Before purchasing a Tata AIA Life Insurance plan, an important point to be considered is the cost of the plan or the premium which varies for different plans. To be able to continue enjoying the benefits of a life insurance plan without any hindrance, it is important to timely pay the premium at regular intervals, unless the policy has a single premium payment option.
Table of Contents:
How to Make Tata AIA Life Insurance Online Premium Payment
It might not be possible to pay the premium by visiting the branch office every time. Apart from this, it also takes a lot of time and energy. To overcome this problem, there is the option of online premium payment. Let us look at the steps to pay the premium towards Tata AIA life insurance policies:
- Visit the official website of the insurance company.
2. Open ‘Quick Links’ from the top menu bar.
3. Select ‘Pay Your Premium’.
4. Enter policy details and click on ‘Validate’.
5. Make payment at the secure gateway of the insurance company to complete the process.
Factors Affecting Tata AIA Life Premium Calculation
By knowing the premium of an insurance in advance, you get to know the affordability of the plan. Following factors are taken into consideration while calculating the premium for a Tata AIA Life Insurance policy:
Age of applicant: Age plays a vital role in premium calculation. Insurance companies usually prefer a scenario when a life insurance policy gets expired with no death claims made. And if a person is in his prime age like 25 or 30 years, chances of a death claim are less. Thus, for younger customers, the premium amount is kept compared to that for older customers.
Gender of applicant: The cost of a life insurance for women is low compared to men due to former’s higher life expectancy. Many factors contribute to this like biological difference, lifestyle difference, less drug abuse, less alcohol consumption, etc. Due to these factors, women live longer than men.
Smoking Habit: If an applicant is a smoker, he/she will have higher chances of falling sick with life-threatening diseases. This in turn will increase chances for death claims, something insurance companies prefer to do away with. Thus for non-smokers, premium rates are lower and for smokers, premium will be higher.
Sum Assured/Life Cover: Sum assured is the amount that the insurance company shall pay to the policyholder’s nominee in case of a death claim. The greater this amount, the higher will be the premium.
Following example of a term plan by Tata AIA Life Insurance will help in understanding how these factors lead to different premium amounts for different sections of people:
Plan Name: Maha Raksha Supreme Term Plan
Case 1
Age: 25 years
| Scenario | Gender | Policy Term | Life Cover | Monthly Premium (excluding GST) |
| Scenario 1 | Male | 35 years | Rs. 50 lakh | Rs. 605 |
| Scenario 2 | Male | 40 years | Rs. 50 lakh | Rs. 609 |
| Scenario 3 | Female | 35 years | Rs. 50 lakh | Rs. 543 |
| Scenario 4 | Female | 40 years | Rs. 50 lakh | Rs. 547 |
| Scenario 5 | Male | 35 years | Rs. 1 crore | Rs. 1,033 |
| Scenario 6 | Male | 40 years | Rs. 1 crore | Rs. 1, 042 |
| Scenario 7 | Female | 35 years | Rs. 1 crore | Rs. 909 |
| Scenario 8 | Female | 40 years | Rs. 1 crore | Rs. 918 |
Case 2
Age: 35 years
| Scenario | Gender | Policy Term | Life Cover | Monthly Premium (excluding GST) |
| Scenario 1 | Male | 35 years | Rs. 50 lakh | Rs. 843 |
| Scenario 2 | Male | 40 years | Rs. 50 lakh | Rs. 848 |
| Scenario 3 | Female | 35 years | Rs. 50 lakh | Rs. 728 |
| Scenario 4 | Female | 40 years | Rs. 50 lakh | Rs. 737 |
| Scenario 5 | Male | 35 years | Rs. 1 crore | Rs. 1,492 |
| Scenario 6 | Male | 40 years | Rs. 1 crore | Rs. 1,519 |
| Scenario 7 | Female | 35 years | Rs. 1 crore | Rs. 1,280 |
| Scenario 8 | Female | 40 years | Rs. 1 crore | Rs. 1,298 |
How to Calculate Premium for Tata AIA Plans
The premium of an insurance plan determines the affordability of a policy, and to make sure that it suits the budget just fine; customers may make use of the online premium calculator available on the website of Tata AIA. Steps to calculate the premium are given here:
- Visit the website of Tata AIA Life Insurance.
