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Tata AIA Life Insurance

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Tata AIA Life Insurance

Overview
Tata AIA Life Insurance Co. Limited is one of the largest insurers in India. The company achieved the weighted premium mark of Rs. 1, 048 crore for the financial year 2016-17. The company has also maintained a claim settlement ratio of 96.01%. The company has an extensive network in the country and offers insurance products like child plans, Term plans, retirement plans and investment plans among others.

The company is a joint venture organization that was setup by the AIA Group Limited, one of the biggest pan-Asian insurance companies and Tata Sons Limited, the controlling entity of the Tata Group, one of India’s biggest business houses.

Tata AIA Life Insurance at a glance
  • Retail claims settlement ratio of 96.01% as of FY 2016-17.
  • Over 30 million individual policies
  • Premium of INR 1,048 crores for the financial year ending March 2017
  • Vast network in over 100 countries
  • Works with a mission 'To improve the quality of life of the communities
Tata AIA Life Insurance Co. Limited Term Plans
There are several Term plans on offer at Tata AIA Life Insurance Co. Limited. There is the MahaLife Supreme plan which offers an Term assurance scheme where you can plan your savings along with getting regular annual income. There is life insurance coverage available through this plan as well.

Documentation needed to apply for Tata AIA Life Insurance
  • Age proof - (Any One)
    Driving License, Passport, Voter ID Card, Birth Certificate, etc
  • Identity proof – (Any One)
    Driving License, Passport, Voter ID card, PAN Card, Aadhar Card, or any document which proves citizenship
  • Income proof
  • Address proof – (Any One)
    Driving License, Passport and Utility Bill should clearly mention the permanent address
  • Income proof – (Any One)
    Salary Slip, Form 16, ITR
  • Recent passport size photograph

Tata AIA Term Insurance Plans
  • Tata AIA Life Insurance Sampoorna Raksha: A non-linked non-participating term assurance plan. It offers the option of receiving either a Lump Sum benefit on Death or Lump Sum benefit on Death and Monthly Income for next 10 years while also enjoying the flexibility to enhance your life cover.
  • Tata AIA Life Insurance Sampoorna Raksha+: A non-linked non-participating term assurance plan with return of premiums on maturity. The plan offers a return of premiums paid on survival till maturity of the Policy with an option to receive either a Lump Sum benefit on Death or Lump Sum benefit on Death and Monthly Income for next 10 years.
  • Tata AIA Life Insurance iRaksha Trop: An online term insurance plan with return of premium. The plan is an ideal solution available online for easy access to provide a strong 'foundation' to protect the income of our loved ones.
  • Tata AIA Life Insurance iRaksha Supreme: A non-linked non participating term insurance plan. This online plan is designed to be an easy go to online pure term solution of choice ensuring your peace of mind at a very attractive and easily affordable price points.
  • Tata AIA Life Insurance Maha Raksha Supreme: A non-linked non participating term insurance plan. The plan offers a wide range of choices to fulfill your family's specific needs of financial protection.

1: Tata AIA Life Insurance Sampoorna Raksha: Tata AIA Life Insurance Sampoorna Raksha is a pure term insurance plan that provides financial protection to your family and offers you the flexibility to choose the plan that suits your need. The plan offers flexibility to choose from 4 Death Benefit options and offers a life cover for policy term up to 40 years or 80 years of age.

Advantages and benefits
  • Flexibility to choose from 4 Death Benefit options
  • Life Cover for Policy Term up to 40 years or 80 years of age
  • Choice of Regular or Limited (5 or 10 Years) Premium Paying Term
  • Lower premium rates for Non Smokers and Female lives
Features Description
Age at Entry Minimum: 18
Maximum:
For Regular Pay - 70 years
For Limited Pay 5 – 70 years
For Limited Pay 10 – 65 years
Age at Maturity Min: 28 years
Max: 80 years
Death Benefit Option
  • "Sum Assured on Death" payable on Death
  • "Sum Assured on Death" payable on Death & Monthly Income thereafter for 10 years
  • "Enhanced Sum Assured on Death" payable on Death
  • "Enhanced Sum Assured on Death" payable on Death & Monthly Income thereafter for 10 years
Policy Term (PT) Regular Pay/ Limited Pay 5 years: 10 to 40 years
Limited Pay 10 years: 15 to 40 years
Premium Payment Term (PPT) Limited Pay – 5 / 10 years
Basic Sum Assured Min: Rs.50,00,000
Max: No Limit
Premium Based on minimum/maximum basic Sum Assured
Premium Payment Mode Annual/ Half-yearly/ Quarterly/ Monthly

2: Tata AIA Life Insurance Sampoorna Raksha+: Tata AIA Life Insurance Sampoorna Raksha+ offers return of premiums paid on survival till maturity of the Policy. As a Term Assurance Plan with Return of Premiums on Maturity, the plan offers flexibility to choose between two death benefit options.

