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A life insurance policy is an agreement between a policyholder and an insurance provider. In exchange for paying regular premiums, the life insurance company provides financial security to your loved if something unfortunate happens to you during the policy term. This life cover serves as an essential financial protection, helping cover everyday expenses, any outstanding liabilities, and to fulfil long-term financial goals such as children’s education or retirement planning.
Also, life insurance plans offer additional advantages such as critical illness coverage, savings or investment components, and tax benefits, depending on the plan selected. Choose the right life insurance policy today to secure your family’s financial future and enjoy peace of mind.
Protect the financial security of your loved ones with our affordable term insurance plans.
Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN:110N176V06)
Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V08)
Grow your wealth with our guaranteed return plans for a fikar-free future and also save tax9.
Individual, non-linked, participating, Life Insurance Savings Plan (UIN: 110N207V02)
Non-Linked, Non-Participating, Individual Life Insurance Savings Plan (UIN: 110N158V13) | 10T&C apply
Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan (UIN:110N152V14) | 15T&C apply
Our comprehensive plan takes care of your health, wellness, and financial security all in one.
In This Policy, The Investment Risk in Investment Portfolio Is Borne by The Policyholder
A non-linked, Non-Participating Individual Health rider (UIN:110B046V02)
A non-linked, Non-Participating Individual Health rider (UIN:110B046V02)
Plan your retirement wisely with a suitable pension plan for peace of mind in your golden years
Non-Participating, Unit Linked, Individual Life Insurance Pension Plan (UIN: 110L182V03)
A Non-Linked, Non-Participating, Annuity Plan
(UIN:110N161V11) | 15T&C apply
A life insurance policy is a formal agreement between an individual and an insurance provider. In exchange for paying regular premiums, the insurer commits to provide financial benefit to the policyholder’s family in the event of the insured’s untimely demise during the policy term. This life cover serves as essential financial protection, helping cover everyday expenses, outstanding liabilities, and long-term goals such as children’s education.
Beyond its core function, life insurance can also offer additional advantages such as critical illness coverage, savings or investment components, and tax benefits, depending on the plan selected. Since policies vary in terms of coverage, premium amounts, and tenure, it is suggested to assess and compare options carefully to choose the most suitable policy. A well-chosen life insurance plan ensures financial security for your loved ones and contributes to your overall security. Choose the right life insurance policy today to secure the financial future of your family and enjoy peace of mind.
Check out the Different Popular Life Insurance Plans from Tata AIA
Our Term life insurance plans, such as Tata Sampoorna Raksha Promise, provide whole life cover and offer the death benefit to your nominee in the event of your unexpected demise during the specified policy term. It is a pure risk life cover that offers an extensive sum assured at an affordable premium.
Tata AIA Fortune Guarantee Plus offers a life cover with an option to save funds for the future to be provided as a guaranteed6 maturity benefit. You may choose to pay the premium using a convenient method, single, limited, or regular, and mode, whether monthly, semi-annually, or annually. Furthermore, you might choose to receive the payouts as a lump sum, regular income, or a mix of both. 6T&C apply.
Tata AIA Param Raksha Life Pro+, offer a life cover and the option to invest in financial securities for market-linked returns17. You may choose to invest in funds based on your risk appetite and switch between them based on the varying market cycles.
Our Life insurance retirement plans, such as Tata AIA Fortune Guarantee Pension, offer a life cover and the annuity plan benefit for a regular income through the golden years of your retirement. You may customise them and choose between the immediate or the deferred annuity plan.
Group life insurance plans provide life coverage to the individual members of an employer-employee group or a non-employer-employee group. It tends to be affordable and involves simple purchase and claim processes.
Endowment plans combine life insurance protection with a built-in savings component. When you invest in one, you secure life cover while building savings over time. If you outlive the policy term, you’ll receive a guaranteed maturity benefit along with any applicable bonuses.
A Non-Linked Participating Endowment Plan is a type of life insurance policy that offers both life cover and savings benefits. It is non-linked, meaning it is not connected to market performance, ensuring more stability in returns. As a participating plan, it allows you to receive bonuses declared by the insurer from its profits, in addition to the guaranteed maturity benefit.
Life insurance provides a comprehensive safety solution that safeguards your family's financial future. It offers a range of benefits tailored to meet your unique needs and goals.
Life cover is one of the most important parts of a life insurance policy. It ensures that in the event of your untimely demise, your family or dependents receive a sum-assured amount to stay financially protected.
With savings insurance plans, you can save funds for a guaranteed8 maturity benefit and plan for your future financial commitments.
With a Unit-Linked Insurance Plan, you can use your life insurance policy to invest in financial securities for market-linked30 returns.
