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  • Tata Aia Group Insurance Plans

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Helping your employees save for their future is a good way to boost employee morale. Keeping employer-employee responsibilities in mind, Tata AIA Life Insurance Company Limited offers 3 excellent group insurance plans that offer financial protection, life cover, and tax benefits to the group members. From annuity plans to insurance coverage for loans, these non-participating group insurance plans are beneficial for those who want to be prepared for unforeseen unfortunate events.

    Benefits of Tata AIA Group Insurance Plans

    Under Tata AIA Group Insurance Plans, you can get the following benefits:

    • Insurance coverage for principal outstanding loan under the Tata AIA Life Insurance Group Total Suraksha plan. Optional coverage for co-borrower of the loan available under the same plan.
    • Financial protection for the family in the unfortunate event of the demise of the insured member under the Tata AIA Life Insurance Group Term Life plan.
    • Opportunity to convert employee’s retirement corpus into regular income for the rest of his or her retired life under the Tata AIA Life Insurance Immediate Annuity plan.
    • Tax benefits on premiums paid under Section 80C of the Income Tax Act, 1961.

    List of Group Insurance Plans Provided By Tata AIA Life Insurance Company Limited

    The following are the group insurance plans offered by TATA AIA Life Insurance Company Limited:

    • Tata AIA Life Insurance Group Total Suraksha: This is a unique non-participating group insurance plan offered to lending institutions such as banks and NBFCs, and borrowers of the institution will be enrolled as individual insured members under the group insurance policy. In the unfortunate event of the demise of the insured member, the outstanding principal loan will be paid off by the company.
      • Benefits and features of Tata AIA Life Insurance Group Total Suraksha plan are as follows:

        • Life Cover for insured members.
        • Flexible Sum Insured options.
        • Excellent group premium rates.
        • Simple and easy enrollment and claim processes.
        • Single premium payment.
        • Insurance coverage is either linked to the principal outstanding loan or the level sum insured coverage.
        • Option to offer coverage for co-borrower of loan.
        • Tax deduction under Section 80C of the Income Tax Act, 1961.
        • Minimum group size of 50 members.
    • Tata AIA Life Insurance Group Term Life: This group insurance plan offers financial protection to your loved ones in the unfortunate event of the demise of the breadwinner of the family. The beneficiary of the insured member will receive the Sum Assured as the death benefit. This is a non-linked, non-participating group term plan that can be renewed yearly.
      • Benefits and features of Tata AIA Life Insurance Group Term Life plan are as follows:

        • Minimum group size of 50 members for non-employer-employee groups and 10 members for employer-employee groups.
        • Sum Assured: Minimum Rs.5,000 to maximum no limit.
        • Policy Term: 1 year renewable.
        • Payment modes: Yearly, half-yearly, quarterly, monthly.
        • Tax deduction under Section 80C of the Income Tax Act, 1961.
        • In the case of group policy surrender, individual members have the option to continue the policy as an individual plan.
    • Tata AIA Life Insurance Immediate Annuity: This group insurance plan with Return of Purchase Price option is the ideal solution to convert your employee's retirement corpus into regular income.
      • Benefits and features of Tata AIA Life Insurance Immediate Annuity plan are as follows:
        • Depending on the age and purchase price, Tata AIA Life guarantees you an annuity rate per thousand at the time of purchase.
        • Members can choose to receive post dated cheques or direct credit into their bank accounts via PDCs or ECS.
        • Annuity is paid for life.
        • Upon the demise of the insured member, the purchase price is paid to the beneficiary.
        • Flexible annuity payment modes: Yearly, half-yearly, quarterly, monthly.

    List of group insurance plans provided by Tata AIA Life Insurance Company Limited:

    Plan Name Entry Age Maturity Age Premium
    Tata AIA Life Insurance Group Total Suraksha Minimum 14 years to maximum 65 years old Up to 75 years of age Single premium is calculated based on the entry age of the member, chosen Sum Assured, policy term, and type of coverage
    Tata AIA Life Insurance Group Term Life Minimum 14 years to maximum 84 years old Up to 85 years of age -
    Tata AIA Life Insurance Immediate Annuity Minimum 21 years to maximum 80 years old - Single Premium

    Why one needs Tata AIA Group Insurance Plans?

    The retail Claims Settlement Ratio of Tata AIA Life was 96.8% at the end of FY16. Tata AIA Group Insurance Plans offer financial protection, insurance cover, and tax benefits for the insured member and his or her family. Other benefits of purchasing a group plan from Tata AIA Life includes:

    • Boost employee morale with an annuity plan.
    • Protect your loan repayment in the case of unforeseen unfortunate events.
    • Simple enrollment process with a minimum group size of 10 to 50 members.
    • Easy premium payment method.
    • Flexible payout options.
    • Easy claim process.

    This insurance company/organisation is not a partner of Bankbazaarinsurance.com. The content provided here is for informational purposes only. Readers should visit the branch office/website of the insurer for more details. The logos, trademarks, and other intellectual property on display belong to their respective owners.