Tata AIA Life Insurance
Tata AIA Life Insurance Company (Tata AIA Life) is a joint venture company formed by Tata Sons Ltd. and the AIA Group (AIA).
The company has a claim settlement ratio of 98.06% and is one of the most reputed insurance companies which offers a diverse range of insurance products ranging from protection plans, to wealth solution plans to savings plans.
Why Should You Choose a Tata AIA Life Insurance Policy
- Comprehensive coverage is provided.
- Additional benefits and riders are provided.
- Plans are customer friendly.
- The interface and user-friendly.
Different Types of Tata AIA Life Insurance Plans
Term Insurance Plans by Tata AIA
- Sampoorna Raksha Promise
o Guaranteed returns as maturity benefit payout
o Flexible death benefit payout
o Long term coverage
o Premium waiver on terminal illness
- Maha Raksha Supreme Select
o Immediate payout on claim imitation
o FlexiPay benefit
o Premiums are eligible for tax deductions
o Accidental death benefit
- InstaProtect Solution
o The plan offers flexible premium payment option.
o The premium payment is affordable.
o Plan covers more than 40 critical illnesses.
o Plan covers total and permanent disability.
o The plan offers flexible premium payment option.
o The plan offers terminal illness protection with up to 50% payout.
o Protection against death, disability and disease.
- Saral Jeevan Bima:
o The plan is affordable and simple.
o The premium that must be paid is lower for women.
o Tax benefits are provided.
o Protection can be increased by opting for riders.
o You have the option to choose the premium and policy term.
- InstaProtect Solution
o The plan offers flexible premium payment option.
o The premium payment is affordable.
o Plan covers more than 40 critical illnesses.
o Plan covers total and permanent disability.
o The plan offers flexible premium payment option.
o The plan offers terminal illness protection with up to 50% payout.
o Protection against death, disability and disease.
- SRS Vitality Protect
o Based on your wellness status, the rider sum assured can be increased up to 30% post premium payment.
o You get benefit of Tata wellness program.
Term+ Wealth Plans
o Lumpsum maturity benefit
o Terminal illness cover with an advance payout of 10%
o 100% premium back on end of policy tenure
- Param Raksha Life Maxima+
o Non-participating individual life insurance plan
o Tax benefits as applicable
o Death and disability coverage
o Whole life cooverage
Unit Linked Insurance Plans (ULIPs) by Tata AIA
- Fortune Maxima:
- Tax benefits are provided.
- Investment choices are provided.
- Life-long coverage is provided.
- Market-linked returns.
- Fortune Pro:
- Tax benefits are provided.
- Investment choices are provided.
- Market-linked returns.
- Wealth Maxima:
- Tax benefits are provided.
- Investment choices are provided.
- Life-long coverage is provided.
- Market-linked returns.
- Wealth Pro:
- Tax benefits are provided.
- Investment choices are provided.
- Market-linked returns.
- Smart Sampoorna Raksha:
- Tax benefits are offered.
- Investment choices are provided.
- Market-linked returns.
- Attractive refunds are provided.
- Smart Sampoorna Raksha Plus
- Plan covers life up to 85 years of age.
- Plan offers return on maturity
- Tax benefits can be availed with this plan.
Savings Plans by Tata AIA
- Guaranteed Return Insurance Plan:
- Protection can be increased by opting for riders.
- Cover is provided for your spouse.
- Guaranteed returns.
- Guaranteed Monthly Income Plan:
- Protection can be increased by opting for riders.
- Guaranteed returns.
- Increased monthly income.
- Diamond Savings Plan:
- Protection can be increased by opting for riders.
- Guaranteed returns.
- Bonuses are provided at maturity.
- Gold Income Plan:
- Protection can be increased by opting for riders.
- Guaranteed income.
- Guaranteed benefits are provided at maturity.
- Smart Income Plus:
- Protection can be increased by opting for riders.
- Guaranteed returns.
- The premium payment term and the policy term can be selected.
- Money Back Plus:
- Protection can be increased by opting for riders.
- Additional protection is provided.
- Guaranteed payouts.
- Mahalife Gold:
- Protection can be increased by opting for riders.
- Regular income can be received until you attain the age of 80 years or 100 years.
- Value Income Plan:
- Protection can be increased by opting for riders.
