Tata AIA Insurance Reviews, Ratings, Best Plans and USPs

TATA AIA Life Insurance

TATA AIA Life Insurance Company was founded in April 2001. This organization is a joint collaboration between the AIA Group and the TATA Sons. Both hold a stake of 49% and 51% in this venture respectively.

The AIA Group and TATA brought in their distinctive expertise in the market to make this business work. For readers who are unaware, AIA Group is known for being the leading independent life insurance group across 18 markets in the Asia Pacific and TATA is one of the biggest organizations in India.

Because of these facts, it should come as no surprise that the TATA AIA Life Insurance Company has been able to hold its position as one of the biggest private insurers in the Indian market. TATA AIA has a claim settlement ratio of 98% in the financial year 2017 – 2018 and a grievance settlement ratio of 100% according to the 2016 – 2017 statistics.

TATA AIA provides its customers with personalized health, life, and group insurances. These services can be availed by individuals, families, businesses, and several associations all across India. The minimum age for entering into a policy with this organization is 18 years and the maximum age is 70 years.

    Prepare today for a relaxed and secure future.

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    Policy Type

    IndividualFloater

    About Tata AIA Life Insurance

    When it comes to purchasing the best quality insurance online or offline, then many customers choose TATA AIA. This is because there are several amazing benefits that one can get by purchasing a TATA AIA insurance policy. Some of these benefits are mentioned below.

    • Policyholders can easily avail tax benefits under the section 10 (10D) and 80C of the Income Tax Act, 1981
    • Every individual between the ages of 18 years to 70 years are eligible to purchase any insurance cover from TATA AIA
    • TATA AIA provides a large selection of comprehensive health, life, and group insurance plans that are personalized to meet the needs of its customers
    • Several add-on benefits and rider advantages are provided to individuals on an additional payment of premiums
    • This organization sets flexible policy terms and the payment of the premiums can be done on a monthly, quarterly, half-yearly, or yearly basis
    • Every policy purchased from TATA AIA comes with a free look period and it is possible to return the policy within 15 to 30 days of purchasing the policy if one is dissatisfied with it
    • Policyholders can boost their saving through bonuses and loyalty additions provided by the insurer
    • Fast claim settlement process which is available both online and offline
    • Easy and simplified enrolment that can be done online and offline
    • Excellent customer services provided 24x7

    When it comes to providing insurance to the general public, then the reputation which TATA AIA has is unbeatable. The majority of TATA AIA Life Insurance plans provide extensive coverage in case of any major eventualities that can befall a person.

    It is also possible for policyholders to opt for additional benefits and riders that would provide complete and holistic protection to everyone in their family. These policies are also customer-centric and customer-friendly to ensure that the policyholders always receive the maximum benefits possible.

    TATA AIA is an organization that also has a very user-friendly interface. This means that it is easier than ever to fill out forms, seek required information in regards to a product, and purchase life insurance policies from this company online or offline. There are also some customers who have left reviews for TATA AIA. Let’s look at some of those reviews.

    Excellent Policy 4/5 Karthik Sachdeva

    I have taken a life insurance policy from TATA AIA and they recently provided me with a maturity benefit for one of my policies with a tenure of 15 years. I paid for the policy through my bank online and that policy has been very beneficial for me and my family. I’m very satisfied with their services so far.

    Amazing Customer Services 5/5 Punya Dev

    I took money back life insurance policy from TATA AIA. The customer service of the company has been very helpful and prompt with solving all my doubts till now. I got the correct information quickly and even the documentation was done with ease. I’m very glad that TATA AIA takes such good care of their customers.

    In this section, you will be able to learn about all the major plans that are provided by TATA AIA. For ease of understanding, the plans are arranged into different sections depending on their type. All of this information is mentioned below.

    Protection Plans

    TATA AIA Life Insurance Sampoorna Raksha

    The TATA AIA Life Insurance Sampoorna Raksha plan is a term insurance policy that provides complete protection to the family of the policyholder. The plan comes with a life cover for a policy term of up to 40 years to 80 years of age.

    Policyholders can choose to enhance the coverage of their policy by opting for optional rider benefits. The death benefit can also be availed as a lump-sum amount or a monthly income for the next 10 years. Some other details of this product are:

    Product Details

    Minimum

    Maximum

    Entry Age

    18 years

    70 years

    Age of Maturity

    28 years

    85 years

    Life Cover

    -

    100 years

    Sum Assured

    INR 50,00,000

    No maximum limit

    TATA AIA Life Insurance Sampoorna Raksha +

    The TATA AIA Life Insurance Sampoorna Raksha + plan provides financial protection through a policy term of 30 years to 80 years of age. Policyholders can also avail return of premiums in the case of survival through the term.

    This insurance plan is also offered at a lower premium to females and non-smokers. The plan also comes with a regular premium paying term or limited premium payment term. The limited term can range from 5 years to 10 years. Other details of this policy are:

    Product Details

    Minimum

    Maximum

    Entry Age

    18 years

    70 years

    Maturity Age

    28 years

    100 years

    Death Benefit

    Available in two options of either getting a lump-sum assured value on death or getting a lump-sum value and the rest as monthly income for 10 years

    -

    Sum Assured

    INR 50,00,000

    No maximum limit

    Wealth Plans

    TATA AIA Insurance Invest One

    The TATA AIA Insurance Invest One provides its policyholder with the benefit of insurance and market linked returns with only a single-time premium payment. The plan also comes with guaranteed maturity and loyalty benefits. These benefits assure that policyholders will only get maximum returns.

