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Tata AIG Life Insurance Company Limited (Tata AIG Life) is a joint venture company, formed by Tata Sons and AIA Group Limited (AIA). Tata AIG Life combines Tata’s pre-eminent leadership position in India and AIA’s presence as the largest, independent listed pan-Asia life insurance group in the world spanning 15 markets in Asia Pacific. Tata Sons holds a majority stake (74%) in the company and AIA holds 26% through an AIA Group company. Tata AIG Life Insurance Company Limited was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001.
Enhance our customers’ well-being.
To be the most trusted life insurance company that values customers’ financial well-being, consistently delivering best-inclass solutions and respected by all.
The Tata group comprises over 90 operating companies in seven business sectors: communications and information technology, engineering, materials, services, energy, consumer products and chemicals. The group has operations in more than 80 countries across six continents, and its companies export products and services to 85 countries. The total revenue of Tata companies, taken together, was $67.4 billion (around Rs319,534 crore) in 2009-10, with 57 per cent of this coming from business outside India. Tata companies employ around 395,000 people worldwide. The Tata name has been respected in India for 140 years for its adherence to strong values and business ethics. Every Tata company or enterprise operates independently. Each of these companies has its own board of directors and shareholders, to whom it is answerable. There are 28 publicly listed Tata enterprises and they have a combined market capitalisation of about $103.67 billion (as on November 11, 2010), and a shareholder base of 3.4 million. The major Tata companies are Tata Steel, Tata Motors, Tata Consultancy Services (TCS), Tata Power, Tata Chemicals, Tata Global Beverages, Indian Hotels and Tata Communications.
AIA Group Limited and its subsidiaries (collectively “the AIA Group” or “the Group”) comprise the largest independent publicly listed pan-Asian life insurance group in the world, with a broad footprint spanning 15 markets in Asia Pacific. The Group traces its roots in the region back more than 90 years and has total assets of US$107.9 billion. The AIA Group meets the protection, savings and investment needs of individuals by offering a comprehensive suite of products and services covering accident and health insurance, life insurance and retirement planning. It also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of more than 260,000 agents and over 21,000 employees across Asia Pacific, AIA serves the holders of over 23 million individual policies and over 10 million participating members of group policies. The Group has operations in Hong Kong, Thailand, Singapore, China, Malaysia, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei and India. The AIA Group is a market leader in the Asia Pacific region based on life insurance premiums, and holds number one positions in six of its geographical markets. Due to its historical roots in Asia, the AIA Group has built a network of mainly wholly-owned businesses operating as branches or subsidiaries. Only in India, where legislation restricts foreign ownership of insurance companies to 26%, is the Group’s main operating unit a joint venture. AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code ‘1299’.
What is the objective of insurance? There are several objectives of insurance like providing financial security to one's family in case of unfortunate happenings, tax savings, wealth creation, financial planning for children's education/marriage and provision for old age.
Is insurance better than other savings plans? Other savings plans like Bank Fixed Deposits, NSC, PPF, Units have short maturity tenures, compared to life insurance policies. (Eg.: NSC for 6 years, PPF for 15 years & life insurance can be up to 100 years). Hence, other saving plans offer you little scope for financial planning prospects. Whereas, a Life Insurance Policy pays the Sum Assured and bonus (with bonus policies) even if the Policyholder expires before the end of the payment term. Hence, this provides greater security to the person and his/her family. As such, insurance policy is superior to other savings plans. Who can take an insurance policy? A person who has completed 18 years of age & as per other conditions specified under the Indian Contract Act, 1872 can take an insurance policy either for himself/herself or for his/her dependents. Who provides Insurance? Several insurance companies can offer exciting insurance policies where the money that a customer puts in as protection money also works as an investment over a long period of time. What is a premium? Insurance premium is a payment made by a policyholder to an insurance company for a particular coverage. The payment has to be made regularly till maturity or as stated in policy documents to avail of a specific life insurance cover and other monetary benefits What is First premium? First premium is the yearly, half yearly, quarterly or monthly premium payable with the proposal form. Do we get an acknowledgement of premium paid? For Initial premium: If any individual application form is submitted at the branch along with instrument/cash, upfront temporary receipt is handed over by the branch to the customer and thereafter follows pt. b & c (as the case may be). If the payment is received by net disbursal, acknowledgement for such payment is made by way of official receipt, which is sent along with the Policy Document (For Issued Business only i.e. for policies, which have been issued). Refund is made by means of an account payee pay-order /demand draft to the customer (For Non Issued Business i.e. for policies which have not been issued due to some delay). For Renewal premium: If for any individual, renewal premium is submitted at the branch along with instrument/Cash, upfront temporary receipt is handed over by the branch to the customer and thereafter an official receipt is provided to the customer. What if I don't pay my premiums? Do I lose my insurance? Typically every insurance policy offers you