Best TATA AIA Life Insurance Plans In India
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The Tata AIA Life Insurance policies provide comprehensive coverage to their policyholders with a wide range of benefits and optional riders such as hospitalization cost coverage, critical care coverage, among others. The policies offer whole life coverage up to 100 years and also focuses on providing guaranteed regular income and payouts with the flexibility of partial withdrawals. The company also offers discounts on premium for women policyholders.
Here’s a read on detailed features and coverage of Tata AIA life insurance plans.
Pros
- Whole life coverage till 100 years.
- Lower premium rates for women policyholders and non-smokers.
- Option to enhance protection cover from a variety of riders.
- Robust customer care approach.
Cons
- Liquidating an annuity plan in the middle of the policy tenure is not allowed.
- Renewals of policies are an expensive affair.
- Highlights
- Types of Tata AIA Insurance Policies
- Tata AIA Retirement Insurance Policies
- Tata AIA Group Plans
- Other Insurance Plans
- How to Buy TATA AIA Life Insurance Policies Online?
- What is the Claim Settlement Process of Tata AIA Life Insurance Policies
- Whom to Connect with for TATA AIA Life Insurance Policies?
Highlights
Claim Settlement Ratio: 98.53% (FY 2021-22)
Coverage: Whole life coverage up to 100 years.
Benefits: Lump sum payout as death benefit.
Discount: Lower premium rates for women policyholders and non-smokers.
Types of Tata AIA Insurance Policies
Tata AIA Term Insurance Plans
The Tata AIA term insurance plans offer whole life coverage up to 100 years. They also provide flexibility to the policyholder in choosing the policy tenure and premium payment modes. These term insurance plans also come up with lower rates on premium for women policyholders, non-smokers and on higher sum assured.
Sampoorna Raksha Supreme
Key Features
- Terminal illness benefit is inbuilt in the plan.
- Flexibility to choose policy terms and premium payment modes.
- Option of choosing whole life cover till age 100 years.
- Offers pure risk cover under life option and return of premium benefit under life plus option.
Insta Protect Solution
Key Features
- Entry Age- 18 and 45 years.
- Sum assured range is INR 25 lakh to INR 70 lakh.
- Criticare plus benefit, accidental death benefit and accidental total and permanent disability benefit options available.
- Option to choose for a return of balance premium.
- Terminal illness benefit is inbuilt in the plan.
Maha Raksha Supreme
Key Features:
- Minimum entry is 18 years.
- Life cover up to age 85 years and whole life cover up to 100 years.
- Discounts on premium for women policyholders, non-smokers and on higher sum assured.
- Option to increase the life cover over and above the basic sum assured amount with life stage plus option.
- There is no maturity benefit.
Saral Jeevan Bima
Key Features
- Pure life protection plan with less additional benefits.
- Receive life coverage at lower premium cost.
- Low rates for female lives.
- Option to choose policy term and premium paying term.
- Riders are available at an extra premium cost.
Tata AIA Savings Plans
The Tata AIA offers a variety of curated saving plans which are designed to meet the investment and insurance needs of an individual. These plans offer guaranteed regular income benefits along with life coverage. The policyholder can also avail the loan facility against these savings plans.
Fortune Guarantee Plus
Key Features:
- Minimum annual premium is INR 5,000.
- Flexibility to choose plans such as regular income or regular income with an inbuilt critical illness benefit.
- Flexibility to choose an income period from 20 to 45 years.
- Option of joint life under single premium payment option.
- Enhance the coverage with optional riders such as accidental death and disability, waiver of premium
- Avail policy loan once the policy acquires the surrender value.
Guaranteed Returns Insurance Plan
Key Features:
- Minimum premium is INR 24,000 per year.
- Entry age: 18 years and 85 years.
- Flexibility to choose plan options such as endowment, regular income or whole life income.
- Receive maturity and death benefit.
- Guaranteed additions under the whole life income option.
- Enhance the coverage with optional riders such as accidental death and disability, waiver of premium
Smart Income Plus
Key Features:
- Receive guaranteed payouts ranging from 120% to 160% of annualized premium.
- Receive guaranteed maturity payouts under all the plan options.
