Must Knows

TATA AIA and Term Insurance Plans

[ecis2016.org] If you are planning to buy a life insurance policy, check this guide on the plans offered by TATA AIA.

Chris Gardner (Will Smith) from the movie Pursuit of Happyness (2006) availed insurance for his son after his first income. If Gardner can do that with just USD 21.33 in his wallet, why can’t you? Wondering where and how to start? Keep reading.

What is Term insurance?

Term insurance is a life insurance product that accommodates a pure risk cover for a particular period of years (term) for the insured. The term insurance aims to provide financial assistance to the insured member if they face any unfortunate event during the period of insurance. The nominee receives the sum amount as a benefit. The death benefit rolls out according to the payout option selected by the customer during the policy purchase. The term insurance offers high life cover policies for a low premium. 

Example: For an individual, the premium for a sum of 1 crore term insurance cover could get as low as Rs. 485 per month. 

The individual can pay the fixed premium at once or at regular intervals during the entire policy term or for a limited period alone. The premium amount varies based on the type of premium payment method chosen by the buyer. 

Perks of buying a term insurance plan:

  • They offer high-life cover at affordable premium levels. 
  • The insurance can provide you with extended lifetime coverage. 
  • They help you in times of medical emergency and illness. 
  • The plan can also assist you in case you are disabled.
  • If any unfortunate events happen, death benefits are provided. 
  • The plan gives out riders or additional benefits. 
  • The insurance protects you against liabilities if there is an urgent debt or loan to be paid. 
  • The program is flexible to offer you multiple premium payment options. 

TATA AIA Life Insurance Company: A brief introduction

TATA AIA Life Insurance Company, which is one of the fastest-growing Life Insurance companies, came into existence through the collective effort of Tata Sons Private Limited and AIA Group Limited (AIA), the largest pan-Asian insurance company. The company acquired its license in India on February 12, 2001.

Types of TATA AIA Term Insurance 

Sampoorna Raksha Supreme

Sampoorna Raksha Supreme is TATA AIA’s best-selling term insurance plan. TATA AIA’s Sampoorna Raksha Supreme is an inclusive term life insurance plan that helps secure your family’s financial needs in the future. 

Who can enjoy the benefits of this plan? 

Sampoorna Raksha Supreme offers a one-stop solution to meet the demands of individuals irrespective of their age, profession, group and stage of life. Any of the following are eligible:

  • Young individuals
  • Young parents 
  • Married couples
  • Entrepreneurs 
  • Retired individuals
  • Working women

What are the documents required for this plan?

  • PAN card 
  • Aadhaar card 
  • Salary slip
  • Income tax receipt
  • Bank statement (for the previous six months) 

Details

Basic Sum Assured  Choice of Life Plan Options Life Cover  Rider Options 

Premium Paying Options

Claim Settlement Ratio

Rs 1,00,000 Life

Life Plus

Life Income

Credit Protect

100 years Non-Linked Comprehensive Protection Rider 

Non-Linked

Comprehensive

HealthRider

Single  

Annual 

Half-yearly 

Quarterly 

Monthly payment options 

98.02% in FY 2020 – 21

Benefits of the Sampoorna Raksha Supreme

  • You can obtain a 105 per cent return on the premium. By selecting the Life Plus option, you can receive 105 per cent of the premium you have paid at the end of the policy term. 
  • You can increase your life cover at different milestones of your life. It will help you meet your family’s financial needs at several stages of life. 
  • The plan also offers complete life coverage up to 100 years of age. It acts as a financial shield for you and your loved ones. 
  • When you buy a TATA AIA term insurance plan, you are eligible to get the tax benefits as per the tax laws. 
  • The Online Medical Consultation facility in the plan gives you access to manage health services. It ranges from a registered service provider who helps provide you with proper diagnosis and treatment for your disease. 
  • The plan offers additional protection for riders. Riders are add-ons which cover the base policy and also give extra benefits. You can select an optional rider with your policy to cover any unfortunate happening in your life. 