2. Hover over ‘Plans’ tab located at top of the page.
3. Select the preferred plan from the drop-down list.
4. On the redirected page, click on ‘Premium Calculator’ section from the side panel.
5. Enter details like age, gender, coverage, etc. and click on ‘Next’.
6. Next select the policy term and premium payment term.
7. Click ‘Submit’ to generate estimated premium amount.
Premium Payment Modes
Customers can pay premium towards their life insurance policies using any of the following payment modes:
Online Payment: Payment via secure payment gateway on the website through Jio Money, Paytm, Electronic Bill Processing and Payment (EBPS) by registering at www.billdesk.com, ICICI Bank Quick Pay or Interbank Mobile Payment Service. Also, for customers from Andhra Pradesh, there is special digital window of AP Online which can be used to make the premium payment.
Policyholders having an account in any the following banks can register for EBPS:
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Barclays Bank
- Central Bank of India
- Citibank
- Corporation Bank
- Dena Bank
- Deutsche Bank
- HDFC Bank
- Indian Bank
- IndusInd Bank
- ING Vysya Bank
- Jankalyan Sahakari Co-op Bank
- Kotak Mahindra Bank
- Punjab Maharashtra Co-op Bank
- State Bank of India
- Syndicate Bank
- Yes Bank
- Union Bank of India
Auto Debit Option: By using this option, the premium shall get deducted automatically on the due date. Policyholders having accounts in any of the following banks can avail this facility:
- Allahabad Bank
- Corporation Bank
- Kotak Mahindra Bank
- Axis Bank
- Federal Bank
- Punjab National Bank
- Bank of Baroda
- IndusInd Bank
- Union Bank of India
- ICICI Bank
- UCO Bank
- United Bank of India
Payment via Cash/Cheque: Customers have the option to make premium payment in cash or cheque at the following service centers of bank branches:
- Tata AIA Life Insurance
- IndusInd Bank
- State Bank of India
- Axis Bank
- Suvidha outlets
- Common Service Centers (up to Rs. 49,000)
Note: Cheque must be drawn in favour of Tata AIA Life Insurance Company followed by the policy number for CAMS option; Timings are 9 am – 6 pm (Mon-Fri) and 9 am – 1 pm (Saturdays); Payments above Rs.49,000 need to be paid along with a copy of a valid PAN Card.
How to Download Payment Receipt
To get detailed information about the premium payment made, the following steps must be followed:
- Visit the Tata AIA website.
- Open ‘Customer Service’.
3. Select ‘Get Premium Certificate’ from the drop-down list.
4. Enter policy number on the page that opens.
5. Click ‘Verify’ to complete the process.
Revival of Lapsed Policy
A policy gets lapsed if the premium is not paid even during the grace period. In such a case, policyholders need to apply for reinstatement of the policy to continue enjoying the benefits of the policy. Some important points to consider for the revival of Tata AIA policy are:
- For revival within 180 days of due date: Due premium + interest payment
- For revival past 180 days of due date: Due premium + interest payment + health certificate +copy of PAN card
Tax Benefits
Putting money in an insurance policy helps policyholders save tax significantly. Following points must be considered in relation to the tax benefits applicable in an insurance policy by Tata AIA:
- Premiums paid towards a life insurance policy can be claimed as deductions for up to Rs. 1.5 lakh under Section 80C of the Income Tax Act
- Benefits (death & maturity benefits along with accrued bonuses) received are exempt from tax under Section 10 (10D)
- There is no capping on the tax benefits to be claimed on the claims received
Important Aspects
Following points must be considered while making premium payment:
- VISA, MasterCard and American Express (AMEX) credit cards issued in India can be used to make the premium payment
- For auto-debit option, policyholders need to submit authorisation form along with a self-attested copy of the credit card (front side) to any of the nearby branch (at least 15 days prior to the premium due date)
- Policyholders can make premium payments for up to Rs. 49,000 only at the Suvidha Centres
FAQs
Q1. Can I pay a part of the premium now and the remaining later?
No. Tata AIA does not entertain part-payments.
Q2. Can I pay the premium in advance towards my Tata AIA policy?
No. The insurance company accepts the amount equivalent to the due premium amount and nothing more or less than that.
Q3. What is unclaimed amount and how to check it?
The unclaimed amount is the amount that was not solicited by the policyholder at the time of the related event and thus, has remained unpaid till date. To check this amount, select the ‘Unclaimed Amount’ option in the ‘Customer Service’ section on the homepage of Tata AIA and provide Policy No. /AADHAAR No. /PAN with the registered name of the policyholder and date of birth.
Q4. By when should I expect a response to my service request made?
Tata AIA usually responds within 10 days.
Q5. How to contact Tata AIA customer care department?
Helpline No.: 1860 266 9966 (India) & +91 80 67603700
SMS: <SERVICE> to 58888
WhatsApp: 7045118888 (Mon-Sat, 9 am-9 pm)