- Two plan options such as regular income option and endowment option.
- Enhance the coverage with optional riders such as accidental death and disability, waiver of premium.
Smart Value Income Plan
Key Features:
- Entry Age: 30 days to 65 years.
- Option to choose between two plans such as cash bonus and accumulating cash bonus.
- Receive life cover along with the cash bonuses., if any.
- Whole life cover till the age of 99 years.
- Medical second opinion is offered at no extra cost.
- Receive death, maturity and survival benefit.
- Enhance the coverage with optional riders such as accidental death and disability, waiver of premium.
Diamond Savings Plan
Key Features:
- Entry Age: Three and 55 years.
- Minimum premium is INR 18,000 annually.
- Receive life cover along with guaranteed regular income benefits:
15-year policy with a five-year premium payment term, the income term is 10 years
20-year policy with a five-year premium payment term, the income term is 15 years
15-year policy with a six-year premium payment term, the income term is nine years
18-year policy with an eight-year premium payment term, the income term is 10 years
25-year policy with a 12-year premium payment term, the income term is 13 years
- Avail additional bonuses in the form of compound reversionary bonus.
- Option to choose from two option riders such as accidental death, dismemberment and disability rider, waiver of premium rider.
Gold Income Plan
Key Features:
- Guaranteed sum assured on maturity of the policy as lump sum benefit and an income starting at 12% of the basic sum assured.
- Guaranteed regular income following maturity for 10 or 15 years.
- Option to avail loan against this plan.
- Choose the premium payment term as annually, semi-annually, quarterly or monthly
- Option to choose from two option riders such as accidental death, dismemberment and disability rider, waiver of premium rider.
- The policy term is 12 and 15 years.
Money Back Plus
Key Features:
- Offer life coverage with three plan options.
- Inbuilt coverage for accidental death.
- Avail additional bonuses in the form of compound reversionary bonus.
- Riders available such as comprehensive protection and comprehensive health rider cover multiple risks such as hospitalization cost, critical illnesses or death, disability due to an accident.
- The maturity benefit is calculated as 50%, 60% or 70% of the basic sum assured along with the bonuses, if any.
MahaLife Gold
Key Features
- Entry Age: 0 to 60 years.
- Minimum sum assured is INR 1 lakh.
- Two life cover options up to the age of 85 years and a whole life coverage of up to 100 years.
- Option to avail regular monthly income and cash dividends, if any, from 10th policy year and sixth policy year onwards, respectively.
- Riders available such as comprehensive protection and comprehensive health rider cover multiple risks such as hospitalization cost, critical illnesses or death, disability due to an accident.
Tata AIA ULIP Insurance Policies
The Tata AIA unit-linked insurance plan provides an opportunity to invest in a mix of 11 investment funds along with the benefit of life cover. One can also enhance the scope of coverage by choosing the optional riders such as accidental death and dismemberment, waiver of premium. These plans provide death and maturity benefits along with the guaranteed additions.
Fortune Pro Plan
Key Features:
- Entry Age: 0 to 59 years.
- Minimum premium is INR 12,000 per annum.
- Option to pay premium once or for a limited period and get life cover for the entire term.
- Loyalty additions that enhance the fund value.
- Option to choose from 11 investment fund options.
- Top-up facility and flexibility of partial withdrawals are allowed.
- Availability of optional riders such as accidental death and dismemberment, waiver of premium.
Wealth Pro Plan
Key Features:
- Entry Age: 0 to 60 years.
- Minimum premium is INR 2,50,000 per annum.
- The policy term is 15 to 40 years.
- Receive maturity and death benefit along with the loyalty additions.
- Flexibility of top-up to enhance the value of sum assured.
- Option to withdraw the fund partially in case of any emergency.
- Option to choose from 11 investment fund options.
- Availability of optional riders such as accidental death and dismemberment, waiver of premium.
Fortune Maxima
Key Features:
- Entry Age: 0 to 60 years.
- Whole life cover up to 100 years.
- Option to choose from 11 investment fund options.
- Availability of optional riders such as accidental death and dismemberment, waiver of premium and protection and health rider.
- Option to switch between the investment funds as per the market conditions.
