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TATA AIA Life Insurance

TATA AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. Tata Sons holds a majority stake of 74%, while AIA holds 26%. TATA Life Insurance offers a diverse range of insurance products for individuals, groups, and enterprises, making it one of India’s largest private-sector insurers. The company provides life, health, and group insurance to its clients.

To address various insurance needs, TATA AIA Life Insurance Company Ltd. operates in multiple life insurance segments, including protection plans, wealth plans, child plans, savings plans, group plans, micro-insurance plans, and more.

Tata AIA Life combines Tata’s leading position in India with AIA’s status as the largest independent listed pan-Asian life insurance group, spanning 18 markets in the Asia Pacific region. Tata AIA Life commenced operations on April 1, 2001.

For the financial year 2021-22, Tata AIA Life’s total premium income increased to Rs. 14,445.03 crores, marking a 34% growth. With a claim settlement ratio of 99.01% and a range of term plans for family financial protection, Tata AIA Life is among the most trusted insurers.

Achievements of TATA AIA Life Insurance Company

Let’s explore some recent awards and accomplishments of the company:

  • Extraordinaire Award at the 5th edition of Brand Vision Summit in 2019-20.
  • ‘InsureTech Company of the Year’ award by the India Insurance Summit & Awards in 2019.
  • ‘Aon Best Employer Award’ in 2019, securing the award for the fourth consecutive time.
  • ‘Best Influencer Marketing Campaign’ award by the Annual Masters of Modern Marketing Awards & Conference 2019.
  • ‘Compliance Team of the Year in 2019’ by UBS Forum Out of Box Compliance Program.

Key Features of TATA AIA Life Insurance Company

With numerous life insurance companies to choose from, selecting the right one for you can be a challenging decision. To ensure confidence in your choice, it is recommended to assess the company’s performance in advance, preventing any stress during the claim settlement process.

At PolicyX.com, we have conducted an analysis of TATA Life Insurance based on various parameters such as claim settlement ratio, solvency ratio, and more.

  • Claim Settlement Ratio
    The primary objective of buying a life insurance plan is to ensure that your loved ones receive financial support when they need it the most. The claim settlement ratio of the insurance provider is crucial. This ratio indicates the percentage of claims settled by the company against the number of claims filed by customers in a financial year. The company achieved a CSR of 99.01% in the financial year 2021-22.
  • Solvency Ratio
    Another important factor to consider when purchasing a life insurance plan is the ‘solvency ratio’ of the company. This ratio provides insights into the financial stability of the company by measuring its ability to meet long-term debt obligations and other monetary commitments. As per IRDAI, all life insurance companies in India are required to maintain a solvency ratio of at least 1.5. Currently, the company’s solvency ratio stands at 1.9.
  • Annual Premium
    Checking the business reputation and growth of the insurance provider is crucial. To assess this, one should examine the company’s annual premium, which reflects its growth. In the financial year 2021-22, the company recorded an annual premium of Rs. 14,445.03 Crores.
Tata Life Insurance Key Features

Insurance Plans offered by TATA AIA Life Insurance


Catering to the insurance needs of every individual, TATA AIA offers several life insurance plans. The table below provides a list of all the plan variants available under TATA AIA Life Insurance Company.

  1. Tata AIA Term Plan
Plan NameEntry AgeMaximum Maturity AgeMinimum Sum Assured
Sampoorna Raksha Supreme18-65 years100 yearsRs. 1,00,000
Saral Jeevan Bima18-65 years70 yearsRs. 5,000,000
InstaProtect Solution18-45 years75 yearsRs. 25,00,000
Maha Raksha Supreme18-60 yearsNon-Whole Life: 85 years, Whole Life: 100 yearsRs. 5,000,000

