Tata AIA Life Insurance plans

TATA AIA Life Insurance

Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). Tata AIA Life combines Tata’s pre-eminent leadership position in India and AIA’s presence as the largest, independent listed pan-Asian life insurance group in the world spanning 18 markets in the Asia Pacific region. Tata AIA Life has written retail new business weighted premium of Rs. 2,692 crore for the financial year 2019-20. For the same period, the 13th month persistency of the company was at 89.10% and, the individual death claims settlement ratio was 99.06%. One of the fastest growing companies in the Life Insurance sector, Tata AIA Life is now ranked at no. 5, based on individual weighted new business premium.

The Tata group, founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising 30 companies across ten verticals. The group operates in more than 100 countries across six continents, with a mission 'To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust’.

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AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong SAR, Mainland China, Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, the Philippines, South Korea, Taiwan (China), Vietnam, Brunei, Macau SAR, New Zealand, a 99 per cent subsidiary in Sri Lanka, and a 49 per cent joint venture in India. It had total assets of US$284 billion as of 31 December 2019 and currently serves the holders of more than 36 million individual policies and over 16 million participating members of group insurance schemes.

Tata AIA Life Insurance had a claims settlement ratio of 99.06% in 2018-19, they also covered 9.27 lac lives during the year 2019-20 and had a 13th Month Persistency ratio of 71.07% (amongst the highest in the Life Insurance industry, as per the data provided by IRDAI as well as the Public Disclosures available on the company’s website.

Tata AIA Life insurance review

Tata AIA Life Insurance plans
Distribution - Number of branches pan India (March 2019)
222
Entry Age Minimum/Maximum (Years) - Term Plans
18/70
Sum Assured Minimum / Maximum - Term Plans
50 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
10/40
Solvency Ratio (FY 2018-19) *
2.60
Number of Policies Sold (Ind+Group) *
478,182
Number of Lives Covered (Ind+Group) **
927,653
Claims Settlement Ratio (Ind+Group) ***
99.22%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Why Should One Choose TATA AIA Life?

Some of the key reasons why TATA AIA Life is a strong insurance partner are:
  • Claim Settlement Ratio of 99.22% in 2018-19
  • Unique plans to protect Child's Education, Care-free Retirement, Provide Financial Security, Ensure Family’s Protection and also for Wealth Creation
  • Life cover up to age 100 years, also enjoy the benefits of
    • Inbuilt Terminal Illness . Life Stage Plus Option
    • Flexible premium payment term
    • Optional rider1 . Tax saving
  • Avail financial security for your family based on your chosen benefit plans - Enjoy a range of benefits at an affordable premium
  • Part of the Tata Group, which is one of the India’s most Trusted Brand across all Industries in India

Tata AIA Life Insurance Overview

  • Awards & Recognition
  • Benefits
  • Other Features
  • Claims Process
  • Exclusions

Awards & Recognition

Some of the awards received over the past years include:
  • Best Employer Award by AON has been won by Tata AIA for the past 4 years in a row
  • Golden Peacock Award for Risk Management in 2017

Benefits of TATA AIA Life’s Term Plan

  • Flexibility to choose between two Death Benefit options:
    • "Sum Assured on Death" as Lump Sum benefit on Death
    • "Sum Assured on Death" as Lump Sum benefit on Death and Monthly Income for next 10 years
  • Return of Premium - in case of survival till maturity
  • Life Cover for Policy Term of up to 40 years or up to Age 100 years
  • Choice of Regular or Limited (5/ 10/ 12 Years) Premium Paying Term
  • Lower premium rates for female lives and Standard premium rates for non-smokers
  • Enhance your protection with Optional Rider
  • Large Sum Assured discount for Higher Coverage
  • Effective Sum : Assured for Level Cover Benefit as on date of death will be the initial sum assured opted.
  • Death Benefit: Death benefit will be paid provided the policyholder has paid all the regular premiums to date and the policy is in force as on the date of death of life assured.
  • Rider Benefit:
    • Tata AIA Life Insurance Accidental Death and Dismemberment
  • Tax benefits on the premiums paid and benefit received as per prevailing tax laws under Section 80D