You may avail yourself of a loan amount on your life insurance policy, which might help you meet additional expenses at certain times. The eligible loan amount will depend on your insurance company’s terms, conditions, and guidelines.
You can choose a flexible life insurance policy that provides adequate cover during the different stages of your life. As your responsibilities grow, the coverage can be adjusted accordingly. This ensures you don’t have to worry about your family’s financial security.
Life insurance policies can be customised with health riders29. These riders may offer benefits such as hospitalisation cover, accidental death, and disability protection. They may help you manage emergencies without affecting your basic sum assured.
If you own a business, a life cover insurance policy can take care of the liabilities and debts you may leave behind in case of your untimely death. The sum assured looks after your family and any financial obligations.
With a Tata life insurance savings plan, you can save consistently and invest in a structured way to build wealth, helping you manage various life expenses like starting a new business, purchasing a new car, relocating to a new city, and more.
With a suitable Tata AIA retirement and pension plan, you may effectively plan for your retirement years. In the absence of a monthly salary, these plans provide a steady source of income through regular payouts, ensuring that you and your family’s financial needs are well taken care of throughout your retirement.
You can access a wide range of online life insurance plans from our Tata AIA Life Insurance website. Compare the life insurance features and benefits of each plan. This may help you choose one of the best life insurance policies for your financial needs.
When it is time to file a claim for the benefits, Tata AIA Life Insurance offers a convenient online claim assistance service. You can easily get in touch with us. We will ensure your claim is settled quickly.
Life insurance premiums are eligible for a tax deduction of up to ₹1.5 Lakh under Section 80C of the Income Tax Act. Additionally, the death and maturity benefits from these plans are exempt from tax under Section 10(10D), subject to the prevailing tax rules, allowing you to not only secure your family’s future but also enjoy tax9 savings on your life insurance policy.
By choosing the right life insurance policy, you may ensure the financial security of your loved ones while building a solid foundation for your own future. Whether it’s for risk cover, investment growth, or retirement planning, life insurance offers comprehensive solutions that meet various financial needs.
The table below outlines how a life insurance policy can benefit individuals at different stages of life.
| Age Group | How Life Insurance Helps |
|---|---|
| 20-30 Years | Young professionals can benefit from lower premiums while enjoying comprehensive coverage. This may help protect themselves and their families, and might also cover expenses like educational loans. |
| 30-40 Years | A life insurance policy secures the financial future of your spouse, children, and extended family. It also helps cover liabilities such as home loans and vehicle loans, reducing financial stress. |
| 40-50 Years | Life insurance in this age group helps you begin retirement planning and save for major expenses, like funding your children’s further education, and ensuring long-term financial stability. |
| 50 Years and Above | For those over 50, life insurance provides either a lump sum payment or regular income. This helps cover daily expenses and ensures financial security during retirement for a peaceful life.. |
Here’s a quick comparison of the different types of life insurance plans and their coverage amount:
| Type Of Life Insurance Policy | Overview | Purpose | Who Should Consider Buying This Policy? | Popular Tata AIA Plans | Coverage | Maturity Benefits | Death Benefits |
|---|---|---|---|---|---|---|---|
| Term Life Insurance Plan | Affordable plan that provides financial protection to your family | Pure risk cover Whole life cover |
Sole earning members of a family, young professionals, family members, and business owners | Tata AIA Sampoorna Raksha Promise |
Pure risk cover | No maturity benefits | Offers death benefits |
| Savings Insurance Plan | Offers life cover and guaranteed returns for future financial goals. | Life cover Guaranteed maturity benefits 8T&C apply |
Newly married couples, young parents, and young professionals | Tata AIA Fortune Guarantee Plus |
Insurance cover+ savings | Offers maturity benefit | Offers death benefits |
| Unit-Linked Insurance Plan | Policyholders invest in funds (equity, debt, hybrid). ULIP has lock-in period of 5 years for partial withdrawal | Life cover Market-linked returns17 |
Young professionals, newly married couples, and young parents | Param Rakshak Life Pro + | Insurance Cover + Market-linked Investment Benefits | Offers maturity benefit | Offers death benefits |
| Retirement Plan | Ensures regular income and financial independence during post-retirement years. | Life cover Annuity benefits |
Family members, individuals planning early retirement, and individuals having dependent family members throughout life | Tata AIA Fortune Guarantee Pension |
Insurance Cover + Saving | maturity benefits | death benefits |
Life insurance plays a vital role in securing your financial future and protecting your loved ones. As your responsibilities grow and change over time, the need for life insurance evolves with each life stage.
You need to secure your family if they get dependent on your income, protect them against your education loan or other liabilities, and ensure a financially independent life.
It would help if you enhanced the protection for your extended family and secured funds for their financial future in your absence.
When you are blessed with children, you have the additional responsibility of securing funds for your child's future and aspirations.
