No relevant search results found.
Language
Thank you for sharing your details. To receive a call from Tata AIA Financial Advisor.
reCAPTCHA is not working.
Call us
FOR EXISTING POLICY
FOR NEW POLICY
Want to buy a new policy online?
Your details have been successfully submitted. A representative from Tata AIA Life Insurance will call you soon.
Failed
There was some error in submitting details please try again
Life Insurance Plans
- Term Insurance
- Savings Plans
- Wealth + Health Plans
- Retirement Plans
Popular Term Insurance Plans
Safeguard the financial security of your loved ones with our affordable term insurance plans.
Get ₹ 1 Cr Life Cover at ₹ 502/month1Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN:110N176V04)
Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V07)
Popular Guaranteed Return Plans
Grow your wealth with our guaranteed return plans for a fikar-free future and also save tax7.
Individual, Non-Linked, Non-participating, Life Insurance Savings Plan (UIN: 110N163V10) | 6T&C apply
Non-Linked, Non-Participating, Individual Life Insurance Savings Plan (UIN: 110N158V13) | 10T&C apply
A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan (UIN: 110N126V07) | 12T&C apply
Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan (UIN:110N152V14) | 15T&C apply
Popular Wealth + Health Plans
Discover Complete Health and Wealth: 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)
A non-linked, Non-Participating Individual Health rider (UIN:110B046V02)
Popular Retirement and Pension Plans
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: 110L182V01)
A Non-Linked, Non-Participating, Annuity Plan
(UIN:110N161V10) | 25T&C apply
What Is a Life Insurance policy?
A life insurance policy is a contract between two parties: the policyholder and an insurance company or the insurer. The insurer promises to pay a predetermined amount of money to the policyholder’s family in case the life insured passes away during the policy term.
The policyholder will, in return for this coverage, pay regular premiums to the insurer for a set number of policy years, also called the Premium Payment Term. In some types of life insurance plans, there may also be maturity benefits offered to the policyholder if the life insured survives the policy term.
Why Should I Buy Life Insurance?
To Secure Your Family
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 can be utilized to pay for their routine expenses, clear off debts, and plan for their future financial commitments.
To Ensure Protection Against Critical Illnesses
With a suitable life insurance rider, you can be covered against a host of minor-stage and major-stage critical illnesses, ensuring that you need not bear the cost of the treatment while protecting your basic sum assured.
To Get Extensive Coverage at A Low Cost
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.
To Save And Financially Plan for The Future
With a life insurance savings policy, you can save funds for a maturity benefit to create a plan for your beneficiaries during uncertain times and also park your funds in a safe avenue that can get you assured returns later.
To Invest and Create Wealth
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. Therefore, a single life insurance plan provides the dual benefit of investment and life cover.
Secure Your Retirement Life
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 themselves financially.
Get Tax Benefits
Under Section 80C of the Income Tax Act, the life insurance premiums paid towards a policy are eligible for tax7 deductions. You can 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.
Peace Of Mind
With a protective life insurance cover to protect your family against life’s uncertainties, you can be at peace knowing that their financial future is secure even during the most trying and tough times.
Why Is Life Insurance Important at Every Life Stage?
When you are young
You need to secure your family if they get dependent on your earnings, protect them against your education loan or other liabilities, and lead a self-sufficient life.
When you are just married
It would help if you enhanced the protection for your extended family and secured funds for their financial future in your absence.
When you become a parent
When you are blessed with children, you have the additional responsibility of securing funds for your child's future and aspirations.
When you retire
When you retire and have dependent family members throughout life, a whole life insurance plan can protect their future until your death and even beyond.
Key Life Insurance Features
Death benefit for Financial Protection
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.
Maturity benefit for Savings or Investment needs
Certain types of life insurance plans offer maturity benefits linked to savings or investments. It is in addition to the death benefit.
Optional riders for enhanced Coverage
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.
