Tata AIA term plan is entitled to secure families across the countries of Asia Pacific nations. There are various Tata AIA term plans such as Tata AIA life Insurance Sampoorna Raksha, Tata AIA Life Insurance Sampoorna Raksha+, Tata AIA Life Insurance iRaksha TROP, Tata AIA Life Insurance iRaksha Supreme and Tata AIA Life Maha Raksha Supreme that help the policyholders to financially insure their families in case something goes wrong.

Tata AIA Life Insurance Company

Tata AIA Life Insurance Company consists of AIA Group Ltd and Tata Sons Ltd. and hence, is also known as a joint venture between these two companies. . The Tata AIA Life Insurance Company started its operation on 1st April 2001. Tata AIA Life Insurance Company operates the insurance business spanning over 18 markets in the Asia Pacific region.

It is reported that Tata AIA Life Insurance Company has collected premium worth INR 1397 crore in 2017-18 sessions. In addition to that, the company has also been able to maintain its claim settlement ratio at an impressive score of 98%. Apart from that, the company has also won the prestigious Golden Peacock Award for Risk Management in 2016.

Tata AIA Term Plans

Tata AIA term plans offer a wide variety of packages for individuals looking forward to buy term insurance. It has reasonable premiums, income tax benefits and various modes of paying the premium.

Term PlanPolicy termEntry age (Min-Max)Maturity AgeSum Assured (Min-Max)
Tata AIA Sampoorna Raksha Term Insurance10-40 years (regular pay)

15-40 years (limited pay)

18-70 years80 years50,000,00-no limit
Tata AIA Sampoorna Raksha+ Term Insurance10-30 years(regular pay)

15-30 years(limited pay)

18-70 years80 years50,000,00- no limit
Tata AIA Life Insurance iRaksha TROP10-30 years18-65 years75 years50,000,00-no limit
Tata AIA  iRaksha Supreme Term Insurance10-4018-70 years80 years50,000,00-no limit
Tata AIA Maha Raksha Supreme Term Insurance10-40 years18-70 years80 years5,000,000-no limit

Sampoorna Raksha – Tata AIA Term Plan

This TATA AIA term plan provides the policyholders with an opportunity to enjoy their lives without feeling burdened for their family’s financial wellness in case something happens to the policyholder. The nominees will receive the death benefit as a lump sum benefit or can receive it both as a lumpsum benefit and monthly income.

Tata AIA Sampoorna Raksha Term Plan – Benefits & Features

This Tata AIA term insurance plan allows the policyholders to get the life cover at comparatively affordable premium rates as compared to other term plans.

  • The policyholders get to receive higher sum assured if they opt for a higher premium amount.
  • According to the Income Tax laws, the policyholders can avail tax benefits under 10(10D) and 80C.
  • Both non-smokers and female candidates will get lower rates of premium.
  • The policyholders get the option to choose between Limited or Regular PPT (premium paying term) depending upon their convenience.
  • The maturity age for this Tata AIA term plan is 80 years.

The nominees can receive the death benefit in case of the policyholder’s death through either of the following options:

Death Benefit

Option 1: Payment of Sum Assured on Death

Under this option, if the policyholder dies while the policy is still active, the death benefit is immediately payable to the nominee. As soon as the death benefit is paid, the policy shall be terminated. It is important to know that no other amenities would be availed by the nominee under this Tata AIA term plan.

Option 2: Payment of Sum Assured on death and receive the monthly income for 10 years

  • If the policyholder dies while the policy is still active, the death benefit is immediately payable to the nominee. In addition to that, the nominee will also have the chance to obtain the monthly income which is 1% of the sum assured for ten years. This monthly income mode will start from the next month from the date of death.
  • The nominee will also have access to another income mode as a future benefit of income. It is called the computed value. This future income can be calculated as the factor of discount which is multiplied by the sum assured. The factor of discount should be calculated by using the interest rate of 7.5% per year.

It is essential to know that no other amenities would be availed by the nominee under this policy except the future income.

Option 3: Payment of enhanced sum assured for death

If the policyholder dies while the policy is active, the death benefit is immediately payable to the nominee. As soon as the death benefit is paid, this Tata AIA term plan shall be terminated. It is important to know that no other amenities would be availed by the nominee under this policy.

Option 4: Payment of enhanced Sum Assured on death and receive the monthly income for 10 years.

