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What is Life Insurance?
What is Life Insurance?
Life insurance, a core product for a healthy financial plan, gives you peace of mind as you know you protect the people you love in case of any eventualities.
With Life Insurance, you can ensure the following
Life insurance, a core product for a healthy financial plan, gives you peace of mind as you know you protect the people you love in case of any eventualities.
With Life Insurance, you can ensure the following
Safeguard your family against unforeseen circumstances
Safeguard your family against unforeseen circumstances
Get financial Protection
Get financial Protection
Get Returns on your Invested Amount
Get Returns on your Invested Amount
Save on Income Tax#
Save on Income Tax#
Get 1 Crore Life Cover
at Rs 424 / month**
Get 1 Crore Life Cover
at Rs 424 / month**
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Know More about Tata AIA Life Insurance Plans
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Ensuring your loved ones are financially secure after you're gone is certainly not the most comfortable topic to discuss. However, the concept of life insurance aims to tackle just that. Life insurance products have evolved over time and no longer cater to the one-size-fits-all approach. Instead, they are more need-based and offer numerous benefits over and above protecting your family.
Let us delve a little deeper into this topic to learn more about this financial product and answer some crucial questions that may be on your mind.
Life Insurance Meaning
Life Insurance is a contract between an individual and the insurance provider, represented through a policy. The policyholder pays the premium, either a regular premium over a period of time or a single premium upfront. Against this premium, the insurance provider provides financial protection to the nominee (beneficiary) in case of the policyholder's death. This is called a Life Cover.
This Life Cover acts as a support for the grieving family. Although money cannot fill the void or make up for the loss of the loved one, it can, to an extent, help overcome financial hiccups that a family might face after the breadwinner's death.
Alternatively, in some life insurance types, if the policyholder survives the policy term, he may receive a lump sum called maturity benefit upon the policy's maturity. In simple terms, life insurance pays out a lump sum amount to your beneficiaries in case of the death of the life insured. However, there are several types of life insurance wherein you get more than just the coverage.
How Does a Life Insurance Policy Work?
When you buy a life insurance policy, you must pay a certain premium, which is determined by the insurance provider based on various factors. In case of any eventuality during the policy term, the insurance provider will pay a death benefit to your beneficiary. Your beneficiary may use this aid to settle your healthcare and funeral costs, repay debts, a fund for child's education or for any other purposes.
If you survive the term, a maturity benefit shall be paid (in some insurance types) to the policyholder. These funds, again, can be utilised to fulfil any financial need or goal.
Let us understand by taking an example.
Amit wants to protect his family in case of an unfortunate event of his early death. So, he buys a 20-year life insurance policy with a sum assured of ₹1.5 Crore and by paying a premium amount of Rs 20,000 every year. The sum assured is payable as a death benefit if Amit dies within the policy term and as a maturity benefit if Amit completes the policy term.
Scenario 1: If Amit survives the policy term.
Amit had paid a total premium of Rs 20,000 every year till the end of the policy term and will receive a maturity benefit as per the policy eligibility criteria along with a bonus (if any) on maturity. Post this insurance payment, the policy ceases to stay in force.
Scenario 2: If Amit dies during the policy term.
The beneficiary (nominee) will receive the sum assured of 1.5 Crore upon the death of Amit. The policy will terminate after the death benefit is paid. The sum assured received can be used to meet the same lifestyle and fulfil any obligations.
Thus, we can learn that life insurance policies can be highly versatile. It is not just a tool to secure your family's financial needs after your death but also aids in achieving your long-term financial goals. For example, you can utilise the corpus created from life insurance to pay for your child's higher education.
Benefits of Life Insurance
A life insurance policy is worth buying for individuals with one or more dependents. It protects against risk and offers opportunities to grow your investments and savings. Let us look at some of the benefits of life insurance.
