Tata AIA Life Insurance

Tata AIA Life Insurance has a number of group insurance policies that help employers and other groups pay out employee benefits in an efficient and cost-effective way. These plans are made so that their members and their immediate family members can get the insurance they need at a low cost.

Group Loan Protection Plan Principal Options:

Banks, financial institutions, and non-banking financial institutions (NBFCs) allowed to provide loans have access to nine distinct plan alternatives.
Offers protection against unforeseen circumstances, including as death, terminal sickness, disability, and severe disease.
Multiple premium payment term options.
Ability to increase and decrease loan and coverage amounts.
Policy terms span from two to thirty-five years.
Option for shared life insurance coverage.
Reduced premiums for female policyholders.

Group Term Life Insurance Plan:

Offers employees and their immediate family protection against the untimely death of the covered person.
Receive the advantages of a pure term plan, superannuation, gratuity, and loan coverage, among others, in a single plan.
Families of employer-employee groups or non-employer-employee groups are eligible.

Principal Group Sampoorna Raksha Plan Elements:

Offers employees and their immediate family protection against the untimely death of the covered person.
Option to select additional benefits in addition to the death benefit.
Ability to increase and decrease loan and coverage amounts.
Reduced premiums for female policyholders.
Choice between single and joint life insurance coverage.
The terms of policies range from one month to forty years.

Group Employee Benefit Plan Principal Elements:

It is a ULIP plan that provides the option to select from five distinct investment funds.
Receive loyalty bonuses for deposits exceeding INR 1,000,000.
Option to establish separate funds for gratuities and leave benefits.
The ability to swap between funds.
Employees are entitled to benefits upon retirement, resignation, termination, or any other exit.

Key Features of a Conventional Group Corporate Benefit Plan

Option to establish distinct funds for employee benefits and retirement benefits.
Employees are entitled to benefits upon retirement, resignation, termination, or any other exit.
Annual guaranteed return of 1% on the account value of the insured.
Option to establish separate funds for gratuities and leave benefits.
Life insurance coverage for all insured members.
The policy can be renewed annually.

TATA AIA life insurance plan combined with the benefits of term Insurance plans, savings paln, Ulip insurance policies, retirement insurance plocies, and other insurance plans. This blog will depict requirements and eligibilities to plan for TATA AIA life Insurance plans.

Tata AIA Savings Plans

Individuals can choose from a choice of savings plans developed by Tata AIA to match their financial and insurance needs. These plans provide both a regular income benefit and life insurance coverage. In addition, the policyholder might obtain a loan against these savings plans.

Fortune Guarantee Plus Principal Functions:

The annual minimum premium is INR 5,000.
Choices including regular income and regular income with an integrated critical sickness cover.
Ability to set a payout time between 20 and 45 years.
Option for combined life insurance under same premium payment.
Enhance the coverage with add-ons including accidental death and disability, as well as premium waiver.
Obtain a policy loan once the surrender value has been attained.

Guaranteed Returns Insurance Plan Principal Characteristics:

The annual minimum premium is INR 24,000.
Entry age is between 18 and 85 years old.
Choose from plan options such as endowment, regular income, and lifetime income.
Receive a maturity benefit and a death benefit.
Guaranteed additions under the option for a lifetime income.
Enhance the coverage with add-ons including accidental death and disability, as well as premium waiver.

Smart Income Plus Principal Functions:

Receive guaranteed rewards between 120% and 160% of the annual premium.
Receive guaranteed rewards at maturity for all plan options.
There are two plan alternatives, including a regular income option and an endowment option.
Enhance the coverage with add-ons such as accidental death and disability and premium waiver.

Smart Value Income Plan Principal attributes:

Age of Entry: 30 days to 65 years.
Choice between two schemes, such as cash bonus and cash bonus that accumulates over time.
Receive life insurance in addition to financial bonuses, if any.
Permanent coverage till the age of 99.
A second medical opinion is provided at no additional expense.
Receive death, survival, and maturity benefits.
Enhance the coverage with add-ons such as accidental death and disability and premium waiver.

Diamond Savings Plan Principal Characteristics:

Entry Age: 3 to 55 years old
The minimum annual premium is 18,000 INR.
Receive life insurance as well as guaranteed income benefits:
15-year policy with a five-year premium payment term; income term is 10 years; 20-year policy with a five-year premium payment term; income term is 15 years; 15-year policy with a six-year premium payment term; income term is nine years; 18-year policy with an eight-year premium payment term; income term is 10 years; 25-year policy with a 12-year premium payment term; income term is 13 years; 25-year policy with a 12-year premium payment term; income term
Utilize the compound reversionary bonus to acquire more bonuses.
Choice between two optional riders, including accidental death, dismemberment, and disability, and premium waiver.

