Our Verdict
The Tata AIA Life Insurance offers a mixed variety of term plans ranging from the most basic ones to the most comprehensive plans. All the plans have death benefits along with certain additional riders and benefits. These term plans also offer lower rates for female lives and non-smokers. The policyholder of Tata AIA term plans is also entitled to a lump sum payment of the basic sum assured on the diagnosis of any terminal illness or end-stage diseases that cannot be cured or likely to lead to death.These plans come with useful optional add-on riders such as accidental death and disabilities among others.
Tata AIA Term Insurance
Coverage
Up to 100 years
Flexible options
For premium payouts
In-built terminal illness cover
Coverage
Up to 100 years
Flexible options
For premium payouts
In-built terminal illness cover
- Lower premium rates for non-smokers and women.
- Discount on premium for large sum assured.
- The plans can be easily purchased online or offline.
- Option to increase cover at crucial life stages.
- Long-term coverage up to 100 years.
- Pure term plans do not offer any survival benefits.
- No discount on the online purchase of policy.
Types of Tata AIA Term Insurance Plans
Tata AIA Sampoorna Raksha Supreme
The Tata AIA Sampoorna Raksha Supreme is the most comprehensive and best-selling term plan amongst all the other term insurance plans of Tata AIA. This term plan provides multiple plan options like Life, Life Plus, Life Income and Credit Protect option which comes with the live coverage up to 100 years.
Key Features:
- Under the “Life Option”, the life assured is entitled for a death benefit, where the sum assured is paid to the nominee in case of a demise of the life assured. If the policyholder chooses the top-up or life stage option, then the death benefit includes an extra sum assured. This option also has an in-built payor accelerator benefit, that provides 50% of the sum assured towards any diagnosis of terminal illness.
- Under the “Life Plus Option”, the life assured can receive a survival benefit of 105% of the total premiums paid at the end of the policy term, provided if the policy is not terminated earlier. This option also has an in-built payor accelerator benefit, that provides 50% of the sum assured towards any diagnosis of terminal illness.
- Under the “Life Income Option”, the policyholder is entitled to receive regular monthly income along with the death benefits. This option also has an in-built accelerator benefit, that provides 50% of the sum assured towards any diagnosis of terminal illness.
- Under the “Credit Protect Option”, the total sum assured is received as a death benefit to the nominee of the life assured, if all the premiums have been paid up to date. This option also has an in-built payor accelerator benefit, that provides 50% of the sum assured towards any diagnosis of terminal illness.
- This plan offers the whole life coverage up to 100 years of age.
- The minimum sum assured for this policy is INR 1 lakh, with no limit on the maximum sum assured amount.
- Lower premium rates for women and non-smokers.
- Add-on riders:
1. Extra coverage against unforeseen events such as accidental death or disability, critical illnesses and terminal illnesses.
2. The policyholder has an option to extend the coverage of the specific rider under the same plan.
3. The policyholder has an option to receive the balance premium amounts on maturity of the policy.
4. Option to choose benefit payout as a lump sum, monthly income for 10 years, or a combination of lump sum and income for a fixed period.
5. Option to choose one or more risk covers from illness, hospitalization and disability. Provides extensive coverage against major and minor illnesses with multiple claims features.
Who is Eligible for Tata AIA Sampoorna Raksha Supreme
TATA AIA Insta Protect Solution
The Tata AIA Insta Protect Solution is another kind of term insurance plan which comes with a useful combination of a life cover along with optional covers such as critical Illness, hospitalization expenses, accidental death and total and permanent disability.
Key Features:
- The sum assured packages range from INR 25 lakh up to INR 70 lakh.
- Option to choose flexible premium payouts such as single, limited or regular options.
- Along with the death life cover, the Insta Protect policy also offers other optional benefits:
1. Criticare Plus Benefit : The policyholder is entitled to receive a lump sum payout on the diagnosis of any listed 40 critical illnesses such as cancer or cardiac attack. The coverage is received up to INR 10 lakh, as per the sum assured package chosen.