Flexible Premium Payment Term
You can choose a flexible premium payment term that can let you pay regularly throughout the policy term, only for a limited term, or a single premium payment and enjoy life cover for the whole policy term.
Life Insurance Benefits
Risk Cover
Life cover is the most important component of a life insurance policy that covers your family so that in case of an unfortunate event, your family or dependents will be financially protected with a sum-assured benefit.
Savings for guaranteed returns
With savings insurance plans, you can save funds for a guaranteed* maturity benefit and plan for your future financial commitments.
Investments for wealth creation
With a Unit-Linked Insurance Plan, you can use your life insurance policy to invest in financial securities for market-linked30 returns.
Loan Facility
You can avail yourself of a loan amount on your life insurance policy, which can help you meet additional expenses at certain times. The eligible loan amount will depend on your insurance company’s terms, conditions, and guidelines.
Comprehensive Plan for Different Stages of Life
You can choose a flexible life insurance policy that provides adequate cover during the different stages of your life as and when your responsibilities increase so that you do not have to worry about your family’s financial security.
Cover for Increasing Health Expenses
Life insurance policies can be customised with health riders29 that can offer hospitalisation benefits, accidental death, and disability benefits and so on to help you get through emergencies without disrupting your basic sum assured.
Backup for your Business
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.
Long-term Savings
With a life insurance savings plan, you can save regularly and invest for wealth creation in a systematic manner which can help you take care of many expenses such as starting a new business, buying a new car, moving to a new city, etc.
Retirement Planning
With a suitable life insurance policy, you can plan your retirement years so that in the absence of a monthly salary, you can have a steady source of income through regular pay-outs to take care of you and your family’s financial needs.
Online Process
You can access a wide range of online life insurance plans from our Tata AIA Life Insurance website and compare the life insurance features and benefits to choose the best life insurance policy for your financial requirements.
Claim Assistance
When it is time to file a claim for the benefits, Tata AIA Life Insurance offers a convenient online claim assistance service where you can simply get in touch with us, and we will have your claim settled quickly.
Tax Benefits
Life insurance premiums are eligible for a tax7 deduction of up to ₹1.5 Lakh under Section 80C of the Income Tax Act, while the death and maturity benefits are exempt under Section 10(10D), subject to the prevailing tax rules, helping you save on your life insurance policy.
Need advice on a new plan?
Our experts are happy to help you
Looking to buy a new life insurance plan?
Our experts are happy to help you!
What Are the Payout Options Available for Life Insurance Plans?
The payout options under a life insurance plan can be quite flexible, and you can choose the payout as per your needs and convenience.
Lump-Sum Benefits
Under life insurance, you can choose to receive the payout, or the sum assured in the form of a lump sum, where a single, one-time payout will be made to you or your nominee as a maturity benefit or death benefit, respectively.
Regular Income Benefit
The regular income benefit pays out the policy benefits as a regular income to the policyholder, starting from a certain point in the policy term or after the policy term for the specified period based on the policy terms and conditions.
Lump-Sum Plus Regular Income
Some life insurance plans offer the sum assured of the life insurance policy as a combination of a lump sum payout and regular payouts for a specified number of years or the income period, as per the policy guidelines.
Who Can Buy Life Insurance?
Apart from protecting your family, here are a few points that show how a life insurance policy can help you in different stages of life:
If you are between 20-30 years of age
Young professionals in this age group can easily avail of a lower premium on their life insurance policy and enjoy extensive insurance coverage to cover various expenses, such as educational loans, etc., while protecting themselves and their families.
If you are 30-40 years of age
A life insurance policy for family members in this age group can help them secure funds for their extended family, spouse, and children for their financial future in the long-term. In addition, it can help the family recover from loans and liabilities, such as home loans, vehicle loans, etc., that can increase the financial burden in the absence of the sole breadwinner.
If you are 40-50 years of age
In this age group, a life insurance policy can help you start your retirement planning or save for any major upcoming expenses that need to be taken care of, such as your children’s further education and so on.
