Mumbai, India : Tata AIA has observed a steady
increase in demand for term insurance plans. This shows that more individuals
are actively working to secure their family’s financial future. Term insurance
is a vital financial tool for planning. It provides protection for your loved
ones over a set period of time. People are choosing this option for long-term
financial stability.
Key Drivers of Tata
AIA term insurance plans
Tata AIA’s term
insurance plans combine affordability, flexibility, and high claim reliability,
making them a standout choice for long-term financial protection. Key
highlights include:
·
High
claim settlement ratio, reflecting strong trust and efficiency in payouts.
·
Policyholders
can opt for significant coverage at reasonable premiums, with additional
benefits like *return of premium and 4-hour claim settlement under select
plans.
·
Popular
offerings such as Sampoorna Raksha Promise and Maha Raksha Supreme Select*
provide customisable protection, including options for increasing cover*, whole
life coverage up to age 100, and critical illness riders.
·
Policyholders
can scale their sum assured as their responsibilities increase because the
plans are made to adjust to significant life events like marriage, childbirth,
or home loans. Additionally, Tata AIA provides premium discounts for women and
non-smokers.
These features make
Tata AIA term plans a compelling choice for individuals seeking reliable,
scalable, and tax-efficient life cover. You can choose from various plan types
based on your specific requirements.
Why you should consider
Tata AIA term insurance
Purchasing a term
insurance plan secures your family’s future in your absence. If you pass away
unexpectedly, the plan gives your family a substantial lump sum amount. This
helps them meet their daily life expenses and other financial obligations.
Term plans are usually
cost-effective choices. You can get a high amount of coverage for a lower
monthly payment. A few insurance plans offer the possibility of increasing the
insured amount at the time of certain significant life events, such as marriage
and childbirth, thus keeping the coverage in accordance with the new
obligations.
Premiums paid for term insurance may allow for tax deductions. This
is based on Section 80C of the rules. The funds your family receives are also
generally tax-exempt. This exemption falls under Section 10(10D).
The insurance payout
can be used to clear any existing loans you may have. This prevents your debt
from becoming a financial worry for your family.
Many term plans let you
add a feature, called a rider, for an added fee. These riders can provide
protection against critical illnesses for comprehensive security.
The entry age for a
term insurance plan starts at 18 years. Generally, the premium amount is lower
when one buys the policy at a relatively younger age.
These policies offer
flexible durations of protection. You can select to be covered for a specific
period of time or for as long as 100 years. Many people purchase coverage to
last until their major financial obligations are completed.
The insured can opt
for a payment plan that is most convenient for them according to their
finances, which can include regular payments during the policy term,
limited-period payments, or even a one-time payment in full.
Who should buy Tata
AIA term insurance plans?
A term insurance plan
is ideal for anyone who wants to protect their loved ones from financial
difficulties in their absence.
·
Individuals
with Dependants: If
you are the primary earner for your family, this plan creates a financial
safety net for them.
·
People
with Loans: If you
have loans for a house or a vehicle, the policy can ensure your family avoids
this debt burden.
·
Newly
Married Couples: As
you start your new family life, a term plan can protect your partner from early
financial challenges.
·
Women
and Homemakers: As
more women contribute to the family income, a term plan can help them safeguard
the future of their family. Homemakers too can avail themselves of coverage to provide
ongoing domestic support and stability.
About Tata AIA Life
Insurance
Tata AIA Life
Insurance Company Limited is a joint venture between Tata Sons Pvt. Ltd. and
AIA Group Ltd., combining the trust of the Tata brand with AIA’s global
expertise in insurance. The company provides a wide range of life insurance
solutions, covering protection, savings, retirement, and health needs of
individuals and families. With a strong claim settlement record, innovative
digital platforms, and a customer-first approach, Tata AIA ensures convenience,
reliability, and financial security. Today, it continues to be a trusted
partner for millions of Indians in their long-term financial and protection
journey.
Disclaimer:
· Tata AIA Maha Raksha Supreme Select -
Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product
(UIN: 110N171V12)
· 1Illustrated Premium is the monthly premium
excluding taxes for 20 yr. old female, Standard Life, Non-Smoker for 2 Cr. Sum
Assured with Policy Term of 20 yrs. (Regular Pay) with Life Secure plan option
salaried person. Please refer Benefit Illustration for more details. Tata AIA
Life shall have the right to claim, deduct, adjust, recover the amount of any
applicable tax or imposition, levied by any statutory or administrative body,
from the benefits payable under the Policy. Kindly refer the sales illustration
for the exact premium.
· 2Tax benefits of up to ₹46,800 u/s 80C is
calculated at highest tax slab rate of 31.20% (including cess excluding
surcharge) on life insurance premium paid of ₹1,50,000 as per old tax regime.
Tax benefits under the policy are subject to conditions laid under Section 80C,
80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961.
Good and Service tax and Cess if any will be charged extra as per prevailing
rates. The Tax Free income is subject to conditions specified under section
10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws
are subject to amendments made thereto from time to time. Please consult your
tax advisor for details, before acting on above.
· 3Tata AIA Maha Raksha Supreme Select offers
Premium discount of 1% of single premium and 8.5% on first year premiums for
regular and limited pay to the salaried customers & digital discount of 1%
for Single Pay, 10% for Limited Pay/Regular Pay.
· 4Tata AIA Maha Raksha Supreme Select offers
Premium discount of 1% of single premium and 8.5% on first year premiums for
regular and limited pay to the salaried customers.