  • If the policyholder dies while the policy is still active. The death benefit is immediately payable to the nominee. Apart from that, the nominee will receive a monthly income which is 1% of the sum assured for ten years. This monthly income mode will start from the next month from the date of death.
  • The nominee will also have access to another income mode as a future benefit of income. It is called the computed value. This future income can be calculated as the factor of discount which is multiplied by the sum assured. The factor of discount should be calculated by using the interest rate of 7.5% per year.

It is essential to know that no other amenities would be availed by the nominee under this Tata AIA term plan except for the future income.

Option 1 and 2 of the sum assured for death will be given as the higher of the following:

  • 10 times of the Annualised premium
  • 105% of all the premium amount paid by the policyholder (except the extra premium of underwriting and modal loading)
  • Minimum sum assured guarantee on maturity.
  • Absolute assured amount

The sum assured for option 1 and 2 is the absolute assured amount.

Option 3 and 4 of the enhanced sum assured for death will be given as higher of the following:

  • 10 times of the Annualised premium
  • 105% of all the premium amount paid by the policyholder (except the extra premium of underwriting and modal loading)
  • Minimum sum assured guarantee on maturity.
  • Absolute assured amount

The enhanced sum assured for option 3 and 4 is assured absolute amount.

  • The basic sum assured is the enhanced sum assured. It is reported that the basic sum assured is enhanced at a simple rate of 5% per year at the anniversary of policy for the complete tenure. This amount is subject to a maximum of 200%.

It is very important to know that maturity benefit does not vest upon the above-mentioned four options.

  • When the policyholder pay premium in a year, it is called the “Annualised Premium” except the underwriting additional premiums.
  • It is essential to know that all the duties, cesses, surcharges and taxes will be collected independently above the policy of the premium.

Note: In case of the policyholder’s unfortunate demise without paying the due premium, the claim amount will be payable to the nominee after deducting the due amount.

Preferential rates of the premium:

People always like to get rewarded for maintaining a healthy lifestyle. Hence, this Tata AIA term plan has brought special rates for both females and non-smokers (people who choose to achieve the top level of financial protection in their life).

The payment modes of flexible premium:

With this Tata AIA term plan, the policyholders get flexible premium options to choose from. They can pay the premium amount either in monthly, quarterly, half-yearly or annually mode.

ModeModal loading
Monthly6%
Quarterly4%
Half Yearly2%
Annually0%

Lapse

For Regular Pay:

In case the policyholder does not pay the full premium of the policy by the grace period of this Tata AIA term plan, the policy will be lapsed from the due date of preliminary unpaid premium and no amenities will be given. However, the policy may still be re-established within the two years from the due date of initial unpaid premium, provided the terms & conditions are fulfilled by the policyholder.

For Limited Pay:

If the policyholder does not pay full premium amount within the first 2 years of the Grace Period for the Limited Pay 5 and the Limited pay 10 policies, the policy will be lapsed from the date of initial unpaid premium.

It is better to know that no benefits will be provided. The policy can however, be re-established within two years from the date of the initial unpaid premium.

Surrender Benefit:

The policyholder is often advised by the agent to continue the policy till getting to the suitable policy term. However, if the policyholder is not able to maintain this Tata AIA term plan due to unfavourable circumstances, he or she can surrender the policy.

Regular pay: There is not any existence of surrender benefit under this Tata AIA term plan.

Limited pay: If the policyholder pays the premiums for at least 2 and 3 years for Limited Pay 5 and Limited pay 10 policies, respectively, he or she can surrender the policy anytime during the tenure. How the surrender value is paid is mentioned below:

The Reduced Benefit of Paid up

Regular pay: There is not any existence of reduced paid-up under this plan for the option of regular pay.

For Limited pay: In this case, the policy will be transferred into Reduced paid-up policy by non- payment.

The reduced paid up policy is a non-payment non-forfeiture benefit and it can be rejuvenated within two years from the date of initial unpaid premium. The process can be executed by making payment of all the due premiums with interest which is mentioned in the Revival section.

Revival

If this Tata AIA term plan remains in a non-payment mode and crossed the grace period and that is subject to not being surrendered, the policyholder may get the chance to revive the policy by the two years after the charge date of initial unpaid premium and prior to the date of maturity, provided s/he fulfils the following conditions:

  • Submits a written application for the revival.
  • Submits the latest health certificate and other proofs of insurability
  • The proof of payment for the overdue premiums (with interest).

