Tata AIA Guaranteed Return Insurance Plan – Everything You Need to Know about Tata AIA Traditional Plans / Guaranteed Return Plans

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6 min read

Insurance is a good way to protect your family financially when you are not around to take care of their monetary needs. However, one also has to consider savings and investments too, to lead a comfortable life amidst the rising inflation.

If you are thinking of combining the benefits of insurance and savings in a comprehensive plan, you can do so by investing in guaranteed return insurance plans. These are not only reasonably priced plans, but can also be customized as per your financial needs to avail its maximum benefits in terms of savings and protection. Let’s take a look at these plans in detail.

What’s Inside

TATA AIA Guaranteed Return Insurance Plans
Features of Guaranteed Return Savings Insurance Plan
- 1. Guaranteed return
- 2. Life coverage
Benefits of Guaranteed Return Plans
- 1. Secure investment option
- 2. Long term investment and returns
- 3. Add-on Rider option
- 4. Flexibility
- 5. Tax benefits
Who should buy a Guaranteed Return Plan?
Types of Tata AIA Guaranteed Return/Traditional Plans

TATA AIA Guaranteed Return Insurance Plans

The guaranteed return insurance plan of Tata AIA is an individual, non-linked and non-participating savings life insurance plan that offers both life coverage as well as guaranteed returns to the insured. The best thing about this plan is that the life cover within the policy acts as a financial shield for your family in the event of sudden death of the policyholder. Further, the policy also offers guaranteed1 benefits at maturity to the insured if the person outlives the plan. Also, the plan allows the insured to accumulate guaranteed additions on a yearly basis as part of the policy.

Features of Guaranteed Return Savings Insurance Plan

There are various types of features of savings policies which can be modified as per your need. Here are some common benefits:

1. Guaranteed Return

The guaranteed return at maturity offered under savings plans is the best feature about such plans. Here, the insured can avail any of the different payout options offered by the insurer to receive the maturity amount. For example, you can choose to receive it as a lump sum payout or as regular monthly income.

2. Life Coverage

This is the basic feature of a savings insurance plan. According to the financial goals and commitments of the family, you should choose the sum insured of your policy. This will ensure the security of your family in meeting their monetary needs even during your absence.

Benefits of Guaranteed Return Plans

A guaranteed return plan benefits the policyholder in many ways in achieving their financial goals.

1. Secure investment option

Since you are sure to receive guaranteed returns, you can invest in the savings insurance plans without any worry. Especially the investors who do not want to take any chances with their funds can safely invest in such traditional savings plans to gain good benefits of life cover and savings.

2. Long term investment and returns

Being long term investment plans, one can get maximum benefits by investing in such traditional savings insurance plans. You can start the investment early on in life and stay covered for long to gain maximum returns.

3. Add-on Rider option

The choice of additional riders available with savings insurance plans increase the financial benefits that an insured can avail from such plans. For instance, the premium waiver rider is the one that helps to waive off premiums in case the insured met with an accident.

4. Flexibility

Further, there are various flexible features that come with the guaranteed return plans. For example, the plan allows the insured to pay the premium on a monthly, quarterly, half-yearly and annual basis. You may also pay it as a lump sum amount.

5. Tax benefits

These traditional plans also let the insured enjoy tax benefits under various sections of income tax laws in India.

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Who should buy a Guaranteed Return Plan?

The below scenarios make a savings insurance plan an absolute must for below mentioned people:

1. Solo earning members with greater family responsibilities

The assured return plans are most beneficial for people who are the only breadwinner of the family. Further, if you have too many dependents whose life depends on your livelihood, you must think about buying a guaranteed return plan for additional support

2. For retirement planning

The guaranteed income plans are also suitable for people who want to invest in a retirement solution to get regular income

3. To fulfil long term goals

People with financial goals to meet their long term needs like buying a house, starting a business etc., can invest in such plans to get lump sum amount for monetary assistance

Types of Tata AIA Guaranteed Return/Traditional Plans

Plan name	Entry age	Maturity age	Policy term	Premium amount	Sum assured	Premium payment term	Premium paying frequency
Tata AIA Life Insurance Secure 7 Plan	Min – 18 years Max – 55 years	69 years	14 years	INR 40,000	INR 2,50,000	7 years	Yearly, half-yearly, quarterly and monthly
TATA AIA Life Insurance MahaLife Supreme Plan	Min – 18 years Max – 50 years	Plan A – 85 years Plan B – 80 `years`	Plan A – 35 years Plan B – 30 years	Plan A – INR 15,000 Plan B – INR 20,000	10 times of annual premium	Plan A – 15 years Plan B – 12 years	Yearly, half-yearly, quarterly and monthly
TATA AIA Life Insurance Fortune Guarantee Plan	Min – 18 years Max – 55 years	65 years	10 years	INR 50,000	10 times of annual premium	5 years	Yearly, half-yearly, quarterly and monthly
TATA AIA Life Insurance Insta Wealth Plan	Min – 30 days Max – 45 years	Min – 18 years Max – 65 years	10, 15, 20 years	INR 10,000	Min – INR 1 lakh Max – INR 10 lakh	7, 10 or 15 years	Yearly, half-yearly or monthly
TATA AIA Life Insurance Money Back Plus	Min – 2 years Max – 51 years	Min – 18 years Max – 75 years	16, 20, 24 years	Depends on coverage, tenure and age of insured	Min – INR 2 lakh Max – INR 10 lakh	8, 10 or 12 years	Yearly, half-yearly or monthly
TATA AIA Life Insurance Money Maxima	Min – 12 years Max – 50 years	75 years	Min – 12 years Max – 30 years	INR 12,000	Min – INR 1 lakh Max – No limit	Same as plan tenure	Yearly, half-yearly or monthly

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To Conclude

With guaranteed return life insurance plans, you can get comprehensive security of savings and life cover. The TATA AIA Life guaranteed return insurance plan is one such individual, non – linked and non-participating life insurance savings plan that one can invest on without any worry. This is a safe financial instrument to solve your insurance and savings needs. You can get a Tata AIA guaranteed return insurance plan review and compare to get a better idea of the most suitable plan as per your requirement.

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FAQs: TATA AIA Guaranteed Return Insurance Plan

How to pay Tata AIA life insurance premium?

TATA AIA life Insurance premium can be paid via 5 different modes;
~ Online Payment
~ DropBoxes
~ Auto debit
~ Cash/Cheque collection center
~ Payment Collection Center

Steps to check policy status of Tata AIA Traditional Plans?

Registered users can directly visit the official website of the insurer and login using relevant credentials to check Tata guaranteed return insurance plan details. You can click on the tab of ‘Check Policy Details’ on the homepage of your account to get the status and other details. New users should first register in the account by visiting the website and proceed with the rest of the steps as above to check policy details.

How to renew Tata AIA Traditional Plans?

TATA AIA traditional plans can be renewed via online mode by logging in to the official portal of the insurer. Go to the renew policy option and enter the required data. Make the renewal payment by using net banking, debit, credit card etc. Also, if you opt for Auto Renewal at the time of signing up for the policy, you can save your time and effort of yearly renewals.

What is the claim settlement process of Tata AIA Traditional Plans?

Tata AIA has a transparent claim process. All you need is to submit your claim request at the customer care helpdesk to register the claim. Submit the complete set of documents and the claim will be settled within 7 working days.

What is the process of Tata AIA Traditional plan cancellation?

To cancel a policy, you need to attach relevant policy papers along with a duly filled surrender form at a branch of the insurer. Once the correct documents are submitted, the insurer will credit the deposited amount in the bank account of the insured and will cancel the policy.

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Author Bio

PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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