Principal Gold Income Plan Features:

Guaranteed sum assured upon policy maturity as a lump sum payout and an income beginning at 12 percent of the basic sum assured.
10 or 15 years of guaranteed consistent income upon maturity.
Option to obtain a loan based on this strategy.
Choose an annual, semiannual, quarterly, or monthly premium payment frequency.
Choice between two optional riders, including accidental death, dismemberment, and disability, and premium waiver.
The policy period ranges from 12 to 15 years.

Cash Back Plus

Key attributes:

Offer three coverage options for life insurance.
Integrated protection for accidental death.
Utilize the compound reversionary bonus to acquire more bonuses.
Available riders such as complete protection and comprehensive health rider cover a variety of risks, including hospitalisation costs, catastrophic diseases or death, and accident-related disabilities.
The maturity benefit is equal to 50%, 60%, or 70% of the basic sum insured, plus any applicable extras.

MahaLife Gold Key Characteristics

Age of Entry: 0 to 60 years old
Minimum coverage amount is INR 1 lakh.
Two life insurance options up to the age of 85 and a full life option up to the age of 100.
Option to receive regular monthly income and cash dividends, if applicable, beginning in the tenth and sixth policy years, respectively.
Available riders such as complete protection and comprehensive health rider cover a variety of risks, including hospitalisation costs, catastrophic diseases or death, and accident-related disabilities.

Tata AIA Term Insurance Plans

The Tata AIA term insurance plans provide coverage for an entire century. They also provide the policyholder with options for policy duration and premium payment methods. These term insurance policies also offer reduced premiums for female policyholders, nonsmokers, and those with a higher sum assured.

Sampoorna Raksha Supreme Principal Attributes:

Benefits for terminal disease are included in the plan.
Option to select policy terms and premium payment methods.
Option to select entire life coverage until age 100.
Offers pure risk cover under life option and return of premium benefit under life plus option.
Insta Protect Solution Principal Functions:

Between 18 and 45 years of age.
The range of sum promised is INR 25 lakh to INR 70 lakh.
Available options include Criticare plus benefit, accidental death benefit, and accidental total and permanent disability compensation.
Choice regarding a return of balance premium.
Benefits for terminal disease are included in the plan.

Maha Raksha Supreme Key Features:

Minimum age to enter is 18.
Life insurance up to age 85 and complete life insurance up to age 100.
Premium reductions for female policyholders, nonsmokers, and higher sum assured.
Option to increase the life insurance coverage above and beyond the base sum assured with life stage plus.
There is no benefit of age.
Saral Jeevan Bima

Key attributes:

A pure life insurance policy with fewer extra benefits.
Receive cheaper life insurance premiums.
Low mortality rates for females.
Choice of policy term and premium payment term.
Riders are offered at an extra premium cost.

Tata AIA ULIP Insurance Policies

In addition to life insurance, the Tata AIA unit-linked insurance plan offers the possibility to invest in 11 investment funds. One can also expand coverage by selecting optional riders like as accidental death and dismemberment and premium waiver. In addition to guaranteed additions, these plans include death and maturity benefits.

Fortune Pro Plan Principal Functions:

Age of Entry: 0 to 59 years old

Minimum premium is INR 12,000 per annualy

Option to pay premiums once or for a limited time and receive life insurance for the duration of the term.

Additions based on loyalty that increase the fund’s value.
Choose from eleven investment fund alternatives.
The ability to make top-up deposits and partial withdrawals is permitted.
Available optional riders include accidental death and dismemberment and premium waiver.

Wealth Pro Plan Key Characteristics:

Age of Entry: 0 to 60 years old
Minimum premium is INR 2,50,000 per annually.
Policy terms range from 15 to 40 years.
Receive both the maturity and death benefit in addition to the loyalty additions.
Flexible top-up to increase the value of the sum insured.
Option to partially withdraw the funds in the event of an emergency.
Choose from eleven investment fund alternatives.
Available optional riders include accidental death and dismemberment and premium waiver.

Fortune Maxima Key Characteristics:

Age of Entry: 0 to 60 years old

Lifetime protection up to 100 years.

Choose from eleven investment fund alternatives.

Availability of extra riders, including accidental death and dismemberment, premium waiver and protection and health rider.

Ability to swap between investment funds according to market conditions.

In the event of an emergency, the policyholder may withdraw a portion of the fund.

Wealth Maxima Principal Characteristics:

Age of Entry: 30 days to 60 years.
Minimum premium is INR 2,50,000 per annually.
Choose from eleven investment fund alternatives.
One-time, annually, semi-annually, quarterly, and monthly premium payments are available.
Wealth Pro offers the following riders if the limited premium payment option is selected:
Remission of premium
Plus waiver of premium
Accidental death and mutilation
Comprehensive security clause
Integrated health rider

principal Characteristics of the Intelligent Sampoorna Raksha Plan:

Entry Age: 18 to 60 years of age
Policy terms range between 30 and 40 years.
Lifelong coverage till the age of 100.
Choose from eleven investment fund alternatives.
Return of premium allocation costs and mortality charges at various points throughout the duration of the insurance.
Option to have repeated consultations with medical professionals for three months in the event of critical illnesses.
Provides the following riders if the limited premium payment option is selected:
Remission of premium
Plus waiver of premium
Accidental death and mutilation
Comprehensive security clause
Integrated health rider

Tata AIA Retirement Insurance Policies

The Tata AIA retirement life insurance policies offer a regular income guarantee in addition to death and maturity payouts. It also gives you the option to add your spouse under the same insurance plans by selecting joint life coverage.

