Tata AIA Life Insurance

Tata AIA Life Insurance Company Limited is a joint venture between Tata Sons Private Limited and AIA Group Limited. Tata AIA Life establishes the pre-eminent position of Tata in India and AIA’s presence as the largest, independent listed pan-Asia life insurance company in the world spanning over 18 markets in Asia Pacific Region. Tata AIA Life Insurance was licensed to operate in India on February 12, 2001. It commenced its operations on April 1, 2001. Tata AIA Life is one of the fastest-growing companies in the Life Insurance Sector.

Top Tata AIA Life Insurance Plans (2020) 

Tata AIA Life Insurance offers various insurance solutions to suit variants needs of its customers. Here’s a look at the top life insurance plans offered by Tata AIA Life Insurance in different categories are: 

Tata AIA Life Insurance Term Plans

Term Insurance plans are protection oriented plans which helps you to create financial security for your family in your absence. Term plans are the best way to shield your family from the financial crisis in case of an unfortunate event. Tata AIA Life Insurance term plans offer four types of term insurance plans with the option of whole life coverage i.e. till 100 years of age. Some term plans of Tata AIA Life Insurance not only cover the risk of premature death but also provide a return of premiums paid on survival till the maturity of the policy.

Term Insurance Plans Offered by Tata AIA Life Insurance -

Tata AIA Life Insurance Unit Linked Plans

Unit-linked Insurance Plans are investment-oriented plans that offer you a combination of life insurance cover and benefit of capital appreciation. These plans help you in creating wealth to meet your long term financial goals in life such as child’s education, buying a home, child’s marriage, retirement planning, etc. Tata AIA Life Insurance Unit Linked plans offer regular loyalty additions to boost your investments and additional riders to enhance your coverage. 

Unit-linked Insurance Plans Offered by Tata AIA Life Insurance -

 Tata AIA Life Insurance Endowment Plans

Endowment plans offer the dual benefit of wealth creation and life insurance protection. These plans help you to save regularly over a specific period of time so that you can receive a lump sum benefit on the maturity of the plan if you survive the policy term. These are savings oriented plans and are therefore also called savings plans. Endowment plans help you to meet your long-term financial goals. Tata AIA Life Insurance Endowment plans offers flexibility to choose from different plan options, premium paying terms, policy terms, whole life cover and optional riders for comprehensive coverage. 

Endowment Plans Offered by Tata AIA Life Insurance -

Tata AIA Life Insurance Money Back Plans

Money-back plans pay a percentage of the sum assured at regular intervals during the term of the policy instead of paying a lump sum amount at the maturity of the plan. Money-back plans are very much like endowment plans with the benefit of liquidity. Money-back plans allow you liquidity along with life cover. This policy is suitable for those individuals who wish to save through an insurance policy and also maintain their liquidity. In case of death of the insured during the term of the plan, the death benefit is paid which is the entire sum assured and the survival benefits already paid are not deducted. 

Money-back Plans Offered by Tata AIA Life Insurance -

 Tata AIA Life Insurance Retirement Plans

Retirement Insurance plans offer you ways to build your own income after retirement. You have an option to either accumulate your retirement corpus over a period of time as per your risk appetite or get guaranteed immediate income for life by investing a lump sum amount in an insurance plan and receive regular income post-retirement. Tata AIA Life Insurance Retirement plans offer flexible annuity options to meet your future needs with an option to choose single or joint-life annuity enabling you to plan your retirement with ease. 

Retirement Plan Offered by Tata AIA Life Insurance -

6Tata AIA Life Insurance Micro Insurance Plans

Micro Insurance is a type of life insurance product which is designed to make essential insurance plans more affordable for low-income people and residents of rural areas to have access to insurance. Micro Insurance plans offer the benefit of savings along with life cover. These plans have very low premiums. Tata AIA Life Insurance offers two micro insurance plans with flexible policy term and premium paying term. 

Micro Insurance Plans Offered by Tata AIA Life Insurance -

Tata AIA Life Insurance NRI Plans

The Life Insurance Plans offered by Tata AIA Life Insurance can be brought by NRIs too. If you are an NRI, you can buy any life insurance plan as per your coverage needs and requirements whether it is term plans, whole life plans, endowment plans, money back plans, retirement plans or ULIP plans. 

Tata AIA Life Insurance Riders

Tata AIA Life Insurance Offers the Following Life Insurance Riders

Benefits of Buying Tata AIA Life Insurance Plans

Tata AIA Life Insurance offers a range of benefits if you invest in the life insurance plans offered by the company.  These benefits depend on the type of life insurance policy you choose to buy. 
The benefits of buying life insurance policies offered by Tata AIA Life Insurance are as follows: 

