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Types of Life Insurance

Life insurance is an agreement between an individual and an insurance company. The insurer pays a fixed amount to the nominee... Read more in case of the policyholder’s death, subject to policy terms. Depending on the plan, the insurer may also provide a payout to the policyholder on maturity.

There are various types of life insurance policies designed to meet different financial needs such as family protection, wealth creation, and retirement planning. Choosing the right policy depends on factors like your age, income, financial goals, and risk appetite. Read less

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Life insurance offers financial protection to beneficiaries upon the death of an insured individual. The insurance cover of life insurance protects the family of the insured against financial difficulties in the event of a sudden death.

There are many different types of life insurance to fulfil various objectives. Learning about these types of life insurance policies in India helps you select the appropriate protection for your loved ones.

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Tata AIA Premier SIP is a combination of the Tata AIA Smart SIP, a non-participating, unit-linked, individual life insurance savings plan (UIN: 110L174V01), and Tata AIA Vitality Protect Advance, an individual, non-linked, non-participating health insurance plan (UIN: 110N178V01)

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Different Types of Life Insurance Plan

The following are the 9 major types of life insurance policies in India:

Type of Life Insurance	What It Offers	Payout Structure	Key Features
Term Life Insurance	Pure protection plan at a low premium	Lump sum paid to the nominee if the policyholder dies during the term	High sum assured, fixed premium, optional riders⁵, no maturity benefit
Unit Linked Insurance Plan (ULIP)	Life cover along with investment in market-linked⁶ funds	Fund value paid on maturity or to the nominee on death	Dual benefit of protection and investment, 5-year lock-in, fund switch option
Endowment Plan	Combination of life cover and guaranteed⁷ savings	Maturity amount or death benefit, whichever is applicable	Fixed returns, low risk, goal-based savings, eligible for bonuses (if any)
Child Insurance Plan	Life cover plus savings for the child’s future	Lump sum at maturity or on claim; premium waiver if the parent dies	Funds education goals, premium waiver benefit, dual advantage, lock-in till 18/21 years
Whole Life Insurance	Coverage for the entire lifetime (up to 99–100 years)	Amount paid to the nominee upon policyholder’s death	Lifelong protection, cash value accumulation, option to avail loan
Money Back Policy	Life cover with periodic payouts during the policy term	Regular payouts during term plus lump sum on maturity	Provides survival benefits, ensures liquidity, includes bonus additions
Retirement Plan	Helps build a retirement corpus	Corpus received at vesting; annuity payments thereafter	Tax-deferred growth, guaranteed vesting, option for lump sum plus annuity
Pension Plan	Ensures regular income after retirement	Lifetime annuity payments	Guaranteed monthly income, joint life option, immediate or deferred annuity choices
Group Insurance Plan	Covers a group of individuals under one policy	Lump sum paid to nominee/member as per policy terms	Ideal for employees or members, low-cost bulk premiums, rider⁵ options available

Let's understand each policy type in detail.

1. Term Insurance

Term life insurance offers affordable and simple coverage. It provides a guaranteed amount to the nominee (the person legally entitled to the benefit) in the event of the death of the policyholder during its term. A policyholder is required to pay regular premiums (monthly, quarterly, or annually) to keep the policy active.

When the policyholder survives the policy term, term insurance does not offer a maturity benefit, unless they choose the return of premium option. With its low cost and focus on protection, term insurance is the best way to safeguard your family's financial future.

Term Insurance with Critical Illness RiderThe critical illness rider is an optional addition. This add-on is available with term insurance at a nominal additional charge. During the term of the policy, the policy offers a lump sum payout in the event that the policyholder suffers a serious illness (e.g., cancer, heart attack, stroke).

This rider covers treatment costs, recovery expenses, and income loss, while the base life insurance coverage remains unaffected.

Term Insurance with Return of Premium (TROP)

TROP plans combine protection with value. When the policyholder survives the entire term, the premiums paid are returned⁴ to them as a maturity benefit, unlike regular term policies that only offer a death benefit.

In the event that the policyholder passes away during the term, the nominee will still receive the sum assured. TROP plans have slightly higher premiums but are highly appealing to those who seek protection with the added benefit of getting their money back.
2. Unit Linked Insurance Plans (ULIPs)

ULIPs are suitable for building wealth, investing in your child's education, and planning for retirement because of their required five-year lock-in. The ability to switch funds without incurring tax penalties is a significant benefit that enables you to adjust to shifting market conditions.