- Flexible payout.
- Early income benefit is provided.
- POS Smart Income Plus:
- Guaranteed income.
- You can choose between Endowment Benefit and Regular Income options.
- Fortune Guarantee Plus:
- Protection can be increased by opting for riders.
- The income period can be chosen between 20 years and 45 years.
- Plan can be selected.
- Fortune Guarantee:
- Protection can be increased by opting for riders.
- Guaranteed returns.
- Additional benefits are provided to women.
- Smart Value Income Plan
- Smart Value Income Plan
o Sum assured on maturity.
o Life cover till age of 100.
o Flexible premium payment option available.
Retirement Plans by Tata AIA
- Smart Annuity Plan:
o Annuity modes can be selected.
o Top-up option is provided.
- Saral Pension Plan:
o Annuity modes can be selected.
o Flexible annuity options.
- Fortune Guarantee Pension Plan:
o Tax benefits can be availed with this plan.
o Top-up premium option is available.
o Loan against policy can be availed.
o Death-benefit is paid out to nominee
Group Plans by Tata AIA
- Group Loan Protect:
- Multiple covers can be chosen.
- Several premium payment term options are provided.
- Additional benefits are provided to women.
- Several plan options are provided.
- Group Term Life:
- Tax benefits are provided.
- Comprehensive protection.
- Group Sampoorna Raksha:
- Several premium payment term options are provided.
- Several covers.
- Group Employee Benefit Plan:
- Tax benefits are provided.
- Loyalty additions.
- Greater flexibility.
- Traditional Group Corporate Benefit Plan:
- Life cover is provided.
- Assured returns are provided.
How to Claim Insurance with Tata AIA
Claiming insurance through Tata AIA is a quick and simple process. Policyholders and their dependents can choose to claim insurance either online or offline, depending on their convenience. Tata AIA has easy-to-follow guidelines that are user friendly, making the claims process a hassle-free one for the claimant.
Given below are the online and offline insurance claims processes.
Online Insurance Claims Process
Follow the steps given below to raise a claim with TATA AIA Life Insurance:
Step 1: Visit official website of TATA AIA Life Insurance
Step 2: Click on ‘Customer Service’ option present on the menu bar.
Step 3: Select ‘Claim with Ease’ option from the drop-down menu.
Step 4: Select the option ‘Register Claim Online’.
Do read FAQs in case of queries and the list of documents required to raise a claim.
Step 5: Fill in all the required details and complete the claim process
Offline Insurance Claims Process
Individuals who wish to file an insurance claim offline can do so by calling on the toll-free Tata AIA helpline number 1860 –266 – 9966.
Individuals can also write to the company on claims[@]tataaia.com and notify them regarding the claim.
Individuals can also file a claim through their insurance agent.
Individuals who wish to file a claim by visiting a branch need to submit the following details:
- Name of the life assured.
- Policy number.
- Name of the policyholder.
- Date of event.
- Causes of the events.
- Name of the person intimating the claim.
- Mobile number of the person intimating the claim.
- Address of the person intimating the claim.
- State and Pin code.
Once the documents have been processed and verified by the Claims Team, the individual will be notified if there are any additional documents that are required.
The Claims Team will notify the claimant regarding the status and the payment will be released through NEFT.
- Another way to raise a claim is through WhatsApp. You can type ‘CLAIM’ and send a WhatsApp message on +01-7045669966.
Documents Required for Tata AIA Life Insurance
Individuals who wish to purchase a Tata AIA Life Insurance policy are required to submit a set of documents at the time of application. The list of documents that must be submitted are mentioned below:
- Passport size photograph.
- Proof of identity: Any one of the below mentioned documents are to be submitted towards proof of identity.
- Passport.
- PAN card.
- Voter's identity card.
- Driving licence.
- Job card issued by NREGA, signed by a State Government officer.
- Aadhaar card.
- Proof of residence: Any one of the below mentioned documents are to be submitted towards proof of residence.
- Bank account or post office account statement.
- Property tax or municipal tax receipt.
- Utility bills (electricity, gas, telephone) not more than 2 months old.
- Letter of allotment or accommodation from State or Central Government, financial institutions or listed companies.
- Rent agreement.