How does Sampoorna Raksha Supreme work? 

1. Select a plan option – Sampoorna Raksha Supreme offers four options. 

  • Life Option
  • Life Plus Option 
  • Life Income Option
  • Credit Protect Option

2. Select a suitable sum assured

  • The amount chosen for this policy can go up to Rs 1,00,000; also, there is no maximum limit. 

3. Select a policy term and premium payment term. 

Sampoorna Raksha Supreme significant features

  • The plan provides you with multiple flexible payment options. You can make the payment at your convenience – single, monthly, quarterly, half-yearly and yearly. 
  • There is a lower premium rate for women policyholders. This plan ensures that women can easily afford to get lower premium rates on their insurance policies. 
  • An individual is flexible in choosing any plan from the four options in this policy. The plans are designed to meet the customer’s needs. The inbuilt payor accelerator benefit helps pay fifty per cent of the necessary amount when you undergo any illness. The payout is offered as a lump sum. 
  • The individual can select at what age they want to receive a regular monthly income. For example, they can choose a steady monthly income at 55, 60 or 65 years to lead a carefree retired life. 
  • The income period is the number of years after the policy’s maturity date. The policyholder can select an income term for up to 60 months after the policy’s maturity. They can also receive the maturity benefit as a whole sum at the end of the policy’s tenure. 

Why do you need this plan in your life?

  • Secure the future of your loved one by selecting a simple life cover. The Life Option can help you protect your family members in your absence.
  • It can also serve as a regular income and a death benefit. An individual can always choose to receive the income payout at his age of convenience. 
  • The Life Option enables you to obtain nearly 105 per cent of the total premiums. 
  • The inbuilt payor accelerator benefit assures you 50 per cent of the sum if you are diagnosed with any illness. 
  • The credit protection option presents a pure risk cover to safeguard your family from unpaid loans and debts. 
  • You can also avail the rider options, which are available with all plans. 

Saral Jeevan Bima 

In today’s world, you need sound financial security to achieve your personal or professional dreams. TATA AIA’s Saral Jeevan Bima is the one step to all your financial woes. It is said to be a non-linked and non-participating insurance plan that can offer a lump sum to the insured nominee when any unfortunate event occurs during the policy tenure. 

Who can enjoy the benefits of this plan?

Saral Jeevan Bima offers a quick fix to meet the demands of individuals irrespective of their age, profession, group and stage of life. The plan serves as a complete package to shelter you and your family from all financial uncertainties.  

  • Young individuals
  • Young parents 
  • Married couples
  • Entrepreneurs 
  • Retired individuals
  • Working women

What are the documents required for this plan?

  • PAN card 
  • Aadhaar card 
  • Salary slip
  • Income tax receipt
  • Bank statement (for the previous six months). 

Details 

Parameter Description
Minimum  Maximum 
Entry Age  18 65
Age at Maturity  65
Policy Term  5 40
Package Sum Assured  5L 49.50L
Premium Payment Frequency  Single, annual, half-yearly, quarterly, and monthly 

Saral Jeevan Bima significant features

  • The individual can acquire the death benefit during the policy tenure. 
  • Riders are available to the nominees as extra protection. 

Why do you need this plan?

  • Saral Jeevan Bima is the most simple and affordable plan to protect your family. 
  • Individuals can select the policy term and paying term according to their needs. 
  • The plan presents lower premium rates for women. 
  • You can also avail the tax benefits as per the income law tax. 
  • The riders in the plan secure you with additional protection. 

InstaProtect Solution 

InstaProtect Solution is for all who are undergoing difficult life hurdles. It is the right insurance plan for safeguarding your loved ones and their future. This term insurance plan by TATA AIA is the most comprehensive one-stop solution for financially stabilising your family members. The policy covers the essential aspects of health such as accidental death, total or permanent disability, hospital expenses, and other critical illnesses. 

Who can enjoy the benefits of this plan?

