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  • Tata Aia Group Total Suraksha 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

    Tata AIA Life Insurance is a leading private insurance provider in India. The company offers excellent insurance plans for both individuals and groups. The Tata AIA Life Insurance Group Total Suraksha Plan is a non-participating plan that is offered to groups. The plan is provided to members of groups who are looking for financial protection for their family members.

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

    This plan is offered to members who belong to groups such as financial institutions, banks, non-banking financial corporations (NBFCs), and any other business organisation that offers or approves personal loans, home loans, car loans, education loans, and more. Under this plan, a member is someone who has taken a loan from any of these institutions. The member will be the life insured. During the policy period, if the life insured passes away, the unsettled principal loan amount will be paid by the company on behalf of the policyholder. Let us take a look at the eligibility criteria that needs to be met while applying for this plan:

    Minimum entry age 14 years as on your last birthday
    Maximum entry age 65 years as on your last birthday
    Minimum group size 50 members
    Maximum coverage 75 years

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

    When you choose the Tata AIA Life Insurance Group Total Suraksha Plan, you can go for reducing sum assured or level sum assured options. The group premiums for this plan are reasonably priced depending on various factors such as your age, income, policy period, and sum assured. Let us take a look at the details regarding the sum assured and premium range:

    Minimum basic sum assured Rs.1,000
    Maximum basic sum assured There is no maximum limit. It depends on underwriting.
    Minimum policy period 2 years (for individual members)
    Maximum policy period 35 years (for individual members)
    Premium This depends on the group member’s entry age, the policy term, the income of the group member, proposed sum insured, type of coverage selected, etc.

    For a single policyholder, the premium will be fixed according to the factors that are mentioned above. For joint life coverage, premiums will be fixed for both policyholders and discount will be provided to the younger life.

    ***Premiums vary based on age, location, plan term and other factors.

    Plan coverage – What the Tata AIA Life Insurance Group Total Suraksha Plan covers

    With the Tata AIA Life Insurance Group Total Suraksha Plan, extensive life protection will be given to the group member. Each policy will have a master policyholder. You will be required to make only a single premium payment. The best thing about this plan is that there is no waiting period. You will receive coverage from the first day itself after your policy is sanctioned. You can choose to give insurance coverage to the co-borrower of your loan. Let us take a look at what this plan covers:

    Death benefit When the policyholder passes away, the nominee will receive a death benefit from the company. Once the payment is made, Tata AIA Life Insurance will not have any liability to the group insured member whose claim has been settled and the master policyholder. If the level insurance cover option is chosen, the sum assured will be constant for the entire policy period.
    Death benefit for joint life coverage In the case of joint life coverage, the death benefit will be given when the first joint life member passes away. The insurance coverage for the joint life member who is surviving will terminate. If the master policyholder places an exclusive request to retain the coverage for the surviving policyholder, then the member will be seen as a new member with premiums that apply.

    Exclusions – What the Tata AIA Life Insurance Group Total Suraksha Plan doesn’t cover

    Under the Tata AIA Life Insurance Group Total Suraksha Plan, if the insured group member commits suicide in 1 year from the commencement of the policy, then no death benefit will be paid.  If the joint insured member commits suicide in 1 year after the policy commences, then the liability of the policy will be a refund of the premium paid along with the cover that is payable to the surviving joint insured member.

    Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.

    Let us discuss the other significant features and facilities offered by the Tata AIA Life Insurance Group Total Suraksha Plan:

    Free look period The policy offers a free-look period of 15 days  for policies purchased via regular mode. If the policy has been bought via distance marketing mode, then you will get a grace period of 30 days.
    Surrender value When you surrender your policy coverage under this plan, you will receive a surrender value. A formula will be applied to calculate the surrender value. Reducing Sum Assured benefit option: Surrender value = (65% of the premium paid less government levy) x (unexpired policy term / total policy term) x (Sum Assured benefit at the time of surrender / Sum Assured at inception) Sum Assured benefit option: Surrender value = (65% of the premium paid less government levy) x (unexpired policy term / total policy term)

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

     

    With this plan, you can enjoy tax exemptions as per Income Tax Act, 1961 under Section 80C when you make your premium payments.

    Other benefits – How you can save with the Tata AIA Life Insurance Group Total Suraksha Plan

    These are the other advantages of taking this plan:

    • You do not have to go through any waiting period when you take this policy.
    • The claim process for this plan is very simple.
    • You can track your insurance policy application online.
    • You can check out the NAV for every plan on the company’s website.
    • The enrollment process for this plan is very easy.

    Why should you buy the Group Total Suraksha Plan from Tata AIA Life Insurance?

    Tata AIA Life Insurance is a first-class insurance company in India that is dedicated to extending life insurance to every individual in the nation irrespective of his or her economic conditions. . This plan from Tata AIA Life Insurance supports institutions and groups that lend money to people for multiple purposes. When you go for Group Total Suraksha Plan from Tata AIA Life Insurance, your outstanding loan amount will be handled by the company when you are not around. Your dependents will not have to bear the burden of paying back your dues.