When you retire and have dependent family members throughout life, a whole life insurance plan may protect their future until your death and even beyond.
Life insurance policies come with a range of features designed to provide financial security and flexibility. These features not only help protect your loved ones in times of uncertainty but also support your long-term financial goals.
The life insurance cover protects your family throughout the policy term and offers a death benefit if you meet your untimely demise during the policy term. This death benefit keeps your family safe from financial uncertainties.
Certain types of life insurance plans offer maturity benefits linked to savings or investments. It is in addition to the death benefit.
A rider29 in life insurance is an optional benefit that offers additional cover for an extra premium. You can get coverage against critical illnesses, accidental death and disability, waiver of premium benefits, and much more with these riders.
You can choose a flexible premium payment term. This allows you to pay regularly throughout the policy term. Alternatively, you can pay for a limited term or make a single premium payment. In both cases, you will enjoy life cover for the entire policy term.
Selecting the right life insurance policy is a crucial decision that requires careful consideration of various factors. To ensure that you choose the best plan suited to your needs, it is essential to evaluate your financial situation, goals, and preferences. Here are some key factors to consider:
Analyse your financial goals. It may range from securing your family against unprecedented events, saving funds for future financial commitments, or investing for wealth creation.
Based on your financial goals, determine the timelines to accomplish them or the period for which you need the coverage. It will help determine the policy period for the life insurance plan.
The life insurance cover and the premium are decided based on your age and the related health issues. Therefore, it is advisable to purchase a life insurance plan early in life to benefit from lower life insurance quotes for the long policy term.
Life insurance cover should be enough to cover all your financial liabilities, so your family isn’t burdened with repaying loans or clearing debts in your absence.
While you purchase a life insurance policy, you need to consider your steady flow of income and regular expenses to ensure you can afford the timely premium payments. It will help you stay insured throughout the policy tenure.
Determine the reliability of your insurance provider by considering their application and claim settlement processes. Also, evaluate their individual death claim settlement ratio, solvency ratio, and customer support. It will help you compare and choose the best life insurance plan in India for all your financial needs.
To minimise the risk of your life insurance claim being rejected, it’s important to follow a few key steps:
Always disclose correct details about your age, occupation, lifestyle habits (like smoking or drinking), income, and medical history. Misrepresentation can lead to claim denial
Be transparent about any pre-existing medical conditions, surgeries, or family health issues. Non-disclosure may result in rejection.
Fill out the proposal form yourself to ensure all information provided is true and accurate.
Keep your nominee information updated, especially after significant life changes like marriage or the loss of a nominee.
Ensure timely premium payments to keep your policy active. A lapsed policy will not provide benefits.
File your claim as soon as possible after the incident. Delays can complicate the process.
Opt for an insurer with a strong claim settlement record to improve your chances of claim approval.
Here are some important terms you should know before buying or managing a life insurance policy, to help you make informed decisions:
An insurance policy is a contract between the insurer and the policyholder, backed by the policy document, proposal form, policy schedule, and any other information or documents shared with the insurance company.
The amount payable to the nominee of the policyholder in the event of the policyholder’s demise during the policy term is known as the sum assured.
If the policy premiums are computed on a yearly basis, then this amount is known as the annualised premium. It does not include any additional premiums, taxes and loading.
The duration during which the insured and their family are covered under the policy and are eligible to receive the benefits is known as the coverage period.
The maturity date is referred to as the date on which the policy expires. However, the term “maturity date” is used only if the policy offers maturity benefits.
The life insurance premium is a specified amount in the life insurance policy, payable by the policyholder in exchange for policy benefits. It does not include any applicable taxes.
The policyholder pays the premium on life insurance from time to time, which is known as the premium payment frequency – yearly, half-yearly, quarterly and monthly. The premium payment mode refers to the period for which they pay the premiums – Single Pay, Regular Pay, Limited Pay.
Life insurance riders29 are optional benefits that can be added to your life insurance policy at an extra premium to enhance the policy coverage.
22T&C apply.
Understanding how a life insurance policy works is key to making an informed decision. Here's a simplified overview in three steps:
Start by choosing a life insurance plan that matches your financial needs and long-term goals. Consider the required life cover, your budget for premiums, and any additional benefits you might need. Tools like a term insurance calculator can help you estimate premiums. You can also enhance your plan with riders29, such as critical illness or accidental death coverage.
Once your plan is in place, pay your premiums regularly, monthly, quarterly, half-yearly, or annually, based on the frequency you select. The premium amount will depend on factors like age, health, coverage amount, and policy term. Timely payments are essential to keep your policy active and ensure continued protection.
If the insured person passes away during the policy term, the nominee can file a claim. Submitting the required documents promptly online, via email, or at a branch helps in faster claim settlement.
