The name TATA is familiar to every Indian household. TATA is one of the oldest business conglomerates that operates in India. Today, TATA has become a global enterprise and has been doing business in more than 100 countries. TATA Sons LTD and AIA have formed a joint venture company known as TATA AIA. It is the largest pan-Asian life insurance company in the Asian pacific region. TATA AIA started its operations in the year 2001 and today, it is one of the best insurance companies in India. The overall premium collection stood at Rs.1,397 Crores just for the period of 2017-18 and boasted an impressive claim settlement ratio of 98%. TATA has always been at the forefront of offering convenience through the latest technology available to its customers. In this article, we will learn what different options are available for the policyholder to pay TATA AIA premium online and TATA AIA term insurance plans.
Online options available for paying TATA AIA premium
Pay through the official website
TATA AIA Life has an official website where you find all the details for the insurance plans offered by the company. For example – if a customer is looking for a TATA AIA term insurance plan, they will be able to find all the information about the plan online. The TATA AIA term insurance plan can be purchased from the website itself and payment of the initial and subsequent premiums can be done through the online mode. The payment can be made by debit, credit cards or through NET banking. There is a note on the website saying that the premium payment done online needs to be from the policyholder’s bank account only.
Pay through Online Wallets
TATA AIA has partnered with online wallets like JIO money and PAYTM. The premium of TATA AIA term plan can be made through these online wallets. This offers a lot of convenience to the policyholders as online wallets that have become very popular since demonetization a few years ago. The link to the online wallets payment option is available on the official website of TATA AIA. On clicking the link, the policyholder will get directed to the online wallet platform from where the payment of the premium can be made by logging to the online wallet account.
Electronic Bill Processing and Payment
This online channel is best for customers who tend to forget the due dates of their premium. Through this channel, the policyholder will get a notification when the premium amount is due and after authorisation from the policyholder, the premium amount will be paid through this channel. The bill payment services of EBPP are available with many major private and government banking institutions. The list of these banks is available on the TATA AIA life website under Online Payment section.
ICICI Bank Quick Pay
This channel is available exclusively to ICICI bank account holders. The payment of TATA AIA life insurance plans can be done quickly be accessing the ICICI Bank Quick Pay facility. The policyholder will need to access the ICICI bank website and select TATA AIA life insurance under Quick pay section. The policyholder will be required to put the policy number and date of birth of date to verify the credentials. Once the verification process is done, the policyholder will be able to pay the premium amount through this channel.
Premium payment through mobile phone
TATA AIA has exclusively partnered with HSBC (Hong Kong and Shanghai Banking Corporation) to create a mobile platform for paying the premium of TATA AIA insurance plans. Through this service, the policyholder can make payment from their saving account directly from the mobile phone after going through the verification process.
Types of term plans offered by TATA AIA Life Insurance
TATA AIA Life Insurance Sampoorna Raksha:
A pure term insurance plan ensures complete financial protection for your family and also offers you the flexibility to choose the plan that caters to your needs. The plan offers life cover for a policy term up to 40 years or till 80 years of age, and also lets you enhance your protection with an optional rider. The plan offers flexibility in pay-out options of death benefit with monthly benefit or lump sum amount which can be selected at the time of the inception of the policy.
TATA AIA Life Insurance iRaksha Supreme:
An affordable term insurance plan that provides financial protection in case of unfortunate death of the policyholder. Non-smokers and female customers are offered low premium rates. Also, you can opt from three premium payment modes-single pay, limited pay or regular pay.
TATA AIA Life Insurance Sampoorna Raksha+:
This plan not only offers you financial protection, but also gives you a return of premium on your survival of the term. The plan is offered at a low premium to non-smokers and females. You can choose for regular or limited (5-10 years) premium paying term and can also opt for a policy term of up to 30 years or till 80 years of age.
TATA AIA Life Insurance iRaksha Trop:
An ideal protection plan to secure the future of your loved ones. This plan gives you peace of mind by securing your family members and also returns the total premium paid, in case you survive the policy term. Choice of premium payment is offered as you can pay it in regular pay, limited pay or single pay. Discounts are provided to customers opting for high life cover i.e. if the sum assured is of INR. 75 lakhs or above.
TATA AIA Life Insurance Maha Raksha Supreme:
This is a pure protection plan that enables you to enhance the cover with its life stage plus option that gives you an option to increase the cover at the time of future milestones in your life. If the policyholder gets diagnosed with terminal illness, then 50% of the basic sum assured will be paid out as per the Inbuilt Pay-out Accelerator Benefit.
Benefits of TATA AIA Term Insurance
• TATA AIA life plans are affordable as high cover amount is available for very low premium rates
• Offers comprehensive coverage and selection by offering at least 5 different types of TATA AIA term insurance
• Premium amount will remain the same throughout the policy term, irrespective of inflation
• The preferential premium rate for non-smokers and female lives
• Enhance your cover with additional riders
• Tax benefits on premium payment and death benefit under Section 80C & Section 10(10D) of the Income-Tax Act, 1961
• Flexible premium payment modes of yearly, half-yearly, quarterly and monthly
• Life cover for policy term up to 40 years or till 80 years of age
• Discount on high life cover amount
• TROP (The return of Premium) plan for those who want maturity benefit in their term insurance plan
• TATA AIA offers customers the convenience of buying and paying the premium of the TATA AIA term insurance plans on online platforms
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