• Tata Aia Traditional Riders

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    Tata AIA Life Insurance Company Limited offers five different traditional rider plans that are designed for the proposer and the life insured of a base policy. These riders provide enhanced protection to the nominees or the policyholders in the case of an unforeseen unfortunate event such as a dismemberment or demise.

    Benefits of Tata AIA Traditional Riders

    • Enhanced Protection: With Tata AIA Traditional Riders, in the case of unfortunate events such as a death or disability, all the future insurance premiums are waived or a lump sum amount equal to sum assured is paid to the nominee.
    • Premium Waiver: Under the Tata AIA Life Insurance Waiver of Premium Plus Rider, Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider, and Tata AIA Life Insurance Waiver of Premium (Linked) Rider, in the case of a total and permanent disability or demise of the proposer, the company will waive all future premiums of the base plan and rider charges will cease.
    • Tax Benefits: Premiums paid under this rider are eligible for tax deductions under Section 80C and Section 80D of the Income Tax Act, 1961. Life insurance proceeds under this rider are eligible for tax benefits under Section 10(10D) of the Income Tax Act, 1961.

    List of Traditional Riders provided by Tata AIA Life Insurance Company Limited

    Tata AIA Life Insurance Company Limited offers five  traditional riders to best suit the varying insurance needs of  customers:

    • Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider: With this rider, in the unfortunate event of the death or dismemberment of the life insured, his or her family receives financial protection to overcome the trauma. This rider can be purchased at the time of policy inception.
      • Benefits and features of Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider are as follows:
        • Death Benefit: In the case of an accidental death, the nominee is paid an amount equal to the rider sum assured. In the case of dismemberment, the nominee is paid a percentage of the rider sum assured.
        • Sum Assured: Rs.50,000 to the sum assured chosen for the base policy.
        • Rider Term: Same as base policy.
        • Premium Payment Frequency: Same as the premium payment term of the base policy or up to 70 years, whichever is earlier.
        • Premium Payment Mode: Depending on the premium payment term of the base plan or 70 years of age, whichever is earlier.
        • Tax Benefits: Premiums paid under this rider are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Life insurance proceeds under this rider are eligible for tax benefits under Section 10(10D) of the Income Tax Act, 1961.
    • Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider: This rider is for the proposer of the base plan. In the case of an unforeseen unfortunate event, the proposer may not be able to pay the insurance premiums and as a result the policy could lapse. This rider ensures that the insurance benefits continue in such an event. The rider can be attached to individual linked insurance plans. This rider can be purchased at the time of policy inception.
      • Benefits and features of Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider are as follows:
        • Premium Waiver: In the case of a total and permanent disability or demise of the proposer, the company will waive all future premiums of the base plan and rider charges will cease.
        • Sum Assured: Sum of all the future premiums of the basic plan to be waived.
        • Rider Term: Minimum 5 years to maximum same as the premium payment term of the base policy.
        • Rider Charge: The charge for the rider will be recovered monthly by cancellation of units from the unit fund of base policy.
        • Tax Benefit: Premiums paid under this rider are eligible for tax deductions under Section 80D of the Income Tax Act, 1961.
    • Tata AIA Life Insurance Waiver of Premium (Linked) Rider: This rider is for the life assured (where the life assured and the proposer are the same) of the base policy. In the case of an unforeseen unfortunate event, the life assured may not be able to pay the insurance premiums and as a result the policy could lapse. This rider will ensure that the insurance benefits continue in such an event. The rider can be attached to any Tata AIA Life individual linked insurance plans at the time of policy inception.
      • Benefits and features of Tata AIA Life Insurance Waiver of Premium (Linked) Rider are as follows:
        • Premium Waiver: In the case of a total and permanent disability or demise of the life assured, the company will waive all future premiums of the base plan and rider charges will cease.
        • Sum Assured: Sum of all the future premiums of the basic plan to be waived.
        • Rider Term: Minimum 5 years to maximum same as the premium payment term of the base policy.
        • Rider Charge: The charge for the rider will be recovered monthly by cancellation of units from the unit fund of base policy.
        • Tax Benefit: Premiums paid under this rider are eligible for tax deductions under Section 80D of the Income Tax Act, 1961.
    • Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider: With this unit deducting rider, in the unfortunate event of the death or dismemberment of the life insured, his or her family is provided financial protection to overcome the trauma. This rider can be purchased at the time of policy inception.
      • Benefits and features of Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider are as follows:
        • Death Benefit: In the case of an accidental death, the nominee is paid an amount equal to the rider sum assured. In the case of dismemberment, the nominee is paid a percentage of the rider sum assured.
        • Sum Assured: Rs.50,000 to the sum assured chosen for the base policy.
        • Rider Term: Same as the base policy.
        • Premium Payment Frequency: Same as the premium payment term of the base policy or up to 70 years, whichever is earlier.
        • Premium Payment Mode: Depending on the premium payment term of the base plan or 70 years of age, whichever is earlier.
        • Tax Benefit: Premiums paid under this rider are eligible for tax deductions under Section 80D of the Income Tax Act, 1961.
    • Tata AIA Life Insurance Waiver of Premium Plus Rider: This rider is for the proposer of the base plan. If the proposer fails to pay the insurance premiums due to an unfortunate event, the policy may lapse. This rider ensures that the insurance benefits continue in such an event. The rider can be attached to individual linked insurance plans at the time of policy inception.
      • Benefits and features of Tata AIA Life Insurance Waiver of Premium Plus Rider are as follows:
        • Premium Waiver: In the case of a total and permanent disability or demise of the life assured, the company will waive all future premiums of the base plan and rider charges will cease.
        • Sum Assured: Sum of all the future premiums of the basic plan to be waived.
        • Rider Term: Minimum 5 years to maximum same as the premium payment term of the base policy.
        • Rider Charge: The charge for the rider will be recovered monthly by cancellation of units from the unit fund of base policy.
        • Premium Payment Mode: Same as the base policy.
        • Tax Benefit: Premiums paid under this rider are eligible for tax deductions under Section 80D of the Income Tax Act, 1961.

    List of all riders provided by Tata AIA Life Insurance Company Limited:

    Riders Entry Age Maturity Age
    Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider 18 to 60 years Up to 70 years
    Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider 18 to 60 years Up to 65 years
    Tata AIA Life Insurance Waiver of Premium (Linked) Rider 18 to 60 years Up to 65 years
    Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider 18 to 60 years Up to 70 years
    Tata AIA Life Insurance Waiver of Premium Plus Rider 18 to 60 years Up to 65 years

    Why one needs Tata AIA Traditional Riders?

    Tata AIA Life Insurance Company Limited is considered one of the largest independent-listed pan-Asian life insurance group across 18 markets in Asia Pacific. By the end of FY16, the retail Claims Settlement Ratio of Tata AIA Life was 96.8%. From enhanced financial protection to premium waivers, Tata AIA Traditional Riders offer the proposer, life insured, and the nominee much needed financial assistance in the event of a disability or demise.

    In addition to enhanced protection, these riders also offer tax benefits on premiums paid as per the Income Tax Act, 1961.

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