The premium payable on your life insurance policy is calculated based on the following factors.
As you age, your body becomes more prone to many age-related health issues. Due to this, you will have to pay higher premiums for greater risk. Hence, buying a life insurance policy at a young age means lower premiums.
The life expectancy of women is longer than that of men. Therefore, most life cover insurance plans have a provision where women policyholders can avail of special premium rates as compared to men policyholders. Hence, your gender will play an essential role in the calculation of your life insurance premiums.
If you have smoking or heavy drinking habits, you are at a greater risk of many diseases and conditions than someone who doesn’t drink or smoke. Your insurer will consider this factor when deciding the premiums for your policy.
If your life insurance plan has a longer policy tenure, you will be paying premiums for a greater number of years. It makes life insurance more expensive than paying for a short-term life insurance policy for a limited term.
If you have any pre-existing health conditions as diagnosed by a medical professional, you will need to pay higher premiums. Additionally, you may also have to go through a waiting period before receiving any policy benefits.
If you or your family have been diagnosed with any critical illnesses in the past, it is a cause for concern. Insurers consider this factor while calculating the premiums since there may be a potential risk of a critical illness in the future.
Life insurance offers significant tax9 benefits under Sections 80C and 10(10D) of the Income Tax Act, making it a valuable financial tool for both protection and tax savings.
· Under Section 80C, premiums paid for life insurance policies are eligible for tax deductions. You can claim a deduction of up to ₹1.5 Lakh on these premiums in a given financial year, helping to reduce your taxable income. This benefit applies to policies for self, spouse, and children, making it an effective way to save on taxes while securing your family’s future.
Under Section 10(10D), the death benefits or maturity proceeds received from a life insurance policy are exempt from tax. This means that the lump sum payout received by the nominee or policyholder, in case of death or policy maturity, will not be subject to tax, offering further financial relief.
Here are the key steps to follow when buying term insurance online:
Visit the insurer's website and provide personal details like contact information, date of birth, gender, and income details.
Choose a suitable policy tenure and sum assured based on your age and financial needs. A longer tenure is advisable for younger individuals, while middle-aged individuals may prefer a shorter term.
Pick the preferred premium payment option (monthly, quarterly, bi-annually, or annually) and the payment term (regular, limited, or single premium).
Choose a lump sum payout, a combination of lump sum and regular monthly income, or a monthly income for a specific period.
Enhance coverage by adding riders29, like critical illness or accidental death riders.
Complete KYC by providing necessary documents, and provide medical history if required.
Read the terms and conditions carefully, then proceed to the payment gateway to complete the purchase. A policy document will be emailed to you.
When purchasing a term life insurance policy online, you will need to submit various documents to complete the process. These documents help the insurer assess your eligibility, calculate your premiums, and verify your information. Below are some of the key documents required for buying term insurance which may be required during the policy purchase.
Salary slips, ITRs, bank statements, Form 16 etc.
Aadhaar card, passport, driving license, voter ID.
PAN card, passport, or birth certificate.
Recent passport-sized photo.
Details of health conditions and pre-existing diseases (if applicable).
Information on current life insurance policies.
Life insurance is a vital financial tool that provides numerous benefits for securing your future and that of your loved ones. It offers protection against uncertainties, ensures long-term financial stability, and supports various financial goals. Here’s why you should consider buying life insurance:
A life insurance plan offers financial protection that secures the financial future of your family in the event of your unexpected demise. The death benefit may be utilised to pay for their routine expenses, clear off debts, and plan for their future financial commitments.
A life insurance rider29 can cover you for both minor and major critical illnesses, helping you avoid treatment costs while keeping your basic coverage intact.
With the increase in age, your premium amount may increase. If you purchase a life insurance policy at an early age, you can benefit from low premiums that let you enjoy high coverage.
With a life insurance savings policy, you can save funds for a maturity benefit to create a plan for your beneficiaries during uncertain times. It also allocates your funds in a safe avenue that can get you assured returns later.
A life insurance wealth solution can help you invest and accumulate your wealth from market-linked returns30 over the years while also securing your family with a life insurance cover. Thus, a single life insurance plan provides the dual benefit of investment and life cover.
When you have a life cover insurance policy, apart from protecting your family, you can also use the maturity benefits it offers for your retirement years. And in case of your untimely demise, your family can sustain itself financially.
Under Section 80C of the Income Tax Act, the life insurance premiums paid towards a policy are eligible for tax7 deductions. You may claim up to a maximum of ₹1.5 Lakh on these premiums for a given financial year. Further, the life insurance payouts also qualify for a tax7 exemption under Section 10(10D) of the Income Tax Act.
With life insurance coverage safeguarding your family from life’s uncertainties, you can have peace of mind, knowing their financial future is secure, even in the most challenging times.