2. Hospicare Benefit: This benefit takes care of day to day hospitalization expenses and covers 0.5% of the sum assured, if the policyholder is hospitalized in case of a medical emergency.
3. Accidental Total and Permanent Disability Benefit: The policyholder is entitled to receive a lump sum payout, in case of any total and permanent disability.
4. Accidental Death: This benefit pays an additional lump sum payout to the life assured’s nominee, in case of their accidental death.
Who is Eligible for Tata AIA Insta Protect Solution?
- Minimum and maximum entry age: 18 years and 45 years.
- Minimum and maximum maturity age: 23 and 75 years.
Tata AIA Saral Jeevan Bima
The Tata AIA Saral Jeevan Bima is a simple and pure risk premium term plan which aims to provide financial protection to the life assured’s family in case of his or her death during the policy term. This plan also offers the flexibility to the policyholder to choose premium payout options and premium paying term as per their convenience.
Key Features:
- The sum assured ranges from INR 5 lakh up to INR 50 lakh.
- The life assured has the option of choosing premium payout options such as single, regular and premium.
- Lower premium rates for women and non-smokers.
- Provides death benefit, where the sum assured is given to the assured’s nominee in case of their unfortunate demise.
- The death benefit for regular and limited pay is the highest of either the 10x annualized premium, or 105% of total premiums paid or absolute amount assured to be paid on death.
- The death benefit for single pay is the highest of 125% of single premium or absolute amount assured to be paid on death.
- There is no maturity and survival benefit under this plan.
- Add-on riders:
1. Accidental death benefit
2. Accidental total and permanent disability benefit
Who Is Eligible For Tata AIA Saral Jeevan Bima?
- Minimum and maximum entry age: 18 years and 65 years.
- Maximum maturity age: 70 years.
Tata AIA Maha Raksha Supreme
The Tata AIA Maha Raksha Supreme is a term plan which intends to offer better flexibility in terms of choosing life coverage and its benefits along with an option to choose the premium payouts. This plan also has an in-built payout accelerator benefit, which provides 50% of the basic sum assured if the policyholder is diagnosed with any of the terminal illnesses.
Key Features:
- The sum assured ranges from INR 50 lakh with no limit on maximum amount.
- Provides the whole life coverage up to 100 years.
- Under life stage option, the policyholder can opt for an increase in the life coverage over and above the basic sum assured, upon attaining a specific stage or milestone such as marriage or birth of a child.
- In payout accelerator benefit, the policyholder receives 50% of the basic sum assured if they are diagnosed with any of the terminal illnesses.
- Provides death benefit, under the regular and limited premium payment mode, the sum assured is the highest of the basic sum assured or 10 times the annualized premium or 105% of the total premiums paid up to the date of death. However, under the single payment option, it can be the highest of either the basic sum assured or 125% of the single premium.
- Lower premium rates for non-smokers and women.
- The policyholder has the liberty to choose from various premium payment modes as single, limited or regular. There is also a flexibility to choose the policy terms and frequencies, like whether to pay the premiums on an annual, semi-annual, quarterly or monthly basis.
- There is no maturity benefit under this plan.
- If the policyholder has opted for a life coverage amount of INR 1 crore and and above, then they can avail a discount on the cover under regular and single premium payment options. In case the policyholder has opted for a higher life cover under limited pay option, then the discount is built into the premium rates.
- Add-on riders:
1. Option to choose one or more risk covers such as critical illness, accidental death and disabilities and terminal illness.
2. The policyholder has an option to extend the coverage of the specific rider under the same plan.
3. The policyholder has an option to receive the balance premium amounts on maturity of the policy.
4. Option to choose benefit payout as a lump sum, monthly income for 10 years, or a combination of lump sum and income for a fixed period.
5. Option to choose one or more risk covers from illness, hospitalization and disability. Provides extensive coverage against major and minor illnesses with multiple claims feature.
