Tata AIA Life Insurance Company (Tata AIA Life) is a joint venture company formed by Tata Sons and the AIA Group (AIA). With sales offices in all major cities and towns across India, Tata AIA Life brings together Tata's unrivalled leadership position in India and AIA's presence as the largest, independent listed pan-Asia life insurance group in the world.
The company offers a wide range of insurance products to individuals, associations and businesses of all sizes and is one of the major private sector insurers in India offering life, health and group insurance products to its customers.
Key Highlights of Tata Aia Life Insurance
Claim Settlement Ratio
Claim-settlement ratio of 94.47% for year 2014-2015
97.62% Grievances Settled for year 2014-2015
To be eligible for Tata Aia Life Insurance
You should be at least 18 years old
You should be less than 70 years old
You should be either Salaried, Self- employed, a professional or have your own business
Tata Aia Life Insurance at a Glance
A maximum tenure of 40 years
Min Sum Assured: Rs 5 lakh
Max Sum Assured: No limit subject to underwriting
Specific exclusions: Suicide within the first 12 months
Documentation needed to apply for an Tata Aia Life Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
TATA AIA Life Insurance Plan Details
- Tata AIA Life Insurance Protection Plans
Tata AIA Life Insurance Protection Plans ensures that your family’s financial needs are protected in your absence.
- Tata AIA Life Insurance MahaRaksha Supreme: It is a pure term non-linked, non-participating insurance plan. This plan has a Payout Accelerator Benefit option that advances 50% of basic sum assured in case of terminal illness diagnosis.
- Tata AIA Life Insurance Secure 7: It is an endowment assurance plan wherein the insured can pay premium for the first seven years and obtain Guaranteed Annual Income for the next seven years.
- Tata AIA Life Insurance MahaLife Supreme: It is a non-linked, non-participating endowment assurance plan with limited premium payment option and guaranteed annual income according to the chosen plan.
- Tata AIA Life Insurance iRaksha TROP: It is an online term insurance plan that guarantees return of premium. It has three premium payment options: Regular Pay, Limited Pay, Single Pay.
- Tata AIA Life Insurance iRaksha Supreme:It is an online pure term insurance plan that will provide life insurance at a very affordable cost. It can be purchased online with no hassles.
- Tata AIA Life Insurance Savings Plans
Tata AIA Life Insurance Savings Plans help you save for the big events in the future while still availing protection.
- Tata AIA Life Insurance Smart Growth Plus: It is a profit endowment assurance plan that adds to your investment growth through accumulation of bonuses and guaranteed benefits. Guaranteed additions of 5.5% p.a. of Basic Sum assured.
- Tata AIA Life Insurance MahaLife Gold Plus: It is a limited premium paying, non-linked, participating insurance plan with coverage up to the age of 85 by paying premium only for 15 years.
- Tata AIA Life Insurance MahaLife Magic: It is a non-linked participating endowment plan with bonuses to boost one’s maturity amount. The premiums will be paid for just 9 years in this plan.
- Tata AIA Life Insurance Money Maxima: It is an endowment assurance plan with regular premium payment. This plan provides flexible policy terms to achieve time bound goals.
- Tata AIA Life Insurance Wealth Solutions
Tata AIA Life Insurance Wealth Solutions cater to customers with high risk appetite who want market linked returns along with a life insurance cover.
- Tata AIA Life Insurance Fortune Maxima: It is a unit linked policy that offers loyalty additions for regular and limited pay.
- Tata AIA Life Insurance Fortune Pro: It is a unit linked endowment assurance plan that ensure that your child’s financial needs and dreams are fulfilled.
- Tata AIA Life Insurance Wealth Maxima: It is a unit linked whole life insurance plan that earns you humungous benefits by allowing you to invest in markets.
- Tata AIA Life Insurance Wealth Pro: It is a unit linked endowment insurance plan that lets you earn benefits while providing security to your family simultaneously.
- Tata AIA Life Insurance Group Insurance Plans:
This plan helps the employer award their employee by offering them insurance plans to protect their family and savings.
- Tata AIA Life Insurance Group Total Suraksha: It is an insurance plan with Reducing Sum Assured or Level Sum Assured options.
- Tata AIA Life Insurance Group Term Life: It is a non-linked, annually renewable group term plan. This plan helps to save for your future while ensuring the safety of your family at the same time.
- Tata AIA Life Insurance Micro Insurance Plans
Tata AIA Life Insurance Micro Insurance Plan is specifically designed for the low income group by offering low premiums, simple policy terms and no medical examinations.
- Tata AIA Life Insurance Navkalyan Yojana: It is a non-participating Micro Insurance Protection Plan designed specifically for the rural population. The policy is designed with a premium paying term of five years.
Tata AIA Life Insurance FAQs:
- Q. Who is eligible to take a life insurance?