Life insurance is an essential financial tool that offers women both protection and investment benefits, making it a smart choice for long-term financial planning.
Women generally have lower risk profiles, leading to cost-effective life insurance premiums.
Provides a financial cushion during emergencies or loss of income due to illness.
Helps build funds for goals like education, marriage, or retirement.
Under Section 80C, premiums qualify for deductions up to ₹1.5 lakhs.
Supports regular expenses in case of unforeseen events.
Offers added protection during major health issues.
Our experts are happy to help you
Our experts are happy to help you!
The payout options under a life insurance plan can be quite flexible, and you can choose the payout as per your needs and convenience.
Under life insurance, you can choose to receive the payout or sum assured as a lump sum. This means a single, one-time payout will be made to you or your nominee. This can be either as a maturity benefit or a death benefit, respectively.
The regular income benefit pays out the policy benefits as a regular income to the policyholder. This begins from a certain point in the policy term or after the policy term, for a specified period based on the policy terms and conditions.
Some life insurance plans offer the sum assured of the policy as a combination of a lump sum payout and regular payouts. These payouts are provided for a specified number of years or the income period, as per the policy guidelines.
The amount of life cover you need varies at different stages of life. It’s important to ensure your policy provides an adequate amount of coverage by factoring in your financial goals, obligations, and liabilities to safeguard yourself and your family’s future.
With fewer responsibilities and a steady source of income, you may opt for a sum assured that is ten times your annual income and liabilities. Such a policy will help you protect your family and offset the impact of inflation.
This stage often involves marriage, children, and increasing financial responsibilities. Therefore, it is essential to consider your income, expenses, future financial goals and other outstanding loans and liabilities. Also, factor in inflation to determine adequate life insurance coverage that safeguards your family’s long-term financial well-being.
At this stage, while supporting your grown-up but financially dependent children, it's also crucial to begin planning for your retirement. Ensure that your life insurance coverage is adequate for your requirements.
After retirement, if you have family members who will remain financially dependent throughout their life, ensure adequate coverage to secure their financial needs to sustain a life in your absence.
Finding the best life insurance plan involves more than just comparing premiums. It requires a thorough understanding of your personal financial goals, future responsibilities, and the type of coverage your family would need in your absence. By evaluating your current situation and using available tools, you can choose a plan that offers the right balance of protection, affordability, and long-term value. Here’s how to find the best life insurance plan.
To choose the right life insurance plan for your family, assess the funds needed to cover their living expenses, any existing financial liabilities, and future goals. This evaluation will help you accurately determine the insurance coverage required.
Considering your requirements, determine adequate life coverage. It should be ten times your annual income. If you want it to be more precise, consider your income, expenses, loans and liabilities, and future financial goals, accounting for the inflation rate. You can use our Tata AIA Human Life Calculator to determine this value.
Upon deciding on the life cover, find the policy term for which you need the coverage or the timelines for your savings or investment needs. It can be the number of years to retirement, to complete repayment of your home loan, and more.
Based on your requirements, decide between the different types of life insurance plans, such as the term life insurance policy, savings insurance plan, ULIP policy, or retirement plan. You may do this by understanding the life insurance plans and their distinct benefits.
Once you’ve identified the type of life insurance plan that suits your needs, compare various available options. Review their features, benefits, and coverage details to select the plan that best aligns with your financial goals and protection requirements.
Paying all the premiums on time is important so that your family stays protected, and you can continue regular savings through your policy. Since a lapse could put a pause on these benefits, ensure that you are able to pay all your premiums. You can use our online calculators to help you determine the most affordable life insurance premium.
When looking for a life insurance policy, it is important to find a reliable and reputable life insurance provider whose claim settlement ratio proves that they can settle your claims effectively and without any hassles.
Make sure that you read your policy document completely without missing out on any major points and the exclusions. Once you know of these exclusions, it may help you decide if you need coverage against these risks and take a look at other plans.
Though riders23 are most certainly helpful for enhancing your policy coverage, adding too many of them will only make your premiums more expensive. Go for only one or two riders29 that you feel are necessary for your life insurance policy.
Purchasing a life cover insurance policy online can offer a host of benefits that outperform the benefits of buying it offline. While the insurance plans do not change in any way, here is how the online purchase can make the process more convenient and smoother:
Right from features of a life insurance plan to its premiums, reviews and the insurer’s claim settlement ratio, all details are at your fingertips, which makes it easier for you to make an informed choice with no hidden information.
Online insurance plans enable you to compare life insurance plans while saving a whole lot of time. With the help of our online life insurance premium calculator, you can simply calculate your premiums and compare the plans.