Know More About: Tata AIA Term Plan

  1. Tata AIA ULIP Plans
Plan NameIssue AgeMaximum Maturity AgePolicy Term
Wealth Pro30 days-59 years75 years15-40 years
Fortune Maxima30 days-60 years100 years100 minus the issue age
Fortune Pro30 days-59 years75 years15-40 years
Wealth Maxima30 days-60 years100 years100 minus the issue age
Smart Sampoorna Raksha18-60 years100 years30 and 40 years
  1. Tata AIA Savings Plans
Plan NameEntry AgeMaximum Maturity AgeSum Assured
Diamond Savings Plan0-60 yearsNA11 times the Annualized Premium
Gold Income Plan3-65 years77 yearsAnnualized Premium x Basic Sum Assured Multiple
Smart Income Plus0-50 years68 years11 times the Annualized Premium
Money Back Plus30 days-51 years75 yearsRs. 2,00,000 (in multiples of 1000)
Fortune Guarantee30 days-70 years80 years10 times Annualized Premium
Fortune Guarantee Plus1-60 years77 yearsRs. 50,000
MahaLife Gold30 days-60 years85 years OR 100 yearsRs. 1,00,000
Guaranteed Monthly Income Plan6-60 years68 years*11 times the Annualized Premium
Smart Value Income Plan30 days-65 years100 yearsDeath Benefit Multiple of 10 times Single Premium
Value Income Plan30 days-58 years80 yearsNA
POS Smart Income Plus3-50 years65 years11 times the Annualized Premium
Guaranteed Return Life Insurance Plan0-65 years85 yearsDeath benefit multiple x Annualized premium
  1. TATA AIA Retirement Plans
Plan NameEntry AgeMaximum Maturity AgeSum Assured
Guaranteed Monthly Income Plan6-60 years68 years11 times the Annualized Premium
Smart Annuity Plan45-85 yearsNANA
Fortune Guarantee Pension Plan30-85 yearsNANA
Riders Available Under TATA AIA Life Insurance

Riders provide customers with the option to enhance the basic policy cover by paying an additional nominal premium. The following is a comprehensive list of riders available under TATA AIA Life Insurance Plans:
Traditional Riders:

Tata AIA Life Insurance Waiver of Premium Plus (WOPP) Rider
Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider
Tata AIA Life Insurance Non-Linked Comprehensive Health Rider
Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider
ULIP Riders:

Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider
Tata AIA Life Insurance Waiver of Premium (Linked) Rider
Tata AIA Life Insurance Linked Comprehensive Protection Rider
Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider
Tata AIA Life Insurance Linked Comprehensive Health Rider

How to Purchase TATA AIA Life Insurance Plans?

To acquire TATA AIA Life Insurance Plans, the process varies depending on the specific plan. Below are the steps for purchasing these plans through different channels:

  1. Online Purchase (Available for Maha Raksha Supreme Plan and Sampoorna Raksha+ Plan):
    • Visit the official website of TATA AIA.
    • Navigate to the ‘Plans’ section and choose ‘Term Insurance.’
    • Select your preferred plan and click on ‘Buy Now.’
    • Complete the necessary details and click ‘Continue.’
    • An OTP will be sent to your registered email ID and contact number.
    • Enter the OTP and submit.
    • Review the premium and plan details.
    • Make the online premium payment.
  2. Branch Visit (For Other Life Insurance Plans):
    • Visit the nearest branch of TATA AIA Life Insurance.
    • Consult with the representatives to understand the available plans.
    • Choose the plan that suits your requirements.
    • Provide the necessary information and documentation.
    • Complete the application process with assistance from the branch staff.
  3. Third-Party Intermediaries:
    • TATA AIA Life Insurance plans are also available through third-party intermediaries such as insurance brokers or agents.
    • Contact a reliable insurance broker or agent to explore available plans.
    • Discuss your needs and preferences to receive personalized recommendations.
    • Follow the application process guided by the intermediary.

For your convenience, outlined below are the steps for purchasing plans directly from the company website:

  • Visit the official website of TATA AIA.
  • Click on ‘Plans’ and select ‘Term Insurance.’
  • Choose your desired plan and click on ‘Buy Now.’
  • Complete the required details and click ‘Continue.’
  • Receive an OTP on your registered email ID and contact number.
  • Enter the OTP and submit.
  • Review the premium and plan details.
  • Make the online premium payment.