If you are above 50 years of age
A life insurance plan for people under this age group can help them with a lump sum amount or a regular income to fund routine expenses and lead a peaceful life after retirement.
Types Of Life Insurance Plans
Check out the Different Popular Life Insurance Plans from Tata AIA
Term Insurance Plans
Our Term life insurance plans provide life cover for the specified term 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.
Savings Plans
Our savings insurance plans offer a life cover with an option to save funds for the future to be provided as a guaranteed6 maturity benefit. You can choose to pay the premium using a convenient method, single, limited, or regular, and mode, whether monthly, semi-annually, or annually. Furthermore, you can choose to receive the payouts as a lump sum, regular income, or a mix of both. 6T&C apply.
Wealth Solutions
Our Unit-Linked Insurance Plans (ULIP Plans) offer a life cover and the option to invest in financial securities for market-linked returns30. You can choose to invest in funds based on your risk appetite and switch between them based on the varying market cycles.
Retirement Plans
Our Life insurance retirement plans offer a life cover and the annuity plan benefit for a regular income through the golden years of your retirement. You can customize them and choose between the immediate or the deferred annuity plan.
Group Life Insurance
Group life insurance plans provide life coverage to the individual members of an employer-employee group or a non-employer-employee group. It is affordable and involves simple purchase and claim processes.
Comparison Of Life Insurance Plans
| Type Of Life Insurance Policy | Purpose | Who Should Consider Buying This Policy? | Popular Tata AIA Plans |
|---|---|---|---|
| Term Life Insurance Plan | Pure risk cover Whole life cover |
Sole earning members of a family, young professionals, family members, and business owners | Tata AIA Sampoorna Raksha Promise |
| Savings Insurance Plan | Life cover Guaranteed6 maturity benefits 6T&C apply |
Newly married couples, young parents, and young professionals | Tata AIA Fortune Guarantee Plus |
| Unit-Linked Insurance Plan | Life cover Market-linked returns30 |
Young professionals, newly married couples, and young parents | Param Rakshak Pro |
| Retirement Plan | Life cover Annuity benefits |
Family members, individuals planning early retirement, and individuals having dependent family members throughout life | Tata AIA Fortune Guarantee Pension |
How Much Life Insurance Coverage Do I Need?
The amount of life cover you need at each stage of life will be different. Therefore, make it a point always to keep an adequate amount of coverage, considering the various financial needs, goals, commitments, and liabilities to ensure a secure financial future for you and your family.
Early Adulthood: 20 – 30 years
With minimal responsibilities and a steady salary, you can choose a life insurance policy whose sum assured can be ten times your annual income and liabilities. Such a policy will not only help you protect your family but also help you beat the rising inflation rate.
Middle Adulthood: 30 – 45 years
This stage is when most people get married, have children, and have a number of financial responsibilities. Therefore, it is important to consider the income, expenses, future financial commitments and other loans and liabilities and account for the inflation rate to determine the right coverage.
Late Adulthood: 45 – 55 years
This stage is where, along with planning for your grown-up but dependent children’s needs, you will also need to start planning for your retirement. Ensure that your life insurance coverage is adequate enough for these requirements.
Retirement: 60+ years
In your life after retirement, if you have family members who will remain dependent throughout their life, ensure adequate coverage to secure their financial needs to sustain a life in your absence.
How Is Life Insurance Premium Calculated?
The premium payable on your life insurance policy is calculated based on the following factors.
Age
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.
Gender
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.
Lifestyle habits
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.
Duration of coverage
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.
Existing health conditions
If you have any pre-existing health conditions as diagnosed by a medical professional, not only will you have to pay higher premiums, but you also have to go through a waiting period before getting any policy benefits.
Medical history
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.
Factors To Consider Before Selecting a Life Insurance Policy
Your financial goals
Analyze your financial goals. It can range from securing your family against unprecedented events, saving funds for future financial commitments, or investing for wealth creation.
