Tata AIA Life Insurance Guaranteed Monthly Income Plan

General

1. What is a monthly income plan?

A monthly income plan or a guaranteed monthly income plan in life insurance offers a steady and regular income throughout the policy, which helps you take care of the future financial needs of your family and yourself. You can grow your savings under the policy in a disciplined manner throughout the premium paying term by paying the premium amount of your choice and then, during the income term, receive the monthly pay-out.

2. Will riders boost my guaranteed income plan?

Yes, adding an optional rider to your life insurance guaranteed income plan can help boost your policy coverage. By selecting one or more riders as per your preference, you can avail of added coverage against specific risks. In the event of the occurrence of any risk covered under the rider, you will be paid out some amount or the entire rider sum assured to handle the costs arising from the event.

3. Do all life insurance plans enable monthly income?

Not all plans offer monthly payouts. A savings plans with guaranteed monthly income, can help you receive a regular monthly payout for a specific number of years, as mentioned under your savings policy. You can use this monthly payout or arrears to cover the various needs of your family. Some other savings plans may pay out a lump sum amount on maturity.

4. Are life insurance savings plans good tax-saving instruments?

Yes, life insurance savings plans offer tax benefits under various sections of the Income Tax Act as per the prevailing tax laws. However, the main purpose of a life insurance savings policy is to offer the benefit of

savings and life cover and not just tax benefits. Therefore, it is important to choose a savings plan based on its offerings and suitability for your needs.

Cover

1. Are there any tax benefits under the Tata AIA Life Insurance Guaranteed Monthly Income Plan?

Income Tax deductions of up to ₹1.5 lakhs are applicable on premiums paid towards this policy under Section 80C of the Income Tax Act, while the death benefits and maturity proceeds are eligible as per applicable tax laws. Moreover, you can also claim tax deductions on the rider premiums for an optional health rider added to your life insurance policy.

2. Can I avail myself of a fixed monthly income with the Tata AIA Guaranteed Monthly Income Plan?

Yes, if you are seeking a steady monthly income from your savings plan, this policy can offer you a monthly income during the income term selected by you at policy inception. The amount of monthly income paid out will depend on your sum assured as well as income tenure which can be for 10, 16 or 24 years.

3. Is there any need to pay additional premiums under this policy for the savings component or additional coverage?

If you want to enhance your life insurance coverage, you can choose from optional rider(s) benefits that can be added to your policy at a nominal premium. There is, however, no need to pay any additional premiums for the savings aspect of this life insurance policy.

4. What are the policy terms and premium payment terms under this guaranteed income plan?

The policy terms under the Tata AIA Guaranteed Monthly Income Plan are 5, 8 and 12 years, and they have a corresponding premium payment term of the same tenure.

Claim

1. What documents are required for filing a claim?

Please click here to know the list of documents needed for the claim intimation and settlement process.

2. How can I file a claim under the Tata AIA Guaranteed Monthly Income Plan?

If you want to file a claim with us, here are the following channels to contact us:

• Email us at: customercare@tataaia.com
• Call our helpline number - 1860-266-9966 (local charges apply)
  
• Walk into any of the Tata AIA Life Insurance Company branch offices
• Write directly to us at:

The Claims Department,

Tata AIA Life Insurance Company Limited

B- Wing, 9th Floor,

I-Think Techno Campus,

Behind TCS, Pokhran Road No.2,

Close to Eastern Express Highway, Thane (West) 400 607.

IRDA Regn. No. 110

3. Is the claim settlement ratio of my life insurance provider important?

Yes, always be sure to check the claim ratio of your life insurance provider. An insurer with a high claim ratio can settle your claims effectively and within the regulatory timeline.

Yes, the claim settlement ratio is an important indicator for policyholders when they choose a life insurance provider. This ratio is the number of claims that have been settled compared to the number of claims received during a year. The higher the claim settlement ratio, the more reliable the insurer.

4. How will the claim be processed if the nominee is outside of India?

If your nominee wants to file a claim from outside of India, they will have to file the claim online by uploading the necessary attested copies of their documents online or sending them to us through email.

If they want to file the claim offline, then they can courier their documents to their representative in India, who can visit our office and submit the same

• This product is underwritten by Tata AIA Life Insurance Company Ltd.
• Insurance cover is available under this product.
• This plan is not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance.
• This is is not a contract of insurance. The precise terms and conditions of this plan are specified in the Policy contract.
• This product brochure should be read along with Benefit Illustration.
• Risk cover commences along with policy commencement for all lives, including minor lives.
• Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs and the Surrender Value payable may be less than the all the Premiums Paid.
• In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
• All Premiums and interest payable under the policy are exclusive of applicable taxes, duties, surcharge, cesses or levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium or interest. Tata AIA Life shall have the right to claim, deduct, adjust and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.
• Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
• HDFC Bank Limited (4621612) (IRDAI Registration No: CA0010) is the Corporate Agent of Tata AIA Life Insurance Company Limited and does not underwrite the risk or act as an insurer. HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. Participation by the Bank’s clients in the Insurance products is purely on a voluntary basis. The contract of Insurance is between Tata AIA Life and the Insured and not between HDFC Bank and the Insured.
• Tata AIA Life Insurance Company Limited (IRDAI Regn. No.110 • CIN: U66010MH2000PLC128403). Registered & Corporate Office: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai - 400013. Trade logo displayed above belongs to Tata Sons Ltd and AIA Group Ltd. and is used by Tata AIA Life Insurance Company Ltd under a license. For any information including cancellation, claims and complaints, please contact our Insurance Advisor / Intermediary or visit Tata AIA Lifes nearest branch office or call 1-860-266-9966 (local charges apply) or write to us at customercare@tataaia.com. Visit us at: www.tataaia.com L&C/Advt/2020/Feb/310

“As per recent changes in section 10(10D) of Income Tax Act, where the amount of aggregate annual premium payable in the financial year in case of Traditional plans (all non-unit linked plans except Annuity, Pension and Pure Risk Plans) issued on or after 1st April 2023 exceeding INR 5,00,000 the benefits of the policy/policies shall not be eligible for exemption under section 10(10D) except in case of death”. The customer is requested to seek advice of a tax advisor with respect to his/her personal tax liabilities under the Indian Income-tax law."