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Non-Linked, Non-Participating Individual Life Insurance Savings Plan (UIN: 110N147V03)

Non-Linked, Non-Participating Individual Life Insurance Savings Plan (UIN: 110N147V03)


Give your
family the guarantee of regular income

Give your family the guarantee of regular income

Tata AIA
Guaranteed Monthly Income Plan

Ensure a regular income for you and your family with the Guaranteed* Monthly Income Plan to help in everyday expenses with the benefit of assured life cover.


Tata AIA
Guaranteed Monthly Income Plan

Ensure a regular income for you and your family with the Guaranteed* Monthly Income Plan to help in everyday expenses with the benefit of assured life cover.
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Pay for X years, receive Guaranteed* Monthly Income for 2X years

Pay for X years, receive Guaranteed* Monthly Income for 2X years

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Increase monthly income benefit through Large Premium Boost$

Increase monthly income benefit through Large Premium Boost$

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Save taxes as much as Rs. 46,800+

Save taxes as much as Rs. 46,800+

*T&C apply

*T&C apply

Neeraj Chopra Endorses Tata AIA's Income Plan with a Thumbs Up

Get Guaranteed* Monthly Income for your life goals

Get Guaranteed* Monthly Income for your life goals

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    Plan Snapshot

    Personalise your plan as per your priorities.

    • Monthly Income at 8.35% to 13.03% per annum of total premiums paid

    • Life Cover to enhance your protection

    • Flexible Payment Options 
      Annually/Half
      Yearly/Quarterly/Monthly

    • Choose policy term of 5/8/12 years
       

    • Get monthly income for 10/16/24 years
    • Add-on security (Riders)^
      • 3C: Cancer, Cardiac & Critical Illnesses
      • Hospitalization Benefit
      • Accidental Death & Total Disability Benefit
    Need advice on a new plan?
    Let our experts get back to you.
     

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    Benefits of Tata AIA Guaranteed Monthly Income Plan

    • 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.

    • Guaranteed* Monthly Income

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

    • Flexible Income Term

      You get the flexibility to choose the duration of your monthly income. Select a convenient monthly income term from 10, 16 or 24 years.

    • Premium Boost

      Increase your monthly income benefit with Large Premium Boost depending on your premium paying term and the annual premium amount.

    • Enhanced Coverage

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

    Why Choose Tata AIA Life Insurance?

    • Express Claim Settlement

      Get your claims settled in 4 hours**

    • 99.01%

      Individual Death Claim Settlement Ratio~~

    • 72 Lakh+

      Families protected so far~

    • Save Income Tax  

      As per applicable tax laws

    • 400+ Branches

      Presence across major cities in India

    • 81,000 + Crores

      worth of Assets Under Management (AUM)##

    **T&C apply


    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

    Bank statement

    (for the previous 6 months)

    Salary Slip

    Aadhar Card

    Income Tax Reciept


     

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    Frequently Asked Questions about Guaranteed Monthly Income Plan

    Generic 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 throughout 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 as per applicable tax laws. 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 optional rider(s)^ benefits that can be added to your policy at a nominal premium. There is, however, no need to pay any additional 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: 110N147V03)
    • *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 Vitality Health - A Non-Linked, Non- Participating Individual Health rider (UIN:110B045V02)
      • Tata AIA Vitality Protect - A Non-Linked, Non- Participating Individual Health rider (UIN:110B046V02)
      • Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider - A Non-Linked, Non- Participating Individual Health Rider (UIN:110B033V02)  
      • Tata AIA Life Insurance Non-Linked Comprehensive Health Rider - A Non-Linked, Non- Participating Individual Health Rider (UIN: 110B031V02)
    • ~72,34,092 families protected till Mar’23
    • #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 Death Claim Settlement Ratio is 99.01% for FY 2022-23 as per the latest annual audited figures.
    • **Applicable 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.
    • ##As on 31st August 2023, the company has a total Assets Under Management (AUM) of Rs. 81,601.11 Crores
    • All Premiums are subject to applicable taxes, cesses & levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium. Tata AIA Life shall have the right to claim, deduct, adjust, recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy. Kindly refer the sales illustration for the exact premium.
    • 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/2023/Nov/3927

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