Timelines
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.
Age
The life insurance cover and the premium are decided based on your age and the related health issues. Therefore, it is best advised to purchase a life insurance plan early in life to benefit from lower life insurance quotes for the long policy term.
Financial liabilities
The life insurance cover should be able to cover all your financial liabilities to avoid repaying loans or clearing off debts becoming a burden to your family in your absence.
Your income and expenses
While you purchase a life insurance policy, you need to consider your steady flow of income and regular expenses to ensure affording timely premium payments. It will help you stay insured throughout the policy tenure.
Insurer's reliability
Determine the reliability of your insurance provider by considering their application and claim settlement processes, individual death claim settlement ratio, solvency ratio, and customer support. It will help you compare and choose the best life insurance plan for all your financial needs.
How To Find the Best Life Insurance Plan?
Understand Your Requirements
The amount of money needed to take care of your family’s needs, any financial liabilities and future expenses will need to be taken into consideration to analyze your insurance needs before you choose a life insurance plan for your family.
Determine The Life Cover
Considering your requirements, determine adequate life coverage. It can 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.
Determine The Policy Term
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, etc.
Determine The Type of Life Insurance Plan
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 can do this by understanding the life insurance plans and their distinct benefits.
Compare Life Insurance Solutions
Now that you have trickled down to the type of life insurance plan, compare the different life insurance solutions, their features, and benefits, to determine the best life insurance plan for your requirements.
Seek Affordable Premiums
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 halt to 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.
Check the Claim Settlement Ratio
When looking for a life insurance policy, it is important to find a reliable and reputed life insurance provider whose claim settlement ratio proves that they can settle your claims effectively and without any hassles!
Examine The Policy
Make sure that you read your policy document well without missing out on the fine print 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.
Add Essential Riders
Though riders 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.
Why Buy Life Insurance Online?
Purchasing a life cover insurance policy online can have 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:
Transparency
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.
Compare Plans
Online insurance plans enable you to compare life insurance plans while saving a whole lot of your time. With the help of our online life insurance premium calculator, you can simply calculate your premiums and compare the plans.
Cost Efficient
When you buy life insurance online, you can save a lot of money as compared to that of purchasing it offline. In addition, you can benefit from discounts on premium rates while choosing the digital payment options.
Secure Payment Modes
When buying an online life insurance plan, secure online payment options can save you a lot of time during the payment. This process also makes it easier for you to pull up your transactions when you need to claim tax7 deductions.
Your Claim Is Our Priority
How Is Life Insurance Different from General Insurance And Health Insurance?
| 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. |
Important Terms About Life Insurance Policy
Policy
The insurance policy is the contract that the insurer and the policyholder enter into and is evidenced by the policy document, the proposal form, the policy schedule and any other information/document(s) provided to the insurance company.
Sum Assured
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.
Annualised Premium
If the policy premiums are computed on a yearly basis, then this amount is known as the annualised premium and does not include any additional premiums, taxes and loading.
Coverage Period
The duration during which the insured and their family are covered under the policy and are eligible for receiving the benefits is known as the coverage period.
Maturity Date
The maturity date is referred to as the date on which the policy expires. However, the maturity date is used as a term only if the policy offers maturity benefits.
Life Insurance Premium
The life insurance premium is a specified amount in the life insurance policy, payable by the policyholder in exchange for policy benefits and does not include any applicable taxes.
Premium Payment Mode or Frequency
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 Riders
Life insurance riders29 are optional benefits that can be added to your life insurance policy at an extra premium to enhance the policy coverage.
Why choose Tata AIA Life Insurance?
28T&C apply.
Frequently Asked Questions (FAQs)
- Generic
- Policy
- Cover
- Premium
- Claim
1.What is a life insurance policy?