· 5With this feature, instant death benefit of
INR 3 Lacs from the Sum Assured will be paid within 1 working day from the claim
registration date. This feature is applicable only after a waiting period of 3
policy years from the policy inception or revival of the policy and provided
the policy is in force. The remaining SA shall be payable post the completion
of the claim investigation. Further, in case of any discrepancy in the claim
investigation resulting in the final decision of non-payment of the claim, the
company reserves the right to recover the already paid amount. The acceleration
of instant claim should not be construed/interpreted as acceptance of the
claim. | On assessment of documents submitted during claim assessment,
additional documents may be sought by the company. | Please refer the sales
brochure and policy document for more details
· 6With this feature, policyholder is allowed
to defer the due premium for a period of 12 months while maintaining the full
risk cover under the base plan and attached riders. At the end of Premium
Deferment period, the policyholder is required to pay the due premiums,
including the premium applicable for the period of Premium Deferment, i.e., the
base cover premium and additional premium (if any). | FlexiPay Benefit shall be
available for multiple times with a gap of 5 policy years from the expiry date
of previous Premium Deferment. The option can be exercised only after payment
of 5 full years premium. | No interest shall be levied on the premium due
during the Premium Deferment period. If the premiums due are not paid within
the grace period after expiry of the FlexiPay Benefit, the Policy (including
Rider(s), if any) shall lapse and no benefits shall be payable in the Policy or
the Rider(s), if any) and company shall be entitled to recover the same from
any amounts or benefits payable under the Policy or Rider(s). | Please refer
the sales brochure and policy document for more details.
· 7The product offers first year discount of 2%
for Limited Pay/Regular Pay and 1% for Single Pay under Nominee & family
discount to existing TATA AIA customers
· 8If Return of Balance Premium option is chosen
with any of the benefit option/s, an amount equal to the Total Premiums Paid
(excluding loading for modal premiums) towards the benefit option, less any
claim amount already paid out under the respective benefit option, shall be
payable at the end of the benefit option term, provided the benefit option is
not terminated.
· 9Riders are not mandatory and are available
for a nominal extra cost. For more details on benefits, premiums, and
exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/Intermediary/
branch.
· 10Our Individual Death Claim Settlement Ratio
is 99.41% for FY 2023 - 24 as per the latest annual audited figures
· 11Tata AIA Vitality - A Wellness Program that
offers you an upfront discount at policy inception. You can also earn premium
discount / cover booster (as applicable) for subsequent years on policy
anniversary basis your Vitality Status (tracked on Vitality app) Please refer
rider brochures for additional details on health and wellness benefits.
· 12On enrolling into the Wellness Program, you
get an upfront discount of 5% on 1st year premium for Accidental Death,
Accidental Total & Permanent Disability, Accidental Disability Care
Benefits and of 10% on 1st year premium for Term Booster, CritiCare Plus,
Accelerated CritiCare, Multistage CritiCare, Cancer Care, Cardiac Care. The
rewards are offered on cumulative basis and in any year, the maximum rewards in
view of both the Up-front Rewards and Annual Rewards Flex together shall be 15%
for Accidental Death, Accidental Total & Permanent Disability, Accidental
Disability Care and 30% for all other rider benefit options. Discount is driven
by accumulated points which is achieved through wellness status. Please refer
policy document for more details.
· 13Income Tax benefits would be available as
per the prevailing income tax laws, subject to fulfillment of conditions
stipulated therein. Income Tax laws are subject to change from time to time.
Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax
implication mentioned anywhere in this document. Please consult your own tax
consultant to know the tax benefits available to you.
· Tata AIA Life Insurance Non-Linked
Comprehensive Protection Rider (UIN:110B033V04 or any other later version) - A
Non-Linked, Non- Participating Individual Health Rider, Tata AIA Vitality
Protect (A Non-Linked, Non- Participating Individual Health rider
(UIN:110B046V04 any other later version), Tata AIA Vitality Health (A
Non-Linked, Non- Participating Individual Health rider (UIN:110B045V03 any other
later version) are available under this plan.
· Vitality is a trademark licensed to Tata AIA
Life by Amplify Health Assets PTE. Limited, a joint venture between Vitality
Group International, INC. and AIA Company Limited. The assessment under the
wellness program shall not be considered as a medical advice or a substitute to
a consultation/treatment by a professional medical practitioner.
· Insurance cover is available under this
product.
· This product is underwritten by Tata AIA Life
Insurance Company Limited. This plan is not a guaranteed issuance plan, and it
will be subject to Company’s underwriting and acceptance.
· Buying a Life Insurance policy is a long-term commitment. An early termination of the policy usually
involves high costs, and the Surrender Value payable may be less than all the
Premiums Paid.
· In case of sub-standard lives, extra premiums
will be charged as per our underwriting guidelines.
· For more details on risk factors, terms and
conditions please read Sales Brochure carefully before concluding a sale.
· All Premiums, Charges, and interest payable
under the policy are exclusive of applicable taxes, duties, surcharge, cesses,
or levies which will be entirely borne/ paid by the Policyholder, in addition
to the payment of such Premium, charges or interest. Tata AIA Life shall have
the right to claim, deduct, adjust, and recover the amount of any applicable
tax or imposition, levied by any statutory or administrative body, from the
benefits payable under the Policy.
· L&C/Advt/2025/June/Aug/3110
· No Goods and Service Tax shall be applicable
on Individual life insurance products as per prevailing laws. Tax laws are
subject to amendments from time to time. If any imposition (tax or otherwise)
is levied by any statutory or administrative body under the Policy, Tata AIA
Life Insurance Company Limited reserves the right to claim the same from the
Policyholder.