ULIPs also facilitate partial withdrawals after the lock-in, thus being helpful for mid-term financial requirements. Although they offer a chance for market-related growth, investment risk is entirely undertaken by the policyholder. Additionally, funds, NAVs, and charges are disclosed in ULIPs, which ensures transparency e process transparent.
3. Endowment Plans

An endowment plan combines life insurance protection with savings, making it a dual-benefit product. With the plan, you can build a corpus as well as provide financial security for your family in the future.

In this plan, there are two possible outcomes:

1. If the policyholder passes away during the term, the nominee is entitled to receive the death benefit.

2. If the policyholder survives the term, they receive a maturity benefit. It's basically guaranteed payouts with bonuses (if the plan is participating).

Let's say someone buys an endowment plan with a term of 30 years and a sum assured of 20 lakh. In this case, if the person expires during the term, the nominee will receive ₹20 lakh. If the person survives, they will receive the maturity amount plus applicable bonuses.

As endowment policies are not market-linked and contain low-risk, they are most suitable to those who seek guaranteed⁷ returns and plan for education, retirement, or long-term requirements.
4. Child Insurance Plans

A child insurance plan combines protection with long-term savings, ensuring funds are available for your child's milestones. Typically, parents or legal guardians of children are both the life assured and the premium payer, while the child is the beneficiary.

One vital feature of the policy is that it continues even after the parent passes away. A waiver of future premiums is usually offered in this plan. When the child reaches adulthood, the plan matures. Maturity benefits may be timed to achieve goals like higher education, skill development, or marriage.

A parent buying a child plan for their five-year-old can ensure that when the child turns 18, the college expenditures will be covered regardless of life's uncertainties. Additionally, some plans allow partial withdrawals or loyalty additions, which adds flexibility.
5. Whole Life Insurance

It provides coverage up to 99 or even 100 years of age, ensuring the death benefit is paid whenever the policyholder dies. This plan offers lifelong protection, unlike term insurance, which ends after a fixed period. Hence, it is suitable for the long-term planning of a legacy or the protection of dependants.

Premiums can be paid either for the entire policy term or for a limited duration, such as 10-15 years. Cash value is also built into many plans, and participating policies may add bonuses over time. Some policies have a surrender value or maturity benefit if they are discontinued or survive beyond their defined terms.

A person age 30 who purchases a whole life insurance plan can ensure an assured payout for their children decades later, providing them with a realistic financial legacy.
6. Money Back Policy

Money-back policies combine life insurance coverage with periodic survival benefits, making them ideal for those who want liquidity during the policy term. Policyholders receive a percentage of their sum assured on a regular basis under this plan. For example, if you have a 20-year policy, you might get 20% every five years and the remaining 40% at maturity.

A death benefit is also included in the plan. Regardless of the payouts already made, in case the insured passes away during the term of the policy, the nominee will receive the full sum assured. If the policyholder survives until the end, they receive a maturity benefit, which may include bonuses (if the plan participates).

It is because of this structure that money-back policies are particularly beneficial for short- to mid-term goals. The benefits of money back plans are paid at maturity and also throughout the policy period, which makes them more attractive compared to endowment plans.
7. Retirement Plans

The purpose of retirement plans is to assist you in building a retirement corpus and to ensure a steady income flow in your golden years. It consists of two phases: the accumulation phase, where your premiums are regularly invested to grow your savings, and the annuity or payout phase, where you receive a regular income from the accumulated corpus.

When you reach retirement age, you can withdraw a portion of the corpus and use the remaining amount to purchase an annuity. You can choose between a deferred annuity (in which income starts after a set period) and an immediate annuity (in which income starts immediately). A variety of payout options are available to you, including lifetime income, joint life annuities, or a return of the purchase price.
8. Pension Plans

The purpose of pension plans is to provide an assured stream of income after retirement by converting lump sums into regular pension payments. While retirement plans focus on saving over time, pension plans focus on income once you reach retirement.

A single premium annuity plan allows you to invest a lump sum at once, while systematic contribution plans allow you to accumulate funds before vesting. Upon vesting, the accumulated corpus is used to purchase an annuity, which pays you monthly, quarterly, or annually.