A life insurance policy is defined as a contract between the insurer and the insured (policyholder), where the insurer promises to pay a defined sum of money to the nominees on the death of the insured person or after the policy matures. The insured must, however, pay the timely premiums for a set term to ensure that the policy remains in effect.
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-linked30 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.Can life insurance policies be used as tax saving options in India?
Yes, life insurance policies are eligible for tax7 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.
4.How to choose a life insurance policy for my family?
To choose a life insurance policy for your family, ensure that the coverage amount is sufficient for their future financial needs. Take into consideration your income, your financial commitments, all liabilities such as loans and debts, as well as medical emergencies while choosing an adequate life insurance policy coverage for your family.
5.Is it more convenient to purchase life insurance online?
Yes, purchasing life insurance online can be much more convenient since you can easily calculate the life insurance premiums online, carry out all the research, read online reviews, check the individual death claim settlement ratio of your insurer, and make the online purchase and payment from anywhere and at any time.
1.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
2.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
3.What is the difference between savings plans and Unit-Linked Insurance Plans?
Unit-Linked Insurance Plans invest a portion of the premiums in market-linked funds30 which means that the returns on the plan are market-linked but not guaranteed, while savings plans help you accumulate your wealth in low-risk avenues over the years and offer guaranteed6 returns at the end of the policy term.
4.Is there a loan facility on all life insurance policies?
No, not all life insurance policies offer a loan facility.
5.What is the main purpose of life insurance plans?
The main purpose of life insurance is to secure the family or the dependents of the policyholder with a financial benefit after the death of the policyholder. During the policy term, the dependents are covered under the policy, and if the policyholder’s death occurs within the policy term, then the death benefit or the sum assured of the life insurance plan will be paid out to the beneficiaries, so that they can support themselves financially.
6.Why is life insurance important in India?
Life insurance is important in India because most families have a single earning member or a single source of income. In the event of the sole earning member’s untimely demise, the loss of income can cause financial inconvenience to the other family members. During this time, it may not be wise to sustain one’s family on emergency savings and the like. Since life insurance plans are designed to pay out a death benefit sum assured to the family on the policyholder’s death, life insurance is important.
7.Which is better whole life insurance or term life?
The choice between whole life insurance and term life insurance will depend on the needs of the policyholder and their family. If you are looking for life insurance coverage for a limited term or a maximum of up to 40 years of coverage, term insurance will be a good choice that offers a higher sum assured for low premiums.
A whole life insurance policy is a good option for those wanting to provide lifelong coverage for their family without having to buy a new life insurance policy. Hence, this type of policy will offer insurance coverage till the policyholder is 100 years of age or for their whole life.
8.Do you get your money back at the end of 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 claim the maturity benefit.
9.What is the best age to get life insurance?
One should purchase life insurance as early as possible so that they can benefit from lower premiums. Though it is possible to have a life insurance plan later in life, the policy premiums will be higher as an older age is associated with health risks. When you are young, there is a lower risk of health issues and therefore, the premiums will be lower.
10.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.
11.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.
12.What is the difference between whole life and term life insurance?
The main difference between whole life and term life insurance is that whole life insurance, as the name suggests, provides life insurance coverage throughout the entirety of the policyholder’s life, while term insurance offers life insurance coverage only for a limited term or number of years, as selected by the policyholder.
13.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.
14.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 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.
15.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.
16.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.
17.How do I find the best life insurance policy?
To find the best life 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 for your family and yourself.
18.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.
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 rider29 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.Will my life insurance lapse if I stop paying the premiums?
If you do not pay your policy premiums for two years within the grace period, the policy will lapse, and no benefits will be payable on the policy.
4.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. It is not advisable to surrender your policy so that you and your family can be protected throughout the policy term.
5.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 not too expensive or inadequate. You can also calculate your life insurance premiums on a life insurance premium calculator and compare plans to opt for reasonable premiums.
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. If you want to file a maturity claim, you will need to do it once the policy matures.
