhance the coverage of your savings plan, you can add one or more riders to your policy and ensure that any unforeseen emergencies are covered.
With a savings plan, you can avail of tax deductions and tax exemptions under Section 80C and the maturity benefits under Section 10(10D) of the Income Tax Act, respectively.
A savings plan helps protect your dreams and goals financially. On the plan’s maturity, the savings corpus enables you to fulfil your needs without any stress.
You can save more on your savings plan with tax benefits. You can get tax benefits on the premium amount paid and the maturity benefit as per the applicable tax laws.
A life insurance savings plan will protect your family against all odds in life with an adequate sum assured when you are unable to take care of them.
You can save a regular amount of money each month under a savings plan throughout the policy tenure, ensuring a disciplined and guided savings habit.
As and when declared by the company, your savings plan will accumulate added bonuses (as applicable under the plan opted) every year which will add to the corpus you will receive on maturity.
Savings plans are useful when it comes to making retirement plans. A monthly income plan can handle you and your family’s post-retirement needs.
When an assured savings insurance plan acquires surrender value, you can avail of a loan for extra support to fulfil any immediate financial obligations.
The returns from savings plans are not linked to the market while a fixed portion of the returns is guaranteed, thus making them ideal for low-risk investors.
Buying a savings plan is similar to purchasing any other life insurance product in some ways. However, Savings Plans are quite flexible because they are designed to suit the financial requirements of different policyholders. While one person may have long-term savings goals, others may want to utilize short term savings plans for their needs.
Hence, the eligibility criteria for each Tata AIA Life Insurance Savings Plan are different. For example, Tata AIA Life Guaranteed Return Insurance Plan has a minimum entry age of 0 years, while the minimum age of entry for Tata AIA Life Insurance Smart Income Plus is 3 years for a premium payment term of 7 years and 30 days for a premium payment term of 10 years and 12 years.
Savings plans also offer flexible policy terms so that those who want to meet their short-term goals can find a savings plan of their choice, while those with long-term savings goals also find suitable plans.
Before you invest in a monthly saving scheme, here is what you should consider:
Goal setting
Risk assessment
Flexibility
Plan features
Young Individuals
Young Individuals
Recently married couples
Recently married couples
Parents who are young and have children
Parents who are young and have children
Young entrepreneurs
Young entrepreneurs
A savings plan helps you save a fixed amount regularly, which ensures a disciplined savings habit. Since you need to pay the policy premiums regularly to keep the plan active, you can effortlessly create a savings corpus.
Savings plans with life cover can give your family the protection they deserve in your absence. The sum assured of the plan will continue to support them financially in times of need if you cannot provide for them.
Unlike some other saving schemes in India, you can be assured of guaranteed returns on your savings plan. The risk in a savings plan is also low, which ensures that you can save for a robust corpus and get maximum returns on the plan.
For some savings plans also known as Participating plans, fund the corpus can be boosted with bonus additions that are offered on the plan. You can avail of these bonuses each year, as and when they are declared by the insurance company, and build your wealth.
Non-Linked, Non-Participating, Individual Life Insurance Savings Plan (UIN: 110N158V10)
Tata AIA Life Insurance
Get guaranteed* tax free~ returns
Health Cover against 40 critical illnesses$
Save tax~ up to 46,800**
Avail free online medical consultation^^
Get your premiums+ back at the end of the income period.
*T&C apply
To be able to get a savings plan that matches your goals, fulfils your financial needs, and also provides sufficient protection to your family, you should compare savings plans on the basis of the parameters below:
While a savings plan primarily is meant for growing your savings, the life cover is equally crucial. Ensure that the life insurance coverage offered by your savings plan is enough to safeguard your family’s needs in your absence.
Always select a savings plan whose premiums are affordable while the coverage is adequate. With manageable premiums, you need not risk stopping the payments due to a shortage of funds and can continue enjoying the benefits.
The life insurance provider’s reputation and claim settlement ratio are of utmost importance since that will not only determine their ability to settle your claims effectively but also ensure guaranteed bonus additions when declared. Tata AIA Life Insurance had declared exemplary bonus and dividend benefiting its customers.
Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan (UIN:110N152V11)
Tata AIA Life
Flexibility to choose Plan Option: Endowment, Regular Income or Whole Life Income
Receive Guaranteed1 benefits on Maturity or Death
Flexibility to cover your spouse in same policy under Whole Life Income Option
Enhance your protection with optional Riders^
1T&C apply
We offer a wide range of savings plans that are designed to meet your savings goals and also fulfil your life insurance needs so that your family can always be protected under a life cover.
Our savings insurance plans come with flexible premium payment terms and policy terms so that you can choose whatever suits your financial goals and make the most of it.
Not only do our savings plans help you with your savings goals and life insurance protection, but you can also add optional riders^ to enhance your cover and avail comprehensive protection.