There are various annuity options, such as life annuities, joint annuities for spouses, or annuities with a return of purchase price.

There are various annuity options, such as life annuities, joint annuities for spouses, or annuities with a return of purchase price.
9. Group Insurance Plans

A group insurance plan covers multiple members under one contract. It is usually offered by employers or associations. Employers or group administrators serve as master policyholders, while employees and members are automatically insured in these plans.

The level of coverage may be uniform for all members (for example, five lakhs each), or it may vary based on salary or position. Most group plans have low premiums, minimal paperwork, and no medical underwriting. A life insurance policy usually ends once an employee leaves the company or leaves the group.

Why Choose Tata AIA Life Insurance?

1.3 Lakh Crore+

Assets Under Management (AUM)⁸

₹7,90,000 Crore+

#1 in Retail Sum Assured⁹

89 Lakh+

Families protected so far¹⁰

600+ Branches

Presence across major cities in India

99.41%

Individual Death Claim Settlement ratio¹³
for FY24-25

4 Hours

Express Claim Settlement¹¹

⁴T&C apply.

How to Choose the Right Life Insurance Plan?

Consider the following points to choose the right life insurance policy:

Life Goals

The goal of diversification is to lower overall risk by combining different asset classes rather than merely holding a large number of stocks. Mutual funds, stocks, debt instruments, insurance-linked plans, and even foreign investments are all part of a well-balanced portfolio. Aim for high-quality investments that complement your financial objectives rather than over-diversifying. To make sure your investments stay on track with market fluctuations, review your portfolio on a regular basis.

Sum Assured

The guaranteed amount given to the nominee in the event of the policyholder's passing is known as the sum assured. After accounting for current debts and upcoming expenses, experts advise having coverage of at least 10 to 15 times your yearly income. Your family will be able to pay for living expenses, settle debts, and accomplish long-term objectives without experiencing financial hardship if you have adequate coverage.

Policy Term

Your policy term should align with when your dependents are expected to become financially independent. For instance, you may choose coverage until retirement or until your children complete their education. Buying a policy early is beneficial, as it locks in lower premiums for a longer duration while ensuring extended protection.

Riders

Riders⁵ are optional add-ons that enhance the base policy by covering specific risks. Common riders include critical illness cover, accidental death benefit, and waiver of premium in case of disability. Selecting riders based on your health, lifestyle, and budget can significantly improve overall protection.

Credibility of the Insurer

The insurer’s reliability is as important as the plan itself. Prefer insurers with a claim settlement ratio above 95%. Reviewing IRDAI annual reports and independent ratings can help assess an insurer’s financial strength and claim efficiency, ensuring smoother and more reliable claim settlements.

Tax Benefits on Different Types of Life Insurance in India

Life insurance plans in India offer multiple tax advantages along with financial protection. These benefits vary across sections of the Income Tax Act and depend on the type of policy, premium amount, and payout structure.

Section 80C

Premiums paid towards life insurance policies are eligible for tax deduction¹²
Maximum deduction allowed is up to ₹1.5 lakh in a financial year
Applicable for policies taken for self, spouse, or children
The premium should not exceed the prescribed percentage of the sum assured

Section 80D

Tax benefits¹² are available for health-related riders attached to life insurance policies
Deduction can be claimed for premiums paid towards critical illness or health riders
The limit depends on age and category, as defined under Section 80D

Section 10(10D)

Maturity proceeds and death benefits are generally tax-free¹²
Applies if policy conditions meet specified premium-to-sum assured limits
Ensures tax-efficient wealth accumulation and transfer

Surrender Value

Amount received on surrendering a policy before maturity may be taxable
Tax treatment depends on policy type and duration held
Early surrender may also lead to loss of earlier tax benefits¹² claimed under Section 80C

Note: Tax benefits¹² are subject to conditions under the Income Tax Act, 1961. Please consult a tax advisor for personalised guidance.

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1.What is a life insurance policy?

A life insurance policy is a contract between an insurance provider and a policyholder where the former guarantees the sum assured to the latter’s family or nominees in case of the policyholder’s untimely death during the policy term. In return, the policyholder has to ensure the complete payment of all the premiums that will keep the policy valid until maturity or until the death benefit is paid out.

2.When should you buy a life insurance plan?

