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Tata AIA Life Insurance Company is formed as a collaboration between two companies namely, Tata Sons Private Limited and AIA Group Limited. The company combines Tata Sons Pvt. Ltd.’s supremacy in India and AIA’s presence as one of the largest independent listed pan-Asian life insurance groups in the world, typically concerning 18 markets in the APAC region. Such a strong backup makes Tata AIA one of the leading insurers in the Indian private sector.
Tata AIA Life Insurance Company dedicatedly serves its customers to the best of its abilities. The company focuses on creating diversified insurance plans for its varying customers. The type of plans ranges from term insurance to Unit Linked Insurance Plans and includes savings plans, retirement plans, as well as others.
Below mentioned are the remarkable highlights about the company –
New retail business added in FY 2020-21 | Rs.3416 crores |
13th month persistency in FY 2020-21 | 88.28% |
Total number of plans offered as of 14th September 2021 | 39 |
To date, Tata AIA Life Insurance Company has won multiple awards that speak and state about its efficient work process. Some of them are as follows:
Some of the main features that differentiate Tata AIA Life Insurance Company’s services from other brands are as follows:
TATA AIA offers different types of life insurance plans which are discussed below –
Term insurance plans cover the risk of premature death. They aim to provide your family with comprehensive financial assistance if you are not around. TATA AIA’s term plans are customizable so that you can choose coverage based on your needs. Term plans have low premiums so that you can opt for an optimal sum assured which would provide the desired financial assistance to your family.
Here’s a look at the term plan that TATA AIA offers –
Sampoorna Raksha Supreme is a term plan which has various flexible benefits. Let’s assess the salient features of the plan –
Eligibility conditions
Entry age | Minimum – 18 years
Maximum – 65 years |
Maturity age | Up to 100 years |
Sum assured | Minimum – Rs.1 lakh
Maximum – no limit |
Policy term | 10 years to 100-entry age |
Premium payment term | Single premium – once
Regular premium – throughout the policy tenure Limited premium – for a limited period |
Endowment assurance plans are designed to provide you with dual benefits of insurance coverage and savings. These plans have a maturity benefit, unlike term plans that usually pay a benefit only in the case of death. Many endowment plans also provide bonus additions that help in growing the corpus. Moreover, you can earn guaranteed returns, loyalty additions, etc. which provide an added benefit.
TATA AIA offers the following endowment policy for its customers among other plans –
The plan provides not only life insurance coverage but also assistance in medical emergencies. Moreover, guaranteed incomes are provided by the policy to provide you with a stream of regular income for your financial needs. Some of the salient features of the plan are as follows –
Eligibility conditions
Entry age | Minimum – 1 year
Maximum – 60 years |
Maturity age | 18 years to 77 years |
Sum assured | Minimum – Rs.50,000
Maximum – no limit |
Policy term | 5 years to 17 years |
Premium payment term | Single premium – once
Regular premium – throughout the policy tenure Limited premium – 5 years to 12 years |
Premium amount | Minimum – Rs.5000
Maximum – depends on the sum assured |
Money back plans are like endowment plans. They also help you save and create a corpus for your financial goals. However, under money-back plans, the sum assured is paid at regular intervals during the term of the policy. This creates a source of income that can help you meet your financial goals at different stages of your life. Money-back plans might also provide bonus additions to help you grow the corpus.
ULIPs are market-linked insurance plans which invest your premium in diversified funds. The funds are professionally managed by fund managers and they invest in market-linked securities so as to provide you with attractive returns. ULIPs also allow you the facility of life insurance coverage and the flexibility of switching or partial withdrawals among other features.
Child plans are savings-oriented life insurance plans. They can be issued either as traditional endowment and money-back plans or as ULIPs. Child plans are specially designed plans which help in creating a secured corpus for your child. They ensure that the financial planning for your child’s future is secured even in your absence.
You can buy a suitable insurance policy from the company’s website. Alternatively, a simpler way to buy an insurance plan is via PayBima – an online marketplace that permits you to not only purchase Tata AIA Life Insurance Plan but also compare it with other available plans to find out the most appropriate one for you.
The steps of buying Tata AIA Life Insurance plans via PayBima are as follows:
To enjoy the coverage offered by Tata AIA’s life insurance plans, you need to ensure that you pay your premium before its due date. If the due date passes, a grace period of either 15 or 30 days is allowed depending on your premium payment frequency. If you pay the premium within the grace period, the policy would continue.
In case you miss out on paying a premium within this grace period, the policy would lapse. If it lapses, the policy benefits are affected considerably.
However, a lapsed policy can be revived if you want. So, if you wish to revive the policy, you’d have to clear all the outstanding premiums as well as the interest over it. In specific cases, Tata AIA Life Insurance Company will also ask for a declaration of good health before reviving the policy. Once you pay the premium and submit the declaration, the policy would be underwritten again and revived.
Apart from renewing the policy from Tata AIA, you can also revive your policy using PayBima. PayBima offers complete support for revivals and helps you revive the plan in a hassle-free manner. You can reach out to PayBima via phone at 800 267 67 67 or email at paybima.care@mahindra.com and request its help in reviving the lapsed policy.
To claim a Tata AIA Life Insurance policy, you need to follow the below-mentioned procedure –
Here are a few interesting facts which give an overall review of the company as well.
The choice of optional riders depends on the policy that you choose. Under Sampoorna Raksha Supreme, there are two optional riders which are TATA AIA Life Insurance Non-Linked Comprehensive Protection Rider and TATA AIA Life Insurance Non-Linked Comprehensive Health Rider.
The premium of any life insurance policy issued by TATA AIA depends on a lot of factors. These factors include your age, sum assured, policy term, premium payment term and frequency, medical health, occupational risks, lifestyle habits, gender, etc. All these factors are taken into consideration to calculate the premium amount. Moreover, if you opt for riders, an additional premium becomes payable which enhances the aggregate premium of the policy.
A nominee is an individual who receives the death benefit after the death of the insured. You can nominate an individual either at the time of buying the policy or later on, during the policy tenure.
You can nominate one or more than one person. However, in the case of multiple nominees, the share of each nominee should be specified.
Yes, TATA AIA life insurance plans allow a grace period for payment of the premium beyond the due date. The grace period allowed is 30 days. However, if you pay monthly premiums, the grace period reduces to 15 days.
Yes, many TATA AIA life insurance plans allow single premium payments. For example, TATA AIA Fortune Guarantee Plus allows single premium payments wherein you can pay the premium in one lump sum when buying the policy.
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