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01
Provides Financial Protection
The key benefit of a life insurance plan, irrespective of the type, is that life insurance covers for financial security and protection for the insured's dependent family members in case of an untimely death. In many situations, policyholders are the family's sole earning member, and death could mean the family might face significant financial challenges. -
02
Inculcates A Habit of Savings
To keep your life insurance policy active, you must pay regular premiums. This timely premium payment ensures you develop a habit of saving for the long term. -
03
Offers Tax Benefits
The premium paid for life insurance attracts a deduction of up to ₹1.5 Lakh u/s 80C of the Income Tax# Act 1961. Thus, you have the benefit of investment as well as tax savings. -
04
Fulfil Long-Term Financial Goals
Some life insurance policies like ULIP provide dual benefits of protection and investment. The premium paid for the ULIP plan is partially used for protection (insurance) purposes and partially invested to get Market Linked Returns5. In the long run, a decent corpus can be accumulated, which can be utilised for fulfilling financial goals like buying a house, a child's education, marriage etc. -
05
Get Assured Returns
Life insurance policies like savings or retirement savings plans typically offer guaranteed and assured returns on maturity. On maturity, you can opt for a lump sum or a regular income. You must, however, check the terms and conditions and policy features thoroughly and then select a plan that fits all your needs.
Types of Life Insurance Plans
Now that you know life insurance's meaning and benefits, let us look at the main types of life insurance plans.
Term Life Insurance Plans
Term life insurance plans are also known as pure risk cover, as their main aim is only to provide financial protection without any saving or investment component. As a result, the premiums for term plans are relatively lower than other life insurance plans. Tata AIA Term Insurance Plans offer comprehensive protection to your loved ones at affordable premiums.
Know More about our Best-Selling Term Insurance% Plan – Tata AIA Sampoorna Raksha Supreme
A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V03)
Tata AIA
Sampoorna Raksha Supreme
Key Features:
- Get life cover up to 100 years of age*
- Increase life cover at important milestones~
- Save tax up to Rs 46,800++
Guaranteed Returns Plans
Guaranteed returns or savings insurance plans are a combination of insurance and savings. If the policyholder outlives the policy term, the insurer provides a maturity benefit. Some savings plans offer a regular payout during the policy term, which can help achieve short-term financial goals. Savings Plans from Tata AIA Life Insurance help you achieve all your financial goals with guaranteed returns and insurance cover.
Know More about our Best-Selling Guaranteed@ Return Savings Plan
Non-Linked, Non-Participating, Individual Life Insurance Savings Plan (UIN:110N158V10)
Tata AIA
Fortune Guarantee Plus
Key Features:
- Get Guaranteed@ Tax# Free Income
- Get your premium amount back1 and save more
- Get Health cover against 40 Critical2 Illnesses
- Save tax# up to 46,800++
@T&C apply
Unit Linked Insurance Plan (ULIP)
ULIPs offer dual benefits of insurance and market-linked investments. The premium paid is split for protection and investment purposes. Depending on your risk appetite, you can invest in various types of funds offered by the insurance provider. With Tata AIA ULIP Plans, you can choose from multiple fund options depending on your insurance and investment needs.
Know More About Our Unit Linked Insurance Plan
In this policy, the investment risk in investment portfolio is borne by the policyholder.
Unit Linked Individual Life Insurance Savings Plan (UIN:110L112V04)
TATA AIA
Fortune Pro
Key Features:
- Enjoy life cover up to the age of 75
- Our funds have been rated 4 or 5 stars3 by Morning star4
- Investment growth with market-linked returns5 & loyalty additions6
- 21.95% Returns7 + for Multi Cap Fund (Benchmark: 11.94%)
- Save taxes as per applicable income tax# laws
Retirement Plan
Retirement plans help build a stable financial income for an individual during his post-retirement period. This type of insurance plan typically offers annual payouts or a single lump sum payout during your retirement years. Tata AIA Retirement Solutions helps you enjoy your retirement without worrying about your finances.
Know More About our Best-Selling Pension Plan – Tata AIA Fortune Guarantee Pension
A Non-Linked, Non-Participating, Annuity Plan (UIN:110N161V06)
TATA AIA
Fortune Guarantee Pension
Key Features:
- Get lifelong guaranteed8 income
- Cover your spouse too under the same plan
- Get Tax Benefits# as per applicable tax laws
- Multiple options are available in this plan: Immediate Life Annuity| Immediate Life Annuity with Return of Purchase Price| Deferred Life Annuity (GA-I) and with Return of Purchase Price| Deferred Life Annuity (GA-II) and with Return of Purchase Price.
8T&C apply
How to Buy Life Insurance Online?
Buying life insurance online is undoubtedly one of the best ways to purchase insurance coverage. The online method makes the purchase process convenient, swift, hassle-free and timesaving. In addition, you can learn about product features, benefits and other life insurance details, compare plans easily, customise plans, pay as per your convenience, get access to 24X7 digital self-service and much more in the comfort of your home.