How to Check Tata AIA Life Insurance Policy Status
Tata AIA allows policyholders to check their policy status both online and offline. You can choose from several convenient methods listed below to view your policy details:
Checking Policy Status Online
Policyholders can check the status of their policy online by visiting the Tata AIA website and logging in to the customer portal.
On signing in, the policyholder will be able to check the status and details of the current policy.
Checking Policy Status Offline
Policyholders can check the status of their policies offline by visiting a Tata AIA Insurance branch office and enquiring as to the current status.
Policyholders can also contact a Tata AIA insurance agent and check the status of their policy.
Tata AIA Life Insurance Online Payment
To make it convenient for policyholders to make premium payments on time without the hassle of visiting a branch or depositing a cheque, Tata AIA have introduced online payment for premiums.
Policyholders will be able to make premium payments wherever they are at the click of a button.
Policyholders who wish to make premium renewal payments online will have to visit the Tata AIA Life Insurance website and go to the 'Customer Service' tab at the bottom of the homepage.
In the new window that opens, click on the 'Premium Payment' tab from among the options provided.
Select the 'Online Payment' tab to pay the premium amount in a quick, easy and hassle-free way.
Tata AIA Life Insurance Premium Calculator
To enable its policyholders and customers to calculate the premium amount and the amount that will be paid out upon maturity.
This enables individuals to choose an life insurance policy depending on the amount they would have to pay towards premium payments as well as the amount they would receive as maturity benefit, survival benefit etc. depending on the type of policy.
The Tata AIA Premium Calculator requires the individual to fill in the following details, based on which the premium amount would be calculated:
- Name.
- Email address.
- Date of birth.
- Mobile number.
- Occupation.
- Annual income.
- Policy term.
- Policy type.
On inputting the above variables, the premium calculator will display the approximate premium to be paid as well as the amount the individual will receive upon maturity.
Tata AIA Life Insurance Customer Care
You can reach Tata AIA Life Insurance customer care at 1860 266 9966
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
FAQs on Tata AIA Life Insurance:
- Who is eligible to purchase a life insurance?
Any person who has completed 18 years of age and is meeting the conditions specified under the Indian Contract Act, 1872, can take a life insurance policy for self or spouse or for his dependents.
- What are the different life insurance policies offered by Tata AIA?
You get policies under protection plans, wealth solutions, savings solutions, child solutions, rider, group insurance and micro-insurance.
- What are the different modes of payment offered by Tata AIA?
Most policies allow you to pay premium through annual, semi-annual, quarterly and monthly modes.
- What are the premium payment options offered to make the payments?
You can make the premium payments through cheque, cash, ECS or online payment.
- What happens if I don't pay my premium?
You will get a 30 days grace period from the date of the missed premium payment date. If you missed making the payment within the grace period, then you will have 2 years from the date of lapse to revive your life insurance policy.
- Do I have the option to cancel the policy plan if it does not suit my needs?
Yes, you have the option to cancel the policy during the free look period which generally is 15 days from taking the policy. The amount paid will be fully refunded after deducting some nominal charges.
- When is the right time for me to buy a life insurance?
It is advisable for you to buy a life insurance plan when you are young and healthy. This makes the rate of purchasing the policy lower when compared to buying it at an older age.
- How much coverage will I need?
You must ensure that there is sufficient amount to take care of your dependents in the event of your death or disablement. It is best to buy an insurance coverage that is 7 - 10 times your annual income.
- What are the factors that I must consider while taking a life insurance policy?
You must read the benefits that are being offered to you. Check the term and premium and be clear about your requirements. Look for a policy that has proper coverage. It is best to consult with your financial advisor before finalising on the policy.
- How do I change the nomination details in my Tata AIA insurance policy?
To change the nomination in a Tata AIA insurance policy, the policyholder must give notice in writing in the prescribed form to the insurer.
- How do I cancel my Tata AIA insurance policy?
You can cancel your insurance policy by communicating the same to the company. If cancelled within the 15-day free look period, you will not be charged and your premium amount will be refunded.
- How do I apply for duplicate policy documents?
If you have misplaced the original policy document, contact the nearest Tata AIA branch, where you will have to fill out a 'Lost Policy Declaration Form'. On submission and verification of the details mentioned in the form, duplicate policy documents will be issued.
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