Tata AIA Saral Jeevan Bima

What is Tata AIA Saral Jeevan Bima?

Tata AIA Saral Jeevan Bima is a pure risk term insurance plan designed to fit the needs of low income individuals. With this Saral Jeevan Bima plan, you can secure the future of your loved ones at affordable premiums and ensure a large life cover in case of your unfortunate death during the policy term. 

What are the Key Features of Tata AIA Saral Jeevan Bima? 

Here is a list of key features of this Tata AIA Term Insurance Plan:

• The plan offers large life cover at affordable premiums

• You can get lower premium rates for female customers

• The plan provides the option of choosing the suitable policy and premium payment term

• You can enhance the base cover of the plan by adding suitable riders

• You can claim tax benefits as per the prevailing tax laws

What are the Benefits of Tata AIA Saral Jeevan Bima? 

Let us take a look at the benefits of this Tata AIA Life insurance plan:

1. Death Benefits

   The plan has a waiting period of 45 days, during which the insurer will cover only death due to accident. In case of death during the waiting period due to any other reason than accident, the nominee will receive 100% of the premiums paid instead of the sum assured. On death after the end of the waiting period, the insurer will pay the nominee the higher of the following as death benefit:

   • For limited and regular pay policies

     • 10X annualised premiums

     • 105% of the total paid premiums

     • Absolute assured amount to be paid on death

   • For single pay policies

     • 125% of the total paid premiums

     • Absolute assured amount to be paid on death

2. Maturity Benefits

   There is no maturity benefit available under the plan.

3. Survival Benefits

   There is no survival benefit available under the plan.

4. Riders Benefits

   You can add the following riders to the base plan at nominal premiums

   • Accidental Death Benefit

   • Accidental Total Permanent Disability

5. Tax Benefits

   You can claim term insurance tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961.

What is the Eligibility Criteria for Tata AIA Saral Jeevan Bima? 

Here are the eligibility criteria for the Tata AIA Saral Jeevan Bima plan:

* You can use the term insurance premium calculator to get an estimate of the premium you would need to pay for the desired life cover.

What are the Additional Details of Tata AIA Saral Jeevan Bima? 

1. Preferential Premium Rates

   The plan offers different premium rates for non-smokers, females, and people leading a healthy lifestyle.

2. Premium Payment Modes

   The policyholder can choose to pay the premiums in a single premium, monthly, yearly, or half-yearly premiums as per their convenience.

3. Revival Benefits

   In case the policyholder is unable to pay the premium during the grace period, the policy will lapse, and the policy will no longer provide coverage. However, they can revive the policy within 5 years of the first unpaid premium before the maturity date.

4. Policy Cancellation Value

   In case of cancelling the policy during the policy term, the policy cancellation payable will be as follows:

   • Regular Pay: No policy cancellation value payable

   • Limited Pay: If at least 2 years of premiums have been paid, then PCV at the earlier of the following will be paid:

     • Policyholder applying for policy cancellation value

     • End of revival period in case policy is not revived

     • On maturity date

   PCV = 70% x total premiums paid x remaining policy term / original policy term

   • Single Pay: PCV will be paid in case the policyholder applies for the same before the maturity date as per the following:

   PCV = 70% x single premium paid x remaining policy term / original policy term

5. Grace Period

   The policy provides a grace period of 30 days for yearly and half-yearly premium payment modes and a period of 15 days for monthly premium payment modes.

6. Free Look Period

   The plan offers a free look period of 15 days for offline policies and 30 days for online sourced policies. During this period, the policyholder can cancel the policy if unsatisfied with the policy’s terms and conditions. 

What are the Exclusions Under the Tata AIA Saral Jeevan Bima Plan? 

For Suicide: 

1. For Limited/Regular Pay Policy

   80% of the total premiums paid will be returned to the nominee in case the policyholder commits suicide within 12 months of purchasing the policy.

2. For Single Pay Policy

   90% of the total premiums paid will be returned to the nominee in case the policyholder commits suicide within 12 months of purchasing the policy.