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A term insurance plan is a pure protection life insurance policy that offers a death benefit to your nominee if you pass away during ... Read more the policy term. Unlike other life insurance types, it does not offer maturity benefits. A term plan:
1. Pays death benefit to the nominee on the policyholder’s demise during the term
2. Lower premiums compared to other life insurance types
3. Provides fixed term length of 10 to 40 years or till age 100 (in whole-life plans)
4. Allows increasing coverage with riders^ like critical illness or accidental death Read less
A term insurance plan is a pure protection life insurance policy that offers a death ... Read more benefit to your nominee if you pass away during the policy term. Unlike other life insurance types, it does not offer maturity benefits. A term plan:
Here are the top 10 benefits of Term Plan:
1. Pays death benefit to the nominee on the policyholder’s demise during the term
2. Lower premiums compared to other life insurance types
3. Provides fixed term length of 10 to 40 years or till age 100 (in whole-life plans)
4. Allows increasing coverage with riders^ like critical illness or accidental death Read less
After gaining insight into what is term insurance, let’s learn about it’s importance.
After understanding term insurance meaning and its importance, let's look at some popular Tata AIA term insurance plans.
Here's a breakdown of who should consider buying a term insurance cover:
Marriage and parenthood increase your financial responsibilities significantly.
If your income supports your household in any way, term insurance coverage becomes essential.
Entrepreneurs and business owners often carry significant financial liabilities.
You may have responsibilities, even after retirement, especially if you have dependent family members.
Understanding term plan meaning can benefit investors in the long run. Moreover, knowing why you should purchase a term insurance plan helps you make informed and future-ready financial decisions.
A term insurance policy can protect your family’s financial well-being by offering a lump sum death benefit to your nominee in the event of your untimely demise. This amount can help them manage daily expenses and achieve important financial goals such as your child’s education, marriage, and other future needs.
During your working years, you may have expanded your asset portfolio by starting a business, or purchasing a house, vehicle, or other valuables. To acquire these assets, you might have taken loans or borrowed funds from various financial institutions. In the event of your untimely demise, your family will be responsible for repaying these liabilities, and if they are unable to arrange the necessary funds, they may risk losing these valuable assets. The death benefit from a term insurance policy can assist your family in settling these outstanding debts, thereby easing their financial burden and helping them retain the assets.
With the passage of time and social influence, you may develop habits such as smoking or alcohol consumption, which can adversely impact your health. In the event of your untimely demise, this may cause emotional and financial distress to your dependent family members.
In addition, if you are employed in an occupation involving physically demanding or hazardous work, such as in a factory, construction site, or power plant, the risk of accidental or work-related death increases. A term insurance plan can help mitigate such risks by providing a death benefit, enabling your loved ones to manage financial instability in your absence.
Riders^ in a term insurance plan additional financial protection to cover medical and hospitalisation expenses if you are diagnosed with a critical illness or terminal illness or suffer a major injury during the policy term.
Tata AIA Life Insurance stands out as a trusted name in the term insurance sector, offering comprehensive protection, various riders^ and customer-centric features. Here’s why millions choose Tata AIA’s term insurance plans for their family’s financial security:
Entrepreneurs and business owners often carry significant financial liabilities.
A term insurance plan is designed to offer comprehensive life cover with flexible features that help secure your family's financial future. Below are its key features:
Accidental death -In case the death is caused by an accident, an additional payout is provided to the nominee. This rider is particularly useful for individuals living in accident-prone areas or those who are frequent travellers or less experienced drivers.
Total or permanent disability - Total or Permanent Disability Rider:If you suffer from a total or permanent disability due to an accident, the future premiums are waived while the policy continues to offer coverage for the remaining tenure.
Critical or terminal illnesses -If diagnosed with a critical or terminal illness during the policy period, this rider provides a lump sum amount to help cover medical and hospitalisation expenses, thereby reducing financial strain during treatment.
Knowing term insurance meaning provides several financial advantages that ensure your loved ones are protected in your absence. The key benefits of term insurance include:
A term insurance plan offers a death benefit to your nominee in the event of your untimely demise. This amount can help your family meet their financial needs, maintain their standard of living, and achieve long-term financial goals in your absence.
Term insurance plans offer enhanced flexibility. You can select the sum assured and policy tenure based on a premium that is affordable over the long term. Additionally, you have the option to choose from various premium payment modes and payout structures, based on your financial preferences and goals.
You can choose from the following term insurance premium payment options:
Single Premium Payment:The entire premium amount is paid once at the inception of the policy.
Limited Premium Payment: You pay premiums for a fixed duration, while the policy benefits continue for the entire policy term.
Regular Premium Payment: Premiums are paid consistently throughout the policy tenure.
For limited and regular premium payment options, you can also select the payment frequency—monthly, quarterly, semi-annually, or annually—based on your financial convenience.
