Tata AIA Saral Jeevan Bima is a pure risk cover plan that provides large cover to people from all backgrounds at affordable premiums. The plan offers special premium rates for females, non-smokers, and healthy individuals. Let us take a look at the several features and benefits of the Tata AIA Saral Jeevan Bima plan.Read more
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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.
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
Let us take a look at the benefits of this Tata AIA Life insurance plan:
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
There is no maturity benefit available under the plan.
There is no survival benefit available under the plan.
You can add the following riders to the base plan at nominal premiums
Accidental Death Benefit
Accidental Total Permanent Disability
You can claim term insurance tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961.
Here are the eligibility criteria for the Tata AIA Saral Jeevan Bima plan:
|Entry Age||18 years||65 years|
|Maturity Age||-||70 years|
|Base Sum Assured||5 Lacs||49.5 Lacs|
|Policy Term||5 years||40 years|
|Premium Payment Term||Regular, limited, single pay|
|Premium Payment Modes||Annual, half-yearly, monthly|
* 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.
The plan offers different premium rates for non-smokers, females, and people leading a healthy lifestyle.
The policyholder can choose to pay the premiums in a single premium, monthly, yearly, or half-yearly premiums as per their convenience.
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.
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
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.
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.
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.
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.
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