Life Insurance
TATA AIA
A joint venture between the owner of India’s biggest conglomerate, Tata Sons and largest life insurer in Asia-Pacific AIA Group, TATA AIA Life Insurance has grown to become one of the leading private life insurers in the country offering all types of products like protection, savings, ULIPs and many more
| Annual Business | ₹7,599 cr. |
| Claims Settled | 98.9% (avg. of last 3 years) |
| Claims settled within 30 days | 100% |
Term Insurance offered by TATA AIA
Sampoorna Raksha Supreme
With features like life stage benefit, top-up sum assured, and flexibility to choose multiple payout options and an in-built terminal illness benefit, this plan provides a complete protection to you and your loved ones.
The plan has four variants:
- Life Option:
This is the most basic variant. You die, your family gets the lump sum death cover.
- Life Plus Option:
This variant pays out a lump sum amount of death cover on your demise. However, if you survive throughout the policy term, you get 105% of the total premiums you paid on maturity.
- Life Income Option:
This plan pays you a monthly income after a certain specific date which is chosen by you. The income continues until the end of policy term or death, whichever is earlier. In case you die during the policy term, a lump sum death cover is paid out after adjusting the income already paid so far.
You also have the option to increase your death cover in future with:
- Life stage benefit:
You can increase your sum assured at major milestones in life like after getting married, having your first child and having a second child. The cover under this benefit increases by a maximum of 100% of the base cover.
- Top-up sum assured:
Your life cover increases every year by 5% up to a maximum of 100% of base sum assured
Riders you can select with this policy:
- Accidental Death Benefit:
An additional lump sum amount is paid over and above the base death benefit if the cause of death is an accident.
- Accidental Total and Permanent Disability Benefit:
If you get permanently disabled following an accident, this rider pays out an additional lump sum amount.
- Criticare Plus Benefit:
A lump sum amount is paid to you in case you get diagnosed with any of the listed 40 critical illnesses
- Criticare Benefit:
You get a lump sum amount in case you’re diagnosed with any of the 40 listed critical illnesses. However, keep in mind this lump sum amount is part of your base cover itself. So your death cover gets reduced by the amount of Critical Illness benefit paid.
Maha Raksha Supreme
This is a basic term plan where the nominee is paid the death cover upon demise of the insured. You can choose to cover yourself for your whole life till 99 years and also opt for riders according to your suitability.
Some prime features of this plan:
- Life stage benefit:
You can increase your sum assured at major milestones in life like after getting married, having your first child and having a second child. The cover under this benefit increases by a maximum of 100% of the base cover.
- Payout Accelerator Benefit:
This in-built benefit pays out 50% of the death sum assured if you’re diagnosed with a Terminal Illness
Riders you can select with this policy:
- Accidental Death Benefit:
An additional lump sum amount is paid over and above the base death benefit if the cause of death is an accident.
- Accidental Total and Permanent Disability Benefit:
If you get permanently disabled following an accident, this rider pays out an additional lump sum amount.
- Criticare Plus Benefit:
A lump sum amount is paid to you in case you get diagnosed with any of the listed 40 critical illnesses
- Criticare Benefit:
You get a lump sum amount in case you’re diagnosed with any of the 40 listed critical illnesses. However, keep in mind this lump sum amount is part of your base cover itself. So your death cover gets reduced by the amount of Critical Illness benefit paid.
TATA AIA Term Insurance plan details
| Plan Name | Entry Age | Sum Assured | Policy payment options |
|---|---|---|---|
Sampoorna Raksha Supreme | Minimum: | ₹1,00,000-unlimited | Annual, |
Maha Raksha Supreme | 18-65 years | ₹50,00,000 - unlimited | Annual, |
ULIP Plans
Unit Linked Insurance Plans or widely known as ULIPs are part insurance, part investment plans. So the premium that you pay, some of it is allocated towards providing a death cover and the rest is invested in equity and debt funds, whichever you choose. So if something were to happen to you, your family either gets death cover or the fund value, whichever is higher at that time.
Say you’re paying a premium of 1 lakh every year for 20 years and for a death cover of 10 lakhs. You die after 15 years and your family naturally gets 10 lakhs. However if at that time the value of your invested premiums is 13 lakhs, your family gets this 13 lakhs. But if the fund doesn’t earn good returns and values at 8 lacs, then you get the death cover. So 10 lacs, i.e., your death cover is the minimum payout. But if you survive after 20 years, then you get all those invested funds back, whatever the value is at that time. That’s your maturity payout.
But there are other things to look for as well. Firstly, there is a lock-in period of 5 years, meaning you won’t be able to get back your premiums before 5 years. It’s only after 5 years that you’re allowed to withdraw some funds and even that is partial withdrawal. You can never withdraw the entire amount. Also, there are different charges that are deducted from your premium every year like premium allocation charge, policy administration charge, fund management charge, etc. So the entire 1 lakh is never invested.
Make sure you read the policy document diligently. And remember ULIPs are largely dependent on how the market is performing, both stocks and bonds.
ULIP Plans offered by TATA AIA
| Plan Name | Entry Age | No. of Funds |
|---|---|---|
| Fortune Maxima | 30 days-60 | Total: 11 Equity: 9 Debt: 2 |
| Wealth Maxima | 30 days-60 | Total: 11 Equity: 9 Debt: 2 |
| Fortune Pro | 30 days-59 | Total: 11 Equity: 9 Debt: 2 |
| Wealth pro | 30 days-60 | Total: 11 Equity: 9 Debt: 2 |