You can buy a life insurance policy at any point in time. However, there is an age eligibility criterion where the policyholder needs to be between the age of 18-60 years to be able to buy a life insurance policy. The minimum and maximum entry age will vary from policy to policy. It is also advisable to get a life insurance plan as early as possible to avail of low and affordable premiums.

3.Are retirement plans the same as savings plans?

No, retirement plans are designed to help you receive a regular income during your retirement years, while savings plans help you save your funds systematically for your long-term goals. While both types of insurance policies are not the same, many policyholders may choose to use savings plans as retirement plans.

4.How is a term insurance plan different from a regular life insurance plan?

A term policy offers pure life cover protection to you and your family for a specified number of years or “term” and offers only death benefits in the form of the sum assured in case of the policyholder’s death during the policy term. On the other hand, a life insurance plan can offer whole life coverage up to 100 years of age and may also offer maturity benefits if the policyholder survives the policy term.

5.Is it possible to get a life insurance plan as early as 18 years of age?

Yes, if the minimum age of entry for a certain life insurance plan is 18 years, you can avail of a life insurance policy as early as that age.

6.What benefits do the different types of life insurance plans provide?

The different types of life insurance plans provide various financial benefits with flexible features:

Term insurance plans provide a huge life cover at an affordable rate.
Savings insurance plans provide a life cover for the policy tenure and guaranteed returns at maturity.
Wealth creation plans provide life cover for the policy term and market-linked returns at maturity.
Retirement plans provide options to guarantee a regular income post-retirement.
Group life insurance plans provide life insurance benefits for employer-employee groups or non-employer employee groups.

7.Which is the whole life insurance policy?

A whole life insurance policy is a type of life insurance policy that that provides life insurance coverage up to 100 years of age.

8.Can I get the money back for the term life insurance at the end?

Term life insurance generally does not provide a maturity benefit. However, you can purchase the return of premium option to receive a refund of the premium paid during the policy tenure at maturity, subject to the policy conditions.

9.What are the different types of life insurance that pay you back?

Different types of life insurance in India provide maturity benefits apart from life coverage. Term insurance with the return of premium option will provide a refund of the premium paid during the policy term as a maturity benefit. The savings insurance plans provide guaranteed returns at the end of the policy term. Wealth creation plans such as the ULIP (Unit Linked Insurance Plan) provide market-linked returns based on your investment in financial securities as a maturity benefit. With the money-back life insurance plans, you can receive a guaranteed payout at regular intervals during the policy term.

10.Which is the most popular type of life insurance policy?

The most popular type of life insurance plan is term insurance. It provides a higher sum assured at an affordable premium rate that can help secure your family in the event an unexpected demise of the life assured.

11.What are the Income Tax Benefits from Life Insurance Plans?

When you buy a life insurance policy, such as a term insurance plan and savings plan you are eligible to save income tax¹² up to 46,800 as per applicable income tax laws.

12.Can I withdraw money from my life insurance plan?

If you have invested in the ULIP (Unit Linked Insurance Plan), you can initiate a partial withdrawal after the 5-year lock-in period. Life insurance plans, such as savings insurance plans, money-back plans, etc., acquire a surrender value after a certain period of the policy tenure based on the type and policy conditions. You can surrender the policy and receive the payout basis the terms and conditions of the policy. In addition, you can avail of loans based on your investment for certain plans.

13.Does a life insurance plan pay for death due to suicide?

Life insurance plans provide the sum assured for death due to suicide after one year of the policy tenure. However, if the suicide happens within 1 year, a certain portion of the premiums paid will be provided to the nominee. The extent of payouts provided is subject to the policy terms and conditions.

14.What types of deaths are not covered by life insurance?

Life insurance does not cover death due to the following reasons:

Natural disasters
Terrorist activities
Habits or diseases not disclosed
Accidents caused due to intoxication
Sexually Transmitted Diseases
Involvement in a criminal activity

In case of suicide, the sum assured is payable if the suicide happens one year after purchasing the line insurance plan. And, if the death occurs within 1 year, a portion of the premium paid between 80% and 100% based on the type of life insurance and the insurer's policy conditions is payable.

1.Does a retirement plan or pension plan also offer life insurance cover?

Yes, a retirement plan or a pension plan offers a life insurance cover that helps protect your family financially with the sum assured in case of your death during the course of the policy term.

