About TATA AIA Life Insurance

Started its operations in the year 2001, TATA AIA Life Insurance Company is a joint venture between the leading trading enterprise in India TATA Sons and the leading independent insurance company, AIA group. TATA Sons holds the major shares with a 51% stake while AIA Group holds 49% stake.

The company has been counted among the leading life insurance providers with a creditable record of 98% claim settlement ratio in the financial year 2017-18. The company also claims to have settled 100% complaints coming from various backgrounds. The insurer offers customized insurance solutions to individuals, business groups and associations. The life insurance policies offered by the insurer are worth someone’s money. Let us consider the plans in details:

Why Choose Tata AIA Life Insurance?

  • The company holds the ability to settled 98% of registered claims in the year 2017-18
  • It claims 100% complaint settlement in the year 2015-16
  • Fastest claim settlement within 8 working days
  • Strong customer base and wide network distribution
  • The riders benefits offered by the insurer are the ideal option to be covered extensively
  • Awarded with the best employer award in the year 2017

Eligibility Criteria to Buy Tata AIA Life Insurance

The minimum eligibility to buy TATA AIA life insurance is 18 years. The age should not exceed 70 years. However, the different LI plans come with different entry age limit.

Types of TATA AIA Life Insurance Plans

The various types of insurance policies offered by TATA AIA Life Insurance include:

  • Protection Plans
  • Child Plans
  • Savings Plans
  • Wealth Plan

TATA AIA Life Protection Plans

The Protection Plans of TATA AIA offer the complete protection to the insured family in case something unexpected happened to the insured. The death benefit offered under this policy can be used to lessen the financial burden on the family. The TATA AIA Protection Plans include:

Plan Name Eligibility Criteria Policy Tenure Sum Assured
TATA AIA Life Insurance Sampoorna Raksha Minimum: 18 years

Maximum: 70 (for regular pay)

5-70 years (limited pay)

10-65 year (limited pay)

10/15/40 years 50,00,000-no limit
TATA AIA Life Insurance Sampoorna Raksha Plus Minimum: 18 years

Maximum:

5-70 years (Regular/limited pay)

10-65 year (limited pay)

10/15/30 years 50,00,000-no limit
TATA AIA Life Insurance iRaksha Trop Minimum: 18 years

Maximum: 65 years

10 to 30 years 50,00,000-no limit
TATA AIA Life Insurance iRaksha Supreme Minimum: 18 years

Maximum: 70 years

10/15/40 years Rs. 75,00,000 –Rs. 5 cr or above. (limited pay)

Rs. 75,00,000- Rs. 1 cr. (Single pay)

TATA AIA Life Insurance Child Plans

TATA AIA Child Plans are useful in secure a financially protected future of the children of the insured.  The sum assured or the maturity amount can be used for child education, marriage or to fulfill the other life goals. The Child Plans of TATA AIA life insurance include:

Plan Name Eligibility Criteria Policy Tenure Sum Assured
TATA AIA Life Insurance Super Achiever Life Assured: 25-50 years

Child: 0-17 years

10 to 20 years 10 x Annualised Premium (AP)
TATA AIA Life Insurance Good Kid Life Assured: 25-45 years

Child: 0-17 years

12 to 25 years 2,50,000-no limit

TATA AIA Life Insurance Savings Plans

To fulfill the various life goals, one needs to plan its finances accordingly. Good planning ensures financial security even in case of an unforeseen event. Life insurance should be one’s financial portfolio, which enables the insured to save a sufficient amount for the family. The Savings Plans of TATA AIA life insurance offer significant financial protection in case of a sudden death of the breadwinner of the family. These plans include:

Plan Name Eligibility Criteria Policy Tenure Sum Assured
Tata AIA Life Insurance

Diamond Savings Plan

Minimum: 0

Maximum: 50 years

18/25 years 11 times of the AP
Tata AIA Life Insurance

Gold Income Plan

Minimum: 6 years (5 pay)

3 years (12 pay)

Maximum: 65 years (5 pay)

55 years (12 pay)

12/15 years Equal to the annual premium
Tata AIA Life Insurance

Smart Income Plus

Minimum: 3 years

Maximum: 50 years

15/21/25 years 11 times of the annualised premium
Tata AIA Life Insurance

Monthly Insurance Plan(MIP)

