Tata AIA Life Insurance Group Term Life is a non-participating, non linked group insurance plan with an option for yearly renewal. It takes care of an insurer's financial worries related to family’s health, loans, children’s education and the like. Tata AIA Life Insurance Group Term Life Insurance acts as a protection for an individual’s family in the event of unforeseen circumstances.
Eligibility Conditions for Tata AIA Life Insurance Group Term Life:
|Minimum Entry Age||14 years|
|Maximum Entry Age||84 years|
|Maximum Maturity Age||85 year|
Policy Terms for Tata AIA Life Insurance Group Term Life:
|Policy Term||It is renewable after 1 year|
|Minimum Sum Assured||Rs 5000|
|Maximum Sum Assured||No limit subject to underwriting|
|Premium Modes||Annual/Semi Annual/Quarterly/Monthly|
What to know about Tata AIA Life Insurance Group Term Life:
- Applicants are registered as insured members on completion of the registration process and payment of the required premium.
- For employer-employee groups a minimum of 10 members are required at the time of commencement and for non-employer-employee groups the minimum limit is 50.
- In case of surrendering this Life Insurance Policy, members of the group can avail an option to continue as an individual policy based on the same terms the initial group policy had.
Key highlights of Tata AIA Life Insurance Group Term Life:
|Death Benefits||In case of death of a group insured member, the insured member’s/employee’s sum insured will be provided to the authorized beneficiaries|
|Plain sailing processes||From enrollment to claims all the processes involved with the plan are uncomplicated and effortless.|
|Documents required||No additional documents other than the enrollment form are required to enroll for this plan|
|Coverage offered||Offers real time coverage, anywhere in the world|
|Maturity Benefits||The plan does not provide any maturity benefit|
|Tax Benefits||Insured members are eligible for tax exemption under section 80C of the income tax act 1961 for individual group members|
Additional features of Tata AIA Life Insurance Group Term Life:
|Grace Period offered by the company||The TATA AIA Life Insurance company offers a grace period of 30 days in the event of non-payment of premiums for monthly, quarterly and half yearly modes. During the grace period, the policy would be in force as per the terms and conditions.|
|Revival of the policy after lapse||If the insured defaults on the premium payments beyond the grace period, the policy will lapse. It can be revived during any time of the policy term with the consent of the company. However, the policy cannot be renewed if no premiums have been paid till the end of the policy year.|
|Free Look Period||Whenever an insured group member is dissatisfied with the terms and conditions of the policy, he/she can cancel the policy by giving a written notice to the company. Company shall be liable to refund all the premiums paid (without interest) after deduction of proportionate risk premium, stamp duty and medical examination cost.|
|Suicide Exclusion||In case an insured member commits suicide within one year from the date of entry, no death benefits shall be payable by the company. This is applicable for all schemes with no existing insurance coverage.|
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017