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Get 1 Crore life cover
@Rs. 424/month**
Get 1 Crore life cover
@Rs. 424/month**
Term insurance is a fundamental and purest form of life insurance plan. It can offer financial security to your loved ones in the event of your unexpected demise for a specific period in your life.
In a fast-paced world full of uncertainties, ensuring the financial well-being of your family becomes important. It can help your family achieve their financial objectives, clear off debts, pay their routine expenses, and many more in your absence!
Let us explore the term insurance meaning, features, benefits, and the factors that make it an indispensable part of your life.
Table of Content
A term insurance plan is a type of life insurance policy and a financial agreement between you and your insurance provider wherein your insurer will agree to provide a sum assured to your nominee in the event of your unexpected death during the policy tenure.
The sum assured or the death payout is provided to your nominee as a financial benefit in return for the term insurance premium you pay for the entire policy tenure. The sum assured will secure your family's financial future in your absence.
The life cover offered in term insurance is for the specified policy tenure. It is the purest form of a life insurance policy and does not have a maturity benefit. However, a term insurance policy can be customised to make it convenient for long-term investment and enhance its financial benefit for better coverage and maturity benefits.
Furthermore, there are different types of term insurance plans and varied options within individual policy solutions. You can compare the options and choose a suitable and the best term insurance policy for your financial needs. Having seen the term life insurance meaning, let us step into understanding the eligibility criteria, features, benefits, and more!
The eligibility criteria for individual term insurance plans and their policy options will differ and are subject to revisions. Therefore, it is necessary to go through the term insurance policy document carefully before purchasing it for the long term. Usually, the entry age for term insurance plans is 18 years and maximum age can vary depending on policy chosen.
Tata AIA
A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V03)
Tata AIA
Solution Composition
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).
A term insurance policy can secure your family's financial future by providing a lump sum death benefit to your nominee in the event of your unexpected death. It can help them pay for their routine expenses and accomplish their future financial goals, such as your child's education, marriage, etc.
During your employment phase, you might have extended your asset base by starting a new business, purchasing a new house or car, etc. And to own these assets, you might have availed of loans or borrowed funds from other financial sources. In the event of your unexpected death, your family will be liable to pay these debts, and if they cannot manage the funds, they might end up losing these assets.
The term insurance death benefit can help your family clear off these debts and reduce their financial burden to secure the assets.
With the passage of time and company, you might develop harmful habits such as smoking, drinking alcohol, etc. It can affect your health and your dependent family members in the event of your unexpected demise.
In addition, if you are engaged in an occupation that involves challenging and hazardous activities, such as working in a factory, power plant, etc., the risk of death is certainly higher. The term insurance can cover such risks and provide a death payout to help your loved ones manage the financial inconsistency in your absence.
With the help of term insurance riders, you can receive additional financial support to pay for the medical and hospitalisation expenses if you are diagnosed with a critical illness, terminal illness, major injury, etc., during the policy tenure.
Express Claim settlement@
99.01% Individual Death Claim Settlement Ratio%
Families protected so far~~
Start with as low as Rs 424/month**
@T&C apply
The term insurance plan is based on a simple principle and can be illustrated in the following steps.
Deciding the sum assured
Select the policy tenure
Pay the applicable premium
Entitlement to payout
Higher sum assured
A term plan can provide the necessary life cover to secure your family during the policy period. And compared to other life insurance policies, a term insurance plan can provide a higher sum assured for the same premium. Therefore, if a pure life cover is your financial objective, a term insurance plan is certainly the ideal option.
Affordable premium
The term insurance policy provides the higher sum assured at an affordable premium rate. You can choose a higher sum assured, a longer policy period, and start early to further reduce the term insurance premium.
Policy tenure
The policy period is the most crucial feature of the term policy. You can decide on the policy period based on your years to retirement or dependent family members and their future money goals. The longer you invest, the higher the benefits.
Riders
Riders^ are add-on covers that can enhance the financial benefits in specific scenarios. Find the riders applicable to your term insurance policy, evaluate their benefits, and choose the necessary riders based on your lifestyle, family's medical history, etc. Riders can help cover scenarios such as the following:
Accidental death - If the cause of your death is an accident, you can receive an additional financial benefit. You can purchase the rider for this benefit if you reside in an accident-prone zone or are not a well-experienced driver.
Total or permanent disability - If you are affected due to a total or permanent disability in an accident, you can get the future premiums waived off for the entire policy tenure.
