Fund has outperformed its benchmark across 3-year, 5-year, 7-year, and since-inception periods underscoring the value of disciplined, long-term equity investing
MUMBAI: For investors, the real test of any equity fund isn’t its strategy on paper — it’s what it has actually done for their money over time. On that measure, the Tata AIA Top 200 Fund has a track record worth noting: as of 31 July 2026, it has consistently outperformed its benchmark, not in a single good year, but across every major time horizon three years, five years, seven years, and since its inception in January 2009.
These numbers reflect a broader story: the Tata AIA Top 200 Fund, an actively managed equity fund available under Tata AIA Life Insurance’s Unit Linked Insurance Plans (ULIPs), has outperformed its benchmark, the S&P BSE 200, consistently not just in one good year, but across multiple time horizons. Recognising this consistent performance, global rating agency Morningstar has awarded the fund a 5-star rating.
This is not an isolated result — it reflects Tata AIA’s consistent outperformance across its broader portfolio. As of June 2026, Top Funds of Tata AIA’s rated assets under management hold a 4- or 5-star Morningstar rating, placing the overwhelming majority of its funds among the highest-rated in their category.
Performance Highlights (as of 31 July 2026)
- 5-Year CAGR: 16.47%, compared to the benchmark’s 10.67%
- Since Inception (12 January 2009) CAGR: 18.27%, compared to the benchmark’s 14.31%
- Morningstar Rating: 5-Star, – as of July 2026, Category- Equity
- Consistency, not a One-Off: Rolling Returns
A single good year can happen by chance. Consistency across market cycles is harder to achieve — and it’s where the fund’s rolling returns make the stronger case:
| Rolling Period | Tata AIA Top 200 Fund | S&P BSE 200 (Benchmark) |
| 3-Year | 23.8% | 15.2% |
| 5-Year | 23.8% | 15.2% |
| 7-Year | 21.8% | 13.2% |
Tata AIA Top 200 Fund delivered stronger performance than the S&P BSE 200 benchmark across all rolling periods, with returns of 23.8% vs 15.2% over 3 and 5 years, and 21.8% vs 13.2% over 7 years, demonstrating consistent long-term outperformance.
Because rolling returns measure performance from many different starting points rather than a single fixed date, they show whether outperformance is a genuine pattern or a one-off. Here, the fund has stayed ahead of its benchmark across every window measured.
(*Average monthly rolling rate of return over last 10 year period)
What This Has Meant for Investors
Here’s what that outperformance has looked like in rupee terms: a hypothetical investment of ₹1,00,000 made in the fund five years ago would be worth approximately ₹2,14,300 today, based on the fund’s 5-year CAGR of 16.47%. The same ₹1,00,000 invested at the fund’s inception in January 2009 would have grown to approximately ₹17.3 lakh over the fund’s ~17-year history, based on its since-inception CAGR of 18.27%.
| If Invested | Period | Approx. Value Today* | Fund CAGR | Benchmark CAGR |
| At inception (Jan 2009) | ~17 years | ₹17,30,000 | 18.27% | 14.31% |
| 5 years ago | 5 years | ₹2,14,300 | 16.47% | 10.67% |
An investment in the Tata AIA Top 200 Fund has delivered strong long-term growth, with an approximate value of ₹17.3 lakh for an investment made at inception in January 2009, generating a CAGR of 18.27% vs 14.31% for the benchmark. Similarly, an investment made 5 years ago would be worth approximately ₹2.14 lakh, with the fund delivering a 16.47% CAGR vs 10.67% for the benchmark, highlighting consistent outperformance.
SFIN: Top 200 Fund ULIF 027 12/01/09 ITT 110
Performance Data: As of 31 July 2026. Returns above one year are calculated as CAGR.
Benchmark: S&P BSE 200.
Past performance is not indicative of future performance.
Note: Market-linked investments are subject to market risks. The investment risk in the portfolio is borne by the policyholder.
How the Fund Does It
Rather than simply tracking the BSE 200 index, the Top 200 Fund is actively managed — its team selects fundamentally strong businesses within that universe, with an eye on sustainable growth rather than short-term momentum. With roughly 94.94% of the portfolio invested in equities across large-cap, mid-cap, and emerging companies, and diversified exposure including Financials (12.95%) and Services (12.43%), the fund is built to participate in India’s growth story while managing concentration risk.
