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TATA AIA Life Insurance

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TATA AIA Life Insurance
Highlights
Claim Settlement Ratio99.01%
Customer Care10:00 AM to 7:00 PM
Death Benefit Paid For2,954 Policies
Inception2000
Presence216 branches
Total Death Benefit Paid776.67 Crore

Combining AIA's status as the biggest independent pan-Asian life insurance firm with Tata's leadership in India, Tata AIA Life Insurance Company Limited started its operation in 2001. With operations spanning across 18 markets in the Asia Pacific region, Tata AIA Life Insurance is among India's leading private insurers.

With a commitment to offering simple life and health insurance plans, Tata AIA Life Insurance has protected more than 7,972,458 families till date. The insurance provider guarantees accessibility and convenience for its consumers across the country with a network of more than 400 branches located in key Indian cities.

Tata AIA Life Insurance offers a wide range of solutions, including life, savings, wealth, and retirement plans, each of which is tailored to meet diverse needs. Read further to know more about this life insurance company. [1]

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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

Why Choose Tata AIA Life Insurance?

The reasons that make Tata AIA a popular life insurance company are as follows:

  • Claim Settlement Ratio: Tata AIA Life Insurance has an impressive claim settlement ratio of 99.01%. This means that nearly all the claims submitted to the company are approved and paid out, providing peace of mind to policyholders and their families during difficult times.
  • Amount Settled: Tata AIA Life Insurance paid out a substantial amount of Rs. 777 crores in claim settlements for the Fiscal Year 2022–2023. This shows how committed the insurance company is to provide significant financial support to policyholders at critical times.
  • Extensive Coverage: With a sum assured of Rs. 13,63,659.75 crores in force, Tata AIA Life Insurance offers comprehensive coverage to policyholders. This moreover ensures that individuals and their families are protected against various life risks and uncertainties.
  • Solvency Ratio: The solvency ratio is a key indicator of an insurance company's ability to meet its financial obligations, particularly claims. In other words, it measures the relationship between an insurer's available assets and its liabilities. In the case of Tata AIA Life Insurance, the insurer maintains a good solvency ratio of 1.86% in FY22-23.
  • Assets Under Management (AUM): Assets Under Management (AUM) is the total market value of assets managed by an insurance company on behalf of its policyholders. In FY22-23, Tata AIA Life Insurance managed a substantial AUM of Rs. 69,742 crores, which reflects the company's strong market presence. [2]

Eligibility To Purchase Tata AIA Life Insurance Plans

Are you eligible to buy Tata AIA term insurance plan and investment plan? If you don’t know whether you are eligible or not, please check the eligibility criteria below for both Term Plans and Investment Plans:

Term Plans

For Salaried Individuals

  • Individuals with a 10th grade education must show a minimum verifiable annual income of Rs.10 lakhs to qualify for Tata AIA Term Insurance.
  • Those with a 12th grade education must have a minimum verifiable annual income of Rs.5 lakhs to be eligible for coverage.
  • Graduates or individuals with higher education qualifications can avail Tata AIA Term Insurance if their verifiable annual income exceeds Rs.3 lakhs.

For Non-Salaried Individuals

  • Individuals who have completed 10th grade must possess a minimum verifiable annual income of Rs.10 lakhs to qualify for Tata AIA Term Insurance.
  • Those who have completed 12th grade must have a minimum verifiable annual income of Rs.5 lakhs to be eligible for Tata AIA Term Insurance.
  • Graduates or individuals with higher education qualifications are eligible for Tata AIA Term Insurance if their verifiable annual income exceeds Rs.5 lakhs.

Investment Plans

The typical minimum entry age for Tata AIA Life Investment plans is around 30 days, while the maximum entry age requirement is approximately 65 years. It's important to keep in mind that these age limits may vary depending on the specific investment plan you select.

