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  • Tata Aia Monthly Insurance 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

    The Tata AIA Life Insurance Monthly Insurance Plan is a participating, non-linked, endowment assurance policy that helps policyholders invest a small sum of money every month for their preferred policy term and receive a large corpus at maturity. In addition, policyholders are also protected by a life cover that can help secure their life and the lives of their loved ones.

    Policyholders can decide on a monthly premium that’s feasible for them. Premiums for the Tata AIA Life Insurance Monthly Insurance Plan start from Rs.2,000. This policy also guarantees accrued yearly additions and bonuses (Compound Reversionary Bonus and Terminal Bonus) to further enhance the corpus at maturity.

    This plan also guarantees a Sum Assured, which will be paid to the policyholder at maturity. Policyholders are given the added option to improve the life cover with additional riders, and can also take a loan against the policy and avail tax benefits as per the prevailing tax laws.

    Eligibility - Who is the Tata AIA Life Insurance Monthly Insurance Plan for?

    Insurance providers usually set eligibility criteria which need to be met by policyholders in order to avail the protection accorded by the plan. For the Tata AIA Life Insurance Monthly Insurance Plan, individuals must fulfil the following criteria:

    Parameters Criteria for eligibility
    Minimum age at entry 30 days
    Maximum age at entry 50 years
    Minimum age at maturity 18 years
    Maximum age at maturity 70 years
    Plan options to choose from Sum Assured will vary based on Investment Returns of 4% or 8% p.a.

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured

    Under the Tata AIA Life Insurance Monthly Insurance Plan, the guaranteed Sum Assured will be based on the length of the policy term and total premiums paid by the policyholder. The minimum and maximum premiums for this plan are:

    Minimum Sum Assured Rs.1,14,282
    Maximum Sum Assured Depends on the maximum premium that a policyholder can pay.

    Premiums*

    The premium is a sum of money that the policyholder needs to pay to the insurer to keep the policy active. For the Tata AIA Life Insurance Monthly Insurance Plan, policyholders need to pay premiums on a monthly basis.

    Minimum term of the policy 15 years
    Maximum term of the policy 20 years
    Premium Payment Term (PPT) 7 years PPT for policy term of 15 years 10 years PPT for policy term of 20 years
    Premium Payment Mode Monthly premium payment only
    Minimum Premium Amount Rs.2,000
    Maximum Premium Amount The maximum premium amount will vary based on the board’s Approved Underwriting Policy.

    *Premiums vary based on age, location, plan term, prevailing taxes/GST and other factors

    Plan Coverage - What the Tata AIA Life Insurance Monthly Insurance Plan covers?

    The Tata AIA Life Insurance Monthly Insurance Plan provides policyholders and nominees with many benefits. While some of these benefits are guaranteed at the time of enrolment, some benefits are subject to how well Tata AIA Life Insurance performs during the year. Given below are the benefits that are provided to policyholders under this plan:

    Survival Benefit Accrued yearly additions are paid to the policyholder at the beginning of the last policy year. Provided that all due policy premiums have been paid, a Guaranteed Yearly Addition, which equals one month’s premium (excluding any extra premium), will be accrued at the start of each policy year, from the very first year.
    Death Benefit The death benefit payable to the nominee will be the higher of:
    • Sum Assured with the addition of the Accrued Guaranteed Yearly Additions till the year of death, the Vested Compound Reversionary bonus and Terminal bonus, or
    • 105 times the total premiums paid by the policyholder till the date of death.
    Maturity Benefit The insurer will pay the sum of the benefits listed below:
    • Guaranteed Sum Assured/Basic Sum Assured
    • Vested Compound Reversionary Bonuses
    • Terminal Bonuses, if any
    Bonuses The policyholder is entitled to the following bonuses:
    • Compound Reversionary Bonus (CRB): CRB is accrued annually and will be payable on death, maturity or surrender of the policy.
    • Terminal Bonus: This may be declared by the insurer as a percentage of vested CRB. It is payable on death or surrender of the policy only if the policyholder has completed the required Premium Paying Term, or after maturity of the policy.