InstaSmart Solution offers the ticket to meet the demands of individuals irrespective of their age, profession, group and stage of life. The plan serves as a balanced package to protect you and your family from all financial and health uncertainties of life. 

  • Young individuals
  • Young parents 
  • Married couples
  • Entrepreneurs 
  • Retired individuals
  • Working women

What are the documents required for this plan?

  • PAN card 
  • Aadhaar card 
  • Salary slip
  • Income tax receipt
  • Bank statement (for the previous six months). 

Eligibility                               

Eligible Age Range  Minimum Maximum 
Entry Age  18 years  45 years 
Maturity Age  23 years  75 years

How does InstaProtect Solution work? 

Select a package sum assured – InstaProtect Solution offers five options:

  • Criticare Plus Benefit (Lumpsum)
  • Hospicare Benefit (Lumpsum)
  • Accidental Total & Permanent Disability (Lumpsum)
  • Accidental Death Benefit (Lumpsum)
  • Tata AIA Life Insurance Sampoorna Raksha Supreme

Select return of premium and non-return of premium.

Select Policy Term (PT), Premium Payment Term (PPT) and payment frequency.

Payment can be made online or through other payment modes. 

InstaProtect Solution significant features

  • The plan offers comprehensive coverage from healthcare to life protection for you and your family members. They are flexible enough to suit the customer’s needs. 
  • The policy is issued in a minute without any discrepancies. 
  • The plan covers flexible premium payment terms affordable to everyone for more inclusive benefits. 
  • You can easily renew and claim any settlement process because of the ready online mode of transaction. 
  • Individuals can easily choose the policy and premium payment terms according to their needs. 
  • You can easily access all the tax benefits. 

Why do you need this plan in your life?

  • You can access the Criticare Plus Benefit, which covers 40 critical illnesses. It provides benefits to multiple diseases ranging from cancer to cardiac issues.
  • If any medical emergency occurs, the Hospicare Benefit option helps pay 0.5 per cent of the assured money. 
  • The family gets a lump sum of money from the policy if there is any total and permanent disability due to an accident.
  • It will assist the person in covering the medical expenses, modifying vehicles, and balancing income loss. 
  • A sum of money is offered to the family in unfortunate scenarios (for example, if there is a death due to an accident). 
  • A person can also protect their family’s future in their absence through the life cover option. 

How can I calculate my term insurance premium?

People can calculate the term insurance premium by visiting the TATA AIA official website. The online term plan calculator provides you with the desired quotes, and you can also check the other plan offered by the company.

TATA TIA Term Insurance Plans: Benefits

  • The term insurance plans at TATA AIA are affordable.
  • The service at TATA AIA is customer-centric and tailor-made for your needs and requirements. 
  • The plans offered by TATA TIA are essential for your family’s financial security in case of an unforeseen event. The plans include death benefits, so your loved ones are in safe hands. 
  • They also give you additional coverage benefits in the form of riders to make you battle all the uncertainties of life. 
  • TATA AIA plans offer tax benefits according to current income tax laws. 

TATA TIA Contact details 

Existing customers can contact – 1 860 266 9966

(Monday – Saturday) (10 am – 7pm IST)

To buy policies online, you can request a call back at +91 11 6615 8748

For other queries, please call +91 22 6912 9111

(Monday – Saturday) (10 am – 7pm IST)

FAQs

What kind of insurance is TATA AIA?

TATA AIA Life Insurance serves as an umbrella that shelters several needs of people under one policy. It aids in building a futuristic plan for you and your family with multiple benefits.

What is Life Plus in TATA AIA?

TATA AIA Life Plus Plan is a term insurance plan.

Does TATA AIA have an app?

Yes. You can download the application on both Android and iOS platforms.

What is the full form of Tata AIA?

The AIA in TATA AIA stands for American International Assurance (AIA Group).

Which bank has tied up with Tata AIA?

TATA AIA has tied up with Citibank to offer insurance products.

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Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org

Debora Berti

Università degli Studi di Firenze, IT

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