Types of Plans Offered by Tata AIA Life Insurance Company 

Following are the different types of life insurance plans provided by Tata AIA life insurance company:

  • Term Insurance: Term insurance offered by Tata AIA Life Insurance provides coverage for a specific period. And, in the event of the insured person's untimely death during the term, a lump sum amount, known as the death benefit, is paid out to the beneficiaries. These plans offer high coverage at relatively affordable premiums.
  • Savings Plans: Tata AIA Life Insurance's savings plans offer a combination of insurance protection and wealth creation opportunities, allowing policyholders to meet their long-term financial goals.
  • Term + Wealth Plans: Term + Wealth plans offered by Tata AIA Life Insurance combine the benefits of term insurance with wealth creation opportunities. These plans provide life insurance coverage for a specified term, similar to traditional term insurance policies. Additionally, they offer the potential for wealth creation through an investment component.
  • Retirement Plans: Tata AIA Life Insurance's retirement plans, also known as pension or annuity plans, are designed to provide financial security and regular income to the policyholder during retirement years.
  • ULIPs: Unit Linked Insurance Plans, or ULIPs, are investment-cum-insurance plans that provide both investment opportunities and life insurance coverage. A portion of the premiums paid for ULIPs are used to provide life insurance coverage, while the remaining sum is invested in different market-linked funds.

Top Plans Offered by Tata AIA Life Insurance

The top plans offered by Tata AIA Life Insurance are as follows:

Plan Name

Plan Type

Entry Age

Tata AIAimum Maturity Age/ Policy Term

Premium Payment Term

Maha Raksha Supreme - Select

Term

18 years - 65 years

65 or 100 years (for POS and other than POS, respectively)

Regular Pay

Limited Pay

Single Pay

Sampoorna Raksha Supreme

Term

18/20 years - 60/65 years (depending on the variant you choose)

100 years

Regular Pay

Limited Pay

Single Pay

Capital Guarantee

Investment

30 years-50 years

NA

5. 7 and 10 years

Fortune Pro

Investment

30 days - 59 years

75 years

Single Pay

Limited Pay: 5, 7 and10 years

Regular/Limited Pay: 15 and 20 years

Fortune Guarantee Plus

Investment

1/18 years - 60 years

70/77 years (whether you opt for regular income or regular income with inbuilt CI benefit)

Regular Pay

Limited Pay

Single Pay

Riders Available with Tata AIA Life Insurance Plan

The list of top riders available with Tata AIA life insurance company involves the following:

  • Critical Illness Rider: The Critical Illness Rider provides financial protection in case the insured is diagnosed with a specified critical illness during the policy term. These illnesses often include major health issues like cancer, heart attack, kidney failure, etc. The insurance provides the insured with a lump-sum reimbursement upon diagnosis, which can be used to pay for any remaining medical bills, ongoing treatment, or other financial responsibilities.
  • Family Income Benefit Rider: Instead of a lump-sum payout, this rider by Tata AIA provides a regular income to the family of the insured person for a specified period after the insured's death. This income can help the family cover day-to-day expenses, loan payments, etc.
  • Term Rider: The Term Rider enhances the coverage of your base Tata AIA life insurance policy by providing an additional payout to the nominee in the event of the insured's death. This payout is generally equal to the sum assured of the base term plan and offers an extra layer of financial protection to the insured's family.
  • Waiver of Premium Rider: If the insured becomes disabled due to an accident, this rider waives off all future premium payments while keeping the policy active. By adding this rider, your term insurance policy will remain in force and will provide continued protection to your family, even if you are unable to pay the premiums due to disability.
  • Accidental Death and Dismemberment Rider: If the insured passes away or suffers from dismemberment due to an accident, this rider provides an extra benefit to the nominee or the insured's family. With this rider, the insurance company ensures that the policyholder's family receive an additional payout alongside the base policy coverage, helping them cope with the financial burden of such a tragic event.

NOTE: A rider is an extra feature that can be added to the main life insurance policy for additional benefits. However, these benefits are accessible only by paying an extra premium.

How To Buy Tata AIA Life Insurance Plan?

The steps to buy Tata AIA life insurance plan either through InsuranceDekho website or directly via the insurer website are as follows:

Buy Tata AIA Life Policy Through the InsuranceDekho Website

Purchasing a Tata AIA life insurance policy from the InsuranceDekho website [3] is easy and quick. You simply need to follow the below mentioned steps:

Step 1: Visit InsuranceDekho Website

Go to the official InsuranceDekho website and start the life insurance buying process by clicking on Insurance > Life Insurance.

Step 2: Fill in Your Details

As the next step, enter the required details like name, DOB, gender, mobile number, etc. Once entered, tap on the "View Plans for Free" button.

Step 3: Choose the Tata AIA Life Insurance Plan

In order to choose the appropriate life insurance plan for you, use filters if needed and select the plan that best suits your needs and requirements. You may also add riders to your base policy to enhance your life insurance coverage.

Step 4: Provide Specific Information

Provide more specific details including your name, income, education etc., and hit the "Next Step" button.