Flexibility of Extra Coverage

The policyholders have the right and flexibility to modify this Tata AIA term plan by adding the below mentioned optional rider. They can attach this optional rider at the time of purchasing their Tata AIA term plans.

Accidental Death Rider (UIN:110B028V01)

Though, the rider is not compulsory for the policyholders, they may have access to it for extra nominal cost.

Grace Period:

If any policyholder is not able to pay their premium in the prescribed time, 15 days of grace period for monthly premium payment mode and 30 days of grace period for all other payment modes. According to the company’s terms and conditions during this time, the policy of the policyholder will be considered under the risk cover.

If the policyholder does not pay the premium at the end of the grace period, the policy will be lapsed. In addition to that, if the policyholder does not pay the premium for the first 2 and 3 policy years for the Limited Pay 5 and 10 years within the grace period, the policy will be lapsed.

In case there is a claim made during the grace period and the due premium is still not paid, the unpaid amount will be deducted from the claim amount.

Free look period:

If any policyholder is not satisfied with the features of this Tata AIA term plan, he or she has the right to discard the policy by sending a written notice to the company. After completing this step, he or she will be credited with all the premiums which he or she once paid after deducting the-

  1. Amount of risk premium
  2. Cost of medical examination and stamp duty

This notice should be signed by the policyholder and should be received by the company within 15 days since the date of the policy document receipt. This free look period is increased to 30 days, if the policy is sourced through distance marketing method.

Policy loan:

There is no loan facility available under this Tata AIA term plan.

Plan conversion:

The conversion of this Tata AIA term plan is not allowed.

Tax benefit:

The policyholders have access to enjoy the tax benefit in this Tata AIA term plan u/s 80C of the Income Tax Act, 1961. It’s always a good decision to consult with an agent to discuss the tax benefits available under a policy of Tata AIA term.

Assignment

According to the section 38 under the Insurance Act of 1938, the assignment is allowed for this Tata AIA term plan. 

Nomination:

According to the section 39 under the Insurance Act of 1938, the nomination is allowed under Tata AIA Life Insurance Sampoorna Raksha plan.

Exclusion

If any policyholder commits suicide whether in insane or sane state of mind within 12 months from starting of her/his policy, the nominee may be entitled to all the premiums.

Sampoorna Raksha+  Tata AIA Term Plan

This Tata AIA term insurance plan is designed to offer financial security to one’s family in her/his absence. It not only offers financial assurance to the family but also offers lumpsum amount of return after completing the maturity period.

Sampoorna Raksha+  Tata AIA Term Plan – Benefits

The policyholder can enjoy the death benefit by choosing either of the following two options:

  1. The policyholder can opt for lumpsum benefit as Sum assured; or
  2. The policyholder can get lumpsum benefit as sum assured on death and monthly income for upcoming ten years.

Facts to Know:

  • In case the policyholder lives till this Tata AIA term plan attains its maturity, he or she will get back all the premiums already paid by them.
  • The policy covers the policyholder’s life from 40 years to 80 years of age.
  • The policyholders have the option to choose between Limited or Regular Pay (10 or 5 years) premium paying term.
  • Non-smokers and female candidates get to enjoy the discounted premium rates.
  • The policyholders can get additional protection by going for optional riders.
  • The policyholders get tax benefit u/s 80C and 10(10D).

Death Benefit:

Option 1: In case of unfortunate death of the policyholder during the policy term, the nominee will be paid death benefit immediately.

After paying the nominee with the death benefit, no other benefit will be given under this Tata AIA term plan.

Option 2: Under this option, if the policyholder dies during the policy term, the nominee will be paid death benefit immediately. In addition to that, the nominee will also receive monthly income (equal to 1% of the basic sum assured) for the upcoming ten years. This monthly payment will start from the first death anniversary of the life assured.

Furthermore, the nominee can also have another income mode to receive future benefit of income, also known as the computed value. Here, it’s important to understand that this Tata AIA term plan will be terminated once paying off the death benefit and no other benefit will be given under this plan.

Sum assured on death may be offered through either of following options:

  • 10 times of yearly premium.
  • 105% of all the paid premiums.
  • The absolute amount paid on death.
  • Minimum guaranteed sum assured given on plans maturity

Facts to Know:

  • The absolute amount which is paid on death is called the basic sum assured.
  • The minimum guaranteed sum assured is when the policyholder has paid all the premiums (excluding modal loading and underwriting of extra premium).
  • The annualised premium is the premium paid within a year in accordance with the basic sum assured chosen by the policyholder excluding the modal premiums and the extra premiums of underwriting, if any.
  • All the cesses, taxes, surcharge and duties will be collected independently over & above the premium amount.