a grace period of 30 days to pay your premium. After that, the company decides if you can pay back premiums and reinstate the policy. You may have to provide a sound evidence of your good health. Can I cancel my policy after paying my premium? Will I receive a refund? Every insurance policy offers a "Freelook" period of 15 days from the date of receipt of the policy documents. If the customer expresses his interest in cancelling the policy within this period, the insurance company will refund the premiums paid after deduction of some nominal charges When is the right time to buy insurance? The ideal time to purchase a life insurance policy is at a younger age. If you purchase policy when you are young and healthy, rates will be quite lower than purchasing policy at an older age or when health issues arises. In short, buying policy at a younger age can be financially beneficial. Other situations when you must buy an insurance policy is when you have a family, have an elderly parent and have other important financial commitments. What should I look for in a policy? While buying an insurance policy, carefully read and assess the benefits provided therein. Check the term and premium and be clear about your requirements. Look for a proper coverage. Do not compromise on the amount of coverage you require. You can avail basic coverage where you are asked to pay minimum premium. Do consult your financial advisor before finalizing on any policy. Is my money safe with an insurance company? Most of the foreign partners in the Indian market are well-established global insurance players with a proven track record in the business. All insurance companies in India are regulated by the IRDA (Insurance Regulatory and Development Authority) which has laid down very clear criterias defining the manner in which insurance companies can invest a customer's funds. In fact, every insurance company needs to have a minimum paid up capital of Rs. 100 crores, which acts as a safety net. Further, the insurance companies are also required to maintain their solvency margins depending on their volume of business. The minimum solvency margin required to be maintained by any insurer is Rs. 50 crores What is Reversionary Annual Bonus? At the end of each financial year, the Company may declare a bonus, which may be a percentage of the sum assured and may be compounded annually Note: Bonus is not guaranteed and depends on the performance of the company. Past performance is not a guide to future results. What is compound reversionary bonus? At the end of each financial year, the Company will declare a rate of reversionary bonus. This percentage will be applied to the sum assured plus existing declared reversionary bonuses making it a compounded bonus.
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Life insurance faqs
What is life insurance?
Life insurance is an agreement between a policyholder and the insurer to pay a stated amount of money at the end of a specified term or upon the occurrence of death of the insured person or other event such as illnesses, etc. Do I need to go through medical examination when I buy life insurance? If yes, is the cost borne by the company? Usually, a person buying life insurance coverage for over Rs. 500,000 has to undergo medical examination. This amount may vary by company. The insurance company bears the cost of medical examination. What is the importance of age, sex and health in buying a life insurance policy? Age, sex and health do matter while purchasing a life insurance policy. Cost of insurance increases with age because as age increase, the chances of death claim increases. Since the average life span of females is longer than males, cost of insurance for females tend to cheaper. An individual in poor health will have to pay a higher premium because poor health increases the chances of non-payment of premiums. What are the different kinds of life insurance policies available? There are various kinds of life insurance policies offered by life insurance companies today. Some of them are: Temporary Life Insurance- offers coverage in case of death for a limited period of time Permanent Life Insurance- insures the individual until the policy gains maturity or the policyholder fails to pay the premium within due date. Permanent life insurance can further be classified as whole life, universal life and endowment. ULIP life insurance policies- offers dual benefits of life coverage and mutual funds. They provide life coverage, on one hand and helps in creation of wealth, on the other. What is Term Insurance? Term insurance provides coverage for life only. It can be opted for different periods or terms at a very low premium. Hence, benefits of term insurance is payable only on death of the policyholder/insured within the term What is a Whole Life plan? Unlike term insurance, whole Life insurance is a permanent policy provides that coverage for your entire life. The term of the policy is the whole life. Therefore, when the policyholder dies, death benefit is paid to the nominee or nominees as stated in the policy documents. What is Endowment Insurance plan? Endowment plans are among the most popular forms of insurance as they provide both insurance coverage and also act a savings instrument. It pays a lump sum amount after a specified term (on attaining maturity) or on earlier death. The sum assured along with all the bonuses are paid to the policyholder upon the completion of the policy term or on death, whichever is earlier. Are there any tax benefits on purchasing Life Insurance policies? Yes. All premiums paid under life and health insurance policies are eligible for tax redemption under different sections of the current income tax laws. An individual can avail of an annual deduction of Rs. 15,000 from his taxable income for premium payment of health insurance policies for self and dependents as also for dependent parents. This amount is Rs. 20,000 for senior citizens. What are riders? Riders are additional benefits that compensate you for certain losses that are not covered under your policy. You can attach riders as per your needs by paying a nominal extra amount
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