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Tata AIA 1 Crore Term Plan

Tata AIA Life Insurance is one of the joint ventures of AIA group and Tata Sons with a stokehold of 51% and 49%, respectively. The company boasts of a flawless combination of efficiency and experience. The Tata AIA Life Insurance Company Limited was authorized to function in India on 12th February 2001, and the functioning of the company in the Indian Life Insurance Market started on 1st April 2001. Tata AIA aims to safeguard the financial stability of 3 million consumers by offering them a life cover policy.

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Tata's outstanding leadership and the recognition of AIA as one of the largest pan-Asian independent life insurance groups worldwide with around 18 markets in the Asian Pacific region alone have made the Tata AIA group one of the most reliable insurance companies in India.

Tata AIA offers numerous term plans to benefit salaried individuals by covering their life and providing financial assistance to their families in case of their death. Tata AIA 1 Crore Term Plan is also provided under various schemes that offer a lump sum amount of 1 Crore to the insured person's family in case of his/her death. However, such term plans are valid only for a particular duration referred to as the policy term. The policyholders or their families cannot claim any benefits on the maturation of the policy.

The different Tata AIA 1 Crore Term Plans are:

Tata AIA iRaksha Supreme
Tata AIA iRaksha Trop
Tata AIA Life MahalLife Supreme

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

Eligibility Criteria for TATA AIA 1 Crore Term Insurance Plan

Tata AIA 1 Crore Term Plan is provided under various schemes, and the eligibility criteria for different schemes are different. The age restrictions for different term plans that offer an assured sum of 1 Crore are summarized below.

Tata AIA Life iRaksha TROP

This is a non-linked, non-participating term insurance plan that can be purchased online. This plan not only ensures that your family is protected financially in case of your demise but also facilitates your family in receiving back all the premium values paid towards the plan at the end of the policy term. The received premium amount shall not include interest, tax, or underwriting additional premium.
- The minimum entry age for this plan is 18 years, and the maximum age is 65 years.
- The minimum policy term is 10 years, and the maximum policy term is 35 years.
- The minimum sum assured is INR 50 Lakh, and there is no maximum limit on the assured sum.
- The payable annual premium's minimum value shall be INR 12854. However, the maximum premium value depends on the assured sum and various other factors.
- The premiums are payable in single, annual, or semi-annual modes for 5 years or 10 years, depending on the policy term.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying the plan.
Tata AIA Life iRaksha Supreme:
- The minimum and maximum entry age of the plan is 18 and 70 years, respectively.
- The maximum age at which the policy matures is 80 years.
- The sum assured to the insured life is a minimum of INR 50 Lakh, and there is no maximum limit of the assured sum.
- The policy term shall extend from 10 years to 40 years, depending on the requirement of the policyholder.
- Premium payments depend on the policy term.
- Customers can choose to pay the premiums in semi-annual or annual modes.
Tata AIA Life MahaLife Supreme

This plan is offered under two different options – option A and option B. Both the options offer the insured person with a life cover equal to 10 times the annual premium rates. So, if the policyholder pays a minimum of INR 10000 per annum for 15 years, he/she shall be entitled to a life cover of Rs. 1 Crore. Hence, this is also one of the Tata AIA 1 Crore Term Plans.
- The minimum and maximum entry age of this term plan are 18 and 50 years, respectively.
- The plan's maximum maturation age under option A is 85 years, and the same under option B is 80 years.
- The minimum policy term under option A is 35 years, and that under option B is 30 years.
- The premium payment term is 15 years and 12 years for option A and option B, respectively.
- The minimum premium incurred per annum under option A and option B of this plan are INR 15000 and INR 20000, respectively.

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Salient Features of 1 Crore Term Plan Tata AIA

Being the only income source of the family, you may hone several bigger responsibilities. In case of unfortunate events such as your demise, you cannot rely upon anyone to extend financial support to your family. To ensure that your family is completely protected to meet all the financial uncertainties in your absence, you are recommended to purchase a Tata AIA 1 Crore Term Plan at the earliest as the plans are highly beneficial and affordable. You can consider the following term plans as the ideal solutions to secure your family's financial future.

iRaksha Trop
Maha Raksha Supreme
iRaksha Supreme

The key features of the Tata AIA 1 Crore Term plan are:

The simplest model of life insurance covers in terms of pure protection plans.
Provision to improve the protection offered by the plan through the addition of riders.
Discounted premium rates for women policy buyers.
Discounted premium rates for healthy individuals and non-smokers.

Benefits/Advantages

The crucial benefits of Tata AIA 1 Crore Term Plans are as follows:

The term plans of Tata AIA that assures a life cover benefit of INR 1 Crore generally offer a high coverage at a lower substantial premium rate.
The premium rates for the term plan remain the same irrespective of the policy tenure you choose.
Special premium value discounts are offered for female policy buyers and non-smokers.
Under Section 80C and Section 10(10D) of the Income-tax Act, the regularly paid premium values are valid to get tax benefits.
Policyholders can choose to make the premium payments in annual, semi-annual, quarterly, or monthly payment modes.
Discounts are offered on the policy purchase with higher life cover sum.
You can also choose to avail of the premium returns under a few Tata AIA 1 Crore Term Plans. Such premium return benefits pay you back the premiums paid towards the policy if you are alive till the end of the policy term.
The term plans can be purchased online from the comfort of your home. Hence, the purchase process is easy, efficient, error-free, and hassle-free due to the least or no human intervention.
Tax benefits on the paid premiums and the insured sum under sections 80C and 10(10D) of the IT Act.