“The Top 200 Fund’s performance over the years reflects the strength of a disciplined, research-led investment process. What it has meant in practice is that a long-term investor who stayed the course — through multiple market cycles — has seen their money meaningfully outpace the benchmark. That’s the outcome we want every investor in this fund to experience,” said Harshad Patil, Chief Investment Officer, Tata AIA Life Insurance.
As financial markets navigate shifting interest rate expectations and changing investor sentiment, Tata AIA reiterated its commitment to helping customers build long-term wealth through professionally managed, research-backed investment solutions within its ULIP offerings.
Morningstar Disclaimer
© 2025 Morningstar. All rights reserved. The Morningstar name is a registered trademark of Morningstar, Inc. in India, and other jurisdictions. The information contained here: (1) includes the proprietary information of Morningstar, Inc. and its affiliates, including, without limitation, Morningstar India Private Limited (“Morningstar”); (2) may not be copied, redistributed or used, by any means, in whole or in part, without the prior, written consent of Morningstar; (3) is not warranted to be complete, accurate or timely; (4) may be drawn from data published on various dates and procured from various sources; and (5) shall not be construed as an offer to buy or sell any security or other investment vehicle. Neither Morningstar, Inc. nor any of their affiliates (including, without limitation, Morningstar) nor any of their officers, directors, employees, associates, or agents shall be responsible or liable for any trading decisions, damages or other losses resulting directly or indirectly from the information.
Disclaimers
- The linked insurance product do not offer any liquidity during the first five years of the contract. The policy holder will not be able to surrender/withdraw the monies invested in linked insurance products completely or partially till the end of the fifth year.
- Premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. On survival to the end of the policy term, the Total Fund Value including Top-Up Premium Fund Value valued at applicable NAV on the date of Maturity will be paid.
- Market-linked returns are subject to market risks and terms & conditions of the product. The assumed rate of returns or illustrated amount may not be guaranteed and depends on market fluctuations.
- The performance of the managed portfolios and funds is not guaranteed, and the value may increase or decrease in accordance with the future experience of the managed portfolios and funds.
- The Company does not guarantee any assured returns. ~Market-linked returns are subject to market risks and terms & conditions of the product.
- Investments are subject to market risks. The Company does not guarantee any assured returns. The investment income and price may go down as well as up depending on several factors influencing the market.
- The investment income and price may go down as well as up depending on several factors influencing the market. Please know the associated risks and the applicable charges, from your Insurance Agent or the Intermediary or Policy Document issued by the Insurance Company. Please make your own independent decision after consulting your financial or other professional advisor. Returns are calculated on an absolute basis for a period of less than (or equal to) a year, with reinvestment of dividends (if any). All investments Company are subject to market risks. The Company does not guarantee any assured returns.
- 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 all the premiums paid. Unit Linked Life Insurance products are different from traditional insurance products and are subject to risk factors.
- All funds open for new business which have completed 5 years since inception are rated 4 star or 5 star by Morningstar as of August 2025.
About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata AIA) is a joint venture Company formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). Tata AIA Life `combines Tata’s pre-eminent leadership position in India and AIA’s presence as the largest, independent listed pan-Asian life insurance group in the world, spanning 18 markets in the Asia Pacific region.
Tata AIA reported a total Premium Income of INR 38,164 crore for FY26, up 21% from FY25. The Company continues to rank among the Top 3 Private Insurers in Individual Weighted New Business Premium (IWNBP) with an IWNBP income of INR 10,018 crore. The Company also achieved industry-leading Persistency performance (based on both premiums and number of policies), ranking #1 in four out of five cohorts. For more information on Tata AIA Life’s product portfolio and retirement solutions, please visit www.tataaia.com.
About the Tata Group
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising 30 companies across ten verticals.
The group operates in more than 100 countries across six continents, with a mission ‘To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust’.
In 2024-25, the revenue of Tata companies, taken together, was more than $180 billion. These companies collectively employ over 1 million people.
Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 26 publicly listed Tata enterprises with a combined market capitalisation of more than $328 billion as on March 31, 2025.
About AIA
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR(1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR(2), and a 49 per cent joint venture in India. In addition, AIA has a 24.99 per cent shareholding in China Post Life Insurance Co., Ltd.
The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$345 billion as of 31 December 2025.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 44 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock codes “1299” for HKD counter and “81299” for RMB counter with American Depositary Receipts (Level 1) traded on the over-the-counter market under the ticker symbol “AAGIY”.
