Term Insurance 18191 views November 29, 2019

Tata AIA Term Insurance

Tata AIA Life Insurance company is one of the promising and leading life insurance providers in India. The company is a joint venture of two big players namely Tata Sons (who hold 74 percent of stakes) and AIA Group Limited (holding 26 percent of stakes). Both companies are known for offering top-notch products and customer services. The company is dedicated to offering insurance products curated to meet the insurance needs of its customers, thereby making it one of the top life insurance companies in India amongst other players. All the insurance products offer all-round protection and coverage at affordable rates.

Term Insurance

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What is Tata AIA Term Insurance Plan?

The term insurance plans of Tata AIA Life Insurance Company are the best term insurance plan in India. They offer complete financial protection to your family and loved ones in case you die during the policy term. These plans offer complete life cover in the event of the death of the life assured. If you search for the best term insurance plan in India online, you will see the Tata AIA term plan topping the list. The company offers a wide range of online term insurance plans as well as via an offline channel. You need to select the plan as per your financial needs. Being a term insurance plan, the insurance provider shall pay the Sum Assured to the nominee in case of death of the policyholder. However, if the policyholder outlives the entire policy tenure, the policyholder shall not receive any returns.

Features of Tata AIA Term Insurance Plan

Longer Tenure –  Tata AIA term insurance plans come with a longer tenure. A policyholder can get the policy and stay insured for a longer duration. The longer tenure is the biggest advantage as the policyholder can secure the financial needs of his/her family for a long time.

Flexibility – Policyholders have the flexibility to choose the premium payment term depending upon their financial needs and convenience. The term insurance plan offers 2 modes of premium payment term namely – Regular or Limited.

Flexible Payout Option – One of the best features of the Tata AIA term insurance plan is that it offers policyholders or nominees the flexibility to choose the payout option. The payout can be opted either in a lump sum or in installments as per their financial requirements and convenience.

Tax Benefits – The policyholder can avail tax benefits on the premium paid under section 80C and Section 10(10D) of the Income Tax Act, 1961.

Trustworthy – Being an experienced and efficient company, Tata AIA has earned the trust of its customers by offering the best-in-class insurance products, top-notch customer services, and high claim settlement ratio.

So, buying a term insurance plan from a reliable and trustworthy insurance provider like Tata AIA Life Insurance Company will ensure the financial safety of your family.

Benefits of TATA AIA Term Insurance Plans

Following are the benefits of term insurance plans from Tata AIA:

Low Premium – The Tata AIA term insurance plan offers higher sum assured at lower premium rates, thereby making it easier for your family to safeguard their financial future.

Fixed Premium Amount – Buying a term plan at a young age comes with the benefit of low premium amount. So irrespective of the policy tenure, your term insurance premium shall remain fixed throughout.

Riders – Customization of a term plan is possible by availing the rider benefit of the Tata AIA Term Insurance Plan. With the rider benefit, you can increase the safety net offered by the term insurance plan. You can include riders like critical illness rider, waiver of premium rider, etc. and make your term insurance plan more robust.

Accessibility – Tata AIA Life Insurance company has a strong online and offline presence. You can buy a term insurance plan online or via offline mode. Additionally, you can request for claim process of Tata AIA term insurance online, wherein in the case of death, the nominee can submit the required documents online and process the term insurance claim.

List of TATA AIA Term Insurance Plans

Tata AIA Life Insurance Company offers a wide range of life insurance products. The following is the list of unique term insurance plans offered by the company.

  1. Tata AIA Life Insurance Sampoorna Raksha
  2. Tata AIA Life Insurance Sampoorna Raksha Plus
  3. Tata AIA Life Insurance Maha Raksha Supreme
  4. Tata AIA Life Insurance iRaksha TROP

Let’s talk about each of these term insurance plans one after another.

Tata AIA Life Insurance Sampoorna Raksha

This term insurance plan comes with life coverage up to 85 or even 100 years. It comes with a flexible premium paying term, lower premium rates for women, standard premium rates for non-smokers, availability of optional rider for enhanced protection, discount on large sum assured, tax benefits, etc.

Tata AIA Life Insurance Sampoorna Raksha Plus

This term plan from Tata AIA not only protects your family’s financial interests in case you are not around but also returns you the premium you pay over the policy term should you survive till the maturity. You can choose to receive the death benefit either in a lump sum or installments.