“Tax benefit is subject to changes in tax laws.”

Note: Know what is term insurance first and then buy a term plan for your loved ones.

The Process to Purchase the Plans

Following are the steps to be taken in order to purchase the Tata AIA 1 Crore Term Plan online.

Step 1: Visit the official website of Tata AIA Life Insurance.

Step 2: Calculate the premium by entering the required details such as name, phone number, email address, required life cover, policy term, premium payment term, lifestyle habits, medical history, and current medical condition, etc.

Step 3: Do not forget to enter the sum assured is INR 1 Crore.

Step 4: Complete the premium payment through internet banking, mobile wallets, or e-wallets.

Step 5: You will receive a notification on your mobile and email if your policy purchase is approved. If it is not approved, the paid premium amount shall be refunded.

Step 6: You will be sent a request for a medical test report on the successful completion of the plan purchase.

Documents Required

It is an essential requirement to protect your family and provide them financial security when they encounter uncertainties such as your death. The best way to accomplish this is by purchasing a Tata AIA 1 Crore Term Plan that is pure protection plans. Tata AIA offers several term plans that secure your family to have a prosperous future.

Individuals who aspire to purchase the Tata AIA 1 Crore Term Plans shall furnish the following documents as proof of their identity, address, and income.

Passport-sized photographs

Any one of the below-mentioned documents can be presented as proof of identity:

PAN Card
Passport
Driving License
Voter's ID Card
Aadhaar Card
Job Card given by NREGA and signed by the respective State Government Authority

Any one of the following documents can be presented as address proof:

Recent post office or bank account statement
Municipal or property tax receipts
Recent month's utility bills such as electricity bills, water bills, gas bills, telephone bills, post-paid mobile bills
Rental Agreements

Additional Features

Tata AIA 1 Crore Term Plans are unique compared to other term insurance plans because of their following features.

Excellent premium rates for the chosen size of life cover and policy term.
Flexible features and benefits that can be adjusted as per the requirements of the policyholder.
Higher claim settlement ratio on the purchased term plans.

Terms and Conditions

The term plans offer a look-up period of 15 days from the date of purchase of the plan. If the policyholder is not happy with the plan provisions and wishes to cancel the contract, he can send the document back to the insurer within the free look period. The insurer will refund the entire paid premium less the stamp duty charges and any risk proportionate premium charged for the period of coverage.
No plan conversion to any other TATA AIA is permitted.
There is also no provision for taking a policy loan in these plans.
Nomination and Assignment are permitted under the plans as per the provisions of Sec 39 & Sec 38 respectively of the Indian Insurance Act.

Key Exclusions

Tata AIA 1 Crore Term plans do not offer the plan benefits under the following circumstances.

Accidental death due to driving under the stimulus of alcohol or any other drugs.
Death during participation in racing events.
Death while participating in adventurous sports.
Death due to pregnancy and parturition.
Death during participation in war or civil commotion
Death,as a result of participation in illegal or criminal activities.
Committing suicide or death due to self-inflicted damage.

Note: Check out the term insurance plan in India and choose one that suits your requirements.

FAQs

Q1. Can I purchase a term plan for my children?

A1. No. You are allowed to purchase the Tata AIA 1 Crore Term Plan only for yourself and register any of your family members as the nominee.
Q2. Do the plans offer flexibility on premium payments?

A2. Yes. The term plans of Tata AIA offer flexibility to the policyholders while paying the premiums. They can choose to pay the premiums either monthly, annually, quarterly or semi-annually.
Q3. Is the online purchase of the Tata AIA 1 Crore Term Plan secure?

A3. Yes. Online purchase of Tata AIA Term plans from the official website is absolutely safe and secure.
Q4. Do I get any grace period if I fail to make premium payments on time?

A4. Yes, the policyholders are provided with a grace period of 30 days in cases where the premium is not paid before the due date. However, if the premium is not paid even after the grace period, the plan will be blocked, and you can revive the benefits of the plan within two consecutive years from the date of blocking.
Q5. Do the policy premiums vary for smokers and non-smokers?

A5. Yes, the Tata AIA 1 Crore Term Plan premium rates are different for smokers and non-smokers. Non-smokers are offered preferentially lower premium rates.
Q6. Do I get any benefits on the maturation of the Tata AIA term plan?

A6. No. Tata AIA term plans do not offer any maturation benefits. The plan offers the assured sum to the nominee of the plan in case of the death of the policyholder before the end of the policy tenure.
Q7. Who should purchase Tata AIA 1 Crore term plan?

A7. Any salaried individual who aspires to safeguard the financial liabilities of his/her family in case of his/her death must purchase the term insurance plans of Tata AIA.
Q8. Are there any special premium rates for women?

A8. Yes. Women are offereddiscounted premium rates on the purchase of Tata AIA term insurance plans.
Q9. Are my family members eligible to claim the policy benefits if I die committing suicide?

A9. No. Suicidal deaths are not covered under the term plans of Tata AIA. However, your family can claim 80% of the premiums paid towards the plan.