When you buy life insurance online, you can save a lot of funds as compared to purchasing it offline. In addition, you can benefit from discounts on premium rates while choosing the digital payment options.
When buying an online life insurance plan, secure online payment options can save you a lot of time during the payment process. This process also makes it easier for you to pull up your transactions when you need to claim tax7 deductions.
| Factors to consider | General Insurance | Life Insurance | Health Insurance |
|---|---|---|---|
| Coverage | For non-life assets, including motor insurance, travel insurance, etc. | For life cover | For health-related treatments |
| Premium payment frequency | At inception and during renewals | Single payment or regular payments for a limited term or the entire policy tenure | At inception and during renewals |
| Payouts | Cashless claims Reimbursement claims |
Lump sum Regular income Combination of both |
Cashless claims expenses Reimbursement claims |
| Policy tenure | Short term | Long term | Short term |
| Claims | At applicable insured events | Death claim Maturity claim Rider29 claim for health-related treatments and procedures |
For health-related emergencies and treatments. |
Frequently Asked Questions
1.What is a life insurance policy?
A life insurance policy is defined as a contract between the insurance provider and the policyholder, where the insurer promises to pay a specified sum to the beneficiaries upon the death of the insured person or after the policy reaches maturity. The policyholder must, however, pay premiums regularly to ensure the policy remains active.
2.What are the types of life insurance plans?
The different types of life insurance plans are:
● Term Plans: Term insurance plans are flexible and offer a simple but extensive life insurance coverage along with a death benefit.
● ULIPs: Unit-Linked Insurance Plans combine investment and life insurance coverage to offer market-linked13 returns and life cover protection.
● Savings Plans: Savings plans offer an opportunity to create long-term savings so that you can create a savings fund and also enjoy life insurance coverage.
● Retirement Plans: Retirement plans help you benefit from accumulated savings that offer assured returns in the form of a lumpsum or regular income during retirement.
● Group Plans: Group insurance plans offer insurance coverage to members of a group, such as employees of an organisation, under a single life insurance policy.
● Combo Plans: Combo plans are a combination of two or more life insurance plans and riders that create a comprehensive life insurance solution for the policyholder.
3.How to choose a life insurance policy for my family?
To choose a life insurance policy for your family, ensure that the sum assured is sufficient for their future financial needs. Take into account your current income, your ongoing financial obligations, all outstanding liabilities such as loans and debts, as well as potential medical emergencies, while selecting an adequate life insurance policy coverage for your family.
4.Is it more convenient to purchase life insurance online?
Yes, purchasing life insurance online can be much more convenient since you can easily calculate premiums online, carry out all the research, read online reviews, check the individual death claim settlement ratio of your insurer, and make the purchase and payment from anywhere and at any time.
5.Can a life insurance policy cover an individual who smokes?
Yes, smokers can be covered under a life insurance policy. However, due to higher health risks associated with smoking, insurers typically charge higher premiums compared to non-smokers.
6.What do you mean by paid-up value in life insurance?
Paid-up value is the reduced coverage amount a policyholder receives when premium payments are discontinued after a certain minimum period. The policy stays active with lower benefits, calculated based on premiums paid and the original sum assured.
7.Can life insurance policies be used as tax-saving options in India?
Yes, life insurance policies are eligible for tax9 benefits. However, the primary aim of a life insurance policy is to offer life cover and should not be used only as a tax-saving option.
8.Are life insurance payouts subject to taxes?
Life insurance payouts are generally not taxable. Under Section 10(10D) of the Income Tax Act, maturity and death benefits are tax-exempt, provided certain conditions are met, such as compliance with premium payment limits and policy terms.
1.What is the main purpose of life insurance plans?
The main purpose of life insurance is to financially secure the family or dependents of the policyholder after their death. During the policy term, the dependents are covered under the policy. If the policyholder passes away within the policy term, the death benefit or sum assured will be paid out to the beneficiaries, helping them maintain their financial stability.
2.Why is life insurance important in India?
Life insurance is crucial in India because many families rely on a single earning member or a single source of income. In the event of the sole breadwinner's untimely death, the loss of income can cause significant financial strains for the family. Relying on emergency savings during such times may not be sustainable. Since life insurance plans are designed to provide a death benefit sum assured to the family upon the policyholder’s death, life insurance plays a vital role in ensuring financial stability.
3.What types of policies does Tata AIA Life Insurance offer?
Tata AIA Life Insurance offers:
● Term Plans
● Savings Plans
● Unit Linked Insurance Plans
● Money-Back Plans
● Retirement Plans
● Group Insurance Plans
● Combo Plans
4.Which are the popular term insurance policies sold by Tata AIA Life Insurance?
The various Term Insurance policies offered by Tata AIA Life Insurance are:
● Tata AIA Sampoorna Raksha Promise
● Tata AIA Maha Raksha Supreme Select
5.What is the difference between whole life and term life insurance?