2.What purpose does a life insurance cover serve in a Unit-Linked Insurance Plan?

In a ULIP plan, a life insurance policy helps protect your family from financial distress in case of your death by paying out the death benefit in the form of the sum assured. Since the sum assured is the guaranteed component, your family will be able to sustain themselves when you cannot care for them.

3.Do life insurance plans come with tax benefits?

Yes, most life insurance premiums are tax⁺ deductible under Section 80C of the Income Tax Act, while the death benefits and the maturity benefits (if any) of the policy are tax-exempt under Section 10(10D) of the Income Tax Act, subject to policy terms and conditions.

4.Can I choose the coverage of my life insurance plan?

Yes, you can choose the coverage or the sum assured of your life insurance plan depending on your needs and your budget. The coverage of your life insurance policy should be based on your family’s needs, your financial commitments as well as any other emergencies that may arise.

5.Is it better to opt for a term insurance plan or any other life insurance plan?

The choice of life insurance policy will be strictly based on your needs and your financial goals. If you feel that a pure life cover is what you need to protect your family’s financial future, then a term insurance plan will be the right choice. However, if you are looking for a savings or investment component along with life insurance, you can choose a savings plan or ULIP respectively.

6.Can I buy two different types of life insurance plans at the same time?

Yes, you can buy two different types of life insurance policies at the same time. However, it is important to understand your affordability and the insurance providers' policy terms and conditions before making the choices.

1.Do I need to pay the premiums for riders separately?

Yes, riders are additional and optional benefits, and if you add one or more of them to your life insurance policy, you will have to pay an additional premium for each one of them.

2.How often should I pay the premiums for a Tata AIA Life Insurance retirement plan?

You can choose to pay the premiums for a Tata AIA Life Insurance retirement plan on a monthly, quarterly, half-yearly, or annual basis or as a Single Pay as per the plan option available.

3.Can I choose from different premium payment terms under a life insurance plan?

If a life insurance policy offers an option between different premium payment terms, you can choose a Regular, Limited or Single premium payment term as per your preference and needs.

4.What are the minimum and maximum premium amounts payable for a life insurance policy?

The minimum and maximum premium amount payable for a life insurance policy will depend on the policy guidelines and will also be subject to the sum assured or coverage you choose for the policy.

5.Is it possible to get a return of premium benefit with a life insurance plan?

Some life insurance policies, such as the Tata AIA Life Insurance Fortune Guarantee Plus (UIN: 110N158V014), offer a return on premium⁴ benefit. Also, if you choose a term plan with a return of premium, you can avail of the benefit on maturity.

6.How much does a life insurance policy cost?

The cost for the different types of life insurance in India will depend on various factors such as age, lifestyle, sum assured, choice of optional riders^#, policy tenure, etc.

7.Is calculating the premium online for term insurance a complicated process?

If your family is dependent on your income partially or completely, you need to purchase a life insurance policy to secure their future. It is also important if your family has a history of getting affected by serious health conditions such as critical illness. The life insurance plan can provide additional funds apart from the life cover to manage the medical expenses during the policy tenure, subject to the terms and conditions. Even otherwise, without a health complication or a family obligation, you can consider purchasing a life insurance plan to leave a financial legacy behind for your loved ones.

8.What is the premium cost for a 1 crore term insurance plan?

The premium cost for the 1 crore term insurance plan will be based on your age, lifestyle, policy tenure, etc. You can utilise the online premium calculator to find the premium based on your lifestyle and financial requirements.

9.How can I buy an online term insurance plan?

You can purchase the online term insurance plan based on the following steps:

Visit the official website of the insurer.
Go through the features of different term plans available.
Compare the features and cost. You can use the term insurance premium calculator.
Navigate to the application process for buying online.
Provide the basic details such as your name, age, address, contact details, etc.,
Choose the product and mention the other requirements such as sum assured, policy tenure, etc.,
Upload the necessary documents such as proof of age, address, medical records, etc.,
Submit the application form and wait for the insurance provider to respond.

10.Is it safe to buy a term plan online?

Yes, buying a term plan online is considered a safe option. You can compare the different types of life insurance policies based on the features and cost to determine the most suitable product. Insurers provide a well-established and safe online platform to secure your transactions.

1.What are the different life insurance claims that can be filed?