Note: If any premium is due and any claim is submitted under this policy, the premium amount shall be collected from this claim amount.

Maturity benefit:

If the policyholder survives till the finish of the policy term, all the paid premiums will be returned (excluding the modal loading and extra premiums of underwriting).

Survival Benefit:

There is no survival benefit offered under this Tata AIA term plan.

Preferential rates of the premium:

People always want to get rewarded for maintaining a healthy lifestyle. Here, this Tata AIA term plan has brought special rates for both female candidates and non-smokers.

  1. For limited and regular pay:

Payment modes for flexible premium:

The policyholders receive flexible premium payment options with this Tata AIA term plan, viz., monthly, quarterly, half-yearly and annually.

ModeModal loading
Monthly6%
Quarterly4%
Half Yearly2%
Annually0%

Lapse

If the policyholder does not pay the premium within first 2 years of the Grace Period, the policy will be lapsed and there will be no benefits provided to the policyholder or her/his nominee. However, the policy can be re-established within two years from the date of first unpaid premium.

Surrender benefit

In case, the policyholder is not able to maintain this Tata AIA term plan due to unfavourable circumstances, he or she can surrender this Tata AIA term plan.

Facts to Know:

  • The special surrendered value and the Guaranteed surrendered value should be acquired by the policy and during the term of the policy it can be surrendered at any given time.
  • In case of limited pay (5 years), at least the premiums of two full years should be paid.
  • In the case of Regular and Limited Pay (10 years), at least the premiums of three full years should be paid.

Tata AIA term plans may review the factor of the special surrender value from time to time depending on the special surrender value and the experience which will be subject to the IRDA’s prior approval.

Revival:

The policyholder gets the chance to revive this Tata AIA term plan within two years after the date of initial unpaid premium and prior to the date of maturity, provided the policyholder submits:

  • A written application for the policy revival.
  • Her/his latest health certificate and proofs of insurability.
  • Proof of payment of the overdue premiums (with interest).

The revival of the policy shall be based on the final decision made by the Tata AIA term plan underwriting team.

Flexibility of additional coverage

The policy holders have the right and flexibility to enhance the benefits & features of this Tata AIA term plan by adding the below mentioned rider. The policyholder can attach this rider at the time of policy inception for extra nominal cost.

  • Accidental Death Rider from Tata AIA Life insurance (long scale) (UIN: 110B028V01)

Grace Period

If a policyholder is not able to pay their premiums in the prescribed time frame, 15 days of grace period for monthly premium payment mode and 30 days of grace period for all other payment modes will be given. According to the terms and conditions, during this time, the policy will be considered under the risk cover.

If Tata AIA term policy holder does not pay the premium at the end of the grace period, the policy will be lapsed. Again, if the policyholder does not pay the premium of first 2 and 3 policy years for the limited pay 5 and 10 years, respectively, at the end of the grace period, the policy will be lapsed.

In case, a claim is submitted during the grace period and the due premium is still not paid, the amount of the claim will be deducted from the claim amount.

Free look period

If any policyholder is not satisfied with the features of the policy, he or she has the right to discard the policy by sending a written application to the company. After completing this step, he or she will be credited with all the premiums paid after deducting the —-

  1. Amount of risk premium
  2. Cost of medical examination and stamp duty

The written notice should be signed by the policyholder and received by the company within 15 days since the date of the policy document receipt. This period is increased to 30 days, if the policy is sourced through distance marketing method.

Policy loan

There is no loan facility available under this Tata AIA term plan. 

Plan conversion:

The conversion of AIA Life Insurance Sampoorna Raksha+ plan is not allowed.

Tax benefit:

The policyholder gets access to tax benefits under the plan u/s 80C of the Income tax act; 1961.

Assignment

According to the section 38 under the Insurance Act of 1938, the assignment facility is allowed under this Tata AIA term plan.

Nomination –

According to the section 39 under the Insurance Act of 1938, the nomination feature is allowed under this Tata AIA term plan.

