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  • Tata Aia Group Term Life Plan

    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

    Our daily life revolves around interacting with a number of people, be it our friends, colleagues, or family. For groups, this interaction is pivotal, with their success or failure depending on how well the members perform. Performance of members on the other hand is linked to how secure they feel, with insurance often being an added incentive for them to stay with the organisation, which eventually reflects on their performance as well. The Group Term policy from Tata AIA is a non-linked, non-participating group scheme which can be renewed annually. It is designed for both, employer – employee, and non-employer – employee groups.

    Eligibility – Who is the Tata AIA Life Insurance Group Term Plan for?

    Groups looking to secure the life of their members through this plan should keep these basic eligibility criteria in mind.

    Parameters Criteria for eligibility
    Minimum age at entry 14 years
    Maximum age at entry 84 years
    Maximum age at maturity 85 years
    Minimum group size For employer - employee groups - 10 members For non-employer – employee groups – 50 members
    Maximum group size NA

    Sum Assured and Premium Range – What you get and what it costs

    Sum Assured – A life insurance policy pays a certain amount if the policyholder passes away during the policy term. Being a group plan, there is no sum assured offered on maturity. Tata AIA has designed this plan in such a way that groups of different sizes and budgets can utilise the services provided by the product. The sum assured is paid to the nominee of an individual member if he/she passes away. It is to be noted that the values mentioned in the table are per member, and not the group as a whole.

    Minimum Sum Assured Rs.5,000
    Maximum Sum Assured No upper limit

    Premium* - A master policyholder/head of group is expected to pay premiums towards the policy in order to avail the cover offered by the plan. This premium could either be adjusted with the salary of group members or could be paid solely by the master policyholder. The premium varies based on the number of members in a group, with it possible to get lower rates if there are more members in the group.

    Plan type Group term insurance scheme
    Term of the policy 1 year
    Premium Payment Term 1 year
    Premium Payment Mode
    • Monthly
    • Quarterly
    • Half-yearly
    • Yearly
    Minimum Monthly Premium Amount NA
    Maximum Monthly Premium Amount Based on sum assured
    Minimum Quarterly Premium Amount NA
    Maximum Quarterly Premium Amount Based on sum assured
    Minimum Half-yearly Premium Amount NA
    Maximum Half-yearly Premium Amount Based on sum assured
    Minimum Yearly Premium Amount NA
    Maximum Yearly Premium Amount Based on sum assured

    *The premium paid depends on the entry age of member, number of members, sum assured chosen, etc.

    Plan Coverage – What the Tata AIA Life Insurance Group Term Plan covers

    This group plan is designed to provide life cover to members. As such, it is not an investment/savings plan, offering no returns on maturity.

    Death Benefit If any member of a group insured under this plan passes away during the policy term, the insurer will pay the nominee a death sum assured. This sum is equal to the amount for which an individual is insured. The policy will continue to provide protection to other members in the group even after paying the death benefit for a particular member.
    Maturity Benefit This plan does not provide any benefit on maturity of the policy.

    Riders/Add-on plans – Additional coverage under the Tata AIA Life Insurance Group Term Plan

    An employer/head of group cannot enhance the cover offered under this plan by adding a rider to it.

    Exclusions – What the Tata AIA Life Insurance Group Term Plan does not cover

    The two exclusions under this policy are listed below:

    • Suicide – The insurer will not pay any death benefit to the nominee if the policyholder commits suicide. The mental frame of the policyholder will not be taken into consideration. Given the fact that this is a yearly renewable policy, the date of suicide doesn’t really matter, with official requirements stating that no benefit is payable if suicide is committed within a year of being covered under the policy/within a year of reinstating the policy. In such cases, the nominee will be paid the premium amount minus all government charges. The policy will continue to protect other members in the group even if a single member commits suicide.
    • Death before policy cover – The insurer will not pay any death benefit if a policyholder passes away before the date of policy commencement. Similarly, if demise occurs before the reinstatement date no benefit will be paid.

    Other Key Features

    Grace period The master policyholder is provided a grace period of 30 days if he/she pays the premium either annually, bi-annually, or quarterly. If the premium is paid each month, the grace period is limited to 15 days.
    Free look period A policyholder can choose to return the policy if he/she does not agree with the terms and conditions of the plan. A 30 day period is provided if the policy was purchased through any distance marketing mode. This period is reduced to 15 days if the policy was purchased through other modes.
    Revival It is possible to revive a lapsed policy by paying all premiums and dues before the policy term ends. Revival is subject to approval by the company and is not guaranteed.
    Surrender Members of a surrendered policy can opt for individual cover.
    Loan There is no loan facility offered under this scheme.

    Tax Benefits – How you can save with the Tata AIA Life Insurance Group Term Plan

     

    The master policyholder is eligible to save money on taxes when he/she pays the premium for this plan. The premiums paid can be claimed as tax deduction under Section 80C of the Income Tax Act. The quantum of permitted deduction depends on the current tax slabs, with Rs.1.5 lakh being the maximum amount for 2017-18.

    Why you should buy the Tata AIA Life Insurance Group Term Plan

    Buying the Group Term Plan is a smart investment, even if there are no monetary returns on offer. Members of the group are protected, enabling them to perform their duties without having to worry about their loved ones in case of any eventuality. With regards to an employer/group head, the policy accords protection to members at affordable rates, with it possible to increase the number of people covered under the plan.

    A master policyholder can choose to renew a policy if he/she is happy with it, with Tata AIA providing an option for yearly renewal. This helps build trust and confidence among all stakeholders. The biggest advantage of this plan is the insurer, with Tata AIA having a high reputation in the country. AIA is regarded as one of the leading insurers in the world, bringing modern solutions to the Indian market. The company has one of the highest claim settlement ratios in the country, which stood at 96.80% as of 2015-16. This in itself provides proof that the money invested in a life insurance policy is safe, with genuine claims cleared without hassles.

    For companies which already manage huge resources, a hassle-free claim settlement process is a boon, making this policy extremely attractive.