    There are eight fund options provided with this policy. The overall policy term can also range from 15 years to 30 years. Some other details of the policy are mentioned below.

    Benefit

    Minimum

    Maximum

    Entry Age

    0 years or 30 days

    75 years

    Death Benefit

    105% of the single premium that was paid

    -

    Sum Assured

    1.25 times the single premium paid at the beginning of the policy

    -

    TATA AIA Life Insurance Fortune Maxima

    This policy is categorized as being a non-participating unit linked whole life plan. This plan provides policyholders to maximize their entire life protection corpus with the ability of market-driven growth. In this plan, customers have to pay the premium once or only for a limited period of time.

    The policy provides protection to an individual for his or her entire life. There are also additional 11 fund options. Policyholders can customize their plans with these additional options and three unit-deducting riders. There are also some other details about this policy. These details are:

    Benefits

    Minimum

    Maximum

    Entry Age

    0 years or 30 days

    60 years

    Age of Maturity

    100 years

    -

    Death Benefit

    The death benefit paid to the policyholder is higher than the basic sum assured net of all deductible partial withdrawals

    105% of the total single or regular premium paid or 10 times of the annualized premium only in cases where the premium payment term is limited

    TATA AIA Life Insurance Monthly Insurance Plan

    The TATA AIA Life Insurance Monthly Insurance plan is specifically designed for building a financial corpus. This can help an individual to save a fixed monthly for a limited period of time. A lump-sum benefit is also provided to policyholders on maturity.

    Policyholders can also become eligible for compounded reversionary bonuses plus terminal bonuses and guaranteed yearly additions. This would enhance the savings of the individual. Other details of the policy are mentioned below.

    Benefits

    Minimum

    Maximum

    Entry Age

    0 years or 30 days

    50 years

    Age of Maturity

    18 years

    70 years

    Death Benefit

    It will be more than the sum assured with accrued guaranteed yearly additions and vested compound reversionary bonus plus terminal bonus

    105% of total premium paid

    Sum Assured

    INR 114,482

    No maximum limit

    TATA AIA Life Insurance MahaLife Supreme

    This plan provides policyholders with dual benefits of regular income flow and savings outflow. The plan can be categorized as a non-linked non-participating endowment assurance plan. It also comes with several important benefits associated with life protection insurance.

    This TATA AIA plan has a limited premium payment endowment plan. There are also assured annual income benefits and additional rider options available. Policyholders can increase their coverage by opting for those options.

    There are also two variants of this policy. The entry age for the plan is 18 years to 50 years. The maturity age is 85 years maximum and 80 years minimum. The maturity benefit associated with this policy is 140% - (0.1% x entry age) x basic sum assured.

    The sum assured is also 10 times the annualized premium. There is a death benefit provided with this policy too. The basic sum assured is also greater for the first variant of the policy, which has a higher premium, in comparison to the second variant. A maturity sum benefit is also provided with this policy.

    TATA AIA Life Insurance Smart Growth Plans

    The TATA AIA Life Insurance Smart Growth Plans are non-linked and profit endowment plans. These policies provide flexibility to the policyholder to choose the terms of the policy depending on his or her long-term or short-term saving needs.

    In case of death of the policyholder, then the family of the policyholder is provided with double the sum assured. This plan also provides bonuses and guaranteed additions of 5.5% per year of the sum assured.

    There are also two variants of this plan. The first variant comes with the endowment option and the second variant comes with an endowment benefit with an inbuilt accidental death benefit. The minimum age of entry is 0 years or 30 days and the maximum age is 50 years. The age of maturity for the policy is 65 years.

    The total death benefit payable to the family of the policyholder will be equal to the sum assured plus the accrued guaranteed additions and the compound reversionary bonus plus terminal bonus.

    The total amount will also be subjected to a minimum of 105% of total premiums paid on the day of death. The minimum sum assured with this policy is INR 1,50,000 and there is no maximum sum assured limit to this policy.

    TATA AIA Life Insurance MahaLife Gold Plus

    The TATA AIA Life Insurance MahaLife Gold Plus acts as a short-term investment plan that promises to provide the best returns in the long run. This policy comes with lifelong coverage up to the age of 85 years. The policyholder only has to pay the premium for 15 years.

    A lump-sum is provided on maturity and a regular income flow is provided with this policy. All policyholders are eligible to get annual coupons from the 10th to the 30th policy anniversary. Policyholders will also get non-guaranteed cash dividends yearly from the 6th policy anniversary till maturity.

    The entry age of the policy is 0 years or 30 days to 55 years. The age of maturity is 85 years. The death benefit is provided in this policy and the minimum sum assured is INR 2,00,000. There is no maximum sum assured limit.

