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Tata AIA Term Insurance Plans

Tata AIA Life Insurance Company

Tata AIA Life Insurance Company Limited (Tata AIA) is a joint venture between India’s eminent business conglomerate Tata Sons Ltd. and the largest independent publicly listed pan-Asian life insurance provider across the world, the AIA Group Ltd. The company has an extensive product portfolio on offer, which consists of a variety of life insurance solutions for wealth creation, savings, protection, and retirement. Since its inception in the year 2001, the company has been providing world-class insurance products & solutions to a huge customer base, and further aims to secure the lives of 3 million customers by the year 2020.

Tata AIA Term Plans

Tata AIA Term Plans offer comprehensive protection against uncertainties, so that you can be assured that your family will remain financially stable, even when you are not around. With a variety to death benefit options to choose from, these plans ensure that your nominee receives the benefits in the manner that best suits the requirements. Then there is the option to add Riders to your policy so that you can have a wholesome coverage. Further, there’s enough flexibility to choose your policy term and how you wish to pay your premiums, so that your present remains unaffected, while you work towards securing a bright future for your family!

Term Plans:

Are you on the lookout of a simple way of ensuring financial security of your family? Term Plans offer the perfect solutions to this desire of yours. These plans provide protection against unfavourable eventualities and enable your loved ones to sustain the same lifestyle, even in your absence. When you are alive, you are the sole protector of your family, but when you are gone these plans provide all the financial support, and ensure that compromises do not come into the way of fulfilment of their dreams.

Common Features of Tata AIA Term Plans:

  • Non-smokers rewarded with preferential premium rates
  • Discounted premium tariff for female customers
  • Larger the sum assured, higher the discount you get on premium
  • Death Benefit receivable by nominee in case the insured passes away during the policy term

List of Different Term Plans Offered By Tata AIA Life Insurance Company, With Features, Benefits And Eligibility

Tata AIA Life Insurance Sampoorna Raksha

Features:

  • A non-linked Term Plan
  • As many as 4 Death Benefit options to choose from, to ensure maximum financial security of the policy beneficiary
  • Flexibility to select a policy term of up to 40 years or up to 80 years of age
  • Choose premium paying term which best suits your needs - Regular pay or Limited pay (5 or 10 Years)
  • Increase your coverage & protection with optional accidental death & dismemberment Rider
  • Avail High Protection Discount - Higher the sum assured, higher the discount on premium
  • Lower premium rates for female life assured
  • Enjoy special premium rates if you are a non-smoker
  • Select the premium mode as per your convenience - Annual/ Half-yearly/ Quarterly/ Monthly
  • In the event of the death of the insured during the policy term, the beneficiary receives the Death Benefit, following which, the policy gets terminated, and no further benefits are paid apart from the applicable monthly income benefits
  • Enjoy income tax benefits on premium payments & proceeds

Benefits:

  • Death Benefit: As mentioned earlier, the insured has the discretion to choose from four death benefit options at the time of taking the policy. On the death of the insured before the end of the policy term, this benefit is received by the nominee, provided the policy is valid as on the date of death. These options are as follows:
  • Option 1 - “Sum Assured on Death” receivable as a Lump Sum amount on Death 
    Option 2 - “Sum Assured on Death” receivable as a Lump Sum amount on Death along with Monthly Income equivalent to 1% of Basic Sum Assured starting from the next month of the date of death and continuing till the next 10 years  
    Option 3 – “Enhanced Sum Assured on Death” receivable as a Lump Sum amount on Death
    Option 4 – “Enhanced Sum Assured on Death” receivable as a Lump Sum amount on Death along with Monthly Income equivalent to 1% of Basic Sum Assured starting from the next month of the date of death and continuing till the next 10 years  
    If the nominee wishes, he/she can opt to receive the monthly income benefit as a lump sum. This amount is arrived at after multiplying the Discounting factor by the Basic Sum Assured. The discounting factors are computed with the help of discounting rate of interest of 7.5% per annum.
    Here, the ‘Sum Assured on Death’ and the ‘Enhanced Sum assured on Death’ are calculated as the highest of the following:

    • 10 times the Annualised Premium
    • 105% of all the Premiums Paid (excluding the underwriting extra premiums and modal loading),   as on the date of death
    • Minimum Guaranteed Sum Assured on Maturity, which is nil, because of the absence of maturity benefits
    • Basic Sum Assured for Options 1 & 2 at the time of death | Enhanced Sum Assured for Options 3 & 4 at the time of death

    Here, the Enhanced Sum Assured at the time of death is computed by increasing the Basic Sum Assured by a simple rate of 5% per annum at each policy anniversary up to the time of death, subject to a maximum of 200% of Basic Sum Assured chosen at the time of taking the policy.

Eligibility:

Minimum Entry Age (As on last birthday) 18 years
Maximum Entry Age (As on last birthday) For Regular Pay: 70 years | For Limited Pay 5: 70 years | For Limited Pay 10: 65 years
Maturity Age Minimum – 28 years | Maximum – 80 years (as on last birthday)
Policy Term For Regular Pay & Limited Pay 5 Years : 10 to 40 years | For Limited Pay 10 Years : 15 to 40 years
Premium Payment Term Equivalent to policy term
Premium Payment Term Regular I Limited (5 or 10 years)
Sum Assured Minimum: 50,00,000 (in multiples of 1,00,000) | Maximum: No Limit
Premium Amount Minimum: Based on minimum basic sum assured | Maximum: Based on maximum basic sum assured
Premium Payment Frequency Annual/ Half-yearly/ Quarterly/ Monthly

Riders:

Tata AIA Life Insurance Accidental Death & Dismemberment Rider

Tata AIA Life Insurance iRaksha TROP

Features:

