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Term insurance is a life insurance policy product that provides a pure risk cover to the insured for very affordable premiums. During the policy term, if any unfortunate event occurs such as untimely demise of the life assured, then the nominee receives the sum assured in the form of a death benefit as per-defined under the policy terms and conditions. This death benefit is paid out as per the payout option selected by the customer while purchasing the policy.
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It is easy to buy a term plan for two main reasons. For one, you can buy term insurance online and secondly, the premiums for term insurance amount are quite affordable. Moreover, you can calculate your term insurance premiums online before purchasing the plan to find out the premium cost.
To keep the policy in force, it is necessary to pay the premium before the due date. Tata AIA allows you to select the premium payment mode and frequency for your term plan so that you can pay your at your own convenience and maintain your lifetime term insurance!
Term plans are quite popular for the extensive coverage they offer. Hence, with a term plan, you can rest assured that your family's future financial needs can easily be covered even during unforeseen circumstances such as death of the life assured. The death benefit from a term plan can cover even the most major expenses in the future such as your child's further education or the purchase of a new home and more.
Tata AIA Life Insurance
A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V03)
InstaProtect Solution comprises of Tata AIA Life Insurance Sampoorna Raksha Supreme (Non-Linked, Non-Participating, Individual Life Insurance Plan) (UIN: 110N160V03) - Life Option (in case Return of Premium is No) or Life Plus Option (in case of Return of Premium is Yes), Tata AIA Vitality Protect (UIN: 110B046V01) - A Non-linked, Non-participating, Individual Health Rider; Tata AIA Vitality Health (UIN: 110B045V01) - A Non-linked, Non-participating, Individual Health Rider.
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: 110N160V03) and Tata AIA Vitality Protect, a non-linked, non-participating, individual health rider (UIN: 110B046V01).
If you want to calculate your term insurance premium, you can check the various term insurance plans offered on our website and use our online term plan calculator to get the desired quotes!
A term insurance policy plan is one of the most affordable financial instruments you can purchase to secure the financial future of your loved ones. Also, the earlier you purchase the less premium you need to pay. With an increase in age, your premium amount may also increase as years do pass.
Buying a term plan online gives you flexible options when it comes to selecting the desired sum assured and enhancing the coverage with rider benefits. You can choose to purchase a rider which will extend your coverage more effectively.
When you buy online term insurance policy, it can be convenient as you are not restricted to only a single platform. Be it a smartphone, a tablet or a laptop, you can make the purchase from the comfort of your home or even when you’re travelling. Moreover, the policy purchase involves just a few steps, making the process simple and hassle-free!
Purchasing your term policy online enables you to choose your sum assured so that you can get adequate coverage. Term insurance policies offer this flexibility since every person’s insurance needs are not the same. To understand how much sum assured you should opt for, ensure that the cover is at least 10 times of your annual income.
Online term insurance calculators make it easier for you to buy a term policy online. With this online tool, you only need to specify some details of your insurance requirement and the calculator automatically fetches the premium quotes. Once you compare the quotes, you can pick a policy based on the premium amount and the coverage that is practical for you.
Getting term insurance policy online is quite reliable as you can directly purchase the plan from the insurance provider’s official website. Apart from that, you can look up the detailed features, benefits, exclusions, cover offered etc., of the plan right on the website. And before you purchase the plan, you can also look up the claim settlement ratio of your preferred insurance provider for better transparency. Did you know? Tata AIA Life Insurance has an Individual Death Claim Settlement Ratio of 99.01%* for FY 22–23.
After you buy your term insurance plan online, you can log on to the website anytime you need to access your policy document. That way, your policy is free from the risk of being lost or misplaced. With the help of your policy number and registered contact details, you can view the policy at your convenience.
Online term plans let you choose from quick, secure and convenient payment options during the purchase. You can also opt from these options while paying the amount of your premium based on the mode and frequency selected by you.