Critical or terminal illnesses - If you are diagnosed with a critical or terminal illness, you can get financial support to pay for the medical or hospitalisation expenses.
Long-term coverage
You can get insured in a term insurance policy for the long term, such as 20 to 40 years. The longer the policy period, the lesser and the more affordable the premium.
Financial Security
The term plan provides the death payout to your nominee in the event of your unexpected death. It can help secure their future in your absence to survive and accomplish their financial goals.
Flexibility
Term insurance plans provide increased flexibility. You can decide on the sum assured and the policy period based on a premium that is affordable for the long term. Furthermore, you can choose from the different premium payment and payout options.
Premium payment options
You can choose from the following term insurance premium payment options:
Single payment - You can pay the premium as a single payment during policy inception.
Limited premium payment - You can pay the premium for a limited term while ensuring the benefits throughout the policy tenure.
Regular premium payment - You can pay the premium regularly throughout the policy tenure.
Furthermore, for the limited and regular premium payment methods, you can choose the payment frequency for the premium, whether monthly, quarterly, semi-annually, or annually.
Payout options
You can choose between the following payout options.
Lump sum - If your family needs a lump sum amount to accomplish their future financial goals or clear off debts in your absence, you can choose the lump sum option.
Regular income - If your family cannot handle a lump sum and need a regular income to pay for their routine expenses or utilities, you can choose the regular income.
Combination of lump sum and regular income - You can choose this option if you feel a lump sum can clear off debts, and the remaining amount needs to be utilised for routine expenses.
Return of premium
Term insurance plans generally do not have a maturity benefit. However, with the return of premium option, you can receive a refund of the term insurance premium amount paid as a maturity benefit if you outlive the policy term.
Tax benefits
Under Section 80C, you can receive a tax# deduction benefit of up to ₹1.5 lakhs for the annual premium paid for your term insurance policy. Furthermore, the death payout or the maturity benefits qualify for the tax exemption benefit under Section 10(10D) of the Income Tax Act 1961.
Hassle-free purchase and claim settlement process
You can purchase and request the claim settlement process for term insurance online.
When you purchase term insurance online, you can compare the different types of term insurance products, utilise our Tata AIA Life Insurance Term Insurance Calculator to determine the premium for the term policy, and decide on a suitable product.
On the other hand, you can initiate the claim request, upload the necessary documents, and get the claim settled in a few hassle-free steps.
In a level term insurance plan, the premium for the term insurance policy remains constant throughout the policy tenure. If you have a steady income flow and are seeking financial security for your family, level-term insurance is a suitable product.
In an increasing term increase policy, the sum assured can be increased at specific intervals at the same premium rate throughout the policy tenure. It is suitable if you plan to increase coverage at specific life stages, such as when getting married, being blessed with children, purchasing a new house, etc.
In decreasing term insurance, you can keep decreasing the sum assured at different stages in your life. For instance, if you have availed of a loan and paying the EMIs consistently to reduce your liability, you can keep reducing the sum assured at a chosen frequency based on the repayment schedule.
A term insurance with the return of premium provides a refund of the premium paid as a maturity benefit if you survive the policy period.
Convertible term plans allow you to convert it from one term plan to another. For example, you can purchase a term plan and convert it to a whole life insurance plan if there is a change in your financial needs.
Age
Lifestyle and habits
Occupation
Sum assured
Policy tenure
The sum assured for the term insurance can be determined in the following ways:
Based on Human Life Value - You can determine the coverage required based on your income, expenses, loans and liabilities, and future financial commitments accounting for the inflation rate in this method.
You can utilise our Tata AIA Life Insurance Human Life Value Calculator to determine this value.
Based on expenses - You can also determine the sum assured based on your expenses, such as routine utility bills, loans and liabilities, and future financial goals.
General thumb rule - You can also consider the general thumb of calculating the sum assured as 10 times your current annual income.
Term insurance calculator - You can also utilise our Tata AIA Life Insurance Term Insurance Calculator to determine the sum assured and the applicable Term insurance premium for the required policy period.
Determine the required policy period based on your commitments and your dependent family's financial requirements.
For example, suppose you have accumulated sufficient funds and invested for the long term to secure your family and manage their expenses after your retirement. In that case, you can consider the years to retirement as the policy period.
Determine the various term insurance plans available, their features and benefits, and most importantly, their eligibility criteria to compare them for your financial needs.