With an Individual death claim settlement ratio of 99.01% for FY 2022-23$$, we aim to settle your claims on time so that you and your family need not have to face any financial constraints. | $$T&C apply
If you compare and choose your carefully, you will be able to get the best savings plan. Here are some of the reasons you should choose Tata AIA Life Insurance for your insurance needs –
Presence across major Indian cities
Individual Death Claim Settlement Ratio$$
Among the highest retail sum assured3
Assets Under Management (AUM)4
Customers renew their policy in 2nd year5
Families protected6
$$T&C apply
Tata AIA Life Insurance
Fortune Guarantee Plus
Tata AIA Life
Guaranteed Return Insurance Plan
Tata AIA Life Insurance
Smart Value Income Plan
Tata AIA Life Insurance
Guaranteed Monthly Income Plan
Tata AIA Life Insurance
Diamond Savings Plan
Tata AIA Life Insurance
Smart Income Plus
Tata AIA Life Insurance
Money Back Plus
Tata AIA Life Insurance
Gold Income Plan
Tata AIA Life Insurance
Fortune Guarantee
Tata AIA Life Insurance
Mahalife Gold
Tata AIA Life Insurance
Value Income Plan
Tata AIA Life Insurance
POS Smart Income Plus
A savings plan can help you protect your family against future uncertainties with life cover and also helps you build your wealth over the long term in a systematic and disciplined manner.
To buy a savings plan online, you can go to the Tata AIA Life Insurance website and visit the Buy Online section to choose from our savings plans available online.
The claim settlement ratio indicates the number of claims that have been settled by an insurance provider as against the number of claims received by them for the financial year. A high claim settlement ratio is always ideal since it means that your insurer can settle your claims effectively and on time.
Our savings plans have a grace period of 15 days for the monthly premium payment mode, while the other modes have a grace period of 30 days from the due date of the succeeding premium payments.
Savings plans can be classified into –
By Guarantee of payouts
By Payout type
Riders available with Savings plan can help to enhance the comprehensiveness of the coverage under the plan. The following riders available with Tata AIA Life Insurance savings plans:
The Health Management Services is a provision that lets you avail of a second medical opinion or medical consultation from a service provider approved by Tata AIA Life Insurance Co. Ltd. With the help of this facility, you can ensure the correct and timely diagnosis of a critical illness, which can help you receive better care and treatment for your condition.
Yes, savings plans are among some of the tax-saving~ options in India. You can get a tax deduction of up to 1.5 Lakh on the premiums paid towards your policy Under Section 80C and also avail of tax exemption on the death benefit or the maturity benefits under Section 10(10D) of the Income Tax Act. Also, with Tata AIA Life Insurance savings plans, you can also save tax up to 46,800**.
Savings plans have a savings component as well as a life insurance component. Keeping both in mind, consider the future needs of your family, all their future financial commitments, and all your financial goals and obligations, as well as any emergency needs such as medical expenses.
Since savings plans are divided into two parts – savings and life insurance – your family can avail of the death benefits on the life insurance in case of your untimely demise during the policy tenure, and you can get the maturity benefits which is the savings corpus if you outlive the savings plan policy term. Few savings plan also offer money back or regular income during the policy’s tenure which can be used for you goals planned such as buying a car, planning a vacation, children’s education etc. Some savings plans also offer a loan facility which can be availed in case of emergencies.
Under a savings plan, you can pay your premiums on a monthly, quarterly, half-yearly or annual basis. Or you can also opt for single premium payment for the savings plan.
The minimum and maximum premium payment for a savings plan will depend on the plan, and the sum assured you select. Remember that the premiums will be divided into two portions, of which one part will provide life cover to your family whilst the other will be part of the savings.
Yes, there are savings plans which offer a return of premium benefit at the end of the income period.
You can choose savings plans that give payouts on a monthly or annual basis and as a regular income, monthly income, or as a lump sum.
If you do not pay your premiums for 2 successive years even within the grace period, the policy will lapse from the due date of the first unpaid premium, and you will not be able to avail of any plan benefits.
You can file a claim on your savings plan by getting in touch with us in the following ways:
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
Please click here to know the list of documents needed for the claim intimation and settlement process.
You can file a death claim under a savings plan. And if you have added a critical illness benefit to your policy or selected a plan option with the critical illness benefit, you can also file a claim for availing of the rider^ benefits.
Typically, it takes 30 days to settle a claim effectively, as per the regulatory TAT (turn-around time). However, in case there is any further investigation required into the claim, the process will take up to 90 days, as per the regulatory TAT.
If the nominee is outside India and wants to file a claim, they can upload the attested copies of their documents online or send them to us by email. To file the claim offline, the nominee can send the documents to their representative in India, who can come to any of our offices and file the claim.