Newly married couples
Newly married couples
Term plans offer a simple but extensive risk cover for affordable premiums, unlike other life insurance plans. The sum assured is higher than the total amount of premiums paid for the policy. The sum assured amount is adequate enough for your family’s financial commitments in your absence.
The sum assured of a term insurance plan can be sufficient to support your family in case of a medical emergency or illness. Tata AIA Life Insurance Sampoorna Raksha Supreme plan offers an inbuilt Payor Accelerator benefit wherein you can receive 50% of the basic sum in case of a terminal illness diagnosis. This is one of the major benefits of our term insurance plan.
To get the benefits for life insurance, choose a plan that offers a longer coverage. Tata AIA Life Insurance Sampoorna Raksha Supreme, offers whole life coverage up to 100 years^ of age. That way, you can ensure that you and your family are protected for your whole life.
In your absence, a term insurance plan ensures that your family receives the sum assured as a death benefit, as per their convenience and requirements. You can choose from different payout options, either a lump sum amount or monthly income or a combination of both with our term plans.
Unpaid loans and debts or unexpected financial or medical emergencies can be difficult for your family to handle in your absence. But when you have a term plan, the sum assured received as a death benefit can provide adequate financial assistance to your loved ones and they need not worry about unsettled debts or their daily sustenance.
Though term plans offer sufficient financial coverage, some emergencies need to be tackled with additional rider benefits. Our optional riders can be added to your term policy at an additional premium and help you cover critical illnesses, accidental death and disability, hospitalization expenses, loss of income and much more.
Our term insurance policies offer flexible premium payment options so that you can enjoy term insurance coverage without worrying about premium payments. Choose from Single Pay, Regular Pay or Limited Pay or pay the amount of your premium on an annual, half-yearly, quarterly, or monthly basis, as you want.
Term insurance premium amount paid towards the policy are eligible for tax deductions as per applicable tax~ laws. The sum assured amount offered as part of the death benefit by the plan are exempt from taxes.
The death benefit offered by a term plan is quite extensive and can suffice for your family’s financial needs. Ensure that you choose the sum assured wisely so that your family can take care of medical emergencies, their future aspirations and financial liabilities, in your absence.
While pure term plans do not offer any survival benefits, our Tata AIA Life Insurance Sampoorna Raksha Supreme (A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V03) term plan with a return of premium option can offer you a 105% return on the total premiums** paid towards the policy on maturity. Such a term insurance plan with a maturity benefit can be useful for you.
Tata AIA Life Insurance term plans are designed to secure the future of your loved ones through a protective life cover and can protect them from the impact of uncertain events such as medical emergencies, loss of income and more.
Though there is no ideal time to get a term insurance plan, it is advisable to buy term insurance plan online as early as possible. At a younger age, you can benefit from lower premiums, owing to good health and the lack of any serious illnesses. As you age, there is always a possibility of suffering from age-related conditions, which can lead to an increase in your premiums amount as year passes.
While term insurance has always been important for everyone, its significance has become even more pronounced in the last two years due to the deadly pandemic and its fatal threat. With a term plan, the financial impact caused by the pandemic can be considerably reduced. Term insurance plans are well-equipped to provide financial support to your loved ones in case the infection leads to something more unfortunate such as the death of the life assured..
With a term plan, you can claim tax deductions as per applicable tax laws. With a critical illness benefit, the premium amount paid under this cover are eligible for tax deductions as per the applicable tax~ laws.
Term plans let you choose from flexible policy terms or opt for the maximum policy term that is available. You can even choose our Tata AIA Life Insurance Sampoorna Raksha Supreme plan that offers coverage up to 100 years of age^, a whole life coverage insurance plan.
You can buy a term insurance plan as early as 18 years of age as that is the minimum entry age for a policy buyer. You need not wait until later to purchase a simple term plan.
The death benefit payout in a term plan can be offered to your beneficiaries, either as a lump sum, a regular income or a combination of both, depending on what you choose at the time of the policy’s inception.
Pure risk term plans do not offer maturity benefits if the policyholder survives the term. However, our term insurance plan with a return of premium can offer you a 105% return on the total term insurance premiums paid towards the plan.