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Factors That Affect Life Insurance Premium
Life insurance is undoubtedly one of the best ways to protect your loved ones. However, the premium varies on various policy-specific and personal factors. For example, chances are dim that two people with different ages or medical histories opting for the same plan will have the same premium. Likewise, an individual opting for two plans will have different premium amounts.
Let us demystify them based on personal factors and policy-specific factors.
Personal factors
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Age: Young individuals are less likely to suffer from age-related illnesses. It is thus always recommended to buy a policy in the early stages of life since the premium amount is less. With increase in age your premium amount may also increase.
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Gender: Studies and statistical evidence show women have higher life expectancy than men. Hence, women can avail of their policies for a longer tenure than men, which leads to lower premiums.
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Medical history: If you have a pre-existing disease, the premium would be higher as compared to a person with no medical condition.
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Family health history: If a particular hereditary illness runs in your family, the premium charged would be higher.
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Smoking and drinking alcohol: Smoking and drinking alcohol harm health in more ways than one. Therefore, insurance providers charge higher premiums for smokers and drinkers.
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Profession: A person working in a workplace (on-site typically) that is harmful to health, like in a mining factory, oil and gas etc., will attract higher premiums than a person engaged in a regular office job.
Policy-specific factors
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Amount of coverage: Higher the sum assured higher will be the premium, and vice versa.
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Type of plan: Term insurance typically has lower premiums than ULIPs or other life insurance plans.
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Riders: Riders^ enhance the overall coverage but come at a cost. It is thus vital to weigh the cost and benefits before opting for a rider.
Looking to buy a new insurance plan?
Our experts are happy to help you!
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Life Insurance FAQs
Why should I purchase life insurance online?
Purchasing a life insurance policy online helps you make an informed decision.
- You can compare various plans based on features, benefits, prices, etc., easily weigh the pros and cons and then buy the right insurance plan.
- You can buy your preferred plan anywhere, anytime.
- You get access to automated services 24X7.
- Buying online saves time with minimum paperwork and hassle-free processes.
What is a life insurance premium?
The amount of money a policyholder pays to the life insurance company in return for the coverage is a life insurance premium. The premium can be a lump sum amount or regular periodic payments.
How much life insurance coverage do you need?
Life insurance coverage requirements differ for individuals. However, the coverage should ideally be adequate to support your family financially after your death. You can calculate this amount by measuring your human life value (HLV). HLV is the sum assured and the financial estimation of your life's worth. Use the Human Life Value Calculator to know yours.
What is the cost of life insurance in India?
The cost of life insurance or the premium depends on numerous factors, as discussed earlier in the article. However, price should not be the only determinant when buying an insurance plan. You can check your estimated premium by using our premium calculators.
Is buying life insurance worth it?
Many reasons make buying a life insurance plan worth it. Some of them are:
- Protects your loved ones from financial challenges after your death
- Saves on taxes
- Builds a habit of savings and helps create wealth
- Cost-effective
Why should I purchase a life insurance plan?
A life insurance plan is an effective financial planning tool. Consider the below reasons to purchase life insurance.
- Provides financial security to your loved ones after you are gone
- Helps achieve long-term financial goals
- Supplements for your retirement incomes
- Affordable, especially at a younger age
- Tax-saving# purposes
How many beneficiaries can I add to my life insurance plan?
You must add at least one beneficiary to your life insurance plan. The beneficiary can be your spouse, children, relative, business partner or trust based on the terms and conditions of your selected plan.
Additionally, you can provide a primary and a secondary beneficiary, wherein if the primary beneficiary is dead, missing or unavailable, the benefits can be transferred to the secondary beneficiary.
What is the best type of life insurance policy?
The best type of life insurance policy for you depends on your needs, goals and budget. Life insurance policies are now designed to cater effectively to every individual. Customisation (by way of riders) also helps enhance your coverage. Click here to learn more.
What does life insurance not cover?
Life insurance policies are subject to terms and conditions relating to certain kinds of deaths or other exclusions. Some of these exclusions include:
- Pre-existing condition
- Driving a vehicle while intoxicated
- Participation in any illegal activity
- Self-inflicted Injury
- Natural disaster
- Homicide
Does a life insurance plan have maturity benefits?
Yes, term insurance with return of premium (TROP plans) and endowment plans (Savings Plan) offers maturity benefits.
What is a "free look period" in life insurance?
