TATA AIA Term Insurance: Plans, Coverage & Premiums

TATA AIA Life Insurance is a leading private life insurer in India, established in 2001 as a joint venture between Tata Sons Pvt. Ltd. (51%) and AIA Group Ltd. (49%). Headquartered in Mumbai, the company offers a range of protection, savings, and investment-linked insurance products.

Its TATA AIA term insurance plans include Sampoorna Raksha Promise and Maha Raksha Supreme Select, offering flexible coverage options and additional benefits. 

In this article, we review TATA AIA term insurance plans, their key features, available riders, sample premiums, claim settlement metrics, and the insurer's pros and cons to help you decide whether it meets your financial protection needs.

TATA AIA Term Insurance Plans: List and Key Features

1) Sampoorna Raksha Promise (SRP)

• Entry Age: 18 to 65 years, depending on the variant.
• Minimum Sum Assured: ₹50 lakh.
• Maximum Sum Assured: No limit, subject to underwriting.
• Premium Payment Options: Regular pay, limited pay, and single pay.
• Premium Payment Modes: Yearly, half-yearly, quarterly, and monthly.
• Maximum Coverage Age: Up to 100 years.
• In-built Features: 
  • Terminal Illness Benefit: Payout of 50% of the sum assured upon diagnosis of a qualifying terminal illness, subject to policy terms.
  • Waiver of Premium: Premium waiver on terminal illness, subject to applicable conditions.
  • FlexiPay: Premium deferment for up to 12 months, subject to policy terms.
  • Instant Payout: An initial payout of ₹3 lakh upon claim registration with the necessary and mandatory documents, subject to the insurer's terms and eligibility criteria. 
• Available Optional Riders: Critical Illness (CI), Accidental Death Benefit (ADB), Accidental Total and Permanent Disability (ATPD), Hospicash, and Super Retirement.

2) Maha Raksha Supreme Select (MRSS)

• Entry Age: 18 to 65 years.
• Minimum Sum Assured: ₹2 crore.
• Maximum Sum Assured: No limit, subject to underwriting.
• Premium Payment Options: Regular pay, limited pay, and single pay.
• Premium Payment Modes: Yearly, half-yearly, quarterly, and monthly.
• Maximum Coverage Age: Up to 100 years.
• In-built Features: 
  • Terminal Illness Benefit: Payout of 50% of the sum assured upon diagnosis of a qualifying terminal illness, subject to policy terms.
  • Waiver of Premium: Premium waiver on terminal illness, subject to applicable conditions.
  • FlexiPay: Premium deferment for up to 12 months, subject to policy terms.
  • Instant Payout: An initial payout of ₹3 lakh upon claim registration with the necessary and mandatory documents, subject to the insurer's terms and eligibility criteria. 
• Available Riders: Critical Illness (CI), Accidental Death Benefit (ADB), Accidental Total and Permanent Disability (ATPD), Hospicash, and Super Retirement.

Note: Benefits, eligibility, and availability depend on the selected variant and policy terms. Check the latest plan documents for detailed information on features, benefits, eligibility, and exclusions before purchasing.

Key Features Worth Knowing

• Life Stage Benefit: Allows eligible policyholders to increase their sum assured following specified life events, subject to policy conditions. The available increases are:
  • Marriage (Once Only): 50% of the existing sum assured.
  • Birth or Adoption of the First Child: 25% of the existing sum assured.
  • Birth or Adoption of the Second Child: 25% of the existing sum assured.
  • Home Loan Disbursal: Up to 100% of the existing sum assured, subject to the home loan amount.

You must increase the sum assured within 180 days of the relevant life event, subject to the policy's terms and conditions.

• Instant Payout on Claim Intimation: Eligible nominees may receive an initial accelerated payout of ₹3 lakh within 24 hours of claim intimation and submission of the mandatory documents, while the remaining death claim is processed, subject to the insurer’s terms and conditions.
• Terminal Illness Benefit: Provides an accelerated payout of 50% of the sum assured following a qualifying terminal illness diagnosis, subject to policy conditions.
• FlexiPay: Allows eligible policyholders to defer premium payments for up to 12 months after paying five full years of premiums. Policyholders can exercise the option multiple times, with a gap of five policy years from the expiry of the previous deferment. You must pay all outstanding premiums at the end of the deferment period, subject to the policy terms.
• Coverage up to Age 100: Both plans offer long-term coverage options, although premiums may be higher than those for policies ending at age 60 or 70.
• Health Management Services: Policyholders may also have access to health management services, subject to the plan's terms and eligibility conditions.

Note: The above data is for the life insurer as a whole and comes from IRDAI annual reports and TATA AIA’s public disclosures. You can also compare it with other insurers using Ditto Data Lab.

Sample Premiums for TATA AIA Term Insurance Plans

The following tables compare the sample annual premiums for TATA AIA’s Sampoorna Raksha Promise (SRP) and Maha Raksha Supreme Select (MRSS), assuming a ₹2 crore sum assured, a non-smoker male, and coverage until age 70. You can use a TATA AIA term plan calculator to estimate premiums for different ages, coverage amounts, and policy terms.

A TATA AIA term insurance calculator can help you estimate your premium based on your age, sum assured, smoking status, and policy term. Compare the indicative quote with those from other insurers before choosing a policy.

Note: Premiums increase with age, particularly after 40. Buying term insurance early can help you secure a lower premium, subject to underwriting and policy conditions. These premiums are illustrative. Actual premiums may vary depending on your profile, selected coverage, policy options, and underwriting assessment.

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Conclusion

TATA AIA term insurance is worth considering if you want flexible life cover, useful in-built benefits, and protection that can extend up to age 100. Its reported claim settlement record is strong, and features such as Life Stage Benefit can help eligible policyholders increase their cover as their financial responsibilities grow. 

Before buying a TATA AIA term plan, compare premiums, exclusions, available riders, and claim procedures with other insurers. However, Ditto does not currently recommend TATA AIA's term plans, mainly because of concerns about post-sales support and operational efficiency. You can also compare plans from insurers such as Axis Max Life Insurance, HDFC Life Insurance, and Bajaj Life Insurance to evaluate their premiums, coverage, and service experience. For more options, explore our guide to the best term insurance companies in India.

Disclosure: This article is based on publicly available information and is intended for educational purposes.