A. Any person who has completed 18 years of age and is meeting the conditions specified under the Indian Contract Act, 1872, can take a life insurance policy for self or spouse or for his dependents.
- Q. Why is insurance a better option than other savings plan?
A. Life insurance pays sum assured and bonus even if the policyholder dies before the end of the premium payment term. It offers greater security than other savings plan.
- Q. What are the different life insurance policies offered by Tata AIA?
A. You get policies under protection plans, wealth solutions, savings solutions, child solutions, rider, group insurance and micro-insurance. Visit Tata AIG website to know more about the policies under each plans.
- Q. What are the different modes of payment offered by Tata AIA?
A. Most policies allow you to pay premium through annual, semi-annual, quarterly and monthly modes.
- Q. What are the premium payment option offered to make the payments?
A. You can make the premium payments through cheque, cash, ECS or online payment.
- Q. What happens if I don’t pay my premium?
A. You will get a 30 days grace period from the date of the missed premium payment date. If you missed making the payment within the grace period, then you will have 2 years from the date of lapse to revive your life insurance policy.
- Q. Can I cancel my policy if I’m unhappy with the plan?
A. Yes, you have the choice to cancel the policy during the free look period which generally is 15 days from taking the policy. The amount paid will be fully refunded after deducting some nominal charges.
- Q. When is the right time for me to buy a life insurance?
A. It is advisable for you to buy a life insurance plan when you are young and healthy. This makes the rate of purchasing the policy lower when compared to buying it at an older age.
- Q. How much coverage will I need?
A. You must ensure that there is sufficient amount to take care of your dependents in the event of your death or disablement. It is best to buy an insurance coverage that is 7 – 10 times your annual income.
- Q. What are the factors that I must consider while taking a life insurance policy?
A. You must read the benefits that is being offered to you. Check the term and premium and be clear about your requirements. Look for a policy that has proper coverage. It is best to consult with your financial advisor before finalizing on the policy.
News About Tata Aia Life Insurance
AIA Group raises its stake to 49% in Tata AIA Life
AIA Group which previously had a 26% stake in Tata AIA Life has got a go-ahead to increase its stake to 49%. The deal was approved by the fair trade regulator - CCI (Competition Commission of India). However, the financial aspects of the deal have not been revealed by the company. Tata AIA Life offers a wide array of insurance policies to customers in India. Many foreign insurance companies have shown keen interest in investing in Indian insurance companies since the time the government raised the stake limit to 49%.
Tata AIA offers a host of life insurance, health insurance, term insurance and several other insurance policies to the Indian customers.
19th January 2016
AIA Group Set to Raise Stakes in Tata AIA Life Insurance Joint Venture
8th December, 2015: Hong Kong's AIA Group is set to increase its holdings in Tata AIA Life Insurance from the existing 26% to 49% for an undisclosed amount.
Tata Sons and AIA released a joint statement on Monday saying that they have arrived at a decision which involves AIA buying an additional 23% stake increasing its current shareholding to 49%. This transaction will be completed upon the completion of other government regulatory approvals
AIA and Tata Sons, through a joint venture set up the Tata AIA Life Insurance in 2001 and specialize in providing holistic and innovative insurance solutions to its customers.
With the government raising the bar for foreign direct investments, the increase in AIA’s stake mirrors those of other insurance companies including ICICI, HDFC, Bharti, AXA and Reliance
The company posted a profit after tax of RS 264 Crore during the fiscal year ending on March 2015 with its claims settlement ratio reaching 94%. Tata AIA Life insurance also recently tied up with IndusInd Bank and this bancassurance tie-up saw IndusInd selling Tata AIA Life products in their branches. Citibank is also selling the products of the AIA which is Hong Kong based in 11 markets, which includes India.
8th December 2015.
AIA to hike stake in life insurance with Tata Sons
Tata Sons and AIA came announced an agreement where AIA will increase its shareholding in Tata AIA Life Insurance Company from the current level 26% to 49%. AIA brought additional 23% stake but the financial details of the deal were not revealed. Meanwhile, Nippon Life has decided to increase its stake in Reliance Life Insurance from 26% to 49% for Rs.2,265 crore. Sun Life Financial is increasing Rs.1,664 crore in Birla Sun Life Insurance. Bupa is also investing Rs.191 crore in Max Bupa Health Insurance to increase its stake to 49%. ICICI Bank sold 6% of its share to Premji Invest and Temasek.
7th December 2015
New scheme “Fortune Guarantee” launched by Tata AIA Life Insurance
Tata AIA Life Insurance has launched a new and unique scheme known as Fortune Guarantee. The product is unique since it is designed to offer guaranteed returns to customers who invest in this scheme. The company wanted to launch a simple to understand and rewarding product among a host of complex insurance products that the country currently has.