Other Features

Maturity Benefit There is no maturity benefit applicable under this plan. In case you survive till Date of Maturity, no additional benefits are payable and your Policy will terminate.
Surrender Benefit TATA AIA Life advises you to continue your Policy for the complete tenure to enjoy the total benefits of this plan. However, in case one wishes to surrender your policy, the surrender benefit available will depend on the plan option chosen.
Free Look Period Distance Marketing Channel – 30 days
All Other Channels – 15 days
Grace Period 15 days for Policies under Monthly Frequency
30 days for Policies under Yearly / Half-yearly Frequency

Claims Process

To register a claim, please follow one of the following:
Call us at : Toll Free 1860 266 9966
SMS us at : “SERVICE” to 58888
Visit us Online at : https://www.tataaia.com/claims/claims-process.html
Write to Us at : Claims Department, TATA AIA Life Insurance Co Ltd
B- wing, 9th Floor, I-Think Techno Campus,
Behind TCS, Pokhran Road No.2,
Close to Eastern Express Highway, Thane(West) 400 607
Visit us : Anywhere in India, closest or in your city of residence

Mandatory Documents for all type of Death claims
  • Claim Forms
    1. Part I: Claimant's Statement
    2. Part II: Physician's Statement
  • Death Certificate issued by a local government body like Municipal Corporation / Appropriate Authority
  • Medical Records (Admission Notes, Discharge/Death Summary, Indoor Case Papers, Test Reports etc)
  • Original Policy document
  • Claimant's Photo ID with age proof & relationship with the Life Assured along with Address proof of the claimant and Cancelled cheque with name and account number printed or cancelled cheque with copy of Bank Passbook / Bank Statement
  • If no nomination - Proof of legal title to the claim proceeds (e.g. legal succession paper).
Additional documents (for Accidents)
  • Postmortem report (Autopsy report) & Chemical Viscera report - if performed
  • All Police Papers – Panchnama, Inquest, First Information Report (FIR) and Final Investigation Report
  • Newspaper cutting / Photographs of the accident - if available
  • Residency Proof issued by the government of the country in which customer is staying
Turn Around Time as mandated by Insurance Regulation and Development Authority of India (IRDAI) Death Claims Health Claims
Raising Claim Requirements Within 15 days of receipt of claim. Within 15 days of receipt of claim.
Settlement or Rejection or Repudiation of claims wherein Investigation is not required Within 30 days from the date of receipt of last necessary document. Within 30 days from the date of receipt of last necessary document.
Settlement or Rejection or Repudiation of claims wherein Investigation is required Investigation should be completed not later than 90 days from the date of receipt of claim intimation and the claim shall be settled within 30 days thereafter. Investigation should be completed not later than 30 days from the date of receipt of last necessary document and the claim shall be settled within 45 days from the date of receipt of last necessary document.