1. Life Cover- Life Insurance plans offer cover against the risk of premature death and provide financial assistance to your family in your absence. This is the most important aspect of life insurance. Whether it is replacing the lost income, paying for your child’s education or marriage, life insurance policies help your family financially even when you are not around. Tata AIA Life Insurance offers term plans with the option of whole life coverage till 100 years of age allowing you to cover your whole life.
2. Creation of Wealth- The ULIP and endowment plans help you to create a corpus by saving for a specified period of time and receive the corpus in a lump sum amount at maturity of the plan. This helps you to meet your future financial goals. The ULIP plans invest in various funds which offer market-linked returns thereby helping you grow your corpus. Tata AIA Life Insurance Endowment and money-back plans also offer participating benefit in which you can receive bonuses at the maturity of the plan thereby enhancing your wealth.
3. Financial Security- Since life insurance plans cover the risk of premature death your family gets financial security against a possible loss due to unforeseen contingencies. Beside life risk coverage, life insurance plans also offer coverage of the risk of critical illness and disability thereby providing your family with complete financial assurance, even in your absence.
4. Fulfilment of Financial Goals- Different life insurance plans helps you to meet your different short term and long term financial goals. Endowment plans help to you save and meet your long term goals such as child’s education, marriage, etc., retirement plans helps you to plan your retirement and term plans helps you to fulfil your income replacement goals.
5. Availing Loans- You can avail loan on your life insurance plans. Under money-back and endowment plans, which have a surrender value, you can take a policy loan after a specified period. Moreover, you can also use your Tata AIA Life Insurance plans as collateral security to avail loans for fulfilling your financial needs. Life Insurance plans are financial assets which help you to take a loan when you need funds.
6. Liquidity- Life Insurance plans offer liquidity. In money-back plans, you get regular incomes which provide you with liquid funds to meet your short term financial needs. With money-back plans, you can strategically plan for meeting your short-term financial goals. Moreover, in ULIP plans you have the option to make partial withdrawals from the plan after the end of the first five policy years which also gives you liquidity.
7. Tax Benefits- Life Insurance plans offer tax benefits both on premiums paid and on income received under the plans. Life Insurance policies such as ULIPs are one of the best tax-savings tools for the taxpayers. Apart from ULIPs,  you can also save on tax by buying term plans, whole life plans or similar life insurance policies to avail tax deductions on premiums paid for these policies and receive tax-free pay-outs which subject to provisions under the Income Tax Act, 1961. You can read the detailed tax benefits below.

Tata AIA Life Insurance Claim Process

By having a high Claim Settlement Ratio 99.06% for the financial year 2019-2020 Tata AIA Life has proved that the process of settlement of claims is simple and easy. Tata AIA Life has introduced the ultimate hassle-free and speedy claim process. 
Tata AIA Life understands the importance of processing claims quickly and without any hassle. In order to make the process even easier and simpler, Tata AIA Life has launched two new initiatives which are discussed as follows: 

• Easy Claim (Doorstep Claim Services) 

1. You will have to call the helpline number of Tata AIA Life for assistance- 1860 266 9966
2. The team of Tata AIA Life will schedule an appointment for doorstep claims service
3. A representative will visit your residence to process the claim at your home.
4. Timely notification on approval will be sent to you and the payment of the claim amount would be sent to your account.

• Express Claim (4 Hour Claim Settlement) 

1. You will have to visit the nearest branch of Tata AIA Life with the requisite documents
2. The Rakshakarta team of the insurance company will assist you with formalities and immediately update their internal systems
3. Your claim will be processed and the payment will be credited within 4 hours on the same day (Applicable for policies with death benefit up to INR 50 lakhs)
4. You will receive timely notifications on approval of the claim and payment of the claim amount will be sent to you.

You can intimate the insurance company of the claim through the company’s website. Here are the steps- 

• Online Claim Intimation- Fill in the basic details by visiting the official website ( www.tataaia.com)  of the insurance company to inform the company about your claim. Also, attach the necessary documents.
• Submission of Required Documents- The documents submitted by you will be examined and assessed by the Claims Team and further requirement/decision will be communicated to you.
• Claim Decision and Pay-out- On verification, communication will be sent out to the customer and payment will be made through NEFT.

Documents Needed for Death Claim

The following documents are required to be submitted at the branch office of Tata AIA Life Insurance for making a death claim- 

• Claims forms: Claimant’s statement and Physician’s statement duly filled and signed by claimant and physician respectively.
• Death certificate issued by a local government body such as Municipal Corporation/ Appropriate Authority
• Medical records (admission notes, indoor case papers, discharge/death summary, test reports, etc.)
• Original policy document
• Claimant’s photo ID with age proof and proof of relationship with the life assured along with address proof of the claimant.
• Cancelled cheque with name and account number printed or cancelled cheque with a copy of bank passbook/ bank statement.
• Additional documents namely post-mortem report and chemical viscera report (if performed), all the police papers such as panchnama, inquest, first information report, final investigation report and newspaper cuttings/ photographs of the accident (if available) are also required to be submitted in addition to the above documents in case of death due to an accident.

Tata AIA Life Insurance Tax Benefits

As stated earlier, Life Insurance plans offered by Tata AIA Life Insurance provide you with the benefit of savings tax on both the investments made as well as the returns/pay-outs received by you from the plan. Let’s have a look at the tax benefits offered under Tata AIA Life Insurance plans: 

Tata AIA Life Insurance Customer Care Details

Tata AIA Life Insurance offers a range of smart products that offer hassle-free, convenient and rewarding solutions at the click of a button. You can contact the customer service department of the insurance company in case of any complaint, query or feedback. Here are the details to contact the customer department of the company: 

Tata AIA Life Insurance Review

Ever since its inception in 2001, Tata AIA Life Insurance has offered customised insurance products to individuals, businesses across sizes and sectors, and associations. Here are some of the details of the company. 

• The Claim Settlement Ratio of the company for the financial year 2019-2020 stood at 99.06%
  Tata AIA Life has retail new business weighted premium of INR 2,692 crore for the financial year 2019-2020
• Tata AIA Life has been awarded the prestigious AON best Employer’s Award for four years in a row.
• For policies that have been in force for at least 3 continuous years, the company guarantees to pay death claims within 8 working days of receipt of all the claim documents. Interest at the rate of 6% is paid for any delays.
• Tata AIA Life Insurance has an Individual Weighted New Business Premium (IWNBP) of INR 2,232 crores for the financial year 2018-2019.
• The company’s Asset Under Management (AUM) in the financial year 2018-2019 was INR 28,430 crore.

These statistics show that the company is one of the leading insurance companies in India with different insurance plans and simple claim settlement procedures.