When your requirements are clearly identified, and you are eligible for the chosen term plans, compare the different term insurance policy options. You can compare them based on features and benefits that suit your requirements and choose a suitable policy.
Customise the chosen term insurance policy by choosing a convenient premium payment method, payout option, etc., to tailor it to your specific financial conditions and family commitments.
Riders enhance the financial benefit offered in term insurance plans during the policy tenure. You can compare the different riders^ and their features and include them based on your requirements.
If you have trickled down to a term insurance policy, determine the premium by providing the required details, such as your age, gender, habits, sum assured, policy tenure, etc., policy tenure, sum assured required and the customisation intended to determine the applicable premium.
You can utilise our Tata AIA Life Insurance Term Plan Calculator to determine the sum assured and the affordable premium to make a wise financial decision.
If you have decided on the affordable premium, before deciding it as the best term insurance plan for your financial objectives, read through the term policy inclusions and exclusions to ascertain the benefits.
Young Individuals
Young Individuals
Married individuals and young parents
Married individuals and young parents
Working women
Working women
Businessmen
Businessmen
Retired individuals
Retired individuals
You can purchase term insurance online in a few simple steps:
A rider^ in term insurance is an add-on cover that can enhance the financial benefits of term insurance during the policy tenure based on certain scenarios. It can be availed at an additional cost and is apart from the regular life cover offered.
For example, a rider that covers critical illnesses can provide a lump sum or regular income for a defined income period when the policyholder is diagnosed with a critical illness such as cancer during the policy period. The rider benefit can be used to pay for the medical or hospitalisation expenses to reduce the financial burden.
A term insurance premium is an amount you regularly pay throughout the term insurance policy tenure or as a single payment during policy inception, for which your insurance provider will agree to provide the sum assured to your nominee in the event of your unexpected demise during the policy period.
Based on Income Tax Act 1961, under Section 80C, the premium you pay for the term life insurance will qualify for the tax# deduction benefits, and under Section 10(10D), the payouts will qualify for the tax exemption benefits, subject to the tax provisions and conditions.
Riders are added to the term insurance policy during policy inception. However, you can add it to the existing policy if your insurance provider has the option to do so, for example, during the annual premium payment.
The documents required to purchase a term insurance policy are as follows:
Proof of income - Salary slips, ITR Returns filed.
Proof of identity - Passport, Aadhaar Card, etc.
Proof of address - Aadhaar Card, Ration Card, etc.
Medical reports
You can purchase a joint term insurance policy and include your spouse for the joint life coverage. In the event of your unexpected death, the term policy will continue to exist, and upon the unexpected demise of your spouse, the benefits will become payable to your nominee.
A term insurance policy covers death irrespective of where it happens, whether inside or outside India.
The minimum and maximum age can differ between the insurance providers and their term insurance policies. Most commonly, it is 18 years and 65 years of age. This can vary as per the plan option chosen.
A woman's role in the family is distinct, and her family might depend on her financially or non-financially. In either case, the family will require financial compensation to manage her absence making term insurance coverage necessary.
For example, suppose a woman is a housewife responsible for household activities, and she meets with an unexpected demise. In that case, her family will have to find an alternative to manage her responsibilities at home, which becomes a financial liability. A lump sum death payout can help reduce this financial burden.
NRIs can purchase term insurance in India. Geographical boundaries do not restrict or pose a hindrance to purchasing term insurance in India. While In India, Life insurance policy can be purchased in India easily through quick, digital process. When outside India, NRI can purchase the life insurance policy online from their current place of residence subject to our Board approved underwriting policy.
Term insurance provides life cover for a certain period, and whole life insurance provides financial coverage for life until death. The better option among the two will depend on your individual financial commitments.
For example, whole life insurance will be a good choice if you have a dependent family throughout your life. On the other hand, if you have a family who can take over your responsibilities or you have sufficient financial resources for future financial commitments, term insurance can be a better choice.
When you purchase term insurance online:
You can compare the features and benefits of the different types of term plans and their options to choose a suitable policy.
It is cost-effective compared to purchasing it offline. Furthermore, you can get additional discounts when you purchase term insurance online.
It is less time-consuming to purchase term insurance online.
A critical illness benefit in term insurance is an add-on cover that provides an additional financial benefit during the policy tenure to pay for the hospitalisation expenses if you are diagnosed with a critical illness such as cancer, cardiac arrest, etc.
You can receive the payout as a lump sum or a regular income for a defined period.