Exclusions under TATA AIA Life Plans

Benefit under this Plan shall not be payable if Accidental Death is directly or indirectly due to or caused, occasioned, accelerated or aggravated by any of the following:
  • Suicide or self-inflicted injury, whether the life assured is medically sane or insane
  • War, terrorism, invasion, act of foreign enemy, hostilities, civil war, martial law, rebellion, revolution, insurrection, military or usurper power, riot or civil commotion. War means any war whether declared or not
  • Participation by the insured person in any flying activity, except as a bona fide, fare-paying passenger or pilot and cabin crew of a recognized airline on regular routes and on a scheduled timetable.
  • Participation by the insured person in a criminal or unlawful act with criminal intent.
  • Disability due to psychiatric illnesses, post-traumatic stress disorder, chronic fatigue, chronic pain, and fibromyalgia are excluded
  • Nuclear Contamination; the radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature
  • Taking part in professional sport(s) or any adventurous pursuits or hobbies. “Adventurous Pursuits or Hobbies” includes any kind of racing (other than on foot or swimming), potholing, rock climbing (except on man-made walls), hunting, mountaineering or climbing requiring the use of ropes or guides, any underwater activities involving the use of underwater breathing apparatus including deep sea diving, sky diving, cliff diving, bungee jumping, paragliding, hand gliding and parachuting
  • External Congenital Anomaly which is in the visible and accessible parts of the body
  • Taking part in any naval, military or air force operation during peace time
  • Committing an assault, a criminal offence, an illegal activity or any breach of law with criminal intent
  • Taking or absorbing, accidentally or otherwise, any intoxicating liquor, drug, narcotics, medicine, sedative, poison or psychotropic substances, unless taken in accordance with the lawful directions and prescription of a registered medical practitioner
  • Inhaling any gas or fumes, accidentally or otherwise, except accidentally in the course of duty. The intent under this exclusion is to exclude accidental gas/fumes leak incidents which could lead to exposing the population to such toxic gas/fumes and lead to deaths (like Bhopal Gas Tragedy). However, if the incidence happens as part of the life assured’s job then the claim is payable.
  • Participation in aviation other than as a fare-paying passenger in an aircraft that is authorized by the relevant regulations to carry such passengers between established aerodromes
  • Existence of any sexually Transmitted Disease (STD) and its related complications or Acquired Immune Deficiency Syndrome (AIDS) or the presence of any Human Immunodeficiency Virus (HIV).
  • ‘Pre-existing diseases’ which are defined as “Any condition, ailment or injury or related condition(s) for which the assured life had signs or symptoms, and / or were diagnosed, and / or received medical advice / treatment within 48 months prior to the first policy issued by the insurer”. Pre-existing illness will be covered after 48 consecutive months of continuous coverage have elapsed from the coverage effective date
  • Failure to seek or follow medical advice deliberately or failure to follow treatment under reasonable circumstances from any registered and qualified Medical Practitioner.
  • Alcohol or Solvent abuse or taking of Drugs, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a registered medical practitioner.

TATA AIA Life Insurance FAQ's

Life insurance is a contract between an insurance company and the insured whereby the company guarantees payment of an agreed amount (called death benefit) to the named nominee if something untoward happens during the policy period or at the end of the policy, termed as maturity. The insured needs to pay regular premiums to the insurance company for the policy to be valid.

At different stages of life, you have different financial needs. In order to meet these needs, you need to protect yourself against financial risks. In addition to protection, you must find avenues to invest your savings and give them an opportunity to grow. Life insurance can help you fulfil both these financial objectives.

A person who has completed 18 years of age & as per other conditions specified under the Indian Contract Act, 1872 can take an insurance policy either for himself/herself or for his/her dependents.

Life insurance can help you in a number of important ways:

  • Protect your family that is financially dependent on you
  • Help your family deal with loans or liabilities
  • Aids in saving-cum-investment:
  • Safeguard your business interests

Your life insurance premium, which is the cost of buying life insurance, will depend upon:

  • Your age, health and the nature of your work
  • Type of policy selected
  • Sum assured
  • Policy term
  • Premium paying term
  • Premium payment frequency
  • Riders (if any) attached to the policy

While buying an insurance policy, carefully read and assess the benefits provided therein. Check the term and premium and be clear about your requirements. Look for a proper coverage. Do not compromise on the amount of coverage you require. You can avail basic coverage where you are asked to pay minimum premium. Do consult your financial advisor before finalizing on any policy.

Term insurance covers “risk to life”, which means death, for a specific term. Upon your death (during the term of the policy), spre-pecified benefits are paid to your beneficiary./nominee(to check). No maturity benefit under Term policies except for Term with Return of Premium policies (Term ROP), where a specified percentage of premiums paid are payable on survival till the end of the policy term. Term plans are lower in cost (premium) compared to all other types of life insurance policies since they offer pure protection without any component of savings or investment.