    Retirement Solutions

    All TATA AIA retirement solutions come with a guaranteed monthly income plan. These plans are also categorized as non-linked and non-participating life insurance plans. In this section, we will look at some of those policies.

    TATA AIA Life Insurance Freedom

    Through the TATA AIA Life Insurance Freedom policy, policyholders can boost their financial corpus with an assured addition. For this, all you have to do is simply choose a policy term according to your convenience and a 10% annualized premium at the starting of every policy year until the premium paying term ends.

    With the help of this plan, policyholders can choose to either retire at the age of 55 years or 60 years. The plan can also be enhanced by opting for additional TATA AIA life accidental death benefit and dismemberment rider options.

    Health Solutions

    TATA AIA Life Insurance Vital Care Pro

    The TATA AIA Life Insurance Vital Care Pro is an insurance plan that provides protection against critical illnesses by paying a lump-sum amount. This happens in case the policyholder is diagnosed with any of the 15 critical illnesses mentioned in the plan documents signed during the beginning of the policy term.

    This plan can also help protect the spouse of the policyholder. There is also flexibility to choose from several benefits, including pro care lump-sum benefit, pro care plus lump-sum benefit, and income loss benefit. There is no mandatory examination required for this plan. With this plan, policyholders can become eligible for extra monthly payouts for 10 years on critical illness benefit claims.

    Group Insurance

    TATA AIA Life Insurance Group Loan Protect

    The TATA AIA Life Insurance Group Loan Protect policy plan protects the entire family of the policyholder in case of his or her absence. This is done by paying off any outstanding loans. This prevents the family from being weighed down by any financial burden.

    TATA AIA Life Insurance Group Total Suraksha

    The TATA AIA Life Insurance Group Total Suraksha is a policy that has a minimum entry age of 14 years and a maximum entry age of 65 years. The minimum sum assured with this policy is INR 1,000 and the coverage can be maximized till the age of 75 years.

    The minimum policy term for this insurance plan is 2 years for individual members. And the maximum entry age for this policy is 35 years for individual members. The maximum coverage limit is also non-existent.

    This insurance plan is valid on a minimum membership of 50 eligible members. There is an easy enrolment process involved with a single premium payment option and excellent premium rates. The death benefit is also provided in case of the death of insured members. Financial support is also extended to family members in case of any unfortunate event.

    Best Policies of Brand

    TATA AIA rolls out excellent quality insurances. But there are some insurance plans that sell out more frequently than others. These insurance policies are discussed below.

    TATA AIA Insurance Sampoorna Raksha Plan

    This plan comes with non-participating and non-liked terms. Policyholders can also choose between any four different death benefit options. In this policy, a life cover is provided till the age of 80 years. There are also variants of the policy in terms of its premium payment terms. One can either opt for regular or limited payment terms. Non-smokers and females can also get a discount on this policy.

    TATA AIA Life Insurance Sampoorna Raksha + Plan

    The TATA AIA Life Insurance Sampoorna Raksha + plan is also a non-participating and non-linked term plan. This policy provides the policyholder with an adequate return of premiums paid when the plan matures.

    There is also a choice offered in terms of the death benefit. Policyholders can choose from any of the two major death benefits. The maximum entry age for this plan is 80 years and both non-smokers and women can receive lower premium rates for this policy. Individuals can also opt for riders to improve the coverage of the plan.

    TATA AIA Life Insurance Maha Raksha Supreme

    The TATA AIA Life Insurance Maha Raksha Supreme plan comes with a Payout Accelerator Benefit option. This option can help in advancing 50% of the basic sum assured in the case of diagnosis of a terminal illness. It is a non-linked and non-participating insurance plan.

    Policyholders can also choose to increase the coverage offered by this policy at any later stage without any new medical underwritings. Premium payments can be done through regular premiums or single premiums. Females and non-smokers will also receive a discount on premium rates on this policy.

    TATA AIA Life Insurance iRaksha Supreme

    This is an online policy with pure term insurance benefits. The customers can choose their own premium payment terms. The policy is available for purchase only online. Further, policyholders will receive greater benefits on their premium rates if they choose a higher sum assured value.

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    TATA AIA Life Insurance FAQs

    1. My TATA AIA claim was rejected. Why?

    There are some common reasons why your claim for the TATA AIA policy could be rejected. Some of those reasons are:
    Lapse of your policy
    Misrepresentation of facts
    Suppression of facts
    Failure to submit medical tests
    Lack of appointed or updated nominee
    Suicide of policyholder within one year of policy registration caused due to drug overdose, accident under intoxication, or some other reason
    Due to some clause present in the terms and conditions of your policy document

    2. How long will it take for TATA AIA to process the claim of my life insurance policy?

    If your policy has been in force for the last three years, then the death benefit will be paid within eight working days after the family member of the policyholder has submitted all the required documents. A 6% interest is also paid by the organization in case of any delay.

    3. Can I pay off my premiums by registering for ECS?

    Yes, individuals can pay off their premiums by registering for an ECS through:
    Direct debit
    Credit card
    Aadhaar based e-NACH registration
    National Automated Clearing House (NACH)
    Standing Instruction on your account at the State Bank of India

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