You can choose from the following term insurance payout options, depending on your family's financial needs:
Lumpsum: If your family requires a one-time amount to meet long-term financial goals or repay outstanding debts in your absence, you may opt for the lump sum payout option.
Regular Income: If your family may find it difficult to manage a large sum and prefers a steady income for day-to-day expenses and utility payments, the regular income option is more suitable.
Combination of Lump Sum and Regular Income: This option is suitable if you wish to provide an initial lump sum to settle liabilities, along with a monthly income to support your family’s ongoing financial needs.
Term insurance plans typically do not offer a maturity benefit. However, if you opt for a Term Plan with Return of Premium (TROP), you may receive a refund of the total premium paid (excluding applicable taxes and charges) as a maturity benefit, provided you survive the policy tenure.
Under Section 80C of the Income Tax Act, 1961, you can claim a #tax deduction of up to ₹1.5 lakh annually for the premiums paid towards your term insurance policy. Under Section 10(10D), the death benefit or maturity proceeds (in case of TROP) are fully exempt from tax, subject to prescribed conditions.
Term insurance can be conveniently purchased online with a seamless claim settlement process.
While purchasing online, you may compare various term insurance plans, use a Term Insurance Calculator to estimate the premium, and choose a policy that suits your financial needs.
The process for claims is straightforward. You can submit the claim request digitally, upload the necessary documents, and expect timely settlement, ensuring peace of mind during critical times.
The term insurance plan operates on a straightforward principle and can be understood through the following key steps:
Term insurance plans come in various forms to suit different life stages, financial goals, and coverage needs. Below are the most common types of term insurance plans:
In a level term insurance plan, the premium remains fixed for the entire policy tenure, regardless of age or market conditions. If you have a stable income and are looking to ensure long-term financial security for your family, a level-term insurance plan is a suitable and predictable option.
In an increasing term insurance plan, the sum assured increases at predefined intervals while the premium generally remains constant throughout the policy tenure. This option is suitable if you plan to enhance your life cover during key life stages such as marriage, the birth of a child, or purchasing a home, ensuring your coverage keeps pace with your growing financial responsibilities.
In a decreasing term insurance plan, the sum assured reduces gradually over the policy tenure, typically in line with your declining financial liabilities. For example, if you have taken a loan and are regularly repaying the EMIs, you can choose to reduce the life cover at a predefined frequency, matching your repayment schedule. This type of plan is suitable for individuals with short and medium-term debt obligations.
A Term Insurance with Return of Premium (TROP) offers a maturity benefit by refunding the total premium paid (excluding applicable charges and taxes) if you outlive the policy period. It provides life cover along with the added benefit of premium return.
Convertible term insurance plans offer the flexibility to convert the existing term plan into another type of life insurance policy at a later stage. For example, you may start with a basic term plan and later choose to convert it into a whole life insurance plan, depending on your evolving financial goals and long-term protection needs.
The premium you pay for a term insurance plan depends on several personal and policy-related factors. Understanding these can help you make a more informed and cost-effective decision.
Age is a key factor that influences the term insurance premium. As your age increases, the likelihood of developing health issues or lifestyle-related illnesses also rises, which in turn increases the risk of mortality. To account for this higher risk, insurers charge a higher premium for term insurance plans at older ages.
Habits such as smoking, alcohol consumption, or health conditions like obesity resulting from sedentary work environments may increase your risk of developing critical illnesses. As a result, insurers may charge a higher premium to account for this elevated risk.
Some professions involve hazardous or high-risk activities such as working in a factory, power plant, construction site, or any physically demanding role. The working conditions can lead to a higher probability of accidental injury or death, thereby increasing your term insurance premium.
A higher sum assured usually results in a higher premium. However, if you opt for a longer policy tenure, the premium may be lowered even for a larger coverage amount, due to the risk of distribution over time.
Choosing a longer policy term helps spread the risk over an extended period, which can result in a lower annual premium. Hence, it is advisable to start your term insurance early, so you can select a longer coverage period at a more affordable premium.
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.
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.
99.13% Individual Death Claim Settlement Ratio%
Families protected so far~~
Start with as low as Rs 501/month**
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Term life insurance is important if you want to protect your family from financial challenges. It is helpful when you are the only earner in your family. Here are some important stages in life where term insurance becomes very important.
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 term plan with 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 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.
Lifestyle and habits
Occupation
Sum assured
Policy tenure
Selecting the right term insurance policy requires a clear assessment of your financial needs, responsibilities, and long-term goals. The following steps can help you make an informed and suitable decision:
The sum assured in a term insurance plan can be calculated using the following methods:
Human Life Value Method - Calculate the life cover based on your income, expenses, loans, liabilities, and future financial goals, while also accounting for inflation. You may use our Human Life Value Calculator to determine this figure.
Expense-Based Method: Estimate the sum assured by evaluating your family’s recurring expenses, outstanding debts, and long-term financial obligations.
Thumb Rule: As a general guideline, consider a sum assured that is 10 times your current annual income.
