TATA AIA Life Insurance 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.