Minimum: 0 years

Maximum: 50 years

15 and 20 years Rs. 114,482- based on maximum premium
Tata AIA Life Insurance

Secure 7

Minimum: 18 years

Maximum: 55 years

14 years Rs. 2,50,000
Tata AIA Life Insurance

MahaLife Supreme

Option A Option B 35 years 10 times AP for both plan options
Minimum: 18 years

Maximum: 50 years

Minimum: 18 years

Maximum: 50 years

Tata AIA Life Insurance

Fortune Guarantee

·         8-65 years

·         7-65 years

·         6-65 years

·         3-65 years

·         0-60 years

·         0-59 years

10/11/12/15/20/21 years 10 times of annual premium
Tata AIA Life Insurance

Insta Wealth Plan

Minimum: 2 years

Maximum: 51 years

10/15/20 years Rs. 1,00,000- Rs. 20,00,000
Tata AIA Life Insurance

Money Back Plus

Minimum: 0 years

Maximum: 45 years

16/20/24 years Rs. 20,00,000
Tata AIA Life Insurance

Smart 7

Minimum: 6 years

Maximum: 55 years

12 years Rs. 20,00,000- no limit
Tata AIA Life Insurance

Smart Growth Plus

Minimum: 0-18 years

Maximum: 50 years

10/30 years Rs. 1,50,000-no limit
Tata AIA Life Insurance

MahaLife Gold Plus

Minimum: 30 days

Maximum: 55 years

85 years minus insured’s age at entry Rs. 20,00,000- no limit
Tata AIA Life Insurance

MahaLife Gold

Minimum: 30 days

Maximum: 55 years

85 years minus insured’s age at entry Rs. 1,00,000-no limit
Tata AIA Life Insurance

MahaLife Magic

Minimum: 12 years

Maximum: 55 years

18 years Rs. 20,00,000- no limit
Tata AIA Life Insurance

Money Maxima

Minimum: 12 years

Maximum: 50 years

12 years-30 years Rs. 1,00,000

TATA AIA Life Insurance Wealth Plans

These plans come with liquidity options and good for the customers with risk appetitive. These offer the dual benefits of insurance and investment. Wealth plans of TATA AIA life insurance include:

Plan Name Eligibility Criteria Policy Tenure Sum Assured
Tata AIA Life Insurance

InvestOne

Minimum: 0 years

Maximum: 60 years

15 to 30 years 1.25 times of single premium
Tata AIA Life Insurance

Fortune Maxima

Minimum: 0 years

Maximum: 60 years

100 minus age at entry For single pay:

1.25 times the Single Premium

For limited pay:

Higher of (10xAP) OR (0.5xPolicy

Term x AP)

Tata AIA Life Insurance

Fortune Pro

Minimum: 0 years

Maximum: 59 years

15/40 years For single pay

1.25 times the Single Premium

For regular/limited pay –

Higher of (10xAP) OR (0.5xPolicy Term x

AP)

Tata AIA Life Insurance

Wealth Maxima

Minimum: 0 years

Maximum: 60 years

100 minus age at entry For single pay:

1.25 times the Single Premium

For limited pay:

Higher of (10xAP) OR (0.5xPolicy

TermxAP )

Tata AIA Life Insurance Riders

The rider covers offered by TATA AIA life insurance are useful in increasing the basic policy coverage. The insured can buy these at an additional cost and stay protected with a wider coverage. TATA AIA life insurance riders include:

Plan Name Eligibility Criteria Policy Tenure Sum Assured
Tata AIA Life Insurance

Waiver of Premium Plus (Linked) Rider

Minimum: 18 years

Maximum: 60 years

5 years All future premiums of the basic plan will be waved
Tata AIA Life Insurance

Waiver of Premium (Linked) Rider

Minimum: 18 years

Maximum: 60 years

5 years All future premiums of the basic plan will be waved
Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider Minimum: 18 years

Maximum: 60 years

5 years Rs. 50,000
Tata AIA Life Insurance

Waiver of Premium Plus Rider

Minimum: 18 years

Maximum: 60 years

5 years All future premiums of the basic plan will be waved
Accidental Death and Dismemberment (Long Scale) (ADDL) Rider Minimum: 18 years

Maximum: 60 years

Minimum: 18 years

Maximum: 60 years

Rs. 50,000
Tata AIA Life Insurance

Term Rider

Minimum: 18 years

Maximum: 65 years

5/57 years Rs. 5,00,000- Rs. 49,00,000

TATA AIA Life Insurance Plans Claim Process

The insurer ensures a hassle-free and secured claim settlement. It also holds 98% claim settlement ability in the year 2017-18. One can claim his/her insurance either online or offline. In order to claim a life insurance policy the insured needs to follow the easy steps of claim settlement:

Step 1: Online Claim Intimation

Those who want to file for an online claim can initiate the same by visiting the official website of TATA AIA and click on the ‘claim’ button on the home page. Go for the ‘Online Claim Intimation’ option. On clicking, an onscreen online form will appear which needs to be filled by the claimant. The type of claim needs to be selected from the given options, along with the following details:

  • Name of the Life Assured
  • Number of the life insurance policy
  • In case of death, the date of the incident
  • Cause of the death
  • Name of the applicant
  • Email address of the applicant
  • Contact number of the applicant
  • Address of the person

The required documents also need to be uploaded if any. On completing the form, the applicant needs to click on the submit button.

