TATA AIA TERM INSURANCE

ABOUT TATA AIA

TATA AIA is one of the renowned life insurance companies in India. It is a joint venture between respected Tata Sons Private Limited and AIA Group Limited and is rapidly growing in the life insurance industry with 5th rank (based on individual weighted new business premium). The venture offers protection through its diverse life insurance segments such as savings plans, wealth plans, retirement plans among others. They offer some of the best Term Insurance Plans which offer comprehensive protection so as to create a financial bubble around your family.

In this article, we will be talking about significant aspects of TATA AIA Term insurance and the best plans offered by them.

WHAT IS TERM INSURANCE?

Term insurance can be called one of the most basic types of insurance policies offered where the insurer ensures that the family members of the insured are given compensation up to the sum assured amount in case of demise of the insured during the selected tenure of the term insurance. These are designed to offer financial support to the family in case of an unfortunate event. Most term insurance plans come with other rider benefits at a slightly higher premium.

FEATURES AND BENEFITS OF TERM INSURANCE

1. Cost-Effective:

The most significant merit of these term plans is that they provide a substantial amount of insurance at a very low cost. This in turn makes it possible for people from all financial backgrounds to buy them.

2. Flexibility:

The flexibility is at various levels. First, they provide flexibility of choice by giving options of term insurance, and then there is also a choice to opt for insurance for different tenures, sum assured, and rates.

3. Tax Benefits:

These plans are eligible for tax benefits for regular payment of premium under sections 80C and 10(10D) under the Income Tax Act, 1961.

4. Well built infrastructure:

They have a well-managed and built infrastructure both offline and online, which provides them reach to every corner of the nation.

5. Additional Riders:

Additional rider benefits are also offered under these plans which provide insurees with additional coverage. These can be inbuilt in the plan’s coverage itself or offered as additional coverage at the payment of an increased amount in premium.

6. Return of Premium:

Insurees can offer to pay higher premiums and opt for a return of premium policy where at the maturity of the policy period, the premium will be returned to the policyholder.

LIST OF TERM PLANS OFFERED BY TATA AIA

1 TATA AIA Life Insurance iRaksha Supreme:

Eligibility:

Entry Age	Minimum 18 years old and maximum 70 years
Maturity Age	Maximum 80 years
Policy Term	10 yrs to 40 yrs
Sum Assured	Minimum is 50 Lacs and Maximum is no limit
Premium Payment Term	For 10 to 40 yrs policy team - Single pay/Regular pay/Limited pay - 5 yrs For 15 to 40 yrs: Limited pay - 10 yrs
Premium Payment Frequency	Half-yearly or yearly

Features:

Death benefit ensures a lump sum corpus is received by your legal heir/nominee in your absence.
3 premium payment options are available to choose from - Limited Pay/ Regular Pay/ Single pay. This ensures that you enjoy full flexibility in fulfilling your financial goals and managing your commitments.
Female customers are offered a special premium tariff.
Preferential premium rates for Nonsmokers.

2. TATA AIA Life Insurance iRaksha TROP:

Eligibility:

Entry Age	Minimum 18 years old and maximum 65 years
Maturity Age	Maximum 75 years
Policy Term	10 yrs to 30 yrs
Sum Assured	Minimum is 50 Lacs and Maximum is no limit
Premium Payment Term	For 10 to 30 yrs policy team - Single pay/Regular pay/Limited pay - 5 yrs For 15 to 40 yrs: Limited pay - 10 yrs
Premium Payment Frequency	Half-yearly or yearly

Features:

You can enjoy dual benefits of return of premium and protection against unfortunate death.
A variety of premium payment options are offered like Limited pay, Regular Pay and Single Pay.
Select your ideal policy term as per your requirements and needs.
Female insurees are offered reduced premiums

3. TATA AIA Life Insurance Maha Raksha Supreme:

Eligibility:

Entry Age	Minimum 18 years old and maximum 70 years
Maturity Age	Maximum 80 years
Policy Term	10 yrs to 40 yrs
Premium Payment Frequency	Monthly, Quarterly, Half-yearly or yearly

Features:

Opt between single premium or regular premium as per your needs.
Option to make an addition to your life cover at a future date without having to undergo the process of revised medical diagnosis.
Customize and personalize your policy by including a rider for protection in critical situations including accidental dismemberment or demise.
Special premiums for females and nonsmokers.

HOW TO APPLY FOR TATA AIA TERM PLANS?

Visit the official website of TATA AIA.
Click on the Plans tab and then select Protection Solutions.
Now move the cursor to the policy of your choice and click on buy now.
Now you will need to fill in all the basic information which is asked.
Enter the OTP which you will get on the registered email id and phone number.
The next page will show all the details about your plan.
Pay the premium online and you will get a soft copy of the documents in your mailbox.
If the policy you want to opt for is not available online, you will need to visit the nearest branch and do the above process of filling forms and documentation physically.