Term Insurance Calculator

Term Insurance Calculator

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    Plan at a Glance

    • Whole Life Cover

      Whole Life Cover

      Get whole life cover up to 100 years of age9 for long-term peace of mind.

    • Discounted Premium for Women

      Get All Premiums Back

      Receive a 100% return of premium13 with the Life Promise Plus plan option.

    • Premium Discount

      Avail up to 15% discount8 (Digital + Salaried) on first year premium! Start saving now!

    • Milestone Discount

      Milestone Discount

      Get additional 2% discount12 (up to Rs. 500) on first year premium for first jobbers, newly-weds, first-time parents and recent homeowners.

    • Flexi Pay Benefit

      Flexi Pay Benefit

      The FlexiPay Benefit7 allows you to defer premium payments for up to 12 months, offering temporary financial relief.

    • Premium Waiver on Illness

      Premium Waiver on Illness

      If the insured is diagnosed with a terminal illness, future premiums are waived, and 50% of the base sum assured is paid upfront to help with financial needs.

    • Instant Payment on Claim

      Instant Payment on Claim

      Get instant payout of ₹3 lakh on claim intimation1 offering temporary financial relief.

    • Lower Premium Rate for Women

      Lower Premium Rate for Women

      Get a 15% discount on premiums if you are a female policyholder.

    • Legacy Planning

      Legacy Planning

      Secure your child's future with the Family Plan option by transferring the legacy sum assured to them.

    • Save Tax up to Rs 46,800

      Save Tax up to Rs 46,800

      Avail tax3 benefits on premium paid as per the applicable Income tax laws

    Why Choose Tata AIA Life Insurance?

    4 Hours

    Claim settlement6

    99.13%

    Individual Death Claim Settlement Ratio2 in FY23–24

    77 Lakh+

    Families protected so far5

    500+ Branches

    Presence across major cities in India

    6T&C apply
     

    Frequently Asked Questions

    What is a term life insurance plan?

    A term insurance plan is a type of a life insurance that provides comprehensive coverage to safeguard the financial future of your loved ones. In case the policyholder passes away during the policy term, the nominee will receive a death benefit amount. 

    Term Insurance plans are affordable, and the premium amount is less if you buy at a younger age. Term insurance plans are a must-have for anyone who is a breadwinner for their family and has loved one’s dependent on their income.

    What are insurance riders?

    Riders4 are additional benefits that can be added to your basic life insurance policy. They provide extra coverage or specific benefits tailored to your needs, often at a nominal additional cost.

    Who should consider buying a Term Insurance Plan?

    A Term Insurance Plan is ideal for:

    • Individuals looking for a simple and affordable insurance plan to secure their family's financial future.

    • Have dependents like a spouse, children, or aging parents to take care of. 

    • Those who want to cover financial liabilities like a home loan, education loan, or any other debts.

    What are the key features of a Term Insurance Plan?

    • Affordability: A term premium plan is affordable if purchased early. With increase in age, the premiums may also increase hence it is suggested to buy a term plan as early as possible to secure the financial future of your family. 

    • High Sum Assured at Lower Premiums: You can choose a high sum assured at a relatively low premium, thus ensuring that your family’s future is secured. 

    • Flexible Premium Payments: You can select the policy term and the premium payment term based on your financial needs. 

    • Tax Benefits: Premiums paid for term insurance plans are eligible for income tax3 benefits under Section 80C of the Income Tax Act, and the death benefit is usually tax-free under Section 10(10D).

    What are the additional benefits for women policyholders?

    Women policyholders who purchase Tata AIA Sampoorna Raksha Promise will get a 15% discount on their premium amount, making this plan more affordable for them.

    Disclaimer
    • Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V01)

    • *Illustrated Premium is the monthly premium excluding taxes for 20 yr. old female, Standard Life, Non-Smoker for ₹ 1 Cr. Sum Assured with Policy Term of 20 yrs. (Regular Pay) under Life Promise Option with first year premium discount for digital purchase and salaried person. Please refer Benefit Illustration for more details. Premium is 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 ashall 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.