Who is Eligible For Tata AIA Maha Raksha Supreme?
- Minimum entry age: 18 years.
- Maximum entry age: Single pay is 70 years and limited pay is 65 years.
- Maturity for a whole life: 100 years.
Tata AIA Life iRaksha TROP
Tata AIA Life iRaksha TROP is an online term plan which comes with the return on premium feature. This means that the total premium paid would be returned back to the life assured outlives the policy term.
Key Features:
- Provides death benefit along with the RoP.
- Offers option to choose between regular, single and limited premium payment options.
- Lower premium rates for non-smokers and women policyholders.
- Discount on opting a higher sum assured amount.
- Offers whole life coverage up to 100 years.
- Add-on riders:
1. Option to choose one or more risk covers such as critical illness, accidental death and disabilities and terminal illness.
2. The policyholder has an option to extend the coverage of the specific rider under the same plan.
3. The policyholder has an option to receive the balance premium amounts on maturity of the policy.
4. Option to choose from five risk covers from illness, hospitalization and disability. Provides extensive coverage against major and minor illnesses with multiple claims feature.
Who is Eligible For Tata AIA iRaksha TROP?
- Minimum entry age: 18 years.
- Maximum entry age: Single pay is 70 years and limited pay is 65 years.
- Maturity for a whole life: 100 years.
Documents Needed For Purchasing Tata AIA Term Insurance
The following are the documents which are required if one is planning to buy term life insurance policies:
- For identity proof: PAN card, Aadhaar card/driving license/passport.
- For address proof: Aadhaar card/driving license/passport/ration card/electricity bill.
- Income proof: For salaried applicants: Last three month’s salary slip/ Form 16/last three years ITR/ last six months’ bank statement.
- For non-salaried applicants: Last three years ITR with computation of income.
Claim Settlement Process of Tata AIA Term Insurance
The Tata AIA term insurance ensures a quick and hassle-free claim settlement process and with their ‘Express Claim and Easy claim service’, the claims are settled within four hours. The policyholders can claim the settlement by following the steps given below:
- Fill-up the required claim form which is available on the insurer’s website or at branch.
- Collect all the required documents supporting the genuineness of the claim and submit them to the special claim care team of Tata AIA.
- The Tata AIA claims team assesses the documents and reviews its validity.
- If the insurer is satisfied with all the documents then they approve the claim.
- Once approved, the insurer pays the benefits as specified in your policy. Like, for the life insurance claims, life assured’s nominee receives the payout (either lump sum or monthly regular income).
Methodology
The Tata AIA Term Insurance plans were reviewed on the basis of the following factors:
Sum Assured Options: It is one of the most important factors before choosing the sum assured to secure your family finances. As per the thumb rule, the sum assured amount should be ten times of one’s annual income. The Tata AIA term plans have various wide sum assured options which can be chosen or added as per the needs and requirements of the policyholder.
Riders: Always choose those benefits or riders which have the capacity to enhance the coverage and thus protection. The Tata AIA term plans offer useful riders such as accidental death, accidental disability, critical illness or hospitalization expenses riders, which further supports you and your family in any difficult time.
Flexible Payout Options: We considered this as a critical factor in reviewing the term plans of Tata AIA. All the plans provide the life assured to choose an option of payout whether lump sum, regular or limited premium payout options and policy terms depending on their convenience.
Benefits: While analyzing these term plans, we considered the benefits given upon the death of the life assured, maturity benefits or other benefits in case one outlives the policy term. Always, try and find those plans that offer maturity or survival benefits as well as flexible payment and payout options. Under the Life Plus option in Sampoorna Raksha Supreme plan, the life assured is provided with survival benefits. Also, the policyholder can also avail discount on premium for higher sum assured under Tata AIA plans.
New-Age Features: All the term plans of Tata AIA are available online and thus can be easily purchased via their website or mobile app. It also offers a very simple online process which makes it easier for the policyholder to buy the term plan instantly.