Tata AIA Life Insurance Company Limited

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About Tata AIA Life Insurance Company

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. 

Key Highlights of Tata AIA Life Insurance Company

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

Awards and achievements of Tata AIA Life Insurance Company

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:

  • Tata AIA Life Insurance Company won the Extraordinaire Award at the 5th Edition of Brand Vision Summit 2019-2020. This was for the role played by the company in addressing the Life Insurance Protection Gap in India. 
  • The company won two top industry awards for its PR campaign that created immense awareness about the need for Life Insurance Protection in India. The first one was the title ‘Best Communication Strategist of the Year’ award at the Corporate Communication and PR Summit managed by Morpheus Enterprise. The other one is titled ‘Best Direct to Consumer PR Campaign of the Year’ at Consumer Fest Show organized by Kamikaze Media. 
  • In the year 2019, the company won Aon Best Employer Award.
  • The company was also certified as the InsureTech Company of the year 2019 at the India Insurance Summit and Awards.
  • Its marketing campaign was awarded as the Best Influencer Marketing Campaign at the Annual Masters of Modern Marketing Awards and Conference in the year 2019.

Why choose Tata AIA Life Insurance Company?

Some of the main features that differentiate Tata AIA Life Insurance Company’s services from other brands are as follows:

  • The company offers a 4-hour express claim service that enables quick settlement of your claims
  • On its website, you find various kinds of calculators that help you calculate your financial needs so that you can choose the right plans
  • The company’s customer service can be availed in more than one way, each up to the mark with the current advancement in technology.
  • Tata AIA Life Insurance Company’s website has straight navigation that is not much complex to understand.

Types of insurance plans offered by Tata AIA Life Insurance Company

TATA AIA offers different types of life insurance plans which are discussed below –

A. Term insurance plans:

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 –

1. Sampoorna Raksha Supreme

Sampoorna Raksha Supreme is a term plan which has various flexible benefits. Let’s assess the salient features of the plan –

  • There are four plan options to choose from – Life Option, Life Plus Option, Life Income, Credit Protect
  • You can choose to receive the death benefit in a lump sum, in monthly incomes for 120 months, or in a combination of both.
  • The Life Stage option allows you to enhance the sum assured on marriage or on childbirth
  • The plan allows you the option of availing of a second medical opinion. Moreover, you can avail of medical consultations internationally heart-related problems or for cancer
  • You can also avail coverage for your whole life, i.e. up to 100 years of age
  • Top-up the sum assured if it is insufficient for your financial needs
  • Two optional riders are also available for a wider scope of coverage 

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

 

B. Endowment assurance plans:

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 –

1. Fortune Guarantee Plus

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 –

  • There are two plan options to choose from – regular income and regular income with critical illness benefits. Under the second option, you get an added critical illness coverage which gives added financial assistance in major illnesses
  • You can choose to receive incomes for a period ranging from 20 years to up to 45 years
  • After the income period is over you get the premiums refunded 
  • You can get medical consultations from specialists all around the world if you face medical emergencies
  • There are optional riders which help in building up your coverage 
  • If you pay a single premium, you can opt for joint life coverage 

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

 

C. Money back plans:

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.

D. ULIPs:

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. 

E. Child plans:

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.

How to buy Tata AIA Life Insurance plans?

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:

  • Enter the coverage details: To get a list of policies that best suit you, PayBima asks you to fill an online form with your details as well as the coverage needs. You should enter the relevant details whereupon PayBima would list down different plans that offer what you need.
  • Comparing the policies to find out the best option: From the list of plans offered, you can choose the most suitable policy. You can go through the details of each plan and choose one that offers optimum coverage at a minimal premium.
  • Fill an online proposal form: Once you choose to go with a particular policy, you’ll have to fill an online proposal form that will state your intention to buy a plan. This is the form that is needed on the insurer’s end to start the procedure of issuing a policy to you. So, fill in the details carefully and submit it. You would also be required to submit various documents for policy issuance. These are as follows –
    • A copy of the identity proof.
    • A copy of the document stating your address.
    • A copy of the age proof. 
    • A copy of income proof.
    • Passport size photographs
  • Health check-ups: After you submit these documents, you’d be asked to undergo a health check-up, if necessary. Typically, with Tata AIA Life Insurance’s plan, if you are old, have a medical illness, or if you opt for a high sum assured, the company asks you to undergo this check-up. Based on the medical reports, the policy would be underwritten and issued.
  • Paying the required premium: After undergoing all the formalities, you’d have to pay the necessary premium to issue your chosen policy. PayBima permits you various kinds of digital payment channels that are not only secured but also encrypted so that you can pay the premium online in a hassle-free manner.

Lapse and revival of the policy

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.

How to claim your policy at Tata AIA Life Insurance Company?

To claim a Tata AIA Life Insurance policy, you need to follow the below-mentioned procedure –

  • Informing the insurance company: Start the claim process by registering the claim online. In case you wish to do it telephonically, you can always call 1800 266 9966 or 022 6521 9966 or even email the company. You need to inform the company of the claim so that the claim process can begin.
  • Providing the claim form: After informing the insurer and registering your claim, you would have to fill up and submit the claim form. The form is available online as well as offline at the company’s branches. Fill up the form stating the claim-related details as well as the details of the claimant.
  • Completing the documentation: Lastly, you have to submit the claim-related documents to complete the claim process and get the settlement of your claim. The documents are as follows –
    • Claim form
    • Policy bond
    • Identity proof of the insured and the claimant
    • Death certificate
    • Bank details of the claimant
    • In the case of an accidental death police FIR, post mortem, inquest report, etc. would also be needed

Review of Tata AIA Life Insurance Company

Here are a few interesting facts which give an overall review of the company as well. 

  • The company’s claim settlement ratio for the financial year 2020-2021 is 98.02% 
  • 90% of the total sales and services offered by the company are made online. 
  • Tata AIA Life Insurance Company has gained AAA (Stable) rating by ICRA. 
  • 85 percent of the company’s total transactions are done by its customers through self-servicing digital channels. 
  • Tata AIA Life Insurance Company allows its customers the ease of online premium payment and renewals for ease and convenience.

FAQs on Tata AIA Life Insurance Company Limited

What optional riders are allowed under TATA AIA life insurance plans?

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.

How is the premium calculated?

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.

Who is a nominee? Can I nominate more than one person?

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.

Do TATA AIA life insurance plans allow any grace period?

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.

Can I pay single premiums to buy the policy?

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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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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