Customers who avail Fortune Guarantee will have to pay policy premium for a term of 5 years and will then reap guaranteed benefits at the end of 10 years. The scheme also offers a high cover benefit with 10 times the annual premium. Female customers are offered higher maturity benefit. The scheme is set to become popular among young professionals who wish to amass good returns as well as a substantial corpus. With the promise of long-term and guaranteed gains, the scheme is sure to become popular among customers.
Tata AIA is a joint venture between Tata group of India and AIA insurance company which is the largest insurance provider in the Asian region.
31st July 2015
Tata Life’s ‘Daddy aur Zoey’ will warm your heart!
Tata Life has launched a new communication campaign to showcase its brand makeover. The first in the series is an ad film titled ‘Daddy aur Zoey’ that explores the bond between a father and son. The ad explores the relationship between a father and son through events that happen in their life everyday. The four minute ad is further split into smaller segments of 30-50 seconds.
The ad depicts how the dad wants to give the best to his son and tries to be the superhero in his life. The ad ends with the message ‘We live for the happiness of our loved ones’. The main idea behind the campaign is to put the message across that life insurance is all about keeping your loved ones happy and safe.
1st July 2015
Tata Life to offer insurance through bancassurance with Citibank
Tata Life, a private life insurance company has partnered with Citibank, a consumer division of Citigroup to offer insurance products. The plan is to launch 9 insurance products including 4 ULIPs, one term plan, 2 non-participating and 2 participating traditional plans. The main aim of this move is to reach more customers not only through the bank branches but also through digital presence. There are talks of including 15 more products in the next six months. Tata Life is planning to use Citibank’s ATM network to sell its products in the future thus widening its market.
30th June 2015
Choose Tata AIA Money Back Plus plan for regular returns
Tata AIA Money Back Plus plan is a traditional insurance cum investment plan where the returns depends on performance of participating fund. The plan has a premium paying period term of only half the years of the policy term and regular returns are available at regular intervals during the term. The maturity benefit is a faction of sum assured and is available on surviving the term; the longer the term, the higher the maturity benefit will be. The performance of the participating fund is linked to returns under this plan. The bonuses are declared yearly, which become guaranteed after that and becomes payable on maturity and death. In case of death during term, the insured will get either 10x of his annual premium or the sum assured, provided he has paid 105% of premiums on that date. A personal accident cover is included in the policy which doubles the sum assured in case death is due to accident.
28th May 2015
'Smart Growth Plus' – A New Life Insurance Solution by TATA AIA Life Insurance
Tata AIA Life Insurance Company launches “Smart Growth Plus”, a new life insurance solution. It is a non-linked, participating, endowment assurance plan. This plan is designed to offer 3-2-1 benefits which include triple enhancements with two bonuses and one guaranteed addition. Also, the plan offers two times protection cover through its inbuilt Accidental Death Benefit (ADB) facility. The customers can enjoy a wide range of benefits under this new plan launched by TATA AIA Life Insurance Company. The plan also offers a guaranteed addition of 5.5% of sum assured per year during the first five years of the policy term. This is done to increase the savings of its customers. “Smart Growth Plus” offers Compound Reversionary Bonus (CRB) accumulated yearly from the 6th policy anniversary, and a Terminal Bonus which is a portion of the accumulated CRB.
13th March 2015
Tata AIA Life launches drive to revive lapsed policies
Tata AIA Life Insurance has launched a campaign that is meant to help targeted customers revive their life insurance policies that may have lapsed. The plan is subject to certain conditions but the plan is intended to help customers revive policies and get help in understanding how they can manage their policies better while also learning about new services launched by the company. Customers can visit the branches of TATA AIA on predefined days which will be communicated via SMS and emails.
The main features of this scheme are:1.The scheme is open to people whose premiums were due between April 2012 and January 2015. 2.Those who choose to revive the policy will not be required to pay any interest. 3.They will also not be required to submit medical certificates for reinstatement of the policy. 4.The scheme is valid up to the 31st of March 2015
9th March 2015
Tata AIA Life Insurance Co. Reaches Audiences with ‘Daddy Aur Zooey’ Campaign
Tata AIA Life Insurance Co. undertook to revamp its brand image through its newly launched ‘Daddy Aur Zooey’ campaign. The company has roped in JWT, a leading ad agency, to devise the campaign. A television commercial, forming part of the campaign, goes to the heart of the matter by addressing the emotional aspects of life insurance. That, the importance of a financial protection product like life insurance is the security of a person’s dependents i.e. the people who matter the most to the insured person. By making the emotional connect of providing for one’s family even in the face of uncertainty, Tata AIA Life’s campaign hopes to underline the value of a good life insurance policy and thereby garner trust and goodwill among customers. The commercial airs in three parts and was also released on YouTube in a shareable internet video format. This campaign was launched at a time when major insurance players in the industry are gearing up to revamp their market identities.
20th February 2015