The primary distinction between whole life and term life insurance is that whole life insurance, as the name implies, offers coverage for the entire lifetime of the policyholder. On the other hand, term insurance provides coverage for a specific period or a set number of years, as determined by the policyholder.
6.Which is better whole life insurance or term life?
The decision between whole life insurance and term life insurance depends on the requirements of the policyholder and their family. If you seek coverage for a specific term or up to 40 years, term insurance is an excellent choice, offering a higher sum assured with lower premiums.
On the other hand, a whole life insurance policy is ideal for those who wish to provide lifetime coverage for their family without the need to purchase a new policy. This policy ensures coverage until the policyholder reaches 100 years or for their entire life.
7.What is the difference between savings plans and Unit-Linked Insurance Plans?
Unit-Linked Insurance Plans (ULIPs) invest a portion of the premiums in market-linked funds19, meaning the returns are subject to market fluctuations, but are not guaranteed. On the other hand, savings plans help you accumulate wealth in low-risk avenues over time and offer guaranteed returns at the end of the policy term.
8.What is the best age to get life insurance?
One should purchase life insurance early to benefit from lower premiums. Although it is possible to get a life insurance plan later in life, policy premiums will be higher as older age is associated with increased health risks. When you are young, the risk of health issues is lower, which results in lower premiums.
9.Is it too late to get life insurance at 50 years of age?
Though it is advisable to purchase life insurance as early as you can, you can still avail of a new life insurance policy at the age of 50 years. However, given the higher age of the insured, the policy premiums will also be higher due to the risk of health conditions.
10.What is the minimum & maximum age to buy life insurance?
For most life insurance policies, the minimum entry age for buying life insurance is 18 years, while the maximum entry age could be between 65-75 years and may vary across different policies.
11.When should I buy a life insurance policy?
You can purchase life insurance at any stage of your life when you feel that you have upcoming financial responsibilities. It is also important to consider why you should buy life insurance. For instance, if you are the sole earning member of your family, a life insurance policy will ensure a financial backup for your beneficiaries in the event of your untimely death, which will lead to a loss of income. Most people purchase life insurance policy plans early in life to benefit from lower policy premiums.
12.Who Should Buy a Life Insurance Plan?
●Young Adults: As a young adult, one should have a life insurance policy so that they can prepare for future financial responsibilities and avail of lower policy premiums. Even though the current situation may not need life insurance protection, a young individual should plan for their future.
●New Families: Newly married couples or new parents should avail of a life insurance policy since they may have one or more dependents such as aged parents and/or young children. Since the financial obligations are greater, life insurance can help protect your family in case of a misfortune.
●People with Home Loans: If you have purchased a new home and are paying off the EMIs along with others bills, a life insurance policy can help you safeguard your family from these financial obligations in your absence. The sum assured of the policy can assist your loved ones in paying off any pending loans and debts.
●Business Owners: People who have just started their own business or are growing their venture should get life insurance plans. This is because losses to the business in your absence can impact your family. In such a situation, your life insurance policy can help safeguard your family and your business.
13.Do you get your amount back at the end of the term life insurance?
If you have a level term life insurance policy, you will not get any maturity benefits since the coverage will expire at the end of the policy term. In this case, only if the policyholder passes away during the policy term, the death benefit will be paid out to their beneficiaries.
Term plans with return of premiums, however, do offer the total premiums paid as a return at the end of the policy term. If the policyholder survives the policy term, they can get the maturity benefit.
14.Does life insurance offer tax benefits?
Most Life insurance plans offer the following tax7 benefits:
●Under Section 80C of the Income Tax Act, the policy premiums paid for the life insurance policy qualify for tax deductions.
●The death benefits offered by the life insurance policy are exempt from taxes under Section 10(10D) of the Income Tax Act.
●Health rider premiums, if any, paid towards the life insurance plan qualify for tax deductions under Section 80D of the Income Tax Act.
15.Do I need to pay taxes on the maturity benefits of my life insurance policy?
Maturity benefits from a life insurance policy are usually tax-free under Section 10(10D) of the Income Tax Act, provided the premium does not exceed 10% of the sum assured and the policy meets specific eligibility conditions.
16.Is there a loan facility on all life insurance policies?
No, not all life insurance policies offer a loan facility.
17.Can a minor be appointed as a nominee in life insurance?
Yes, a child or a minor (below 18 years of age) can be appointed as a nominee for a life insurance policy. In case of a claim, an appointee chosen by the policyholder will file a claim on behalf of the minor nominee.
18.Is life insurance necessary for senior citizens?
Yes, senior citizens should have a life insurance policy so that during their retirement years, they can protect their families in a number of ways. For instance, a whole life insurance plan can offer extended coverage to all the family members till the insured reaches 100 years of age.