Exclusion

If any policyholder commits suicide whether in insane or sane state of mind within the 12 months from starting of the insurance, her/his nominee is entitled to all the premiums paid (excluding the modal loading and the underwriting extra premiums)

iRaksha TROP Tata AIA Term Plan

Tata AIA Life Insurance iRaksha TROP is an ideal term insurance plan for the policyholders as it ensures them peace of mind by giving their families much needed financial assistance when they are not around anymore.

iRaksha TROP Term Plan – Features:

Under this Tata AIA term plan, the policyholders get the chance to enjoy two benefits under one plan.

  • The policyholders get the opportunity to provide financial security to their family by acquiring this Tata AIA term plan. It is going to help their families by making them financially safe and secure in case something happens to them.
  • If the policyholders survive till the maturity of the plan, they will get the refund of full premium amount paid by them.

There are 3 premium paying options available for the policyholder.

  1. Regular pay: Under this option, the policyholder gets to pay the premium till the end of the preferred policy term.
  2. Single pay: The policyholder can avoid paying the premium on regular basis. He or she can pay the premium once over the chosen term of the entire policy.
  3. Limited pay: The policyholder can pay the premium for a limited period of 10 or 5 years and get covered for a longer period.

Facts to Know:

  • The policyholder gets a higher sum assured for higher premium.
  • According to the Income Tax laws, the policyholder can avail the tax benefit under 10(10D) and 80C.
  • Both the smokers and female candidates may avail lower rates of premium.

Death Benefit:

In case of policyholder’s untimely demise, Tata AIA term plans take the initiative to provide the death benefit to the nominee. Death benefits are as below:

  • Basic sum assured
  • 105% of all the paid premiums.
  • 10 times of the annualised premium.
  • Maturity benefit.

Maturity benefit:

If the policyholder survives till the finish of the policy term, all the paid premiums will be returned.

Preferential rates of the premium:

People always want to get rewarded for maintaining a healthy lifestyle. Here, this Tata AIA term plan has brought the special rates for both female candidates and non-smokers. The individuals who choose to achieve top level financial protection in their lives.

Non-forfeiture Benefit:

There are certain conditions for availing the non-forfeiture benefit. The conditions of the non-forfeiture benefit are as below:

  • Paying of the premiums of complete two years for limited pay (5 years)
  • Paying of the premiums of complete three years for limited pay and regular pay (10 years).
  • Anytime during the term of the policy for single pay.

If any policyholder is eligible to obtain the amenities of non-forfeiture but the premiums are not still paid by him or her during the policy term, the policy may acquire the paid up benefit.

The structure of the paid up benefit are given below:

Reduced death benefit

Paid up sum assured = number of paid premiums/ the sum of premiums payable * sum assured.

Reduced maturity benefit

The value of the paid up= total paid premiums in the Tata AIA term plan.

Note: The amenities of paid up is not for those who choose “single pay”.

Surrender benefit

In case the policyholder is not able to maintain the policy due to unfavourable circumstances, he or she can surrender the policy.

You need to know the surrender value which is mentioned below:

Surrender benefit = higher of (cash surrender value or guaranteed surrender value), wherein:

  • Guaranteed Surrender Value= The factor of the guaranteed surrender value should be multiplied by all the whole paid premiums.
  • Cash Surrender Value = the factor of the cash surrender value should be multiplied by all the paid premiums.

Both these Guaranteed Surrender Value and Cash Surrender Value will be available in the documents of the policy.

Grace Period

The policyholders get to access the grace period under this plan. 30 days of the grace period from the charge date for both offline as well as online modes will be given for making payment of each consecutive premium.

Policy Revival/Reinstatement

The policyholder gets the chance to revive the policy within two years from the date of first unpaid premium and prior to the date of maturity, provided the policyholder submits:

  • A written application for the policy revival.
  • Her/his latest health certificate and proofs of insurability.
  • Proof of payment of the overdue premium amount (with interest).

Free look up period

If any policyholder is not satisfied with the features of the policy, he or she has the right to discard the policy by sending a written document to the company. After completing this step, he or she will be credited with all the premiums paid, after deducting the —-

  • Amount of risk premium
  • Cost of medical examination and stamp duty

This type of notice should be signed by the policyholder and received by the company within the fifteen days since the date of the policy document receipt. This free look period is increased to 30 days, if the policy is sourced through the distance marketing method.

Policy loan

There is no loan policy under this Tata AIA term plan.

Tax benefit:

The policyholder may have access to enjoy the tax benefit in this plan as per the section of 80C of the Income tax act; 1961.The amenities of the Income tax are available as per the law of the income tax. The policy holder is always asked to consult with the agent to discuss about the tax benefit under the policy of the any insurance.

