Tata AIA Term Insurance
TATA Insurance Company is a joint venture between TATA Sons Pvt. Ltd and AIA Group Ltd. The company is amongst the top most life insurance providers in the Indian subcontinent. The company offers life insurance solutions in protection, savings, wealth creation and investment products.
For the financial year 2022-23, the company had a claim settlement ratio of 99.01% with more than 72 lakh families protected with its products. It has 400+ branches in India, 81,000+ crores of assets under management and promises express claim settlement in 4 hours. The company offers 3 term insurance plans namely, Sampoorna Raksha Supreme, SRS Vitality Protect, and Maha Raksha Supreme Select.
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Tata AIA Term Insurance Plans
TATA AIA Term Insurance Plans in 2024
Take a look at the below section to understand the different term plans offered by TATA AIA. For your understanding, we have mentioned TATA AIA term plans along with some of their unique features. Scroll below to read.
Comprehensive Plan
The plan offers various life coverage options, including Whole Life coverage up to age 100, and the added benefit of the Credit Protect option.
Unique Features
Low premiums for women
Life cover up to 100 years
24×7 online medical consultation
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Sampoorna Raksha Supreme (Pros)
2 Premium Payout Options
2 Rider Option
Top-Up Sum Assured
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Sampoorna Raksha Supreme (Cons)
No Loans Allowed
Only 1% Discount on Installment
No Suicide Cover in Terminal Illness
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Sampoorna Raksha Supreme (Other Benefits)
Non-Forfeiture Benefit
Survival and Maturity Benefit
Payor Accelerator Benefit advances 50% SA
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Sampoorna Raksha Supreme (Eligibility Criteria)
Entry Age – 18 years
Max Entry Age – 60 years(POS)
Minimum Sum Assured – 1 L
Maximum Maturity Age – NA
Premium Payment Term – LP/RP/SP
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Critical Illness Plan
This is a comprehensive plan that provides financial protection by combining life coverage with critical illness, accidental death and more.
Unique Features
Lump Sum Benefit
Payor Accelerator Benefit
Surrender Value Offered
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Insta Protect Solution (Pros)
Covers Death Due to Accident
No Medical Tests
Accelerated Terminal Illness
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Insta Protect Solution (Cons)
No Loans Allowed
No Maturity Benefit
No Suicide Cover in Terminal Illness
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Insta Protect Solution (Other Benefits)
Return of Premiums (Optional)
Survival and Maturity Benefit
Health and Wellness Benefits
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Insta Protect Solution (Eligibility Criteria)
Entry Age – 18 years
Max Entry Age – 45 years
Minimum Sum Assured – 25 L
Maximum Maturity Age – 75 Yrs
Premium Payment Term – LP/RP/SP
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Standard plan
Tata AIA Life Insurance Saral Jeevan Bima
This is a simple and affordable plan that protects your family financially. The plan allows you to enhance your protection with the help of optional riders.
Unique Features
Flexibility to choose policy term
Lower premium rate for females
Avail Tax Benefits
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Available for Online Buying
Choose to pay Premium Once
Max Sum Assured 50L
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No Survival Benefit
No Maturity Benefit
No Surrender Benefit
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Saral Jeevan Bima (Other Benefits)
Suicide Cover
Spouse Cover
Policy Revival Within 5 Years
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Saral Jeevan Bima (Eligibility Criteria)
Entry Age – 18 years
Max Entry Age – 65 years
Minimum Sum Assured – 5 L
Maximum Maturity Age – NA
Premium Payment Term – RP/SP/LP(5&10 Years)
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Comprehensive Plan
An all-inclusive plan that comes with mental and physical wellness features, discount on premium, early rewards and high sum assured of 2 crores.
Unique Features
Life Coverage With Term Booster
Wellness Based Discount
Rider Sum Assured Boosters
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SRS Vitality Protect (Pros)
10% Guaranteed Discount
Wellness Rewards Program
Guaranteed 1st Year Discount
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SRS Vitality Protect (Cons)
No Plan Conversion Option
No Maturity Benefit
Limited Premium Payment Terms
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SRS Vitality Protect (Other Benefits)
75% SA Terminal Illness Coverage
Cover Boosters
Up To 30% Rider Premium Discount
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SRS Vitality Protect (Eligibility Criteria)
Entry Age – 18 years
Max Entry Age – 65 years
Minimum Sum Assured – 50 L
Max Maturity Age 100Yrs
Premium Payment Term – (5-81 Yrs) LP/RP/SP
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Comprehensive Plan
Tata AIA Maha Suraksha Supreme
A whole life cover plan that offers flexible premiums, covers terminal illnesses with 50% of the basic sum assured upon detection, and a life stage plus option.