- The policyholder can withdraw the fund partially in case of any emergency.
Wealth Maxima
Key Features
- Entry Age: 30 days to 60 years.
- Minimum premium is INR 2,50,000 per annum.
- Option to choose from 11 investment fund options.
- Premium payment frequency is single payment, annually, half-yearly, quarterly and monthly.
- Wealth Pro plan offers the following riders if you choose the limited premium payment option:
1. Waiver of premium
2. Waiver of premium plus
3. Accidental death and dismemberment
4. Comprehensive protection rider
5. Comprehensive health rider
Smart Sampoorna Raksha Plan
Key Features
- Entry Age: 18 and 60 years.
- The policy term is 30 and 40 years.
- Whole life cover till the age of 100 years.
- Option to choose from 11 investment fund options.
- Return of premium allocation charges and mortality charges at different points during the policy term.
- Option to receive advice from medical experts with multiple consultations for three months in case of any critical illnesses.
- Offers the following riders if you choose the limited premium payment option:
1. Waiver of premium
2. Waiver of premium plus
3. Accidental death and dismemberment
4. Comprehensive protection rider
5. Comprehensive health rider
Tata AIA Retirement Insurance Policies
The Tata AIA retirement life insurance policies provide guaranteed regular income along with death and maturity benefits. It also provides the flexibility to opt for joint life cover to include your spouse under the same insurance policies.
Guaranteed Monthly Income Plan
Key Features
- Entry Age: Six to 60 years.
- Offers death and maturity benefits.
- Guaranteed monthly income plan up to 24 years.
- Monthly income at 8.35%-13.03% per annum of the total premiums paid.
- Option to choose additional riders such as accidental death and dismemberment and waiver of premium plus rider.
- Option to avail loan against this policy.
Smart Annuity Plan
Key Features
- Entry Age: 45 to 85 years
- Minimum monthly annuity payout is INR 1,000.
- Flexibility to top-up the coverage amount.
- Receive guaranteed regular income for the entire policy tenure.
- Option to choose joint life annuity for covering spouse.
- Offers immediate and deferred life annuity options.
- If bought online, avail 2% extra annuity and guaranteed income.
Saral Pension Plan
Key Features
- Flexibility to choose annuity options.
- Premium can be made only one-time for whole life annuity.
- Option to choose single or joint life annuity.
- Option to avail loan against this policy.
- Minimum monthly annuity payout is INR 1,000.
- Plan option:
1. Life annuity with return of 100% of purchase price.
2. Joint life last survivor annuity with return of 100% of purchase price on death of the last survivor.
Fortune Guarantee Pension Plan
Key Features:
- Flexibility to choose several annuity options.
- Option to choose single or joint life annuity to cover spouse, child, parent, parent-in-law or sibling.
- Option to choose additional riders such as comprehensive protection and comprehensive health rider.
- Receive a return of balance premiums on the maturity of the policy.
- Multiple plan options under death and annuity payouts.
- Receive guaranteed additions which are accumulated at the end of every policy month.
Tata AIA Group Plans
The Tata AIA Life Insurance offers several group insurance policies which support employers and other such groups to meet their employee benefit payouts in a most effective and affordable manner. These plans are designed in a way to secure the insurance needs of their members and their immediate family members at low premium cost.
Group Loan Protect Plan
Key Features
- Nine different plan options, offered to banks, financial institutions, non-banking financial institutions (NBFCs), who are authorized to have license and disburse loans.
- Provides coverage against uncertainties, such as death, terminal illness, disability and critical illness.
- Multiple premium payment term options.
- Flexibility to increase and decrease coverage amount and loan amount.
- Policy term ranges from two to 35 years.
- Option of choosing joint life cover.
- Lower premium rates for women policyholders.
Group Term Life Plan
Key Features
- Offers life coverage to employees and their immediate family against unforeseen death of the insured member.
- Receive the benefits of pure term plan, superannuation, gratuity, and loan cover among others under one plan.
- Applicable to the families of an employer-employee group, or a non-employer-employee group.
Group Sampoorna Raksha Plan
Key Features
- Offers life coverage to employees and their immediate family against unforeseen death of the insured member.