Assignment

According to the section 38 under the Insurance Act of 1938, the assignment is allowed.

Nomination:

According to the section 39 under the Insurance Act of 1938, the nomination is allowed.

Exclusion

If any policyholder commits suicide whether in insane or sane state of mind within the 12 months from inception date of the insurance, the nominee may be entitled to all the premiums (excluding the modal loading and the underwriting extra premiums)

Non-smoker/smoker rates:

The company has set the rates for both smoker and non-smoker under this plan. If any policyholder declares himself or herself a non-smoker, he or she will be asked to appear for the cotinine test along with the other medical test by the doctor. If any policyholder or the insured person does not comply with the smoker/non-smoker status, the company will be obliged to refund all the premiums without interest after deducting the amount of medical test.

Notes to Superscripts:

The meaning of “total paid premiums” is the premium is paid by the policyholder during the premium paying term. This type of amount should be excluded from tax, interest, underwriting extra premium and the loading for the premiums of modal.

Let’s come to the other matter of the plan. The death benefit and the maturity benefit is based on the premiums paid during the premium paying term. The policy will be terminated upon the death of the policyholder.

The factor of the surrender value differs according to the term of the policy and the year of the policy of surrender. The company has the responsibility to review the factor of value of the cash surrender from period to period depending on the experience and of course that will be the approval from IRDA, Govt of India.

iRaksha Supreme Tata AIA Term Plan

Tata AIA Life Insurance iRaksha Supreme is an online Tata AIA term plan. The insurance seekers are benefitted by this ideal solution as it gives them complete peace of mind when it comes to their family’s financial safety.

Here are some of the key features of Tata AIA Life Insurance iRaksha Supreme plan.

Tata AIA iRaksha Supreme Term Plan – Features

One of the key features of any insurance plan is life protection.This plan offers financial protection to the policyholder’s family against the unfortunate death of the policyholder.

The customers have the access to enjoy the various premium payment mode of the plan. There are three premium paying options available for the policyholders.

  1. Regular pay: The policyholder gets to pay the premium till the end of the preferred policy term.
  2. Single pay: The policyholder doesn’t need to pay the premium on regular basis. He or she can pay the premium once over the chosen term of the entire policy.
  3. Limited pay: They can pay the premium for a limited period of 10 or 5 years and get covered for a longer period.

Facts to Know:

  • The company offers benefit to the customers if they have opted for a higher sum assured of Rs 75 lacs and above.
  • The policyholders get to enjoy the tax benefits as per applicable income tax rules, 1961, u/s 80C and 10(10D).

Tata AIA iRaksha Supreme Term Plan – Benefits

Death benefit

Tata AIA term plans take the initiative to provide death benefit to the nominees in case of any mishappening with the policyholder. Death benefits are provided as mentioned below:

  • Basic sum assured
  • 105% of all the paid premiums.
  • 10 times of the annualised premium.

The annualised premium is given by the policyholder once in a year depending on the basic sum assured.

Maturity benefit:

There is no maturity benefit available under this Tata AIA term plan.

Non-forfeiture benefits

In case the policyholder is not able to maintain her/his policy due to unfavourable circumstances, s/he can surrender the policy.

  • Factor of the surrender value*(policy term/outstanding policy term)*total premium paid.
  • The policy can be surrendered after paying off premium for full 7 and 3 years for 10 and 5 pay policies, respectively, in case of Limited Pay option.
  • Policy surrender is not applicable under this Tata AIA term plan if a customer has opted for Regular Pay option.
  • The factor of the surrender value will be available in the document of the policy.

Paid up benefit

In case, the policyholder does not pay the premium within the grace period, the policy will automatically acquire paid up value, provided premium have been paid for 7 and 3 years, for 10 and 5 pay policies, respectively.

Paid up sum-assured = (number of paid premiums/total number of payable of premiums)* sum assured.

Decrease and increase in sum assured

Any decrease and increase of the sum assured under this Tata AIA term plan is not available.

Grace Period

30 days of grace period will be given to the policyholders in case they have missed the premium payment on the prescribed due date. If the premium is not paid during the grace period, the policy will be lapsed from the date of the first unpaid premium.

Reinstatement

If the policy remains in a non-payment mode and has crossed the grace period and is subject to not being surrendered, the policyholder may get the chance to revive the policy within 2 years from first unpaid premium but prior to the date of maturity, provided the policyholder submits:

  • A written application for the policy revival.
  • Her/his latest health certificate and proofs of insurability.
  • Proof of payment of the overdue premium amount (with interest).