While the policy term can be a maximum of 40 years, the maximum age of the insured at maturity can be 100 years. You could choose from regular and limited premium pay options. The policy comes with limited premium pay term of 5/10/12 years. You can go for an optional rider to increase your coverage.

Tata AIA Life Insurance iRaksha TROP

This Tata AIA term plan functions much like the one described above. Besides financial protection to your family members in your absence, it returns the total premium paid by you if you survive till the maturity. The policy term and maximum age allowed till maturity are also same at 40 years and 100 years, respectively. However, you have one more premium pay option besides regular and limited pay options. That option is single premium pay. Lower premium rates for women and standard premium rates for non-smokers add more appeal to this plan. An optional rider can be taken to expand coverage.

Tata AIA Life Insurance Maha Raksha Supreme

Like all the above-mentioned term plans, this one is quite effective for customers. A whole life coverage up to 100 years, input payout accelerator advancing 50% of the sum insured upon the diagnosis of a terminal illness are the highlights of this plan. There is a Life Stage option by which you can increase the cover for future milestone events in your life. That won’t require fresh medical underwriting.

You can pay the premium once, throughout or for a limited period. So, choose according to your convenience. Dicounted premium rates for women and standard rates for non-smokers are also attached to this plan. Go for an optional rider if you want to add a layer of security.

Thus, above is a wide range of term plans, you do not have to search on Google – how to find the best insurance plan in India as you can simply compare insurance plans and their features to choose the best for yourself and your family.

Tata AIA Term Insurance Premium Payment

You can pay the premium of Tata AIA Term Insurance online or offline. Let’s check the payment methods one after another.

Online Premium Payment

  • Visit the official website of Tata AIA
  • Go to the ‘Customer Service’ tab and click on ‘Online Premium Payment’
  • Enter your 10-digit alphanumeric policy number and date of birth
  • Click on the ‘Validate’ button
  • Applicable premium amount and different payment options will appear on your screen
  • Choose the payment option from – Net Banking, Debit/Credit Card, Wallets – to pay the premium

Set Auto Debit Instruction Online

You can set the auto debit instruction on the official website of Tata AIA Life Insurance. Here are the steps to do the same.

  • Go to the company’s official website
  • Scroll to the ‘Customer Services’ tab and click on ‘Online Premium Payment’
  • Click on Set Standing Instruction
  • Enter your 10-digit alphanumeric policy number, date of birth, mobile number and email ID
  • Choose between Credit Cards and Bank Account (E-mandate) and click on the checkbox of the chosen medium
  • An auto pay mandate will get activated
  • So on the due date, the payment will get debited automatically

Premium Payment via Cash or Cheque

You can pay the premium by cash or cheque too at any of the Tata AIA branches across India.

Tata AIA Term Insurance Claim Process

Tata AIA claim process involves a series of steps for claimants to initiate for the successful disbursal of the claim amount. Let’s check out such steps.

Register a Claim

Go to the official website of Tata AIA Life Insurance and register a claim by mentioning the following details –

  • Policyholder’s Name
  • Name of the Insured
  • Date of Death of the Policyholder
  • Choose from the Type of Claim’
  • Name of the Claimant
  • Claimant’s Mobile Number
  • Claimant’s relationship with the insured
  • Email ID and Address of the Claimant

Document Submission & Verification

Tata AIA asks for the following mandatory documents when claiming life insurance upon the death of the policyholder.

  • Death Certificate issued by the local/municipal authority
  • Documents related to the cause of death
  • Legal title proof for claim proceeds
  • Claimant Statement
  • Photo Identification and address proof of the claimant
  • Cancelled Cheque

Additional Documents Required in Case of Natural/Medical Death

  • Statement of the Attending Physician
  • Medical Records such as admission notes, discharge/death summary, test reports, indoor case papers, etc.

Additional Documents Required in Case of Accidental Death

  • Statement of the Attending Physician
  • Copy of an FIR/Police Complaint/Panchnama
  • Postmortem Report Copy
  • Viscera Report (If Performed)
  • Final Police Investigation Report Copy

The insurance company will check the details submitted through these documents and process the claim accordingly. Upon the successful approval, you will get claim amount in your bank account.

Final Words

Thus, by keeping in mind the features and benefits offered by the Tata AIA term plan you can rest assured that you have safeguarded the upcoming financial needs of your family in your absence.

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