You can choose to pay your term plan premiums amount by choosing from flexible payment modes such as Single Pay, Limited Pay and Regular Pay or premium payment frequencies such as monthly, quarterly, half-yearly or annually.
Term plans come with extensive life insurance coverage for your family’s needs. However, the term insurance premiums to be paid for keeping the policy in effect are quite affordable such that they do not interfere with your other expenses.
Our term insurance plans offer different plan options that you can choose from as per your needs. Moreover, our term plans also let you choose between a Single Life option for yourself or a Joint Life option for another person under the same policy.
Term insurance plans let you increase your sum assured with the changing needs at each stage of your life. Our Life Stage option enables you to increase your term plan cover during the important events and milestones in your life.
You can add optional rider benefits to your term insurance plan to cover a variety of risks and emergencies such as accidental death and disability, critical illnesses or choose the waiver of premium rider in case of loss of income.
Our term plans can be easily purchased online on our official website while getting an offline policy is also a straightforward process for which you can visit any of our office branches given on the website.
We offer a smooth and hassle-free claims process which you can file through our official website on our claims page. Moreover, if you need help with your claims, you can contact us and we will assist you. With our Express Claim## feature, your claims will be settled quickly.
Before buying a term insurance policy, it is important to determine the coverage you need to protect your family. You can use our online term insurance calculator to understand the sum assured your family should receive in your absence and ensure that it covers all their financial needs and emergencies.
The term insurance premium calculator helps you compare plans on the basis of the premium. Hence, be sure that the amount of the term insurance premiums you choose to pay for your plan account for sufficient coverage.
While you can purchase a policy as per eligible age applicable for the product, it is always advisable to get a term plan as early as possible to avail of low term insurance premiums in return for higher insurance coverage for your family.
Choose a payout option that is in sync with your family’s requirements so that the death benefit payout can be received accordingly. If your loved ones need a regular income for a fixed period, you can go ahead with this choice or choose a lump sum payout. Alternatively, you can also choose a combination of a fixed period income and lump sum if it suits your beneficiaries.
Consider the claim settlement ratio of the insurance provider as it determines their ability to settle your claims effectively and on time when the need arises. Higher the claim settlement ratio, better the chances of your beneficiaries receiving the claim on time. Tata AIA Life Insurance has an Individual Death Claim Settlement Ratio of 99.01%* for FY 22–23
The insurance provider you buy your term insurance plan from should offer a range of beneficial riders that can enhance the coverage of your term insurance plan. The riders should offer benefits such as protection against critical illnesses, accidental death and disability, waiver of premium benefits and so on.
Always ensure that the sum assured you select for your family’s needs also accounts for the inflation rates over the years. The financial needs your family has today will not be the same after 10 years and so, consider how much more coverage they will need in the future.
It is always better to compare various term insurance plans and make an informed choice instead of picking the first plan you see. The term policy comparison helps you decide which features and benefits are best suited for your needs.
If you want to understand how to choose a term life insurance plan, you can get some help from your financial advisor or even contact us through our official website for further assistance.
Reading the insurance policy’s terms and conditions is a must. It helps you understand the plan in detail and most importantly, make note of what the policy does not cover. This can be helpful while buying the term insurance online policy so that in future your beneficiaries do not face any confusion regarding the policy.
If you want to understand how to buy online term insurance, you should first estimate how much sum assured your family needs to sustain themselves in your absence. You can also use a term plan calculator to understand the coverage needed to support your loved ones.
You can then add your choice of optional riders to the term insurance plan and then proceed further to get instant premium quotes. Once you find a suitable quote, you can choose the plan accordingly.
After the selection of the plan, you can pick any of the easy online payment options at the checkout and make the payment online.
The Tata AIA Life Insurance Sampoorna Raksha Supreme (A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V03) offers four varied plan options with insurance for life cover and you can select any of them for affordable premiums.
You can enjoy whole life insurance cover up to 100 years of age^ with Tata AIA Life Insurance Sampoorna Raksha Supreme (A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V03) term insurance plan.