  • An online term plan with the benefit of Return of Premium
  • Enjoy dual benefits at the same time – i) protection against unfortunate death ii) Return of all the premiums paid, if you outlive the policy term
  • Simple & easy to purchase
  • A variety of premium payment options to choose from:
    1. Regular Pay: Pay premiums for the entire policy term
    2. Limited Pay: Pay premiums for a limited period of 5 or 10 years only, but avail coverage for a much longer period of time
    3. Single Pay: Pay premium only once for protection throughout the policy term 
  • Select your desired policy term as per your needs & requirements
  • Get rewarded for being a non-smoker and enjoy discounts on your premium
  • Reduced premiums for female life assured
  • Higher the coverage you choose, more will be the discounts on premium
  • Income Tax benefits as per the prevailing Income Tax Rules

Benefits:

  • Death Benefit: In case of the unfortunate demise of the life assured, the nominee gets entitled to receive a Death Benefit, which is the highest of Basic Sum Assured, 10 times the Annualised Premium, or 105% of the Total Premiums Paid.
  • Maturity Benefit: On survival at the time of maturity, you are eligible to receive a sum of all the premiums you have paid during the policy term

Eligibility:

Entry Age (As on last birthday) Minimum: 18 years | Maximum : 65 years
Maturity Age (As on last birthday) 75 years
Policy Term 10 years to 30 years
Sum Assured Minimum: 50,00,000 (in multiples of 1,00,000) | Maximum: No Limit
Premium Payment Term For 10 to 30 years policy term : Regular Pay/Single Pay/Limited Pay-5 years For 15 to 30 years: Limited Pay-10 years

Premium Payment Frequency: Annual & Semi Annual

Tata AIA Life Insurance iRaksha Supreme

Features:

  • A simple online term insurance plan
  • In just a few clicks, you can protect your family against unfavourable eventualities
  • Death Benefit ensures a lump sum amount is received by your nominee in your absence
  • 3 Premium payment options to choose from – Regular Pay/ Limited Pay/ & Single Pay, which ensures that you enjoy full flexibility of managing your commitments and fulfilling your financial goals
  • Non-smokers can enjoy preferential premium rates
  • Special premium tariff for female customers
  • Enjoy high protection discount when you choose a sum assured of 75 lacs & above
  • Income tax benefits

Benefits:

  • Death Benefit: In the unfortunate event of the death of the life assured, the nominee receives a Death Benefit, which is computed as the highest of Sum Assured, 10 times the Annualised Premium, or 105% of the Total Premiums Paid.

Eligibility:

Entry Age (As on last birthday) Minimum: 18 years | Maximum : 70 years
Maturity Age (As on last birthday) 80 years
Policy Term 10 years to 40 years
Sum Assured Minimum: 50,00,000 (in multiples of 1,00,000) | Maximum: No Limit
Premium Payment Term For 10 to 40 years policy term : Regular Pay/Single Pay/Limited Pay-5 years For 15 to 40 years: Limited Pay-10 years

Premium Payment Frequency: Annual & Semi Annual

Tata AIA Life Insurance Maha Raksha Supreme

Features:

  • A non-linked, simple, and pure protection policy
  • Make a choice of premium payment as per your needs – Single Premium or Regular Premium
  • Option to increase your life cover at a future date without having to undergo the process of revised medical underwriting
  • In the unfortunate event of a diagnosis of terminal illness, receive 50% of Basic Sum Assured to meet the whopping medical expenses and ensure financial stability
  • Customize the policy by including a Rider for protection in critical situations including accidental death or dismemberment
  • Non-smokers get to enjoy discounted premiums
  • Special premium tariff for Female life assured
  • Avail Income tax benefits on premium payments as well as proceeds

Benefits:

Life Stage Plus Option: There are times when you wish you could have taken an increased sum assured at the time of taking the policy. This becomes particularly applicable when you are going through important milestones in your life. However, under this plan, you get the facility to increase your sum assured at important life stages, so that you can fulfil your dreams and move ahead with confidence. Termed as Life Stage Plus Option, this feature needs to be availed at the time of taking the policy, so as to enable you to avail the increased sum assured within the same policy without worrying about medical underwriting. While the Minimum Additional Sum Assured is fixed at 10% of the Basic Sum Assured, the Maximum Additional Sum Assured is 50% of Basic Sum Assured, subject to a maximum of Rs. 50,00,000.

Inbuilt Payout Accelerator Benefit: To provide the life assured with financial aid, if ever he/she is diagnosed with a Terminal Illness, with the chances of survival being not greater than 6 months, the plan offers the facility of receiving 50% of the Basic Sum Assured. Such acceleration of the death benefit ensures that one can meet the varied expenses of the illness without putting a financial burden on the family.

Death Benefit: Under this plan, the death benefit payable to the nominee is calculated as follows:

Sum Assured on death + Additional Sum Assured under Life Stage Plus Option, (if any) - Payout Accelerator Benefit already paid (if any)

Here, “Sum Assured on death” is computed as the highest of the following:

  • For Regular Pay: i) Basic Sum Assured ii) 10 times the Annualised Premium iii) 105% of the Total Premiums Paid
  • For Single Pay: i) Basic Sum Assured ii) 125% of the Single Premium

Eligibility:

Minimum Entry Age (As on last birthday) 18 Years
Maximum Entry Age (As on last birthday) 70 Years
Maximum Maturity Age 80 Years
Policy Term 10 to 40 years
Premium Payment Frequency Annual/Semi-Annual/Quarterly/Monthly

Tata AIA Life Insurance Accidental Death & Dismemberment Rider