It refers to the situation where a customer fails to reveal a relevant fact when applying for or renewing an insurance contract. These facts are important for the company for assessing the risk. At the claims stage if it is detected/found that the statements made at the time of application/reinstatement the policy were false or life assured had acted against the interest of the company, Company has the right not to pay the claim amount.

All our term insurance plans cover COVID death claims. Apart from that, we also have a life insurance plan which covers COVID Hospitalization expenses. Know more about this COVID Insurance Policy

In general, beneficiaries and insured persons can make a term life insurance claim in either of the two following cases: (a) if something untoward happens to the person for whom the insurance policy has been taken, and (b) the policy matures. You need to inform the insurer, fill in the relevant forms, and submit the documents requested.

The death benefit is paid to:

  • The nominee, as declared by the insured/the policyholder
  • The legal heirs, in case the policyholder/insured has not specified the nominee
  • The appointee named by the policyholder/insured, when the nominee is a minor at the time of claim
  • The assignee, in case the policy is assigned by the policyholder/insured
  • The Trustee wherever applicable

If premium remains unpaid one month after the due date (that is the ‘grace period’), the policy will lapse. In that case you, as the insured, will have wasted all the premiums you have paid in previous years. Additionally, your beneficiary will also not receive a pay out as the policy will be deemed 'lapsed'.

If the insured dies during the plan term, before he or she can pay the premium, the due premium will be deducted from the death benefit.

In case of a term life insurance policy, there are no paybacks. So, if you as the insured buy a standard term insurance, and you outlive the plan, you get nothing. But do not forget that your primary objective is to create a protective financial umbrella for your loved ones. For other plans, except term plan, you get the money after the policy matures.

The claimant may approach to the Customer Care department of the company in case of a claim dispute. If there is no satisfactory response, the policyholder /claimant may write to the Ombudsman Office pertaining to their region.

If premiums are not paid within the grace period, which is 15 days for monthly frequency policies and 30 days for other premium payment frequencies, your policy lapses. When your policy lapses, the benefits under the policy either get reduced or cease fully. A lapsed policy can be revived within a specified period of time called the “Revival period”. Refer your policy document for the revival period allowed for your policy.

You can now submit your Nomination change and Address change request on the customer portal or visit any of our nearest branch/service centre along with the valid address proof.

If an individual has a life insurance policy that has a cash value, he/she may be able to obtain a policy loan from the insurance company provided the insurer offers the loan facility as per the policy contract. It is necessary to submit the duly filled loan application form to assign the policy in the favour of Tata AIA Life Insurance Company Limited.

Assignment can be done by mere endorsement on the policy. Assignment is to be done by the policy owner. No assignment of policies is allowed for Juvenile Cases.A duly filled assignment form & original policy document are required to assign the policy.

Current health status and personal medical history are key factors in insurance evaluation process. While low Sum Assured is granted basis the health disclosures in the proposal form, in high Sum Assured cases medical examination of the client is conducted through the empanelled Diagnostic Centers. Similarly, if client is having any medical history then also medical examination is needed to evaluate current health status of the client. Based on medical examination findings an insurance proposal can be accepted at standard rates or the risk is postponed or declined or accepted with extra premium on health grounds.

Premiums under your policy are payable on or before the due date. However, we understand that sometimes you may not be able to meet the premium payment deadline. To help you with this, we offer an extended period of 15-30 days from the due date as grace for you to make the payment of premium. This period is referred to as days of grace or grace period. The exact grace period depends upon the type of policy.

  • Nomination is an act by which you authorize another person to receive the policy money in the event of your death. The person so authorized is called a Nominee.
  • Assignment is a method by which you (policy holder) can transfer your right, title and interest in the policy to another person either wholly or in part. An assignment can be made by an endorsement on the policy document or as a separate deed. Assignment can be Absolute or conditional contingent upon the happening of a specified event.

Besides insuring your family, this type of life insurance offers various tax deductions and exemptions. Under Section 80C of the Income Tax Act, you can claim a deduction of up to Rs 1.5 lakh on your policy premium. Even the proceeds that your loved ones get in your absence or the amount you get at the maturity of the term is tax-free. Learn all about tax benefits here.