Free look up period

If any policyholder is not satisfied with the features of the policy, he or she has the right to discard the policy by sending the written document to the company. After completing this step, he or she will be credited with all the premiums which he or she once paid after deducting the —-

  1. Amount of risk premium
  2. Cost of medical examination and stamp duty

This type of notice should be signed by the policyholder and received by the company within the fifteen days since the date of the policy document receipt. This free look period is increased to 30 days, if the policy is sourced through the distance marketing method.

Policy loan

There is no loan facility available under this Tata AIA term plan.

Tax benefit

The policyholders have access to enjoy the tax benefit in this plan u/s 80C of the Income tax act, 1961.

Assignment

According to the section 38 under the Insurance Act of 1938, the assignment is allowed.

Nomination:

According to the section 39 under the Insurance Act of 1938, the nomination is allowed.

Exclusion

If any policyholder commits suicide whether in insane or sane state of mind within 12 months from the purchase date of the policy, the nominee is entitled to all the premiums paid by the policyholder (excluding the modal loading and the underwriting extra premiums).

Maha Raksha Supreme – Tata AIA Term Plan

Tata AIA Life Insurance Maha Raksha Supreme is an online Tata AIA term plan. Below enlisted are some of the key features of the plan.

Tata AIA Maha Raksha Supreme Term Plan – Benefits & Features

One of the most important features of any term insurance plan is life protection.

  • This plan offers financial protection to the surviving family members of the policyholder against unfortunate death of the life assured.
  • The policyholders can enhance their life cover in the events of the future milestone by choosing life stage plus option.
  • There is an option to increase the protection by purchasing riders.
  • The customers get to enjoy tax benefits u/s 80C and 10(10D) of Income Tax Act, 1961.
  • Discounted rate for female candidates under this Tata AIA term plan.

Death Benefit

Tata AIA term plans take the initiative to provide death benefit to the nominated beneficiary in case of unfortunate demise of the policyholders. The death benefit will be the sum assured on death along with extra sum assured provided under the option of Life Stage Plus. Death benefit is given in the following forms: 

  1. For the regular pay “Sum assured on death” is given as the higher of:
  • Basic sum assured
  • 105% of all the paid premiums.
  • 10 times of the annualised premium
  1. For the single pay “Sum assured of death” is given as the higher of:
  • 125% of single premium
  • Basic Sum assured

Facts to Know:

  • The existence of policy will end after completing the claim process and no other benefits will be given under this Tata AIA term plan.
  • The annualised premium is that premium which is given by the policyholder once in a year depending on the basic sum assured.
  • The “Total premiums paid” means the sum of premium that is paid throughout the premium paying term by the policyholder.

Flexibility of Extra Coverage

The policyholder gets to enhance benefits of this term plan by adding an optional rider:

  • Tata AIA Life Insurance Dismemberment and Accidental Death (Long scale) Rider (UIN: 110B028V01)

In case of accidental death, this rider can protect insured’s family by providing the lump sum amount to nominee. In case of severe fracture of the body or the loss of limbs, as per the ADDL, it will pay a percentage of the Sum assured of rider. This benefit may be doubled in case of the sudden accidental death.

Under this plan, the premium paying term will be the same as the term of the premium paying off base policy. Under the base policy, the term of the rider policy will be equal to the term of the premium payment.

Plan conversion

This option is available under this Tata AIA term plan.

Increase/decrease in basic sum assured

There is no existence of increase and decrease in basic sum assured under this Tata AIA term plan.

Grace period

The policyholder gets a grace period of fifteen days for monthly premium payment mode and will get 30 days for other payment modes. The policy will be valid during this period. If any policyholder does not pay the regular premium at the end of the grace period, the policy will be lapsed.

Reinstatement

If the premium remain in a non-payment mode and crossed the grace period and is subject to not surrendered yet, the policyholder may get the chance to revive the policy within two years from the date of initial unpaid premium and prior to the date of maturity, provided the policyholder submits:

  • A written application for the policy revival.
  • Her/his latest health certificate and proofs of insurability.
  • Proof of payment of the overdue premium amount (with interest).