If they have a savings insurance plan or a retirement insurance plan, it can offer payout benefits as a regular income to the retired policyholder and their family, thus helping them sustain themselves financially and achieve their financial goals.
19.How do I find the best life insurance policy?
To find the best insurance policy, you should first ascertain the needs of your family members and how much financial support they will need in your absence. According to their requirements, you can choose a reputed life insurance provider that offers a policy and a flexible sum assured that covers these needs. If you buy a life insurance policy online, you can compare different plans on the official website of your insurance provider to select the best life insurance policy in India for your family and yourself.
20.Who Should Buy a Life Insurance Plan?
To buy a life insurance policy, you generally need the following documents:
●Completed proposal form
●Age proof (PAN card, Aadhaar card, Birth certificate, etc.)
●Photo ID proof (PAN card, Aadhaar card, Passport, etc.)
●Address proof (Aadhaar card, Voter ID, Passport, etc.)
●Income proof (Bank statements, Salary slips, ITR receipts, etc.)
●Medical examination reports (if applicable)
●A recent passport-sized photograph
These requirements may vary slightly depending on the insurance provider.
1.Do life insurance policies offer only death benefits?
No, some life insurance policies offer death benefits as well as maturity benefits, payable to the policyholder on the maturity of the policy.
2.What types of deaths are covered by life insurance policies?
Tata AIA Life Insurance policies cover all types of deaths, including death by suicide. However, the terms and conditions for different types of deaths will vary.
3.Can I have multiple life insurance policies at once?
Yes, you may choose to have multiple life insurance policies at once. However, paying the premiums for so many policies can be very expensive, so it is advisable to have a comprehensive life insurance plan for yourself and your whole family, which can be much more cost-effective.
4.When can I add a rider to my life insurance plan?
You can add a rider23 to your life insurance plan at the time of the policy inception or during the policy anniversary while renewing the policy.
1.How to pay the life insurance online premium on a policy?
You can pay the life insurance premium online through any of the digital payment options available on the Tata AIA Life Insurance website after you purchase or renew your life insurance policy.
2.What are the premium payment modes when you buy a life insurance policy online?
You can opt for single premium pay, limited pay, or regular pay for your life insurance policy, as per the offering of the plan. Do note that not all plans may offer all three premium payment modes.
3.How do I pay affordable premiums for my life insurance plan?
To be able to pay affordable premiums on your life insurance plan, ensure that you choose coverage that is neither too expensive nor inadequate. You can also calculate your life insurance premiums on a life insurance premium calculator and compare plans to opt for reasonable premiums.
4.What happens if I miss a premium payment?
Missing premium payments can lead to your life insurance policy lapsing, resulting in loss of coverage and accumulated cash value. Some policies offer a grace period to make late payments, but failure to pay within that period may result in policy termination.
5.Will my life insurance lapse if I stop paying the premiums?
If you do not pay your policy premiums within the grace period, the policy will lapse, and no benefits will be payable on the policy.
6.Do I have to continue paying the premiums if I surrender the policy?
Once you surrender your policy, your life insurance benefits will end immediately, terminating the coverage. Therefore, there will be no more premium payments. However, it is not advisable to surrender your policy so that you and your family can be protected throughout the policy term.
1.Can I file a claim during the policy term?
If you file a death claim, then this should take place if the policyholder dies during the policy term. In case of a maturity claim, you will get it once the policy matures.
2.What is a maturity claim in life insurance?
A maturity claim is a claim you get when your policy matures, and you are eligible to claim the benefits, which could be the guaranteed savings from the life insurance plan. These will be paid out to you in the form of a lump sum benefit or as a regular income, as per your choice.
3.Can you file multiple claims in a life insurance policy?
No, you can only file one death claim and one maturity claim (where applicable) on your life insurance policy. However, if you do have a health rider, you will be allowed to file claims for minor stage and major stage cardiac diseases and cancer, as mentioned in the rider document.
4.Will a life insurance death claim be payable if someone other than my nominee files the claim?
No, only the nominee mentioned on the policy document by you is eligible to file the death claim and receive the death benefits.
5.How to file a life insurance claim?
To file a claim, reach out to us through any of the following channels.
● Email us at: customercare@tataaia.com
● Call our helpline number - 1860-266-9966 (local charges apply)
● Walk into any of the Tata AIA Life Insurance Company branch offices.
● Write directly to us at:
● The Claims Department,
Tata AIA Life Insurance Company Limited
B- Wing, 9th Floor,
I-Think Techno Campus,
Behind TCS, Pokhran Road No.2,
Close to Eastern Express Highway,
Thane (West) 400 607.
IRDA Regn. No. 110
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