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₹8309 cr.
Claims Settled98.02%
Claims settled within 30 days100%

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 NameEntry AgeSum AssuredPolicy payment options

Sampoorna Raksha
Supreme

Minimum:
For POS and non-POS:
Life, Life Plus, Credit Protect: 18 Years
Life Income: 30 Years

Maximum
For POS:
Life, Credit Protect: 60 Years
Life Plus: 55 Years
Other than POS:
Life, Life Plus, Credit Protect: 65 Years
Life Income: 50 Years

₹1,00,000-unlimited

Annual,
Quarterly,
Half-yearly,
Monthly,
Single

Maha Raksha
Supreme

18-65 years

For Pay till 60,
maximum entry age is 45 years

₹50,00,000 - unlimited

Annual,
Quarterly,
Half-yearly,
Monthly,
Single

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 NameEntry AgeNo. 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

Frequently Asked Questions

What is the renewal process for TATA AIA Life insurance policy?

Tata AIA has an online pay link. For ease, we are providing it here: TATA AIA Renewal. Once you are there, you just have to enter your policy number and date of birth and you will get all the info related to the renewal and its payment.

What happens if I don't renew my TATA AIA Term plan?

How do I cancel my TATA AIA term plan?

How do I cancel or surrender my ULIP plan?

What documents are required to purchase a Term plan?

For how long should I buy Term insurance?

What is the claim process for TATA AIA term insurance?

Can I change the nominee after buying term insurance?

Can I change the premium payment frequency after buying term insurance?

What is the tax benefit in term insurance?

Will my premium increase if I am a smoker or drink alcohol?

I smoke occasionally with my friends. Will that increase my premium?

How much will my premium increase if I smoke?

Will there be any medical check-ups for term insurance?

Can the insurance company reject my application?

What happens to my premium if the insurer rejects my application?

Ditto
finshots
A product by Finshots
support@joinditto.in | +91-8048816818

Finshots © 2021. All Rights Reserved.

Tacterial Consulting Private Limited

CIN: U74999GJ2018PTC103398

IRDAI Registered Corporate Agent (Composite) License No CA0738

valid till 9th December 2023

Disclaimer : The information contained in this website is presented purely for information purposes only provided as service to the internet community at large. It does not constitute insurance advice and we do not guarantee the accuracy, adequacy or the completeness of the information contained here.