2.What is a maturity claim in life insurance?
A maturity claim is a claim you file 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
Disclaimers
The linked insurance product do not offer any liquidity during the first five years of the contract. The policy holder will not be able to surrender/withdraw the monies invested in linked insurance products completely or partially till the end of the fifth year.
Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN:110N176V04)
Tata AIA Maha Raksha Supreme Select - Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V07)
Tata AIA Fortune Guarantee Supreme - Individual, Non-Linked, Non-participating, Life Insurance Savings Plan (UIN110N163V10)
The complete name of Tata AIA Fortune Guarantee Plus is Tata AIA Life Insurance Fortune Guarantee Plus (UIN: 110N158V13) - Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan
The complete name of Tata AIA Smart Income Plus is Tata AIA Life Insurance Smart Income Plus (UIN:110N126V07) - A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan
The complete name of Tata AIA Guaranteed Return Insurance Plan is Tata AIA Life Guaranteed Return Insurance Plan (UIN:110N152V14) - Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan)
Param Raksha Life Pro is designed for combination of benefits of following individual and separate products named (1) Tata AIA Smart Sampoorna Raksha Supreme Unit Linked, Non-Participating Individual Life Insurance Plan (UIN: 110L179V01) and (2) Tata AIA Vitality Protect Advance A Non-Linked, Non- Participating Individual Health Product (UIN: 110N178V01).
The complete name of Tata AIA Fortune Pro is Tata AIA Life Insurance Fortune Pro (UIN: 110L112V07) - Non-Participating, Unit Linked Individual Life Insurance Savings Plan.
Tata AIA Pro-Fit comprises of Tata AIA Health Pro, A Non-Participating, Unit-linked, Individual Health Insurance Plan (UIN: 110L180V01), Tata AIA Health Secure, A Non- Participating, Unit Linked, Individual Health rider (UIN: 110A050V01) & Tata AIA VitaHealth, A Non-Participating, Non-Linked Individual Health Product (UIN: 110N181V01). Tata AIA Health Pro and VitaHealth are also available for sale individually.
The complete name of Tata AIA Fortune Guarantee Pension is Tata AIA Life Insurance Fortune Guarantee Pension (UIN:110N161V010) - A Non-Linked Non-Participating Individual Life Insurance Plan. Multiple options are available in this plan: Immediate Life Annuity, Immediate Life Annuity with Return of Purchase Price, Deferred Life Annuity (GA-I) and with Return of Purchase Price, Deferred Life Annuity (GA-II) and with Return of Purchase Price.
Tata AIA Smart Pension Secure (UIN: 110L182V01) - Non-Participating, Unit Linked, Individual Life Insurance Pension Plan
1Illustrated Premium is the monthly premium excluding taxes for 20 yr. old female, Standard Life, Non-Smoker for 2 Cr. Sum Assured with Policy Term of 15 yrs. (Regular Pay) with Life Secure plan option. Please refer Benefit Illustration for more details. Tata AIA Life shall have the right to claim, deduct, adjust, recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy. Kindly refer the sales illustration for the exact premium.
first year digital discount of 10% for Limited Pay/Regular Pay and 5% salaried discount. For Single Pay, 1% discount will be available for online purchase and salaried discount each.
3Under Life Promise Plus Option, an amount equal to the 100% of the Total Premiums Paid (excluding loading for modal premiums) shall be payable at the end of the Policy Term, provided the life assured survives till maturity and the policy is not terminated earlier
4Illustrated Premium is the monthly premium excluding taxes for 20 yr. old female, Standard Life, Non-Smoker for 2 Cr. Sum Assured with Policy Term of 15 yrs. (Regular Pay) with Life Secure plan option. Please refer Benefit Illustration for more details. Tata AIA Life shall have the right to claim, deduct, adjust, recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy. Kindly refer the sales illustration for the exact premium.