With a suitable rider~~, you can avail of term insurance with critical illness cover, so that you and your family can be protected against the financial repercussions of the critical illness.
Depending on the plan option you choose, you can avail of a death benefit as well as a regular income.
Yes, you can buy term insurance plans online. In fact, when you purchase a term plan online, you can compare various plans and choose a suitable one.
Tata AIA Life Insurance term plans cover all types of death. Please read the policy document for more information on the coverage and exclusions. However, if the correct details are not submitted while filing a claim, the claim process may take longer due to an investigation.
To understand how much term insurance coverage you need and how to choose the term insurance plan in India, consider your family’s financial needs, any major future expenses, medical and financial emergencies and also factor in the inflation rate over the years. This will help you determine the term insurance cover you need.
Though people can have more than one term insurance plan, it is better to have a single policy whose coverage suffices for your family’s needs. With multiple term insurance plans, the burden of remembering term insurance premium payments dates and the insurance cost increases and can become difficult to maintain.
Some important factors that affect the term insurance cost are – the policyholder’s age, profession, gender, current health condition and medical history, smoking habits, their family’s medical history and the number of dependents in the family.
The term insurance policies offered by Tata AIA Life Insurance are
Yes, under Tata AIA Life Insurance Sampoorna Raksha Supreme, you can choose from 4 different plan options – Life Option, Life Plus Option, Life Income Option and Credit Protect Option.
Yes, Tata AIA Life Insurance offers a free look period of 15 days on the term insurance plans purchased offline while the free look period is extended to 30 days in case of term plans purchased online.
Term insurance premiums paid towards the policy are eligible for tax deductions and the death benefits qualify for tax exemptions as per applicable tax laws
Do any Tata AIA term plans offer a return on premiums?
Yes, Tata AIA Life Insurance Sampoorna Raksha Supreme (A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V03) Life Plus Option offers a 105% return of premium** on the total premiums paid at the end of the policy term, if the policy stays in effect until then.
Do Tata AIA term plans offer whole life coverage?
Yes, Tata AIA Life Insurance Sampoorna Raksha Supreme (term insurance plans) have options that offer whole life insurance cover till the age of 100 years^.
The sum assured of a term insurance plan will be based on the financial support needed by your family at a future date. Therefore, you will have to consider all their expenses, any major events, outstanding loans and debts as well as the inflation rate while deciding on a term plan sum assured.
These are the following riders you can add to your Tata AIA term insurance plan:
Waiver of Premium Plus Rider (WOPP)
Non-Linked Comprehensive Protection Rider
Non-Linked Comprehensive Health Rider
Accidental Death and Dismemberment (Long Scale) (ADDL) Rider
Can the term plan coverage be increased when needed?
Yes, if you want to increase your term insurance coverage, you can pick the Life Stage# option under Tata AIA Life Insurance Sampoorna Raksha Supreme (A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V03) and increase your cover at important milestone in your life that calls for greater insurance protection.
The inbuilt Payor Accelerator benefit is a feature under Tata AIA Life Insurance Sampoorna Raksha Supreme plan that accelerates the payout of 50% of the base sum assured to the policyholder in case of a terminal illness diagnosis.
The claim settlement ratio of insurance providers helps you understand if they will be able to settle your claims on time without any hassles. A higher term plan claim settlement ratio is a good indicator and means that the insurance provider has settled maximum claims in a financial year out of all the claims received. Tata AIA Life Insurance has a claim settlement ratio of 99.01%* for FY 2022 – 23.
If you want to file a claim with us, you can choose any of the options below –
Send us an email at: firstname.lastname@example.org
Call our helpline number - 1860-266-9966 (local charges apply)
Visit any of our Tata AIA Life Insurance Company branch offices
Write to us at the below address:
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
You can file the following claims with Tata AIA Life Insurance term plans -
Cashless and reimbursement claim
Hospitalisation and dismemberment claim
Natural calamity claim
Death of Payor claim
Critical illness and disability claim
Yes, if a nominee from outside India wants to file a claim, they can upload attested copies of their documents through email or online. To file the claim online, they will need to courier the documents to a representative in India who can come to our office and file the claim on their behalf.