Advantages and benefits
  • Return of Premium1 - in case of survival till maturity
  • Life Cover for Policy Term of up to 30 years or up to Age 80 years
  • Choice of Regular or Limited (5 or 10 Years) Premium Paying Term
  • Lower premiums rates for Non Smokers and Female lives
Features Description
Age at Entry Minimum: 18
Maximum:
For Limited Pay 5 years – 70 years
For Limited Pay 10 years – 65 years
Age at Maturity Min: 28 years
Max: 80 years
Death Benefit Option
  • “Sum Assured on Death” payable on Death
  • “Sum Assured on Death” payable on Death & Monthly Income thereafter for 10 years
Policy Term (PT) Regular Pay/ Limited Pay 5 years: 10 to 30 years
Limited Pay 10 years: 15 to 30 years
Premium Payment Term (PPT) Limited Pay – 5 / 10 years
Basic Sum Assured Min: Rs.50,00,000
Max: No Limit
Premium Based on minimum/maximum basic Sum Assured
Premium Payment Mode Annual/ Half-yearly/ Quarterly/ Monthly

3: Tata AIA Life Insurance iRaksha Trop: Tata AIA Life Insurance iRaksha Trop is an online term plan ensuring peace of mind due to financial protection provided to your family during the term of the policy but also return the total premiums paid at the end of the policy term.

Advantages and benefits
  • Choice of premium payment to suit your convenience
  • Benefit from a healthier lifestyle through preferential Premium Rates for Non-Smokers.
  • Female customers can avail the benefit of lower rates
  • Discount on rates for customers opting for higher level of protection
Features Description
Age at Entry 18 - 65 Years
Maturity Age (last birthday) Max: 75 Years
Sum Assured Min: Rs.50,00,000 & Max: No Limit Subject to Underwriting (Sum Assured to be in multiples of Rs.1,00,000)
Policy Term and Premium Paying Term Policy term 10-30 years: Regular Pay, Single Pay, Limited Pay - 5 years
Policy term 15-30 years: Limited Pay - 10 years
Premium Payment Mode Annual / Semi Annual (For Semi Annual mode, Annual premium is multiplied by a loading factor of 0.51)

4: Tata AIA Life Insurance iRaksha Supreme: Tata AIA Life Insurance iRaksha Supreme offers protection starting as low as Rs. 12 per day. For a healthy non-smoker male aged 30 years for term of 25 years, the plan offers a Sum Assured of Rs. 50 Lacs and Regular Pay option.

Advantages and benefits
  • Choice of premium payment to suit your convenience
  • Benefit from a healthier lifestyle through preferential Premium Rates for Non-Smokers.
  • Female customers can avail the benefit of lower rates
  • Discount on rates for customers opting for higher level of protection
  • Tax benefits u/s 80C & 10(10D) of the Income-Tax Act, 1961
Features Description
Entry Age (last birthday) 18 - 70 Years
Maturity Age (last birthday) Max: 80 Years
Sum Assured Min: Rs.50,00,000 & Max: No Limit Subject to Underwriting (Sum Assured to be in multiples of Rs.1,00,000)
Policy Term and Premium Paying Term Policy term 10-30 years: Regular Pay, Single Pay, Limited Pay - 5 years
Policy term 15-40 years: Limited Pay - 10 years
Premium Payment Option Limited - 5 / 10 years
Regular Premium
Single Premium
Premium Payment Option Annual / Semi Annual (For Semi Annual mode, Annual premium is multiplied by a loading factor of 0.51)

5: Tata AIA Life Insurance Maha Raksha Supreme: A pure term plan that provides this required financial protection to your family. The plan comes with a wide range of choices to fulfill your family's specific needs of financial protection.

Advantages and benefits
  • Pure Protection Cover
  • Inbuilt Payout Accelerator Benefit advances 50% of Basic Sum Assured in the event of a Terminal Illness diagnosis, to help with expenses when needed most
  • Pay as Single Premium or as Regular premiums to suit your convenience
  • Discounted rates for female lives
Features Description
Entry Age (last birthday) 18 - 70 Years
Maturity Age (last birthday) Max: 80 Years
Basic Sum Assured Min: Rs.50,00,000 & Max: No Limit Subject to Underwriting (Sum Assured to be in multiples of Rs.1,00,000)
Policy Term 10 - 40 Years
Premium Payment Option Regular Pay/Single Pay
Premium Payment Modes Annual/Semi Annual/Quarterly/Monthly