Tata AIA Life Insurance plans

TATA AIA Life Term Life Insurance Plans

Term Insurance Plan from Tata AIA

Tata AIA Life Insurance is one of the leading names in the life insurance segment in India. Along with the trustworthiness of the TATA brand, Tata AIA offers:
  • 99.06% Claim Settlement Ratio
  • Life Cover up to 100 years
  • Return of Premium option (TROP)
  • Tax benefits as per applicable Income Tax Laws
  • Lower premium prices for female policyholders
  • Flexible premium payment options – Limited, Regular and Lump sum
  • Attractive riders to choose from
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Tata AIA Life insurance review

Tata AIA Life Insurance plans
Distribution - Number of branches pan India (March 2019)
Entry Age Minimum/Maximum (Years) - Term Plans
Sum Assured Minimum / Maximum - Term Plans
50 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
Solvency Ratio (FY 2018-19) *
Number of Policies Sold (Ind+Group) *
Number of Lives Covered (Ind+Group) **
Claims Settlement Ratio (Ind+Group) ***
* - 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

Benefits of TATA AIA Life’s Term Plan

The key benefits of opting for a Tata AIA Term plan include:
  • 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

Following are the Term Insurance Plans offered by Tata AIA:

  1. Tata AIA Life Insurance Maha Raksha Supreme (UIN: 110N102V03)
    a. One of the umbrella protection plans from Tata AIA, Maha Raksha Supreme plan offers varied choices to offer an all-round coverage for the family:
    b. Inbuilt Payout Accelerator which pays 50% of the Basic Sum Assured if the policyholder is diagnosed with a Terminal Illness
    c. Life Stage Plus benefit to increase coverage over and above Basic Sum Assured chosen at future milestones in life. The Life Stage Plus Option can be selected only at inception of the Policy.
  2. Tata AIA Life Insurance Sampoorna Raksha (UIN: 110N129V05)
    a. A pure Term Life Insurance plan, Sampoorna Raksha by Tata AIA offers the perfect combination of extended life cover and affordable premiums.
  3. Tata AIA Life Insurance Sampoorna Raksha+ (UIN:110N130V05)
    a. An attractive Term Insurance plan from Tata AIA, Sampoorna Raksha+ offers: • Return of Premium* if the policyholder survives the policy term • Two death benefit payout options – Sum Assured on Death (Lump sum) or Sum Assured on Death (Lumpsum) plus Regular Monthly Income (up to 10 years)
  4. Tata AIA Life Insurance iRaksha TROP (UIN: 110N106V02)
    a. A pure Term Insurance plan from Tata AIA Life, iRaksha TROP offers the dual benefits of Return of Premium* and optimum financial protection

Tata AIA life term insurance plan Overview

Entry Age Maturity Age Policy Term Sum Assured Premium payment mode
Sampoorna Raksha Plus 18 years to 70 years 80 years 30 years to 80 years 50,00,000 Yearly, half-yearly, quarterly or monthly
Sampoorna Raksha 18 years to 70 years 80 years 40 years to 80 years 50,00,000 Yearly, half-yearly, quarterly or monthly
Iraksha Trop 18 years to 65 years 75 years 10 years to 30 years 50,00,000 Yearly, half-yearly
Maha Raksha Supreme 18 years to 70 years 80 years 10 years to 40 years 50,00,000 Yearly, half-yearly, quarterly or monthly

Other Term Life Plans from this provider are

Presenting the Future Generali Big Dreams Plan, a comprehensive Unit Linked Insurance Plan, that lets you create wealth while enjoying the benefits of an insurance plan at the same time.
Future Generali Easy Invest Online Plan is a unit linked insurance plan that offers life cover to the insured in addition to the benefit of wealth creation and accumulation.
Presenting the Future Generali Big Dreams Plan, a comprehensive Unit Linked Insurance Plan, that lets you create wealth while enjoying the benefits of an insurance plan at the same time.
Presenting the Future Generali Big Dreams Plan, a comprehensive Unit Linked Insurance Plan, that lets you create wealth while enjoying the benefits of an insurance plan at the same time.
"TATA AIA Life Insurance Sampoorna Raksha Supreme" a plan that not only protects you from uncertainties of life but also gives you return of premiums paid on survival till maturity of the Policy.

TATA AIA Life Term Life insurance FAQ's

What is Term Life Insurance and How does it Work?
A Term Life Insurance plan is the most basic as well as an affordable form of life insurance coverage. It pays out a pre-determined sum of money (called Sum Assured) to surviving family (nominees) of the insured person in case of his/her unfortunate death during the term of the policy.

As the name suggests, Term Insurance plans are valid for a specific “term.” The coverage is valid for a pre-determined period of time called policy term. If the policyholder survives the policy term, in most cases, no benefits are paid. However, a variant of the same, called Term Plan with Return of Premium ((popularly called TROP), is also available that pays back the premiums paid to the policyholder on survival till the end of the Policy Term.
Term Life Insurance plans in India are available in multiple variants. One can avail a specific type of Term Life cover based on their individual insurance needs:
  • Level Term Plans – a fixed sum assured throughout the policy tenure.
  • Increasing Term Plans – the sum assured increases every policy year in tune with the increasing responsibilities.
  • Decreasing Term Plans – the sum assured decreases every year to match the decreasing insurance needs, typically purchased to cover outstanding loan liabilities.
  • Term Plans with Return of Premium – the total value of premiums paid by the policyholder is paid back as a ‘maturity benefit’ in case the insured survives the policy term It is imperative that you go through the offerings of the insurance company and choose the one that best suits the financial needs of your family.
As a general rule of thumb, a person should buy a Term Life cover that is at least 8 to 10 times their yearly income. For instance, if an individual earns ₹8 lakhs today, their Term Insurance coverage should be between ₹64 lakhs to ₹80 lakhs. However, this number should increase in case the insured has liabilities, the burden of which will fall on the family in case of the insured’s demise. In the case of loans and liabilities, the Term Insurance coverage should also include the total outstanding liabilities. In case the financial dependency on the individual is more, for instance if the individual has dependent parents, spouse and children, the cover amount should be dialled upwards appropriately.
In India, you can buy a Term Insurance policy both through online and offline methods. With the prevalent social distancing norms and emphasis on ‘no-contact’ transactions in the post-COVID world, it is advisable to buy Term Insurance online. Following is a step-by-step Term Insurance buying guide:
  1. Ascertain your life insurance need/ Sum Assured required using Human Life Value calculators readily available on most life insurers’ webpages.
  2. Find a term insurance plan that suits your requirements best – budget as well as coverage. Visit websites like TATA AIA Life insurance
  3. Don’t forget to check out their claim settlement ratio.
  4. Read the product brochure / sample policy document carefully before buying. Understand the inclusions and exclusions of the policy, the extent of coverage and other details. By purchasing a term plan online, you can avail the benefit of choosing from multiple premium options.
  5. In the buying journey, you would be able to select the type of coverage, the riders, premium payment method, benefit payout method etc. to tailor the plan as per your specific needs.
  6. The application process would typically ask a set of questions regarding your health, past medical history, occupation and income range. This could be followed up by a telephonic conversation with underwriters who could ask additional questions on the above. In some cases, you may be required to undergo medical tests. The same can be scheduled during the buying journey.
  7. Upload all the necessary documentation, typically, age, address and income proof.
The insurance company will go through the information provided and the documents submitted. On approval, the Term Insurance policy will come into force and the policy document shared with you.

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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2025