Is it good to invest in term insurance?
Yes, it is good to invest in a term plan as you can get a higher life insurance coverage for the future financial security of your family at very affordable premiums. When you buy term insurance, you can choose flexible coverage as per the needs of your family.
Why should one buy a term plan?
People who want to provide comprehensive and complete life insurance coverage to their loved ones in case of an unfortunate eventuality opt for a term plan. Since pure term plans offer extensive coverage for very reasonable premiums, it is a good way to secure your family’s future.
What happens at the end of your term life insurance policy?
When you buy term insurance, your family is covered by the policy and the life insurance coverage as long as the duration of the policy term. At the end of your term life insurance policy, your life insurance coverage will be terminated, and the term plan benefits will no longer be valid.
What is the best age to buy a term policy?
You can buy term insurance at any age, depending on how many years you want to provide life insurance coverage for your family. However, when you purchase a term plan earlier in life, for instance, in your 20s, you are young and less prone to health risks.
Since term insurance considers the medical condition of the policyholder when calculating premiums, a younger individual will be able to pay lower premiums owing to lower health risks. As you grow older, your body becomes more susceptible to health risks which can lead to an increase in the premiums.
How to find the best term insurance?
The best term plan is the one that suits your needs and the needs of your family perfectly. This means that the coverage amount should be sufficient to provide financial support to your loved ones in case of your untimely demise.
To choose the best term plan for your loved ones, consider their future needs, your premium paying capacity as per your income, any loans and debts that could remain unpaid in case of your sudden demise, and your family’s future goals, such as higher education, a retirement fund for your spouse and so on.
Based on these factors, you should be able to choose a suitable term plan.
What happens to term insurance after maturity?
If you have a term plan with a return of premiums, the policy will pay out a total of all the premiums paid during the policy term, subject to your survival till the end of the policy term. If you have a pure term plan that only offers a simple life cover, there will be no maturity benefits at the end of the policy term.
What type of deaths are not covered in term insurance?
While term plans cover natural deaths and deaths due to health conditions and illnesses, such a policy will not cover death by suicide within a year. Please refer to the exclusions as mentioned under a term plan for details before opting for the policy.
Should I buy a term or traditional life insurance plan?
A traditional life insurance plan can offer you and your family life insurance coverage. However, such plans are quite standard and may not offer a lot of flexibility in terms of the sum assured, the policy period, or the premium payment term.
On the other hand, a term insurance policy enables you to avail of a large sum assured for very affordable premiums. You can further reduce your premium payments by choosing a longer premium payment term and policy term that protects your family for a longer period.
Do term insurance premiums increase every year?
No, one of the benefits of having a term plan is that you can lock in the policy premiums when you purchase the term plan. That way, if you buy insurance early in life, you can avail of low premiums all throughout the policy period, even if the sum assured is high.
However, if you opt for optional riders or a life stage benefit for additional coverage, these factors may lead to an increase in the premiums over the years.
Do I need a term plan in my 50s or 60s?
You need a term insurance plan to protect your family, no matter what your age. But term plans have a minimum entry age of 18 years and a maximum entry age of 65-70 years, after which you cannot purchase a term plan.
You can and certainly should purchase a term plan in your 50s or 60s; however, you will not be able to provide life insurance protection to your family for a long term with a long policy term. At an older age, the policy premiums will also be much higher than what you would have paid 20-30 years ago.
How can I get 1 crore term insurance?
You can get a 1 crore term plan by finding a life insurance provider offering 1 crore term insurance. You will also need to be eligible for a 1 crore term plan since the coverage is high, and you should be able to pay all the premiums to ensure uninterrupted policy coverage for your family.
If you meet the eligibility criteria for a 1 crore term plan, simply select a policy term and a premium paying term of your choice and buy the term insurance policy by paying the premium as per the preferred mode.
