The Tata AIA Life Insurance Group Plans secure you and your family’s future by providing comprehensive coverage and enhanced financial support. With the group plans offered by Tata AIA Life Insurance Company, you can lead a comfortable life and maintain a standard lifestyle for you and your family. These plans take care of your family even if you are not there.
List of Plans offered by Tata AIA Life Insurance Group Plans
The Tata AIA Life Insurance Company offers the following group life insurance plans
- Tata AIA Life Insurance Group Total Suraksha Plan
- Tata AIA Group Term Life Plan.
Tata AIA Life Insurance Group Total Suraksha Plan
The Tata AIA Life Insurance Group Total Suraksha Plan is usually purchased by banks, non-banking institutions and other financial organizations which provide different type of loan. The plan ensures that your family is protected against any unfortunate loss or damage. A minimum of 50 members are required to purchase this policy in the beginning. The borrower can get comprehensive insurance coverage under this plan. In the unfortunate death of the insured borrower, the plan will pay off the outstanding principal amount of a loan. The Tata AIA Life Insurance Group Total Suraksha Plan is offered to individual insured members and the lending institutions via a group insurance plan.
Benefits of Tata AIA Life Insurance Group Total Suraksha
By purchasing the Tata AIA Life Insurance Group Total Suraksha Plan, a group can enjoy the following benefits:
- The policy provides insurance coverage for the death of insured member.
- The policy enrolment process is very simple.
- You can purchase the policy by paying lower group premium rates.
- It is a single premium payment policy.
- The policy can be used to provide protection to the co-borrower of a loan. You can purchase coverage for your co-borrower.
- The policy provides coverage from the very first day. No waiting period is involved.
- The insurance coverage offered by the policy is linked to the loan amount.
- Insurance coverage linked to the loan amount.
- Enjoy simple and quick claim processing.
- Get coverage by 24/7 at anywhere you go.
- The policy offers surrender benefits.
- The policy accepts nomination and all benefits are payable to the nominee selected by the master policyholder, following the death of the policyholder.
- In case of a joint life cover, if one of policyholder dies, all the benefits will be paid and the insurance cover for the surviving member will stop.
- The policy does not offer survival and maturity benefits. The policy will terminate after providing the death claims.
Tata AIA Group Term Life Insurance Plan
The Tata AIA Life Insurance Group Term Life Plan is a non-linked non patriating group life insurance plan. The plan offers comprehensive insurance coverage to ensure that you can take proper care of the financial needs of your near and dear ones. This is a renewable group term life insurance plan. The plan can be renewed annually. Your minimum age needs to be 18 years and maximum age needs to be 84 years to purchase this plan. The minimum sum assured accepted by the policy is Rs. 5,000. There is no limit on the maximum sum assured.
Benefits of Tata AIA Group Term Life Plan
The Tata AIA Group Term Life Plan enables you to enjoy the following benefits:
- Get protection against unexpected and unfortunate events in life.
- You can purchase the policy by submitting a few documents. The enrolment procedure is very simple.
- The policy maintains a simple and fast claim settlement procedure.
- The policy offers 24/7 coverage any time at anywhere.
- The individual group members can avail tax expectation on the premiums for the policy under Section 80C of the Indian Income Tax Act, 1961.
- The policy offers a grace period of 30 days within which you need to pay your pending premiums, failing which the policy will lapse.
- In case the policyholder dies within the policy tenure, the designated nominee will receive the death benefits.
- The policy does not offer any maturity benefits.
- The policy offers flexible tenures of premium payment. You can pay tour premiums on yearly, monthly, quarterly and half-yearly basis.
- The Tata AIA Group Term Life Insurance Plan can be reinstated at any time during the policy tenure.
- If you are not happy with the policy, you can return the policy with 15 to 30 days of its purchase. A 15 day free look period is applicable for manually purchased policies while 30 day is applicable for policies purchased online.
Since life is full of uncertainties and unpredictabilities, it is important you purchase any of the group plans offered by Tata AIA Life Insurance Company so that you can secure you and your family’s future.
Other Popular Tata AIA Life Insurance Plans
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017