Step 5: Pay Premium

In this step, review the premium that you need to pay for the chosen Tata AIA Life Insurance plan. Now, click on the "Accept and Pay" button to pay the premium.

Step 6: Submit Proposal Form & Documents

Once the premium payment is made, submit the necessary documents like KYC and income proof, along with the Proposal Form and other additional documents required by the insurer.

NOTE: The list of required documents is limited in the case of Investment Plans.

Step 7: Medical Evaluation & Underwriting

If you are purchasing a term plan, you might have to undergo a medical evaluation as a part of the process. Later, the proposal form will be carefully assessed by the underwriting team, and your medical results will also be considered. Based on the outcome, the UW team will decide on policy approval.

Step 8: Policy Issuance

If approved, you will receive your Tata AIA Life Insurance policy confirmation on your registered mobile number or via email.

Buy Tata AIA Life Policy Through the Insurer’s Website

If you wish to purchase Tata AIA life insurance policy directly through the insurance provider’s website, then you can do so by following the steps included below:

Step 1: Open the Tata AIA Website

On the web browser, go to the Tata AIA life insurance website [4] and click on the “Plans” tab at the top.

Step 2: Follow Previous Steps

Now, in order to proceed further with your life insurance purchase, simply follow the same steps (starting from Step 2) outlined in the section "Buy Tata AIA Life Policy Through the InsuranceDekho Website".

Documents Required 

When applying for a life, term, or investment plan with Tata AIA Life Insurance, you'll need to submit the following documents:

  • Medical Reports: While purchasing a life insurance plan, Tata AIA may request medical reports to check your health status. This will allow them to tailor a life insurance coverage that better suits your requirements.
  • Identity Proof: As proof of identity, please provide any of the following documents such as a Permanent Driving License, Passport, Voter ID Card, or Aadhaar Card.
  • Address Proof: Submit any of the following documents to confirm your address such as a Permanent Driving License, Passport, Voter ID Card, or Aadhaar Card.
  • Income Proof: Depending on whether you are a salaried or non-salaried individual, you will have to submit supporting documents such as the last three months' salary slips, the previous three years' income tax returns, a valid rent receipt, etc.
  • Additional Documents: Along with medical reports, you may also be required to submit additional documents like recent passport-size photographs, details of current or past insurance policies, and information about your medical history. These documents will help insurers in evaluating your risk profile accurately.

How to Claim?

If the policyholder dies, the nominees or beneficiaries can make the Tata AIA life insurance policy claim by following the steps below:

Step 1: Inform the Insurer

The nominee must notify the insurance company as soon as the insured person passes away.

Step 2: Document Submission

The Policy Number, Death Certificate, and evidence of Government identification are among the necessary documents that the nominee needs to submit. Additionally, records such as the FIR Report or Postmortem Report may be needed, depending on the reason of death.

Step 3: Claim Review

When the insurance company receives all required paperwork, it evaluates the claim.

Step 4: Claim Settlement

Following approval of the claim, the settlement procedure begins.

NOTE: The next legal successor will get the claim payout if there is no designated beneficiary or if the nominee is not available, but only after presenting the necessary legal documentation.

How InsuranceDekho can Help?

If you submit your claim settlement request through InsuranceDekho, our team will coordinate with your insurer to streamline the process. We also offer support for any questions or concerns you may have.

Mode of Payment Options Offered By Tata AIA Life Insurance

Following are the premium payment options [5] offered by Tata AIA life insurance company. You can opt any one of them depending upon your convenience:

  • Credit Card
  • Net banking
  • WhatsApp via UPI
  • EMI Credit card
  • Bharat Bill Payment System (BBPS)
  • Debit card
  • UPI
  • EBPP
  • Wallets (Google Pay, HDFC PayZapp, Amazon Pay, Paytm, ITZ Cash)
  • State Bank of India (standing instruction)
  • e-NACH (National Automated Clearing House)

Tata AIA Life Insurance - Awards and Achievements

  • Extraordinaire Award at the 5th edition of Brand Vision Summit 2019-20
  • Aon Best Employer Award 2019
  • India Insurance Summit & Awards – InsureTech Company of the Year 2019
  • Annual Masters of Modern Marketing Awards & Conference – Best Influencer Marketing Campaign 2019
  • UBS Forum Out of Box Compliance Program Award - Compliance Team of the Year 2019
  • Aon Best Employer Award 2018
  • TAVF Awards – Best Digital Campaign (Best Use of Video) 2018
  • Legasis Compliance Team of the Year Award 2018 [6]

Tata AIA Life Insurance - Customer Service & Support

It is simple and quick to get in touch with InsuranceDekho's customer care team if you need help with your Tata AIA Life Insurance policy. There are two easy ways to get in touch with them [7]:

  • Email: You can send an email with your issues to support@insurancedekho.com. Our staff will be responding to your concerns as soon as possible.
  • Phone: You can contact InsuranceDekho's support number at +91-755 1196 989 if you need help right away. During the hours of operation**, a person will be there to help you.