What are the types of term insurance policies?
These are the following types of term insurance policies:
· Level Term Plans
· Increasing Term Insurance
· Decreasing Term Insurance
· Convertible Term Plans
· Return of Premium Term Plans
What if I become an NRI after purchasing a term plan?
If you become an NRI after purchasing a term plan in India, you can continue paying the premiums through a Non-Resident Ordinary (NRO) account in Indian currency while the policy offers life insurance coverage. In case of your demise, whether abroad or in India, your nominee can file the claim, and the death benefits will be paid out to your family.
What will happen if I don't die till my term plan is over?
In case you opt for a term insurance plan with no Return of Premium benefits, then if you survive the policy term of your pure term plan, the policy will be end, and no additional benefits are applicable.
What is the difference between a term plan and a term with return of premium plan?
A term plan offers pure life cover protection to your family in the event of the untimely demise of the life assured. If you survive the policy term and once the policy term is over, no other benefits are payable after the coverage ends.
In the case of a term plan with a return of premium, your loved ones can avail of a death benefit from the term plan sum assured in case of your untimely demise. And if you survive the policy term, the term plan will offer a return of the total premiums paid on maturity.
Features of Term Plans
Premium Payment Options: Depending on your sum assured you can choose to pay your term plan premiums on a monthly, quarterly, half-yearly or annual basis. You can also choose from Single Pay, Limited Pay and Regular Pay premium paying modes as per your preference.
Rider Options: To enhance the coverage of your base term plan, you can select one or more optional rider~~ benefits offered for an additional but nominal premium. These riders offer coverage against a range of risks and unforeseen events such as hospitalisation, critical illnesses and more.
Low Entry Age: You will be able to purchase a term plan as soon as you are 18 years of age since this is the minimum entry age for many term insurance plans. At a young age, you can also benefit from low premiums while opting for a higher coverage amount for your family’s security.
Primary Benefits of Term Plans
Low Premiums: Since pure term plans offer a simple but extensive life insurance protection, you can opt for a high sum assured and coverage for very low premiums that you can pay as per a premium paying term of your choice.
Choice of Life Insurance Cover: The policy terms for term plans are quite flexible and can be as high as 65 years of age. Alternatively, you can also opt for some term plans that offer whole-life coverage of up to 100 years of age.
Tax Benefits~: The premiums paid towards a term plan qualify for tax deductions under Section 80C of the Income Tax Act, while the death benefits are eligible for tax exemption under Section 10(10D). If you add a health rider to your policy, the rider premiums will qualify for tax deductions under Section 80D.
What are the different Types of Term Plans?
Pure Term Plans: These term insurance plans offer a pure life cover, wherein the sum assured is paid out as a death benefit to the nominee in the event of the policyholder’s untimely demise during the policy term.
Term Plans with Life Stage Benefit: If you choose the Life Stage Option with your term plan, you can increase your coverage at important milestones of your life for better protection and to meet your growing financial responsibilities.
Term Plans with Return of Premium: Such term plans have a maturity benefit apart from the death benefit, wherein the total of all the policy premiums paid will be returned to the policyholder on maturity if they outlive the policy term.
Who Should Buy a Term Plan?
The following categories of individuals should have a term plan:
Single Earning Individuals: As a single individual, who could possibly be earning a regular salary or an income through self-employment, a term plan can help you create a safety cover for your family members so that in your absence, they do not have to worry about any financial difficulties. If you buy term insurance early on in your career, for instance, in your 20s, you can benefit from lower premiums as well.
Married Couples/Parents: Newly married couples or those with young children have a number of financial responsibilities that comprise securing the future of their spouse and their children. There may also be some loans and debts involved, which makes a term plan and its safety net a crucial part of their financial planning.
Independent Business Owners: People who own small or large independent businesses need a term insurance plan since any unfortunate eventuality may leave their family vulnerable to business losses. Moreover, in case of unpaid business loans, a term plan can cover these costs without compromising their family’s financial security.
Our experts are happy to help you!