Free Look Up period

If any policyholder is not satisfied with the features of the policy, he or she has the right to discard the policy by sending the written document to the company. After completing this step, he or she will be credited with all the premiums which he or she once paid after deducting the –

  1. Amount of risk premium
  2. Cost of medical examination and stamp duty

This type of notice should be signed by the policyholder and received by the company within the fifteen days since the date of the policy document receipt. This free look period is increased to 30 days, if the policy is sourced through distance marketing method.

Surrender benefit

  • For regular pay option, there is not any existence of surrender benefit under this plan.
  • Choosing single pay policy, the policyholder may surrender the policy anytime during the term of the policy.
  • For the option of single pay= 75 %*( in complete years, term of policy less policy duration)/ term of the policy* single premium.

Maturity benefit

There is no maturity benefit available under this Tata AIA term plan.

Policy loan

There is no existence of policy loan feature under this Tata AIA term plan.

Tax benefit:

The policyholders have access to enjoy the tax benefit in this plan u/s  80C of the Income tax act; 1961.

Assignment

According to the section 38 under the Insurance Act of 1938, the assignment feature is allowed.

Nomination:

According to the section 39 under the Insurance Act of 1938, the nomination feature is allowed.

Option of Life Stage Plus

The policyholders have the chance to enjoy the life by acquiring the life stage plus option.

The extra sum assured may be achieved by the policyholder within 1 year of marriage date or the child birth (limited to two children). It can be achieved by submitting a written request to the concerned department of Tata AIA term plan with valid proof.

The company does not take such requests after completing the age of 50 years or it take the request within 30 days in advance of the anniversary of the policy.

The essential documents required in such cases are:

  • Child birth— birth certificate
  • Marriage of insured- marriage certificate
  • Adoption of a child legally –adoption deed.

The extra premium will be based on the gained age of the insured and the outstanding policy term at the period of executing this option and will be calculated by using the same premium table.

Pay-out accelerator benefit:

After making payment of this benefit, the benefit of this policy will automatically be reduced. The policyholder can continue to pay the actual premium, even after claims of terminal is admitted.

This benefit is only commenced when the policyholder completes its 2 continuous cover since the inception of the policy.

Exclusion

If any policyholder commits suicide whether in insane or sane state of mind within 12 months from the initiation of the insurance, the nominee may be entitled to all the premiums (excluding the modal loading and the underwriting extra premiums)

Tata AIA Term Plans – FAQs

Q1) Do all the Tata AIA term plans possess the same process of payment?

Almost every Tata AIA term plan allows the insurance seekers to choose from the monthly, quarterly, half yearly and annually mode to pay their premium.

Q2) What kind of options do the Tata AIA Term plans offer to its customer for making payment of their premiums?

The policyholders can make their premium payments through cheque, cash, ECS and the internet.

Q3) What are the different documents can I submit as proof of income while buying a Tata AIA term plan?

You can submit following documents as income proof while buying tata AIA term plans:

  1. Your Pan Card Copy + Income Tax Return (for the last assessment year or the current one)
  2. Your Pan Card Copy + Salary Slip ( of last 3 months from the date of application)
  3. Your Pan Card Copy + Form 16 (for the last assessment year or the current one)
  4. Your Pan Card Copy + Form 16 A (for the last assessment year or the current one)
  5. Your Pan Card Copy + Salary certificate – Current financial year
  6. Your Pan Card Copy + Bank Statements (of last six months from the date of application (showing your salary credits)

Q4) What should I do if I haven’t received any communication for the online payment I have made against Tata AIA term plan?

If you haven’t received any notification for your payment made against your tata AIA term plan, you should contact the company at: esales.support@tataAIA[dot]com or customercare@tataAIA[dot]com

You need to mention your application number or quotation number or email address (the one you had mentioned while making your payment) as your reference number.

Or else, you can also contact the company’s toll free number 1-800-209-5000.

Q5) How will the company contact me if they need any additional information on my part (for buying Tata AIA term plans)?

The company will send you an email at your registered email address informing you about any additional requirement. You will also receive a call from Tata AIA term plan support team on the contact detail given on your application form.

Q6) What should I do if I need to make certain corrections to my proposal form such as correcting my name’s spelling or other details?

Tata AIA term plan allows its subscribers to make changes in your proposal form either by counter signing the form against the addition or cancellation that you have made. In case you have already submitted your proposal form, you can send your details through email to esales.support@tataAIA[dot]com from your registered email id.

Q7) How will I receive my refund amount if I cancel my Tata AIA term plan?

You will get your refund amount to your bank account or credit card. The maximum time frame is 15 days from the date of cancellation request to refund your amount.