Step 2: Document Verification

Once the insurer will review the documents and notifies if any additional claim related document is required.

Step 3: Settlement on Verification

On receiving the extra documents if any, the insurer will settle the claim and communicate the same with the claimant. The settled amount is transferred through NEFT directly to the account of the claimant.

Offline Process

Those who wish to apply offline, the same can be done by visiting a nearby branch of TATA AIA Life Insurance Company. One can call on the helpline number as well asking for the assistance.

Alternately, one can approach an insurance agent to file a claim. A claimant visiting  the nearest branch of TATA AIA to file a claim will require to give the below details:

  • Name of the Life Assured
  • Number of the life insurance policy
  • In case of death, the date of the incident
  • Cause of the death
  • Name of the applicant
  • Email address of the applicant
  • Contact number of the applicant
  • Address of the person

The claim form along with the relevant documents needs to be submitted at the branch. The claim team will verify everything and if it meets the requirements of the company then the claim will be settled within 8 working days. The claimed amount will be transferred through NEFT to the account of the applicant.

TATA AIA Life Insurance FAQ’s

What is the minimum eligibility to take life insurance policy?

Ans. Anybody who has completed 18 years of age is eligible to take life insurance policy. A life insurance policy can be taken for self, spouse, dependent children or parents.

What are the life insurance policies offered by TATA AIA?

Ans. the various life insurance plans offered by TATA AIA include:

  • Child Plans
  • Savings Plans
  • Protection Plans
  • Wealth Plans
  • Rider Plans

For more information, you can visit the official website of the insurer.

What are the available modes to pay the premium with TATA AIA?

Ans. One can pay the premiums for various plans through monthly, quarterly, half-yearly and annually as per his/her convenience.

Can I pay the premiums online? If yes then what are the payment options are available with the insurer?

Ans. Yes, you can pay the policy premiums online as well. To do so just visit the official website of the insurer, go to the renewal option, select the type of the plan, calculate the premium and pay it through Debit/Credit card, ECS, Net Banking etc.

I want to change the nomination details in my TATA AIA Life Insurance plan? How to go with this?

Ans. To change the nomination details in the life insurance policy, you will have to give a written request in the relevant form and submit to the insurer. The change in nomination will be updated in their records within a stipulated time.

How much coverage is sufficient for me if I opt for a life insurance policy from TATA AIA?

Ans. this can be depended on your insurance requirements. Make sure you are offered with the sufficient coverage. You should analyse your requirements before finalizing a policy from every aspect. Usually, the offered coverage should be 7 to 10 times your annual income.

What is the right time to buy life insurance?

Ans. The insurance experts suggest you to buy life insurance at the younger age. The reason is that you remain more active and healthy at the young. Insurance premium is calculated based on the risk appetite of the insurer. At the young stage, the risk appetite is low so the premium.

What are the factors to be considered while buying a life insurance company?

Ans. Buying life insurance can be tedious with various insurers offering a range of life insurance policies with similar features. However, your concern should be buying the one with right coverage within the budget. You should consider the features and ensure the coverage is sufficient. You can compare the plans through an aggregator website which will help you make an informed decision at the time of purchasing. Also, consider the premium offered by the insurer. Make sure it is affordable and at per the requirements.

What is the procedure for applying a duplicate policy document?

Ans. In case the original policy document is lost or misplaced, the insured can apply for a duplicate one. In order to apply for a duplicate policy, one has to visit the nearest branch and fill out a ‘Lost Policy Declaration’ form. The insurer will allot a duplicate copy on submission and verification of the details provided in the application form.

Can I cancel a life insurance policy with TATA AIA Life Insurance?

Ans. Yes you can. The company provides 15 days free-look period within which a purchased policy can be terminated. In order to do so, you can fill a request form and surrender the policy. If it is done within the free look period, the paid premiums will be refunded.

Is there any grace period to renew an expired policy?

Ans. Yes, the insurer offers a 30-day grace period you happen to forget the policy renewal date. You can renew the plan by paying the premium with applicable penalties. If you fails to do so, the policy will be lapsed. However, a lapsed policy can be revived within 2years form the date of its expiry by paying the outstanding dues and fine.

Latest Articles

Other Insurers