TATA AIA Life Insurance Company Limited
TATA AIA Life Insurance Company Limited
Counted among the top insurers in India, TATA AIA is a joint venture between TATA Sons (51%) and AIA Group (49%). This venture brings out TATA’s top leadership position in India and AIA’s leading position as the most significant and independent life insurance group, covering 18 markets in the Asia Pacific.
TATA AIA Life Insurance was founded in April 2001 and marked its strong foothold in the insurance sector with its sales offices spread across all major cities and towns in the country. It is one of the leading insurance providers in the Indian private sector with a healthy claim settlement ratio, showcasing a unique combination of experience and efficiency.
Tata AIA Life Insurance Company offers an array of insurance products that include protection plans, life insurance plans, savings plans, group, and health insurance plans customized as per buyers’ requirements.
Why opt for Tata AIA Life Insurance Company?
- Tata AIA’s life insurance policies are eligible for tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1981.
- Individuals from 18 to 70 years are eligible for an insurance plan at Tata AIA.
- Offers free look period and policy return within 15-30 days of policy purchase.
- Tata AIA Life Insurance Company is known for providing excellent customer service on a 24X7 basis.
- The leading insurers offer a wide range of comprehensive insurance products matching each individual’s different unique needs.
- It offers flexibility to choose from different premium payments frequencies (monthly, quarterly, half-yearly, and yearly) and policy terms.
- It offers add-on benefits for riders on the payment of additional premiums.
Facts about Tata AIA Life Insurance Company
- 90% of sales and services are done online.
- TATA AIA Life Insurance has a high claim settlement ratio of 99.06% (IRDAI Annual Report 2019-20)
- The company boasts of express claim settlement within 4 hours.
- So far, the company has protected 61,27,117 families.
Types of Life Insurance products offered by Tata AIA Life Insurance
- Term Insurance Plans: TATA AIA term insurance plans ensure comprehensive financial security for your family. The plans offer life cover from 40 to 80 years of age and also flexibility to add riders.
- Wealth Plans: Wealth plans offer you the benefit of market-linked returns as well as benefits of insurance with one-time premium payment. The policy tenure can range between 15 to 30 years.
- Savings Plans: TATA AIA savings plans offer guaranteed returns along with the benefit of life cover, such that you can have the required financial security and fulfill your dreams as well.
- Retirement Solutions: TATA AIA retirement plans ensure that you enjoy your golden years without compromising the financial front.
- Group Insurance: Companies offer Group Insurance plans to its employee as part of the employee retention policy. Group plans consist of group term insurance plans, credit life, and employee-group benefit plans, and more.
Tata AIA Term Insurance Plans
- Tata AIA Life Insurance Sampoorna Raksha
- Tata AIA Life Insurance Sampoorna Raksha+
- Tata AIA life insurance iRaksha Trop
- Tata AIA Life Insurance Sampoorna Suraksha Supreme
- Tata AIA Life Insurance MahaRaksha Supreme
- Tata AIA Life Insurance Saral Jeevan Bima
Documents required to apply for Tata AIA Life Insurance policy
Below are the documents that are needed while applying/ renewing Tata AIA Life Insurance policies:
- Duly filled Proposal or renewal form
- Address Proof – Driving License, Aadhaar Card, Passport, Voter ID, Ration card
- Identity Proof – Aadhaar Card, Passport, PAN card, Voter ID
- Income Proof – Salary slips, latest for 16, Bank statement, last 3 years Income tax return.
- Age Proof – Passport, PAN card, Birth certificate.
What are the various factors due to which Tata AIA Life Insurance claim can get rejected?
The common factors resulting in the claim rejection of Tata AIA Life Insurance policies are:
• False disclosure of the facts
• Policy lapse
• Non-submission of medical tests
• Not mentioning nominee/ beneficiary name
• In case if policyholder suicide within one year of policy registration, death due to accident under intoxication, drug overdose, etc.
• Any provision according to the terms and conditions in your policy document
What is the usual processing time for Tata AIA Life Insurance policy claims?
The policies that are in force for 3 consecutive years, their claims are settled within 8 working days on receiving all the required documents. In case of any delay, the company pays an interest of 6% p.a.
What are the documents required for the claim process?
Although the documents required might vary depending on the nature of the claim. But below are some of the common documents that are required to submit for the claim process.
• Duly filled claim form
• Original policy documents
• Death certificate
• Medical records
• ID proof, address proof, age proof, proof of relationship with the insured of the claimants.
• Bank account details of the claimants.
How can I pay Tata AIA Life Insurance premium?
If you want to pay premiums online, then these are the options that you can choose from:
• Credit card or debit card
• EBPP (Electronic Bill Processing and Payment)
You can also pay through cheque and cash at the nearest branch.
What is the process to pay Tata AIA Life Insurance premium online?
Policyholders can create their online policy account on the company’s official website and log in to make the premium payment. Users can also make the premium payment online without logging in.