5With digital discount, Female age 55 years | Annual Premium 25 Lakh (excl. taxes) | Premium Payment Term 12 years| Policy Term 45 years | Income deferment post Premium Payment Term 5 years | Income Term 28 years.
6Guaranteed returns in this plan depends on Age at Entry of life assured, Premium payment term, policy term, premium amount and plan option chosen.
7Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere on this site. Please consult your own tax consultant to know the tax benefits available to you.
8The current loyalty addition rate on the Sub-wallet will be 4.05% compounding annually. This rate will be reviewed every six months (on 1st April & 1st October every year).
9Premium excluding taxes for age group of 18 to 50, Male, Standard life, Plan Option 1 (Regular Income), Policy term 15 years, Income term 30 years. Total Guaranteed Benefit: Rs. 47,49,400. Please refer Benefit Illustration for more details. Premium is subject to applicable taxes, cesses & levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium. Tata AIA Life shall have the right to claim, deduct, adjust, recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy. Kindly refer the sales illustration for the exact premium.
10“Guaranteed Annual Income” shall be a fixed percentage of the annualised Premium / Single Premium (excluding discount) payable in a year. Guaranteed Annual Income as per the chosen Income Frequency shall commence after maturity till the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period.
11Return of Premium Benefit is The Total Premiums Paid (excluding loading for modal premiums and discount) by the policyholder will be payable at the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period.
12Guaranteed Payout (GP) is a fixed percentage of the Annualized Premium and shall be payable annually from income start year in case of Regular income option and at the end of policy year preceding the year of Maturity in case of Endowment option. Guaranteed Maturity Pay-out (GMP) is a percentage of the Annualised Premium and shall be payable at maturity.
13Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000 as per old tax regime. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess, if any will be charged extra as per prevailing rates. The Tax Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
14Illustrated premium is calculated for a 21-year-old healthy male with a premium paying term of 10 years, policy term of 15 years and premium payment with monthly instalment under Endowment plan option. The premium shown is inclusive of taxes and the mentioned benefit is payable only if all premiums are paid as per the premium paying term and the policy is in force till the completion of entire policy term opted. Please refer Benefit Illustration for more details. Premium is subject to applicable taxes, cesses & levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium. Tata AIA Life shall have the right to claim, deduct, adjust, recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy. Kindly refer the sales illustration for the exact premium.
15Guaranteed Annual Income (GAI) in the Regular Income option is a percentage of one Annualised Premium while in the Whole Life Income option is a percentage of the Total Premiums Paid
16Guaranteed Addition (Endowment option) defined as a percentage of GMB shall accrue at a simple rate for each completed policy year, throughout the Policy Term and shall be payable on Maturity or Death whichever is earlier, subject to all due premiums being paid. GA shall accrue @ 5% of GMB
17Subject to a maximum policy term of 40 years
185-year computed NAV for Multi Cap Fund as of Nov 2024. Other funds are also available. Benchmark of this fund is S&P BSE 200
19All funds open for new business which have completed 5 years since inception are rated 4 star or 5 star by Morningstar as of December 2024.
20©2024 Morningstar. All rights reserved. The Morningstar name is a registered trademark of Morningstar, Inc. in India and other jurisdictions. The information contained here: (1) includes the proprietary information of Morningstar, Inc. and its affiliates, including, without limitation, Morningstar India Private Limited (“Morningstar”); (2) may not be copied, redistributed or used, by any means, in whole or in part, without the prior, written consent of Morningstar; (3) is not warranted to be complete, accurate or timely; and (4) may be drawn from data published on various dates and procured from various sources and (5) shall not be construed as an offer to buy or sell any security or other investment vehicle. Neither Morningstar, Inc. nor any of its affiliates (including, without limitation, Morningstar) nor any of their officers, directors, employees, associates or agents shall be responsible or liable for any trading decisions, damages or other losses resulting directly or indirectly from the information.
