Tata AIA Life Insurance Saral Jeevan Bima Plan
Tata AIA Life Saral Jeevan Bima Plan is a simple and affordable term insurance plan. It is easy to understand and is especially useful for first time term insurance buyers of pure protection term insurance plans. You have the option to take the Accidental Death Benefit rider along with this plan. We will understand these benefits in detail with examples. The plan can be purchased online.
Plan Name | Tata AIA Life Saral Jeevan Bima |
Policy Type | Term Insurance |
UIN | 110N157V01 |
Key Features
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Affordable premiums
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Simple and easy to understand term insurance plan
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Best suited for first time buyers of protection plans
Premiums can be paid monthly, quarterly, half-yearly or annually
Tax Benefits on Premiums paid and Death Benefit
Benefits
In the unfortunate event of the policyholder’s death, the nominee will receive the highest of the following:
For Regular Premiums (monthly, quarterly, half yearly and yearly), it is HIGHER of:
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Sum Assured or the cover amount
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105% of all premiums paid
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10 times the Annualised Premium
For Single Premium, it is HIGHER of:
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Sum Assured or the cover amount
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125% of Single Premium
The Death Benefit received by the nominee iis tax free.
You can avail this rider benefit by paying extra premiums. In case of death of the policyholder due to an accident, the extra amount selected as the rider sum assured will be paid to the nominee in addition to the base sum assured of the plan.
In case of death of the policyholder within 45 days from the commencement of risk, only the premiums paid will be refunded and the sum assured will not be paid out.
In case you are not satisfied with the policy after receiving the policy documents, you can cancel the policy and get a refund. The can cancel the policy within the freelook period as defined here:
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Within 15 days in case the policy is not purchased electronically or through distance marketing
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Within 30 days in case the policy is purchased electronically or through distance marketing
In case you have missed the premiums and the policy has lapsed, you can revive the policy within 5 years from the last unpaid due date, but before the policy term expiry. You will have to pay all unpaid premiums without any interest.
Eligibility
Parameter |
Minimum |
Maximum |
Entry Age |
18 years |
65 years |
Max Age at Maturity |
70 years |
|
Sum Assured |
5 lakhs |
25 lakhs |
Policy Term |
5 years |
40 years |
Premium Payment Term |
Single Pay Regular Pay - Same as policy term Limited Pay - 5 & 10 pay |
|
Premium Payment Mode |
Monthly, Quarterly, Half-yearly, Annually & Single |
Exclusions
In case of death of the polilcyholder due to suicide with 12 months of commencement of risk, the sum assured will not be paid to the nominee. Only a part of the premiums paid will be refunded as follows:
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For regular premium plans - 80% of the premiums paid will be refunded
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For single premium plans - 90% of the premiums paid will be refunded