TATA AIA
SRS Vitality
TATA AIA SRS Vitality is a special plan made available only in select channels. It offers all the basic features. It throws in a special wellness benefit, offering you discounts on your premiums for keeping yourself healthy and it comes from Tata’s stable – a company that boasts pretty decent claim settlement figures. The only issue is that the plan only extends a maximum cover of ₹2 Crores. Note: TATA AIA has recently discontinued this plan. Instead, you can opt for their new plan, Sampoorna Raksha Promise which offers enhanced benefits.
Good Claim Settlement Ratio
TATA AIA settles 98.9% of claims of the total number of claims it receives as compared to the industry average of 97%. A pretty good number overall.
Good Complaints Ratio
TATA AIA receives 3 complaints (per 10,000 claims registered) as opposed to the industry median of 17 complaints. Pretty good figure overall.
Good Amount Settlement Ratio
Some insurers pay out the smaller claims while declining to pay out the few higher-value claims in a bid to improve the claim settlement ratio. So you will need to look at the total amount settled as a percentage of the total amount claimed. TATA AIA meanwhile has an amount settlement ratio of 92.7% as opposed to the industry average of 87%. Pretty good figure overall.
The aforementioned ratios have been averaged over three years for every insurer and the industry as a whole.
What's good here?
Accidental Death Benefit Available
Some policies offer you the option of adding extra protection for accidental deaths. And while we recommend customers choose a comprehensive cover without worrying about the specifics of death precisely, SRS Vitality offers accidental death benefit nonetheless.
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Payouts in the event of total permanent disability
Some policies offer you a monthly income or a large lumpsum in the event you are disabled totally for life. And SRS Vitality extends this option.
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Decent Terminal Illness Benefit
Certain policies will disburse the entire cover amount the moment you are diagnosed with a terminal illness. So even in the absence of death, you can still get the money and use it any way you wish. And while SRS Vitality does not disburse the entire sum assured, you do have the option to receive a portion of your cover if you are diagnosed with a terminal illness.
You can recover your premiums after policy matures
Some policies return your premium after the policy matures if you don’t make a claim. However, we don’t recommend this option actively considering the option can be expensive. In any case, SRS Vitality extends this option to those considering it.
What's lacking here?
No Zero Cost Option
Some insurers will return all your premiums if you forego your policy before maturity, during a period specified by the insurer. So in essence, you get all your premiums back, while also being protected under the term plan during this time. Unfortunately, SRS Vitality doesn’t extend this option.
No Top-Up Option
Some policies extend the option of increasing your total term cover even after you buy the policy. And SRS Vitality doesn’t extend this option.
No option to increase your cover with inflation
Some policies automatically increase your cover by a certain amount (usually inflation) to always provide you with the necessary protection. Unfortunately SRS Vitality doesn’t extend this option.
No Waiver of Premium
Some policies waive all future premium payments if you are ever disabled (due to accident) or diagnosed with a critical illness. Unfortunately, SRS Vitality does not extend the waiver-of-premium option.
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