Under a life insurance policy, a nominee can file a death claim in case of the policyholder’s death during the policy term. A maturity claim can be filed if the policyholder outlives the policy term and wants to avail of their life insurance maturity benefits. If you have a critical illness rider or a health rider ^# or a health rider added to your policy, you can file a claim as per the illnesses events covered under the riders.

2.How soon should you file a death claim on a life insurance policy?

A death claim should be filed by the nominee at the earliest after the death of the policyholder and after they have received all the relevant documents that need to be presented for filing the claim.

3.What are the documents needed for filing a claim on your life insurance plan?

Please click here to know the list of documents needed for the claim intimation and settlement process.

4.How to file a life insurance claim?

TTo file a claim, you can choose any of the following channels to reach out to us.

Email us at: customercare@tataaia.com
Call our helpline number - 1860-266-9966 (local charges apply)
Walk into any of the Tata AIA Life Insurance Company branch offices
Write directly to us at:

The Claims Department,
Tata AIA Life Insurance Company Limited
B- Wing, 9th Floor,
I-Think Techno Campus,
Behind TCS, Pokhran Road No.2,
Close to Eastern Express Highway,
Thane (West) 400 607.
IRDA Regn. No. 110

5.Does the claim have to be filed at the same Tata AIA Life Insurance branch where the policy was purchased?

No, you do not have to file the claim at the same Tata AIA Life Insurance branch. You can locate and choose any of our office branches and visit the one nearest to you for the claim initiation.

The linked insurance product do not offer any liquidity during the first five years of the contract. The policy holder will not be able to surrender/withdraw the monies invested in linked insurance products completely or partially till the end of the fifth year.
Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN:110N176V12)
Tata AIA Maha Raksha Supreme Select - Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V015)
¹As per the duly approved product design and terms & conditions of the product, Illustrated premium of ₹501 is the monthly premium for a 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 of Tata AIA Sampoorna Raksha Promise with first year premium discount of 10% for digital purchase and 8.5% for salaried person. Please refer Benefit Illustration for more details.
²As per the duly approved product design and terms & conditions of the product, this product offers first year discount of 8.5% for Limited Pay/Regular Pay and 1% for Single Pay to salaried customers & digital discount of 1% for Single Pay, 10% for Limited Pay/Regular Pay.
³Under 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.
⁴Illustrated 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.
⁵Riders 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.
⁶Market-linked returns are subject to market risks and terms & conditions of the product. The assumed rate of returns or illustrated amount may not be guaranteed and depends on market fluctuations.
⁷The word Guaranteed and Guarantee means the annuity payout is fixed at inception of the policy and will be payable for whole of life or till death of the Annuitant(s).
⁸As on 31st March 2025, the company has a total Assets Under Management (AUM) of ₹130,053 Crore.
⁹Retail Sum Assured for FY2024-25 is ₹7,90,982 Crore.
¹⁰89,43,554 families protected till 31st May 2025.
¹¹Applicable to only non-early claims more than 3 years of policy duration, non-investigation cases, up to Sum assured of 50 lacs. Applicable for branch walk in. Time limit to submit claim to Tata AIA by 2 pm (working days). Subject to submission of complete documents. Not applicable to ULIP policies and open title claims.
¹²Tax 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. 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
¹³All funds open for new business which have completed 5 years since inception are rated 4 or 5 Star by Morningstar as of December 2024.
©2024 Morningstar. All rights reserved. The Morningstar name is a registered trademark of Morningstar, Inc. in India and other jurisdictions. The information contained here: (1) includes the proprietary information of Morningstar, Inc. and its affiliates, including, without limitation, Morningstar India Private Limited (“Morningstar”); (2) may not be copied, redistributed or used, by any means, in whole or in part, without the prior, written consent of Morningstar; (3) is not warranted to be complete, accurate or timely; and (4) may be drawn from data published on various dates and procured from various sources and (5) shall not be construed as an offer to buy or sell any security or other investment vehicle. Neither Morningstar, Inc. nor any of its affiliates (including, without limitation, Morningstar) nor any of their officers, directors, employees, associates or agents shall be responsible or liable for any trading decisions, damages or other losses resulting directly or indirectly from the information.
¹⁴Individual Death Claim Settlement Ratio is 99.41% for FY 2024-25 as per the latest annual audited figures.
No Goods and Service Tax shall be applicable on Individual life insurance products as per prevailing laws. Tax laws are subject to amendments from time to time. If any imposition (tax or otherwise) is levied by any statutory or administrative body under the Policy, Tata AIA Life Insurance Company Limited reserves the right to claim the same from the Policyholder.
For ULIP products
- Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. Please know the associated risks and the applicable charges, from your Insurance Agent or Intermediary or Policy Document issued by the Insurance Company.
- The fund is managed by Tata AIA Life Insurance Company Ltd. 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.
- Past performance is not indicative of future performance. Returns are calculated on an absolute basis for a period of less than (or equal to) a year, with reinvestment of dividends (if any).
- Investments are subject to market risks. The Company does not guarantee any assured returns. The investment income and price may go down as well as up depending on several factors influencing the market.
- Please make your own independent decision after consulting your financial or other professional advisor.
- Tata AIA Life Insurance Company Limited is only the name of the Insurance Company & the Unit linked insurance product with Tata AIA /Tata AIA Life Insurance as its prefix is only the name of the Unit Linked Life Insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
- The performance of the managed portfolios and funds is not guaranteed, and the value may increase or decrease in accordance with the future experience of the managed portfolios and funds.
- Premium paid in the Unit Linked Life Insurance Policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the Insured is responsible for his/her decisions.
- Please know the associated risks and the applicable charges, from your insurance agent or the Intermediary or policy document issued by the Insurance Company.
- 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/2026/May/3065