Unique Features
Life/Life Plus Income Options
50% of SA on Terminal Illness
Female & Non-Smoker Discounts
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Maha Suraksha Supreme (Pros)
Additional Riders
High Cover Discount
Life Coverage with Terminal Illness Payout
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Maha Suraksha Supreme (Cons)
No Policy Loan is Available
No Plan Conversion Option
No Maturity Benefit
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Maha Suraksha Supreme (Other Benefits)
Payout Accelerator Benefit
105% SA Death Benefit
Whole Life coverage (till age 100 years)
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Maha Suraksha Supreme (Eligibility Criteria)
Entry Age – 18 years
Minimum Sum Assured – 50 L
Max Maturity Age 100Yrs
Premium Payment Term – LP/RP/SP
Max Entry Age – 65 years(Adaptable)
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Comprehensive Plan
Sampoorna Raksha Supreme Credit Protect
This plan with 3 Income options comes with combined life coverage and terminal illness payout, offering benefits rider benefit and a 105% Death Benefit.
Unique Features
Life/Life Plus/Life Income Options
50% of SA on Terminal Illness
Female & Non-Smoker Discounts
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Sampoorna Raksha Supreme Credit Protect (Pros)
Additional Riders
High Cover Discount
Combines Life Coverage And Terminal Illness Payout
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Sampoorna Raksha Supreme Credit Protect (Cons)
No Policy Loan is Available
No Plan Conversion Option
No Maturity Benefit
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Sampoorna Raksha Supreme Credit Protect (Other Benefits)
Payout Accelerator Benefit
Early Mover Advantage
Whole Life coverage (till age 100 years)
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Entry Age – 18 years
Minimum Sum Assured – 50 L
Max Maturity Age 100Yrs
Premium Payment Term – LP/RP/SP
Max Entry Age – 65 years (Adaptable)
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Why You Should Choose a TATA AIA Term Insurance Plan
Multiple features have made Tata AIA Term Insurance the leader in the insurance industry since its inception.
Wide range of products: TATA AIA Insurance Company provides three comprehensive term plans to meet the needs of varying customers. Apart from term plans the company offers retirement, investment, savings, and pension plans as well.High Claim Settlement Ratio: TATA AIA has a claim settlement ratio of 99.01, which clearly shows their claim settling ability is very good and does not hamper customers’ satisfaction.Strong financial track record: According to the published report by IRDAI (2021-2022), Tata AIA has a solvency ratio of 1.89, showing the company has a strong financial track record and indicating a long-term ability to solve financial obligations with the policyholders.Large network of branches and agents: Tata Term Insurance Company has a large network of more than 400 branches and more than 7,000 employees working across India. Making it easy for customers to access their services and get support in tough times.Hassle-free customer experience: Tata AIA Term Plan has been dedicated to providing seamless and hassle-free customer experience since its inception. And online services make it more convenient to solve queries more rapidly.
Benefits of TATA AIA Term Insurance Plans
Everyone wants to make sure that their loved ones have a comfortable life without any financial obligations. If you are the sole breadwinner of your family, a suitable Term plan should be the best option for your family.
Affordable Premiums:
The golden rule of purchasing a term plan is to buy at the right age; the shorter the period, the lesser the premium amount you have to pay for your plans. TATA AIA term plans come with affordable premiums for a good amount of coverage.
Availability of Riders:
Since term plans are not enough for financial support for your family, the availability of riders could also enhance your protection in tough times and TATA AIA term plans come with multiple riders.
Options of Premium Payment:
Tata AIA Term plans provide multiple ways of paying your premiums, be it monthly, quarterly, half-yearly or annually.
Flexible Payout Option:
With TATA AIA Term plans, you have the flexibility to choose how your family will receive the sum assured. Death benefit payout can be in the form of a lump sum, a monthly or annual income, or a combination of a lump sum and a series of payments.
Special Rates for Females & Non-Smokers:
TATA Term Insurance offers special discounts on premiums for female policyholders. Which aims to encourage them to live a healthy lifestyle and give them a financial cushion in your absence.
TATA AIA Term Plan Riders
Riders play a very important role in enhancing the protection of your. Families and supporting their financial needs in tough times.
Here is the list of the riders you can purchase with the TATA AIA term insurance plans:
Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider
The rider provides additional coverage against any unforeseen events like accidents, death, accidental disability, or critical illness such as cancer, heart disease, brain diseases, and much more. It aims to help you and your families when you are not able to earn money. Along with the life cover, it provides extended coverage to your family.
Tata AIA Life Insurance Non-Linked Comprehensive Health Rider
With the comprehensive health rider, you can cover yourself under different risks such as hospitalization, accidental disability, and critical illnesses like cancer and cardiac arrests at minor and major stages. Along with this, the rider provides additional coverage for any injury caused by accidents.
How to buy TATA AIA Term Plans?
The insurers sell two-term plans online and you can purchase them easily from their official website. The two plans are TATA AIA LIFE Insurance Sampoorna Raksha Supreme and a newly launched plan TATA AIA LIFE Insurance Insta protect solution.