**Operational Hours: Monday to Sunday, 24*7 Available, Excluding National and Gazetted Holidays

Tata AIA Life Insurance - Complaints & Grievance Redressal

In case of any grievance or complaints with Tata AIA Life Insurance, Term insurance or Investment plans, you can get your concerns addressed by contacting either the InsuranceDekho team or the insurer’s customer service team.

Grievance Redressal with InsuranceDekho

To get in touch with InsuranceDekho about issues like open claims, unanswered questions, or denied claims, use the following contact details:

  • Contact Number: Please give our customer service team a call at 755 1196 989. Our team is available round the clock, seven days a week, including weekends (excluding national and gazetted holidays).
  • Email ID: support@insurancedekho.com is the email address at which you can contact us.
  • Further Escalation: If you feel that your issue has to be escalated further, you can send an email at grievance@insurancedekho.com to Mr. Rohit Khurana, InsuranceDekho's authorised Grievance Redressal Officer.

Furthermore, you can shoot an email to PO_GIBPL@girnarinsurance.com to escalate your problem to the Principal Officer if it is still unresolved. [8]

Grievance Redressal with Tata AIA Life Insurance Company

If you're in India and need assistance with any concerns regarding Tata AIA life insurance, you can reach out to them via phone or email.Indian residents can call 1-860-266-9966 or send an email to life.complaints@tataaia.com.

If you're an NRI, the insurer has a dedicated helpdesk to assist you with any application or policy-related queries. As an NRI, you can reach out to them via phone or email. Please call +91 22 6251 9966 or email at nrisupport@tataaia.com.

Additionally, you can also submit a Grievance Form on their website. If you prefer a more personal approach, you can contact the nearest grievance officer by accessing their details on the TATA AIA website.

In case your concerns require further escalation, you can reach out to Tata AIA's Grievance Redressal Officer (GRO), Ms. Gayatri Nathan. If you remain dissatisfied with the resolution provided at the initial level, you have the option to contact the Insurance Ombudsman in your region.[9]

References:

  1. https://www.tataaia.com/about-us.html
  2. https://irdai.gov.in/document-detail?documentId=4417599
  3. https://www.insurancedekho.com/
  4. https://www.tataaia.com/
  5. https://www.tataaia.com/customer-service/online-insurance-premium-payment.html#:~:text=Pay%20renewal%20premium%20through%20BHIM,Google%20Pay%2C%20Paytm%2C%20etc.
  6. https://www.tataaia.com/about-us/awards-and-recognition.html
  7. https://www.insurancedekho.com/contact-us
  8. https://www.insurancedekho.com/grievance-redressal
  9. https://www.tataaia.com/customer-service/grievance-redressal.html

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Life Insurance News

FAQs

  • What is the toll-free customer care number of Tata AIA Life Insurance?

    The toll-free customer care number of Tata AIA Life Insurance is 1-860-266-9966.

  • Does Tata AIA Life Insurance cover death due to COVID-19?

    Yes, Tata AIA Life Insurance covers death caused by COVID-19.

  • What are the online modes of payment offered by Tata AIA Life Insurance?

    Tata AIA Life Insurance provides the facility of online payment of premiums through Net Banking, Debit/Credit cards, Bill Desk and NEFT.

  • Which type of insurance policy should I choose?

    You should choose the policy that best suits your needs depending on your insurance objectives, your income, your existing policies (if any), your assets, liabilities, your expenses.

  • How many term insurance plans does Tata AIA Life Insurance offer?

    Tata AIA Life Insurance offers six term insurance plans, namely Tata AIA Life Insurance Sampoorna Raksha, Tata AIA Life Insurance Sampoorna Raksha+, Tata AIA Life Insurance iRaksha TROP, Tata AIA Life Insurance Maha Raksha Supreme, Tata AIA Life Insurance Sampoorna Raksha Supreme, Tata AIA Life Insurance Saral Jeevan Bima.