    Riders / Add-On Plan - Additional coverage under the Tata AIA Life Insurance Monthly Insurance Plan

    Policyholders are given the option to enhance/customise their policy with the following rider:

    • Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider: This rider helps the policyholder secure the life of his/her dependants in case an accidental death or dismemberment were to happen to the life assured. The insurer will pay the policyholder/nominee a percentage of the Rider Sum Assured in cases of death or severe dismemberment.

    Exclusions - What the Tata AIA Life Insurance Monthly Insurance Plan doesn’t cover?

    • If the policyholder commits suicide within 12 months from the date of inception of the policy, the nominee will be paid the sum of the total premiums paid.
    • If the policyholder commits suicide within 12 months from the date of revival of the policy, the nominee will be paid the higher of the sum of total premiums paid or the Surrender Value that the policy has acquired, as on the date of death.

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

    A few other features that may help you make an informed decision are listed below:

    Free-look period For this policy, the free-look period is 15 days, or 30 days in case the policy is purchased through distance marketing, during which you can return the policy, if you are unsatisfied with the terms and conditions.
    Surrender value The policyholder can surrender the policy any time during the policy term. The Surrender Value payable will be the higher of the Guaranteed Surrender Value or the Special Surrender Value.
    Grace period From the last premium pay-by date, policyholders are given a grace period of 15 days. During the grace period, the policy will be running with full risk cover.
    Revival If the policyholder defaults on due payments, even beyond the Grace Period, he/she can revive the policy within two years since the date of the first due premium.
    Loan Policyholders can take a loan against this policy provided it acquires a Surrender Value. The loan can be applied for an amount that’s within 65% of the Surrender Value.
    Nomination Nomination is permitted as per Section 39 of the Insurance Act, 1938.
    Assignment Assignment is allowed as per Section 38 of the Insurance Act, 1938.
    Advance Premium Premiums can be collected in advance, provided it is collected within the same financial year.

    Tax Benefits – How you can save with the Tata AIA Life Insurance Monthly Insurance Plan?

     

    Under this plan, all premiums paid will be eligible for tax benefits under Section 80 (C) of the Income Tax Act, 1961. Tax laws are subject to change without prior notice, so ensure you consult with a tax consultant from time to time.

    Other Benefits:

    Customers can also access a host of other benefits, such as:

    • View NAV: Customers can view the NAV (Net Asset Value) for various Tata AIA Life Insurance funds. To check the fund value, one simply needs to click on the respective tab on the website, choose the correct fund name and insert the time period.
    • Claims Intimation and Tracking: Now, customers can intimate the insurer about the claim and track claims online in a hassle-free manner.
    • Customer Service: For any queries, customers can reach out to the Customer Service team using the Online Customer Portal, calling them on the dedicated toll-free number, 1-860-266-9966, or emailing  the team at customercare@tataaia.com.
    • Track Applications: Customers can also track their applications online by simply entering their policy number.
    • Online Payment Options: For hassle-free and quick payment options, customers can make all their premium payments through their e-devices, via multiple channels such as, mobile wallets, NEFT, credit/debit cards, etc.

    Why you should buy the Monthly Insurance Plan from Tata AIA Life Insurance

    A joint venture between the Tata Sons Ltd. and AIA Group Ltd., Tata AIA Life Insurance is currently one of the top insurance providers in India. At the end of FY 2016, the Claim Settlement Ratio reported by the company was 96.8%. Tata AIA Life is also the proud recipient of the Golden Peacock Award for Risk Management in 2016. The wide range of insurance offerings by  Tata AIA Life Insurance serve the varying needs of all customers.

    The wide range of benefits offered by the Tata AIA Life Insurance Monthly Insurance Plan, such as the Guaranteed Sum Assured at maturity, loan against the policy, tax benefits, bonus, maturity benefits, etc., make this policy ideal for anyone wanting to protect themselves and their loved ones against future uncertainties.