Types of Life Insurance

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What are retirement and pension plans?

Tata AIA Param Raksha Life Pro +

Sampoorna Raksha Promise

Tata AIA Premier SIP

Maha Raksha Supreme Select

Different Types of Life Insurance Plan

1. Term Insurance

2. Unit Linked Insurance Plans (ULIPs)

3. Endowment Plans

4. Child Insurance Plans

5. Whole Life Insurance

6. Money Back Policy

7. Retirement Plans

8. Pension Plans

9. Group Insurance Plans

Why Choose Tata AIA Life Insurance?

How to Choose the Right Life Insurance Plan?

Life Goals

Sum Assured

Policy Term

Riders

Credibility of the Insurer

Tax Benefits on Different Types of Life Insurance in India

Section 80C

Section 80D

Section 10(10D)

Surrender Value

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Retirement & Pension Plans - FAQs

1.What is a life insurance policy?

2.When should you buy a life insurance plan?

3.Are retirement plans the same as savings plans?

4.How is a term insurance plan different from a regular life insurance plan?

5.Is it possible to get a life insurance plan as early as 18 years of age?

6.What benefits do the different types of life insurance plans provide?

7.Which is the whole life insurance policy?

8.Can I get the money back for the term life insurance at the end?

9.What are the different types of life insurance that pay you back?

10.Which is the most popular type of life insurance policy?

11.What are the Income Tax Benefits from Life Insurance Plans?

12.Can I withdraw money from my life insurance plan?

13.Does a life insurance plan pay for death due to suicide?

14.What types of deaths are not covered by life insurance?

1.Does a retirement plan or pension plan also offer life insurance cover?

2.What purpose does a life insurance cover serve in a Unit-Linked Insurance Plan?

3.Do life insurance plans come with tax benefits?

4.Can I choose the coverage of my life insurance plan?

5.Is it better to opt for a term insurance plan or any other life insurance plan?

6.Can I buy two different types of life insurance plans at the same time?

1.Do I need to pay the premiums for riders separately?

2.How often should I pay the premiums for a Tata AIA Life Insurance retirement plan?

3.Can I choose from different premium payment terms under a life insurance plan?

4.What are the minimum and maximum premium amounts payable for a life insurance policy?

5.Is it possible to get a return of premium benefit with a life insurance plan?

6.How much does a life insurance policy cost?

7.Is calculating the premium online for term insurance a complicated process?

8.What is the premium cost for a 1 crore term insurance plan?

9.How can I buy an online term insurance plan?

10.Is it safe to buy a term plan online?

1.What are the different life insurance claims that can be filed?

2.How soon should you file a death claim on a life insurance policy?

3.What are the documents needed for filing a claim on your life insurance plan?

4.How to file a life insurance claim?

5.Does the claim have to be filed at the same Tata AIA Life Insurance branch where the policy was purchased?

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