The free look period is the time the regulator (IRDAI) gives to the policyholder to assess and review the policy document. If you are unsatisfied with the policy features, exclusions or inclusions, you can terminate the policy within the free look period without attracting any penalty.
What is the eligible age for having a life insurance policy?
The eligible age will vary as per the product eligibility criteria. The minimum age for purchasing a life insurance plan in India is 18 years, and the maximum entry age is 65-70 years, based on the type of plan.
What are the flexible features of a life insurance plan?
Life insurance plans offer flexibility to the policyholder to make modifications depending on their changing needs. For example, you can change the size and tenure of the cover, top-up your premium, modify or switch investment plans, or opt for a flexible settlement option, among others.
Is life insurance an asset or liability?
Even though you pay periodic premiums for your life insurance plan, it can still be considered an asset. A life insurance policy with returns is an asset as it builds a cash value, and you get financial benefits while alive. Pure insurance plans, like term insurance, are an asset as they pay out a corpus to your family and help their financial security.
Disclaimer
- 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
- The complete name of Tata AIA Fortune Guarantee Plus is Tata AIA Life Insurance Fortune Guarantee Plus - Non-Linked, Non-Participating, Individual Life Insurance Savings Plan (UIN: 110N158V10)
- The complete name of Tata AIA Fortune Pro is Tata AIA Life Insurance Fortune Pro (UIN: 110L112V04) - Unit Linked Individual Life Insurance Savings Plan.
- The complete name of Tata AIA Fortune Guarantee Pension Plan is Tata AIA Life Insurance Fortune Guarantee Pension Plan (UIN:110N161V06) - A Non-Linked Non-Participating Individual Life Insurance 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.
- *Applicable for specific plan options. Please refer brochure for additional details.
- ~Applicable for specific plan options. Please refer brochure for additional details.
- #Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
- ++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.
- ^Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch.
- %This plan offers pure risk cover under Life Option and return of premium benefit under Life Plus Option. Additional options are also available in this plan. Please refer sales brochure for complete details.
- @“Guaranteed Annual Income” shall be a fixed percentage of the Annualised Premium / Single Premium (excluding discount) payable in a year. Guaranteed Annual Income as per the chosen Income Frequency shall commence after maturity till the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period.
- 1Return of Premium shall be the return of Total Premiums Paid (excluding loading for modal premiums, discount, any extra premium, rider premium and taxes) by the policyholder and shall be payable at the end of the Income Period irrespective of survival of the life insured(s) during the Income Period.
- 2Available under Regular Income with an Inbuilt Critical Illness Benefit option
- 3on a 5-year basis as of September 2022.
- 4©2020 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 the data published on various dates and procured from various sources and (5) shall not be construed as a n 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 traducing decisions, damages or other losses resulting directly or indirectly from the information
- 5Market-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.
- 6Loyalty Additions will be credited only if Policy is in-force and all due premiums have been paid. For Regular Pay & Limited Pay, additional units @ 0.20% of units in each of the funds under Regular Premium Account will be credited (post deduction of applicable charges) to the respective funds every Policy Anniversary starting from eleventh (11th) Policy Anniversary till end of Policy Term. For Single Pay, additional units @ 0.35% of units in each of the funds under the Single Premium Account will be credited (post deduction of applicable charges) to the respective funds every policy anniversary starting from sixth (6th) Policy Anniversary till end of Policy Term. Loyalty Additions are not payable on Top-up Premium Account.
- 75-year computed NAV for Multi Cap Fund as of September 2022. Other funds are also available in Tata AIA Life Insurance Fortune Pro.
- 8The 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).
- 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.
- Risk cover commences along with policy commencement for all lives, including minor lives.
- Policies sourced through PoS Channel will not have any medical examination. This plan is not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
- All Premiums and interest payable under the policy are exclusive of the taxes, rider premiums, underwriting extra premiums, loading for modal premiums, if any which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium or interest. Tata AIA Life shall have the right to claim, deduct, adjust, and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.
- Linked Insurance Products 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 Life Insurance Company Limited is only the name of the Insurance Company & Tata AIA Life Insurance Fortune Pro 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 fund is managed by Tata AIA Life Insurance Company Ltd.
- 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.
- 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.
- Various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. The underlying Fund's NAV will be affected by interest rates and the performance of the underlying stocks.
- 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.
- This publication is for general circulation only. This document is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. This document is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
- L&C/Advt/2023/May/1586
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