The person(s) or entity (ies) (e.g. corporation, trust, etc.) named in the policy as the recipient of insurance proceeds upon the death of the insured.

We examine and settle claims on the basis of all records related to the claim. Once you report a claim, we request you to submit the required documents. The sooner the documents are submitted, the faster your claim will be processed.

The claim benefit can be received by:

  • The nominee or the guardian (in case of minor nominee), if you are the Life Assured
  • The proposer, in case you are not the Life Assured
  • Assignee, in case the policy is assigned
  • Life Assured, in case of living benefit claims such as, claims under disability, critical illness and major surgery rider.

Every insurance policy offers a "Freelook" period of 15 days from the date of delivery of the policy documents. The Freelook period is of 30 days for policies sourced through Electronic / Distance mode. Where customers have opted for Electronic Insurance Account at the time of purchase, the freelook period is from the date of credit to the EIA account.If you wish to cancel the policy, you will have to submit your request along with the original policy document (not required for EIA credited policies) within the period specified above.The insurance company will refund the premium paid after deduction of charges as specified in the policy contract.

Following KYC documents are required:

  • PAN/Form 60 (mandatory)
  • One recent photograph
  • List of Officially Valid Documents:
    • Passport
    • Driving License
    • oter's Identity Card issued by Election Commission of India
    • Job Card issued by NREGA duly signed by an officer of the State Government
    • Letter issued by the National Population Register containing details of name, address or any other document as notified by the Central Government in consultation with the Regulator
    • Proof of possession of Aadhaar (to be taken in masked/redacted form/black out version to be taken from clients

Your insurer can reject a life insurance claim on grounds of:

  • Misrepresentation of actual information
  • Non-disclosure of complete information
  • Fraud
  • Policy does not cover specific situation : Assuming you are 25 years old and take a whole life plan; you will receive a lumpsum payment at the age of 45. However, if you make a claim at 40 because of an emergency, your claim will not be entertained.
  • Disability and critical illness : Life insurance policies do not generally cover disability and critical illnesses, unless you buy disability and critical illness riders as well.
  • Minor beneficiary : The money will be paid only to a trustee designated by you (the insured) and not to the spouse or child (the beneficiary) if he or she is under 18 years.
  • Insured lives beyond term expiry : Some policies are only valid until the insured turns a certain age or for a certain number of years. The policy becomes invalid if you outlive this tenure.
  • Suicide : Although suicide cases qualify for insurance pay outs, there is a catch. The insurance sector regulator, IRDAI, has made certain changes in the suicide clause with effect from January 1, 2014. Policies issued prior to this date will not be entertained under the old clause. As for those policies that have been taken out later, we’ll come to that a little later.
  • Unpaid premium : This is the most common ground for pay out refusal. If the premium is not paid within 30 days after the due date, the policy is considered lapsed.

You can buy as many term insurance plans as you want to fulfill your insurance needs. You can even nominate different beneficiaries for both the insurance plans.

Policy holder can revive his/her policy within the timeframe specified in the policy contract and can differ from product to product.

It is usually suggested that a life insurance cover should be at least 10 times of your annual income and 15 to 20 times is an even better option. If you have loans such as home loans, car loans, etc. then you should factor that in too. For instance, if your annual income is ₹ 10 Lakhs, it is ideal to buy term life insurance cover of at least ₹1.0 crore, if you do not have other liabilities. In case you have a home loan of ₹50 lakhs, include this amount in your life cover. It is best to use the term calculator provided by insurance companies before deciding on your life cover.

Online transactions are completely secure and are done directly on the insurance company’s or it’s official distributors’s website. Today almost all financial transactions including banking, stocks, etc have moved completely online and lacs of people are making online payments every day. You can evaluate TATA AIA ’s plans on eindiainsurance .

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    710, 6th B Cross, 16th Main Road, Koramangala 3rd Block, Bangalore - 560 034.

  • +91-(80)-41744345
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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2022
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