By following these steps, you can seamlessly purchase TATA AIA Life Insurance Plans through the preferred channel that best suits your needs.

TATA AIA Life Insurance Company’s Claim Process

The TATA AIA Life Insurance Company facilitates the claims process through two distinct methods: Online and Offline. Here’s a detailed overview of both procedures:

Online Claim Process:

  1. Visit the official website of TATA AIA Life Insurance.
  2. Navigate to the “Claims” tab.
  3. Select “Claim Process.”

The online claim process involves three essential steps:

a. Claim Intimation: – Access the online claim intimation section. – Complete the form with fundamental details, including policy number, reason for the claim, policyholder names, and address. – Ensure documents are uploaded before submitting the form.

b. Assessment: – Upon document submission, the company will scrutinize and evaluate the provided information. – Additional documents may be requested for a thorough assessment.

c. Claim Decision & Payout: – If the claim is approved, the company will communicate the decision via phone call, email, or letter. – The approved payment will be transferred to the registered account.

Offline Claim Process:

  • Visit the nearest branch of TATA AIA Life Insurance Company.
  • Request a claim form from the company representative and duly fill it out.
  • Submit the completed form along with the required supporting documents.

Alternatively:

  • Write directly to the company at its registered address.

By following either the online or offline claim process, policyholders can navigate the claims procedure efficiently and ensure a smooth experience during this critical phase.

Contact Information for TATA AIA Life Insurance Company:

Address: B- Wing, 9th Floor, I-Think Techno Campus, Behind TCS, Pokhran Road No.2, Close to Eastern Express Highway, Thane (West) – 400 607

Email: customercare@tataaia.com

Customer Care Helpline: 1860-266-9966

Frequently Asked Questions about TATA AIA Life Insurance:

1. What is the typical claim processing time for a Tata AIA Life Insurance policy?

For all insurance policies active for 3 consecutive years, the death benefit is paid within 8 working days (once all required documents are submitted). In case of any delay from the insurer’s side, the company will pay an interest of 6% p.a.

2. Do I receive greater benefits if I opt for Riders or Add-ons?

Riders/Add-ons are additional benefits that can be added to the basic policy by paying a marginal additional premium. They help enhance the coverage of the policy.

3. In case of death, will the nominee receive any benefits when the policy is in lapsed mode?

In case of demise during the grace period, the policy is considered to have lapsed. If the policy lapses on the demise date, there is no payout. For more information, please check with the company.

4. Can I pay the TATA AIA Life Insurance policy premium online?

Yes, you can log on to TATA AIA’s website or PolicyX.com to pay the premium via debit/credit card or net banking.

5. Do I need to undergo a medical examination when I buy life insurance? If yes, is the cost borne by the company?

Usually, a person buying life insurance coverage for over Rs. 5,00,000 has to undergo a medical examination. This amount may vary from company to company, and the insurance company bears the cost of the medical examination.

6. What are the various payment options available under Tata AIA Life Insurance Company Limited?

You can pay your premiums annually, semi-annually, quarterly, or monthly.

7. How can I check my TATA AIA Life Insurance Policy status?

You can check the status of your policy by visiting the Tata AIA Life official website and logging in with your registered ID and password. The details of your insurance will be revealed once you’ve logged in.

8. Is it possible to cancel my TATA AIA Life Insurance Policy if I’m unsatisfied with it?

Yes, you may cancel the insurance within the free look time, typically 15 days after purchase. After deducting a nominal amount, the money paid by you will be returned.

9. I have lost my TATA AIA policy documents. What is the procedure for requesting duplicate policy documents?

If you’ve misplaced your original policy paper, visit the nearest Tata AIA branch and fill out a ‘Lost Policy Declaration Form.’ Duplicate policy papers will be sent upon submission and verification of the information provided in the form.

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