We have provided a clear breakdown to help you navigate the buying process easily:
Visit the official website of TATA AIA.Click on “Buy Term Plan” on the navigation panel.Fill in your details required such as name, email address and number on the form provided.Enter the OTP received on your registered mobile number and Email ID.Enter details such as gender, smoker-non smoker, date of birth, annual income, education qualification, and profession, and click on “Continue”.Check policy and premium details.Pay the premium online.
After making the payment, the company will send a soft copy of the policy to the registered email address of the customer.
How to Register a Claim Online?
All claim settlements are the topmost priority for any insurance provider. To claim a policy only these are the steps one needs to follow for a smooth process
1
Visit the official website of TATA AIA
2
Register your claim by uploading all the necessary documents for verification
3
Once all the documents are verified by the insurer, the claim will be processed and the claim amount will be disbursed.
TATA AIA has commenced two new initiatives to make the claim process smoother. Read below to know more about the same:
Easy claim doorstep service –Easy Claim Initiative provides convenient claim service at your doorstep. The Beneficiary can call our helpline to schedule an appointment.Express claim 4-hour settlement-Express Claims service, a unique service initiative, the Beneficiary can submit the necessary documents with TATA AIA agent who will initiate the claim process and ensure that the claim amount is received within 4 hours.
How to Contact TATA AIA Life Insurance Company
B- Wing, 9th Floor, I-Think Techno Campus, Behind TCS, Pokhran Road No.2, Close to Eastern Express Highway, Thane(West) – 400 607
TATA AIA Term Plans: FAQs
1. What are the premium payment options available for TATA AIA Term Plans (TATA AIG term plans)?
The company provides customers with a variety of convenient options to make premium payments. The payment for the TATA AIA term life insurance plans (TATA AIG term life insurance) can be made through:
Online payment through Net banking /Credit Cards/Debit Cards/Paytm/Wallets etc.At all Tata AIA Life Insurance Company Ltd. branches locationsMobile apps – PAYTM, HDFC PAYZAPP, JIO MONEY & Amazon PayPayment through Bank site using ‘Bill Pay’Payment to company’s banking partner – State Bank of India/ Axis Bank /IndusInd BankPayment at the Retail Outlets (Suvidhaa, Andhra Pradesh Online, Common Service Centres)Online Standing Instruction through Credit Card, Visa Master, and American Express card.Contacting the customer care number of the company
2. Does being a smoker affect my term insurance premium amount?
Yes. If you are a smoker, you have to pay a higher premium amount than a non-smoker.
3. Can the premium amount change after some time?
No, one can’t change a term plan’s specifications after buying it. However, if required, one can opt for a plan that has an increasing or decreasing sum assured.
4. What are the documents required to file a death claim?
Photo identification proofCurrent address proofCancelled chequeDeath certificateProof of legal title to the claim proceedsCause of death – related document
5. Is it possible to change the beneficiary of the TATA AIA term plan?
Yes, you can change the beneficiary of the TATA AIA term plan during the tenure of the policy.
6. Can I cancel the TATA AIA term plan after it has been issued?
TATA AIA term plan offers 30 days free look period to cancel your policy and the premium paid will be refunded.
7. What happens if I don’t pay my premiums on time?
Tata aia term insurance offers a grace period of 30 days in which you can pay your premium. If the premium is not paid during the grace period, your insurance policy will lapse, and you will have two years to revive it.
8. Do TATA AIA term plan offer maturity benefits?
No, TATA AIA term plan does not offer maturity benefits. You can choose the Term Insurance with Return of Premium (TROP) Plan in which you can get back the premiums paid on term insurance.
9. What are the types of plans introduced by the company TATA AIA?
TATA AIA Sampoorna Raksha SupremeTATA AIA Maha Raksha SupremeSaral Jeevan BimaTATA AIA Smart Sampoorna RakshaTATA AIA Insta Protection Solution
10. What is the Claim Settlement ratio of TATA AIA Term Insurance Plan?
The Claim Settlement Ratio of TATA AIA Term Insurance plan 99.01% .
11. What is the flexible payment mode of TATA AIA Term Insurance?
The mode of payments of TATA AIA Term Insurance plans are: yearly, half-yearly, quarterly, and monthly.
12. Documents required for claim settlement online in TATA AIA term insurance plan?
Documents required for online claim settlement are:
Claim IntimationSubmission of claim DocumentsClaim Settlement decision and Payments.
13. What if we want to cancel the TATA AIA Term Insurance Plan?
The Policyholder must first fill the surrender form and then attach the relevant documents at the nearest branch. After going through the documents the company will transfer the amount in the policyholder’s bank account. And the policy will be cancelled forever.
14. Can I purchase a TATA AIA term plan for my partner or child?
You may only purchase a TATA AIA term plan for yourself. If your spouse earns a salary, they can purchase it for themselves. You can always choose to have your spouse or child get the death benefit, though.
15. Do the Tata AIA Term plan’s conditions differ for smokers and non-smokers?
The terms of the Tata AIA Term plan are not different for smokers and non-smokers. The only charges that differ are premium rates and sometimes non-smoker’s discounts.
