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Tata AIA Life Plus Plan


This term insurance policy aims to protect family members from financial distress in the event of death of the insured member.

What does it do?

This is a return-of-premium policy that can pay the sum assured in case of untimely death of the insured, or refund premiums at maturity.
The policy offers surrender value at 30 per cent of basic premiums paid excluding first year premiums, provided the premiums were regularly paid for three consecutive years.
It also offers optional accidental death and dismemberment short scale rider for extra protection.
In case the policyholder is unable to pay premium within grace period, insurance company advances an automatic loan to policyholder to pay the due premiums. However, this facility is provided only if your policy has acquired a cash value which is more than the premiums due.


A lapsed policy can be reinstated within 5 years.
Accidental death and dismemberment rider enhances insurance cover.
Premium due can be advanced as loan if policyholder is unable to make payment.
There is no limit on maximum sum assured.
Premiums paid toward the policy qualify for tax benefit under section 80C of Income Tax Act.


There is only one policy term of 20 years, which may not suit everyone.

Suited for

It is suitable for those who specifically require a policy for 20 years.

Our View

You should be covered until you have to support a family or someone else replaces you as breadwinner. The 20-year policy tenure may not fulfil this criteria for everyone.
Being a refund-of-premium policy, the plan factors in the benefit cost and charges high premiums. We recommend a pure term plan for policy term till you have dependents.

Entry Age (years) 
Maximum Maturity Age (years)80
Policy Term (years) 
Sum Assured (Rs) 
Minimum10000 and in multiples of Rs 1000 thereafter
MaximumNo limit
Minimum Premium (Rs)…..
Premium Payment FrequencyYearly, Half-yearly, Quarterly, Monthly
Premium Payment TermLimited (15 years)
Premium Factor (multiply with annual premium)Half Yearly: 0.51 times annual premium; Quarterly: 0.26 time annual premium; Monthly: 0.0883 time annual premium
Policy CoverCover remains fixed for the tenure of the policy
Other Features 
Free Look CancellationIn case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace PeriodYou are allowed to pay premiums within 31 days from the due date. If a due premium is not received within the grace period of 31 days, your policy will lapse and the life insurance cover will be terminated.
Lapsed Policy ReinstatementYou can reinstate your lapsed policy any time (within 5 years from the due date of the first unpaid premium) by paying all the due premiums with interest and undergoing underwriting requirements, if any.
Tax BenefitsSection 80C, 10(10D) of the Income Tax Act, 1961 would apply.Premium paid is eligible for tax deduction as per current income tax act.
ExclusionsIn case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable.
Maturity ValueIt returns all basic premium paid on survival at maturity.
Surrender ValueAllowed after first three years have been paid in full on time. Guaranteed Surrender Value= 30%* Basic Premiums paid(excluding rider premiums or extra premiums paid if any) - first year's premium
Customer Service 
AddressTata AIG Life Insurance Company Limited Delphi-B Wing, 2nd Floor, Orchard Avenue, Hiranandani Business Park, Powai, Mumbai 400076
Mail To…….
Call On1800119966; 24 hours
SMSSERVICE' to 58888
Available Rider(s)AIG Life Accidental Death and Dismemberment Short Scale Rider: covers Accidental death, dismemberment, loss of sight, speech and hearing resulting from accident
Rider Conditions 
Entry Age (years) 
Maximum Maturity Age (years)80
Sum Assured (Rs) 
MinimumMinimum Sum Assured of Base policy
MaximumMaximum sum assured of base policy
Rider Premium (Rs)Rider premiums vary for each policyholder. For instance, if a 30-year old opts for the AIG Life Accidental Death and Dismemberment Short Scale Rider for Rs 5 lakh, the annual premium works to Rs 800.
Annual Premium Option
Policy Term^ (in years)Age (in years)
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax.^Premium payment term is 15 years