21Loyalty Additions will be credited only if Policy is in-force and all due premiums have been paid. For Regular Pay & Limited Pay, additional units @ 0.20% of units in each of the funds under Regular Premium Account will be credited (post deduction of applicable charges) to the respective funds every Policy Anniversary starting from eleventh (11th) Policy Anniversary till end of Policy Term. For Single Pay, additional units @ 0.35% of units in each of the funds under the Single Premium Account will be credited (post deduction of applicable charges) to the respective funds every policy anniversary starting from sixth (6th) Policy Anniversary till end of Policy Term. Loyalty Additions are not payable on Top-up Premium Account.
22The word Guaranteed and Guarantee means the annuity payout is fixed at inception of the policy and will be payable for whole of life or till death of the Annuitant(s).
23Return of Purchase price means return of all premiums paid excluding any extra premium, any rider premium, taxes and other statutory levies, if applicable
2485,76,889 families protected till 31st December 2024.
25Retail Sum Assured for FY23 is Rs 4,43,479 Crores.
26As on 03rd April 2024, the company has a total Assets Under Management (AUM) of Rs. 1,00,099.11 Crores
27Individual Death Claim Settlement Ratio is 99.13% for FY 2023-24 as per the latest annual audited figures.
28Applicable to only non-early claims with more than 3 years of policy duration, non-investigation cases, up to Sum Assured of Rs. 50 lakhs. Applicable for branch walk in. Time limit to submit claim to Tata AIA Life Insurance is 2 pm on working days. Subject to submission of complete documents. Not applicable for ULIP policies and open title claims.
29Riders are not mandatory and are available for a nominal extra cost. For more details on benefits, premiums and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/Intermediary/ branch.
30Market-linked returns are subject to market risks and terms & conditions of the product. The assumed rate of returns or illustrated amount may not be guaranteed and depends on market fluctuations.
For ULIP products
In this policy, the investment risk in investment portfolio is borne by the policyholder. The linked insurance product do not offer any liquidity during the first five years of the contract. The policy holder will not be able to surrender/withdraw the monies invested in linked insurance products completely or partially till the end of the fifth year.
The fund is managed by Tata AIA Life Insurance Company Ltd. For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale. The precise terms and condition of this plan are specified in the Policy Contract.
Past performance is not indicative of future performance. Returns are calculated on an absolute basis for a period of less than (or equal to) a year, with reinvestment of dividends (if any).
Investments are subject to market risks. The Company does not guarantee any assured returns. The investment income and price may go down as well as up depending on several factors influencing the market.
Please make your own independent decision after consulting your financial or other professional advisor.
Tata AIA Life Insurance Company Limited is only the name of the Insurance Company & Tata AIA Smart Health, Tata AIA Fortune Pro, Tata AIA Smart Sampoorna Raksha and Tata AIA Smart Sampoorna Raksha Pro are only the names of the Unit Linked Life Insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. Please know the associated risks and the applicable charges, from your Insurance Agent or Intermediary or Policy Document issued by the Insurance Company.
Various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. The underlying Fund's NAV will be affected by interest rates and the performance of the underlying stocks.
The performance of the managed portfolios and funds is not guaranteed, and the value may increase or decrease in accordance with the future experience of the managed portfolios and funds.
Premium paid in the Unit Linked Life Insurance Policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the Insured is responsible for his/her decisions.
Please know the associated risks and the applicable charges, from your insurance agent or the Intermediary or policy document issued by the Insurance Company.
This product is underwritten by Tata AIA Life Insurance Company Ltd.
The plan is not a guaranteed issuance plan, and it will be subject to company’s underwriting and acceptance.
Insurance cover is available under this product.
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. The precise terms and condition of this plan are specified in the Policy Contract.
Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid.
In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
L&C/Advt/2025/Feb/0989
Articles Related to Life Insurance
10 mins read
New user? Our experts are happy to help.
Thank you for sharing your details.
Our representative will contact you soon.
