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TATA AIA Life T&Cs
The terms and conditions of Tata AIA Life Insurance policy are as discussed below:
- Nomination: The policyholder is entitled to make a nomination any time during the policy tenure for payments of benefits under the policy at the time of unforseen demise of the policyholder. Nomination can be made by endorsement on the policy or by giving in writing to the insurance company. Nomination is allowed under section 39 of Insurance Act, 1938.
- Assignment: Assignment of the policy is allowed under section 38 of Insurance Act, 1938. Policy assignment can be made by an endorsement on the insurance policy.
- Suicide: In case the policyholder passes away due to suicide within the 12 months of the issuance of the policy then the claimant will receive all the premiums paid after deducting extra premiums and modal loading, the policy should be in force.
- Grace Period: Grace period is applicable in case of limited and regular premium payment policies only. A grace period of 30 days in case of yearly or half yearly payment of premium and grace period of 15 days in case of monthly mode of premium payment is allowed for the payment of each renewal premium. Non payment of premium before the expiry date results in policy cancellation. In case, the life assured passes away within the grace period, but before the payment of the premium then due, the policy will still be valid and the benefits will be paid after deductions.
- Free Look Period: A free look period of 15 days is offered where the policyholder gets the chance to review the policy. Electronic policies and policies obtained through distance mode have a free look period of 30 days. The policyholder can cancel the policy if unsatisfied with the provided policy’s terms and conditions. The policyholder needs to provide appropriate reasons for cancelling the insurance policy within 15 (or 30 days if condition applies) days from receiving the policy documents. On cancellation of the policy, the policy will terminate on payment of the refund and all rights, benefits and interests will extinguish.
- Revival: Life Insurance policies can be revived within the 2 years of policy lapse. The policy can be revived by paying outstanding premiums with the current rate of interest, submitting a duly signed written application for revival and policyholder’s health certificates. If revival of policy is opted for, it will only be considered along with revival of the base policy and not in isolation.
- Frauds: Any type of fraud, forfeiture or misrepresentation come under provisions of Sec 45 of the Insurance Act 1938 as amended from time to time. In case of any fraudulent or misrepresentation the policy is cancelled immediately by paying surrender value.
- False Age/Gender: The age and gender of the policyholder is acknowledged on the basis of age/gender mentioned in the proposal of the issued insurance policy. If the policyholder’s age is higher than that mentioned in the policy the insurance company is entitled to charge higher premiums and if the policyholder’s age is less than that mentioned in the policy then the insurance company is entitled to refund the premiums without any deductions made.
- Loss of Policy Document: If the original policy document is lost or destroyed in any case then the policyholder needs to make a request to the life insurance company to issue a copy of policy documents. In this case the insurance company carries out an investigation to make sure the original policy document is lost or destroyed. The copy of policy documents is issued with an endorsement that shows that it was issued after the loss or destruction of original documents. The Policyholder can make an application for a duplicate policy on payment of Rs.250 upon loss of policy document along with other requirements by the company.
- Taxes: Taxes are applicable on all the premiums paid/to be paid and that will solely be borne by the policyholder itself.
Latest News on TATA AIA Life Insurance
- Tata AIA Term Insurance login can be easily done by both new and existing policyholders. However, new users may first have to register themselves on the official website of Tata AIA Term Insurance.
- Use the Tata AIA Life Insurance Child Expense Calculator to estimate all of the expenditures associated with providing children with the lifestyle and excellent education they deserve. Find out more on TATA AIA child plan calculator.
- One of the better ways to organize your life investment cover is to use a Money Back guarantee. You will not only receive money at regular intervals during the policy term, a sum assured at the policy's conclusion, and bonus amounts as specified by the in
- A typical insurance policy usually pays out the sum assured if the insured dies within the policy term. The payout, sometimes known as a death benefit, was previously only available to the insured person's nominees or claimants. The insurance company is
- A money back policy is a type of life insurance that pays out cash at predetermined intervals. This money back is computed as a percentage of the policyholder's chosen sum assured. A money return policy gives you the extra advantage of insurance as well a
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Life Insurance News
Tata AIA Term Insurance login can be easily done by both new...13 April 2023
Use the Tata AIA Life Insurance Child Expense Calculator to ...28 December 2022
One of the better ways to organize your life investment cove...26 October 2021
A typical insurance policy usually pays out the sum assured ...14 October 2021
A money back policy is a type of life insurance that pays ou...11 October 2021
TATA AIA Life Insurance User Reviews
Claim Process at TATA AIA Life Insurance
Claim IntimationIn the event of the death of the life assured, the insurance company should be intimated as early as possible.
Submission of DocumentsFor easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
Claim EvaluationAfter successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
Claim SettlementIf claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.