- Option to choose more benefits along with the death benefit.
- Flexibility to increase and decrease coverage amount and loan amount.
- Lower premium rates for women policyholders.
- Option to choose between single and joint life coverage.
- Policy term range from one month to 40 years.
Group Employee Benefit Plan
Key Features
- It is a ULIP plan which offers the flexibility to choose from five different investment funds.
- Receive loyalty additions for funds above INR 1 crore.
- Option to set up different funds for gratuity and leave encashment benefits.
- Option to switch between the funds.
- Benefits are payable to employees at the time of their retirement, resignation, termination or any other exit.
Traditional Group Corporate Benefit Plan
Key Features
- Option to set up separate funds for employee benefits and superannuation benefits.
- Benefits are payable to employees at the time of their retirement, resignation, termination or any other exit.
- Guaranteed return of 1% per annum on policyholder account value.
- Option to set up different funds for gratuity and leave encashment benefits.
- Life coverage to all the enrolled insured members.
- Policy can be renewed on an annual basis.
Other Insurance Plans
Saat Saath Plan
Key Features
- Offers returns on survival till maturity.
- Offers maturity benefit ranges from 105% to 135% of the total premiums paid.
- Pay a single premium or seven years for a policy term of five years or years, respectively.
- No requirement for a medical test.
- Any earning individual between the age of 18 to 50 years can opt for this plan.
- More benefits for higher sum assured on survival till maturity.
- Guaranteed payouts under the regular income option.
Param Rakshak Plus Solution
Key Features
- Market-based returns on maturity at the end of the policy term.
- Death benefit is paid lump-sum to the policyholder’s nominee.
- Additional sum assured benefits in case of accidental death and in case of total and permanent disability due to accident.
- Coverage of more than 40 critical illnesses.
- Receive hospitalization benefit at 0.5% of sum assured per day. And, if the patient is admitted to the ICU, then receive twice the per day hospitalization benefit under “hospicare benefit”.
- Offers coverage up to the age of 100 years.
Param Rakshak Plan
Key Features
- Death benefit is paid lump-sum to the policyholder’s nominee.
- Additional sum assured benefits in case of accidental death and in case of total and permanent disability due to accident.
- Market-based returns on maturity at the end of the policy term.
- This plan does not offer critical care and hospi care benefits like the Param Rakshak Plus plan.
- Offers coverage up to the age of 100 years.
Smart Health Shield Plan
Key Features
- Offers protection against cancer, cardiac disease and 29 other critical illnesses.
- Provides coverage for heart disease and cancer (including early stage diagnosis).
- Get a premium waiver option in the event of any major disease.
- Receive rewards for a healthy lifestyle if enrolled in a wellness program.
- Annual health screening, inbuilt in the plan.
- Other optional advantages such as monthly income benefit and return of balance premiums.
How to Buy TATA AIA Life Insurance Policies Online?
The Tata AIA Insurance policyholders can buy their insurance policy online by simply logging to their website. Below mentioned is the quick step-by-step guide which helps you in buying the policies of Tata AIA Life Insurance online:
- Visit the official webpage of the company and click on the tab “buy insurance policies”.
- Select the kind of policy you would like to purchase such as term insurance, ULIPs, savings or retirement insurance plans.
- Once you have selected the kind of policy and coverage required, fill-in all the required details such as full name, date of birth, pin code, e-mail id, age, gender.
- Once you have selected the policy and fill in all the details, proceed to buy it online via website.
- Premium can be paid online via credit/debit card or e-wallets, net banking among others.
What is the Claim Settlement Process of Tata AIA Life Insurance Policies
Step 1: Notify the company about the death of the policyholder, if you are their beneficiary.
Step 2: The beneficiary needs to download the form from the company’s website and fill in the claim application form with other required documents.
Step 3: Once the form is submitted, the insurance company will verify the documents to register the claims.
Step 4: After the successful verification of documents, the insurer provides the payouts as per the policy conditions.
Whom to Connect with for TATA AIA Life Insurance Policies?
As we have already mentioned the online process of buying a policy, you can also buy or renew your policy by directly connecting with the company. Following are the details of their respective customer care:
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