Key Features of the Monthly Income Assurance Program

Age of Entry: Six to sixty years.
Provides death and retirement benefits.
Plan with a monthly income guarantee for up to 24 years.
Monthly revenue between 8.35 and 13.03 percent per year of total premiums paid.
Option to select extra riders, including accidental death and dismemberment and premium waiver plus.
Loan option available against this policy.
Smart Annuity Strategy

Key attributes:

Age of Entry: 45 to 85 Years
Minimum monthly annuity payout is one thousand rupees.
Option to increase the coverage amount.
Receive a guaranteed income for the duration of the insurance.
Option to select a shared life annuity for spouse.
Options for immediate and deferred life annuities are provided.
If purchased online, the annuity and income guarantee are enhanced by 2%.

Principal Saral Pension Plan Features:

Choice of available annuity choices.
Premiums can only be paid once for an annuity for life.
Choose between a single or shared life annuity.
Loan option available against this policy.
Minimum monthly annuity payout is one thousand rupees.
Optional plan: life annuity with a return of 100 percent of the purchase price.
Last survivor joint life annuity with a refund of 100 percent of the purchase amount at the demise of the last survivor.

Fortune Guarantee Pension Plan Principal Components:

Availability of multiple annuity alternatives.
Choice between a single or joint life annuity covering a spouse, kid, parent, parent-in-law, or sibling.
Choice of additional riders, including comprehensive protection and comprehensive health coverage.
Receive a refund of any remaining premiums when the policy matures.
There are numerous plan alternatives for death and annuity payouts.
Receive additions that are assured and accumulated at the conclusion of each insurance month.

Other Insurance Strategies

Principal Saat Saath Plan Features:

Offers returns for surviving to adulthood.
The amount of the maturity benefit is between 105% and 135% of the total premiums paid.
Pay a single premium or seven premiums for a five-year or seven-year policy term, accordingly.
No requirement for a medical test.
Any earning adult between the ages of 18 and 50 is eligible for this plan.
More advantages for a larger sum if survival to maturity is guaranteed.
Payments that are guaranteed under the regular income option.

Param Rakshak Plus Solution Principal Functions:

End-of-term returns based on the market at the conclusion of the policy period.
The beneficiary of a lump-sum death benefit is the policyholder’s nominee.
Additional amount promised payments in the event of accidental death and total and permanent accident-related disability.
More than 40 critical ailments are covered.
Receive a daily hospitalisation benefit of 0.5% of the sum insured. In addition, if the patient is admitted to the ICU, the hospice benefit per day will be doubled.
Provides coverage until the age of 100.

Param Rakshak Plan Key Features:

The beneficiary of a lump-sum death benefit is the policyholder’s nominee.
Additional amount promised payments in the event of accidental death and total and permanent accident-related disability.
End-of-term returns based on the market at the conclusion of the policy period.
This plan does not provide hospitalisation and critical care benefits like the Param Rakshak Plus plan provides.
Provides coverage until the age of 100.

Smart Health Insurance Coverage Key Features:

Offers protection against cancer, cardiovascular disease, and 29 other life-threatening conditions.
Offers coverage for cardiovascular disease and cancer (including early-stage diagnosis).
Obtain a premium waiver option for any major illness.
Enroll in a wellness programme to receive benefits for living a healthy lifestyle.
Maha Raksha Supreme
Key Features:
Minimum entry is 18 years.
Life covers up to age 85 years and whole life cover up to 100 years.
Discounts on premium for women policyholders, non-smokers and on higher sum assured.
Option to increase the life cover over and above the basic sum assured amount with life stage plus option.
There is no maturity benefit.
Saral Jeevan Bima

Key Features:

Pure life protection plan with less additional benefits.
Receive life coverage at lower premium cost.
Low rates for female lives.
Option to choose policy term and premium paying term.
Riders are available at an extra premium cost.

Process of Claim Settlement for Tata AIA Life Insurance Policies

If you are the policyholder’s beneficiary, the first step is to inform the insurer of the policyholder’s passing.

Step 2: The recipient must download the form from the company’s website and fill out the claim application form along with any additional relevant documentation.

Step 3: After submitting the form, the insurance company will evaluate the supporting documents and register the claim.

After the successful verification of documentation, the insurer disburses payments in accordance with the terms of the policy.