    • 1With this feature, instant death benefit of INR 3 Lacs from the Sum Assured will be paid within 1 working day from the claim registration date. This feature is applicable only after a waiting period of 3 policy years from the policy inception or revival of the policy and provided the policy is in force. The remaining sum assured shall be payable post the completion of the claim investigation. Further, in case of any discrepancy in the claim investigation resulting in the final decision of non-payment of the claim, the company reserves the right to recover the already paid amount. The acceleration of instant claim should not be construed/interpreted as acceptance of the claim.

    • 2Individual Death Claim Settlement Ratio is 99.13% for FY 2023 - 24 as per the latest annual audited figures.

    • 3Income 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.

    • 4Rider is not mandatory and is 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/ branch.

    • Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN:110B033V03 or any other later version) - A Non-Linked, Non- Participating Individual Health Rider, Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V03 or any other later version) - A Non-Linked, Non- Participating Individual Health Rider,  Tata AIA Vitality Protect (A Non-Linked, Non- Participating Individual Health rider (UIN:110B046V02), Tata AIA Vitality Health (A Non-Linked, Non- Participating Individual Health rider (UIN:110B045V02) are available under this plan  

    • 577,26,727 families protected till December ’23.

    • 6Applicable 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. 

    • 7With FlexiPay Benefit, policyholder is allowed to defer the due premium for a period of 12 months while maintaining the full risk cover under the base plan and attached riders. At the end of Premium Deferment period, the policyholder is required to pay the due premiums, including the premium applicable for the period of Premium Deferment, i.e. the base cover premium and additional premium (if any). | This benefit shall be available for multiple times with a gap of 5 policy years from the expiry date of previous Premium Deferment. The option can be exercised only after payment of 5 full years premium. | No interest shall be levied on the premium due during the Premium Deferment period. If the premiums due are not paid within the grace period after expiry of the Premium Deferment, the Policy (including Rider(s), if any) shall lapse and no benefits shall be payable in the Policy or the Rider(s), if any) and company shall be entitled to recover the same from any amounts or This benefit payable under the Policy or Rider(s).

    • 8This includes first year digital discount of 10% for Limited Pay/Regular Pay and 5% salaried discount. For Single Pay, 1% discount will be available for online purchase and salaried discount each.

    • 9Not applicable under PoS, please refer sales brochure for more information

    • 10Tax 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 as per old tax regime. 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.

    • 12This product offers an additional first year premium discount of 2% for Limited/Regular Pay and 0.5% for Single Pay on reaching any one of the below mentioned life milestones:

      1. Marriage - if policy is purchased within 6 months before or after the date of marriage

      2. Birth/adoption of first child - if policy is purchased within 6 months before or after the birth/adoption date

      3. First job - if policy is purchased within next 6 months of the joining date

      4. Home loan - if policy is purchased within next 6 months of the loan getting sanctioned

    Such discount is capped to a maximum of Rs. 500 over the year

    • 13Under Life Promise Plus Option, an amount equal to the 100% of the Total Premiums Paid (excluding loading for modal premiums) shall be payable at the end of the Policy Term, provided the life assured survives till maturity and the policy is not terminated earlier.

    • This product is underwritten by Tata AIA Life Insurance Company Ltd. 

    • Insurance cover is available under this product.

    • In case of non-standard lives, extra premiums will be charged as per our underwriting guidelines. 

    • Rider is not mandatory and is 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/ branch.

    • This plan is not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.

    • For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale.

    • Premium will vary depending on the option chosen

    • 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 POS variant, the product is available with/without medical underwriting as per BAUP (Board Approved Underwriting Policy)

    Tata AIA Life Insurance Company Ltd. (IRDA Regn. No. 110 ·CIN:U66010MH2000PLC128403. Registered & Corporate Office: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai 400013. Trade logo displayed above belongs to Tata Sons Ltd and AIA Group Ltd. and is used by Tata AIA Life Insurance Company Ltd under a license. For any information including cancellation, claims and complaints, please contact our Insurance Advisor/Intermediary or visit Tata AIA Life's nearest branch office or call 1-860-266-9966 or write to us at customercare@tataaia.com. Visit us at www.tataaia.com

     

    BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS

    IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.