You can claim term insurance benefits in simple steps online:
Navigate to the Tata AIA Life Insurance Online Claim Intimation page.
Provide the details such as Policy No., DOB, Mobile No., and Email ID of the claimant.
Get authenticated for the claim settlement process.
Download the applicable claim form based on your requirement, such as death claim form, disability claim form, etc.
Fill out the necessary details.
Upload the claim request form and the necessary documents, such as the death certificate, FIR for an accident, etc., and complete the claim settlement request process.
Upon verification, you will get an intimation of the claim settlement progress.
You can also claim the term insurance benefits offline by contacting us at the nearest branch office or our toll-free number.
The term insurance premium is not refundable. However, if you wish to cancel the term policy during the free look-up period, you will receive a refund of the premium paid. Furthermore, you can opt for the return of premium option to receive a refund of the premium as a maturity benefit at the end of the policy tenure if you outlive the policy period.
A free look-up period in term insurance is a period of 30 days starting from policy inception provided by the insurance provider if you had purchased the policy online, within which you can terminate the term insurance policy. You can cancel the term insurance policy if you are not satisfied with the policy terms and conditions and receive a refund of the premium amount paid.
You can increase the coverage for your term insurance plan if it has the option and flexibility to allow for the same. For example, our Tata AIA Life Insurance Sampoorna Raksha Supreme - A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V03) provides the option to increase the sum assured at the different milestones~ in your life, such as when you get married, blessed with children, etc.
You can cancel term insurance at any time. If you cancel it during the free look period, you will get a refund of the premium paid. And if you cancel it any time further, you will receive a surrender value that the term policy has generated until that time of the policy period.
And the benefit will be less compared to the actual benefits the term policy was designated to provide for the policy tenure. Therefore, cancelling the term insurance policy at any time is not advisable.
Term life insurance coverage can be determined in the following ways:
Based on Human Life Value - You can determine the coverage required based on your income, expenses, loans and liabilities, and future financial commitments accounting for the inflation rate in this method. You can utilise our Tata AIA Life Insurance Human Life Value Calculator to determine this value.
Based on expenses - You can also determine the sum assured based on your expenses, such as routine utility bills, loans and liabilities, and future financial goals.
General thumb rule - You can also consider the general thumb of calculating the sum assured as 10 times your current annual income.
The term insurance premium for a regular policy will stay the same unless any changes are made to the tenure, sum assured, coverage, riders, etc., of the policy. Any changes in the inclusive tax rate structure may also change the policy premium.
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Disclaimers
The complete name of Tata AIA Sampoorna Raksha Supreme is Tata AIA Life Insurance Sampoorna Raksha Supreme (UIN:110N160V03) - A Non-Linked Non-Participating Individual Life Insurance Plan
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). Tata AIA Life Insurance Sampoorna Raksha Supreme is also available individually for sale.
*Applicable for specific plan options. Please refer brochure for additional details.
~Applicable for specific plan options. Please refer brochure for additional details.
$Under Life Plus Option, an amount equal to the 105% 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.
^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) - A Non-Linked, Non- Participating Individual Health Rider, Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V02 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:110B046V01), Tata AIA Vitality Health (A Non-Linked, Non- Participating Individual Health rider (UIN:110B045V01) are available under this plan
**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 Option. 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 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.
#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.
+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.
@Applicable to only non-early claims with more than 3 years of policy duration, non-investigation cases, up to Sum Assured of Rs. 50 Lakh. 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.
%Individual Death Claim Settlement Ratio is 99.01% for FY 2022 - 23 as per the latest annual audited figures.
~~72,34,092 families protected till Mar’23.
Tata AIA Vitality - A Wellness Program that offers you an upfront discount at policy inception. You can also earn premium discount / cover booster (as applicable) for subsequent years on policy anniversary basis your Vitality Status (tracked on Vitality app). Please refer rider brochures for additional details on health and wellness benefits.
Vitality is a trademark licensed to Tata AIA Life by Amplify Health Assets PTE. Limited, a joint venture between Vitality Group International, INC. and AIA Company Limited. The assessment under the wellness program shall not be considered as a medical advice or a substitute to a consultation/treatment by a professional medical practitioner.
This product is underwritten by Tata AIA Life Insurance Company Ltd.
The 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.
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. The precise terms and condition of this plan are specified in the Policy Contract.
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 non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
L&C/Advt/2023/Aug/2825
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