| 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 |
| 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. |
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:
Your life insurance premium, which is the cost of buying life insurance, will depend upon:
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:
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.
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:
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:
Your insurer can reject a life insurance claim on grounds of:
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 .