Insurance Calculator: Use the Tata AIA Term Insurance Calculator to determine both the sum assured and the corresponding premium for your desired policy tenure.
Choose the policy tenure based on your financial responsibilities and your dependent family's future needs.
For example, if you have already made long-term investments and planned your family’s financial security post-retirement, you may select a policy period that lasts until your retirement age.
Review the various term insurance plans available, including their features, benefits, and eligibility conditions. This will help you shortlist plans that match your financial profile.
Once your coverage needs are defined and you know which plans you are eligible for, compare different term insurance options based on their benefits, flexibility, rider availability, and premium to select the suitable plan.
Tailor the policy to your financial situation by selecting options such as:
This ensures the policy aligns with your income flow and family’s financial needs.
Riders offer additional protection in specific scenarios. Compare the available riders^ and choose them based on your health history, lifestyle, and financial obligations. Common riders^ include:
After finalising the policy coverage and riders^, calculate the applicable premium by entering details such as your age, gender, lifestyle habits (e.g., smoking), policy tenure, sum assured, and other personal factors. Using the Tata AIA Term Plan Premium Calculator, you can determine an accurate and affordable premium that aligns with your financial plan.
Before proceeding with the purchase, it is critical to read and understand the inclusions and exclusions mentioned in the policy document. This helps you assess the exact benefits provided under the term plan and avoid any potential claim disputes in the future. A clear understanding ensures that the policy properly supports your family during unforeseen situations.
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 is an optional add-on to a term insurance plan that provides extra benefits. Some common types of riders^ in term insurance are:
Riders^ offer enhanced protection beyond the base life cover.
A premium is the amount paid to keep your term insurance policy active. It depends on the following factors:
Higher risk or longer term usually means higher premiums.
Term insurance #tax benefits under Section 80C and Section 10(10D). Here are the key benefits listed below:
These benefits make term insurance a smart financial and tax-saving tool.
Yes, in most cases, riders^ can be added after policy purchase. Some most common cases are:
To purchase a term policy, you may require the below documents:
Yes, you can purchase term insurance for your spouse. This ensures shared financial protection and simplifies coverage. Choose a joint life term plan covering both lives or add a spouse rider to your policy.
Yes, most term plans cover death abroad. However, you must disclose travel/residency details; war zones or high-risk areas may be excluded.
The minimum entry age for most term insurance plans is 18 years, while the maximum age is typically up to 65 years. However, these limits may vary based on the insurer’s guidelines and the specific plan selected.
Yes, women may need a term insurance coverage. Some common reasons are include:
Yes, NRIs can buy term insurance in India if they:
Term Insurance |
Whole Life Insurance |
Fixed term (e.g., 30 years) |
Coverage for entire life |
Low premium, high coverage |
Higher premium, wealth building |
No cash value |
Builds cash value over time |
However, the choice between the two depends on your individual financial objectives.
The key benefits of purchasing term insurance online are:
A critical illness benefit is a rider that pays a lump sum if you're diagnosed with major illnesses like:
It helps manage treatment costs and loss of income.
The process for claiming term insurance benefits is:
Not usually, unless you choose a Return of Premium (ROP) plan. In ROP, premiums are returned if you survive the policy term, excluding taxes and rider costs.
It’s a 15–30 day window to cancel your policy after purchase. You’ll receive a refund after deducting medical and admin charges. You may contact your insurer in writing to cancel.
Yes, some insurers allow you to increase your term insurance coverage. This can be done by opting for coverage enhancement riders^ during key life events (marriage, childbirth).
Yes, you may cancel your term insurance plan at any time. However, conditions may apply.
Term insurance coverage is based on:
Many insurers use the Human Life Value (HLV) method for accurate assessment.
Yes, if it’s a level premium plan, your premium remains constant. However, some plans offer increasing premium options that grow with age or coverage level.
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Disclaimers
The complete name of Tata AIA Sampoorna Raksha Promise is Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V05)
The complete name of Tata AIA Maha Raksha Supreme Select is Tata AIA Maha Raksha Supreme Select - Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V08)
1Illustrated Premium is the monthly premium excluding taxes for 20 yr. old female, Standard Life, Non-Smoker for 2 Cr. Sum Assured with Policy Term of 20 yrs. (Regular Pay) with Life Secure plan option salaried person. Please refer Benefit Illustration for more details. 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.
2Tata AIA MahaRaksha Supreme Select offers first year digital discount of 1% for Single Pay, 10% for Limited Pay/Regular Pay and 8.5% on salaried discount. For Single Pay, 1% discount will be available for online purchase and salaried discount each.
*Not applicable under PoS, please refer sales brochure for more information
~This 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. Childbirth/adoption - 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
$Under 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.
^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.
**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 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.
@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.
%Individual Death Claim Settlement Ratio is 99.13% for FY 2023 - 24 as per the latest annual audited figures.
~~85,76,889 families protected till 31st December 2024.
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/2025/Mar/1555