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TATA AIA Life Insurance Review
Tata AIA Term Insurance
TATA AIA Saral Jeevan Bima
TATA AIA Saral Jeevan Bima offers financial coverage to your dependent ...Read More
🛡️ IRDAI Approved
⭐ 4.6/5 · 945 reviews
📊 1.80 solvency ratio
✅ 99.41% claim settlement ratio
🌐 500++ pan-India
About TATA AIA Saral Jeevan Bima
A quick read on what this Tata AIA Term Insurance term plan covers and why it might be a fit for you.
TATA AIA Saral Jeevan Bima is a pure protection plan. The plan is designed with simple terms and conditions, it is affordable and accessible to even the lower-earning group of the society. It offers a fixed premium and flexible payment terms, covering individuals up to the age of 70.
TATA AIA Saral Jeevan Bima Plan offers you a range of benefits including:
- Uncomplicated policy terms
- Tax benefits
- Discounts for females and non-smokers
- Additional riders to choose from
- Death benefits
- Option to choose your policy term and premium payment term
Eligibility Criteria for TATA AIA Saral Jeevan Bima
Entry age
Minimum Age - 18 years Maximum Age - 65 years
Maturity age
Maximum Maturity Age - 70 years
Policy term
Minimum term - 5 years Maximum term - 40 years
Sum assured
Base sum assured: Rs 5 lakhs to Rs 49,50,000
Policy loan
The policy loan is not available under TATA AIA Saral Jeevan Bima Plan
Payment Modes
Annual, half-yearly, quarterly & monthly
Pros & cons
A quick honest summary — the strengths and the trade-offs.
Pros
- Available for Online Buying
- Choose to pay Premium Once
- Max Sum Assured 50L
Cons
- No Survival Benefit
- No Maturity Benefit
- No Surrender Benefit
Video reviews
Walkthroughs from the PolicyX team — pros, cons, real claim experiences and who should buy.
Tata AIA Term Insurance Plans
Who can buy this plan
Eligibility criteria pulled straight from the policy wording.
Entry Age - 18 years
Max Entry Age - 65 years
Minimum Sum Assured - 5 L
Maximum Maturity Age - NA
Premium Payment Term - RP/SP/LP(5&10 Years)
How Does TATA AIA Saral Jeevan Bima Plan Work?
Let's understand how the TATA AIA Saral Jeevan Bima Plan works with a simple premium illustration.
Problem
Mr. Verma is looking for a simple and affordable term plan that provides financial safety to his family in case of his unfortunate demise.
Solution
His financial advisor advised him to buy the TATA AIA Saral Jeevan Bima Plan. He visited PolicyX.com
Let's understand how the TATA AIA Saral Jeevan Bima Plan works for him with a premium illustration table.
| Age of policyholder | Annual premiums | Policy tenure | Premium payment term | Total premiums paid | Sum assured |
| 40 years | Rs 5,088 | 40 years | 40 years | Rs 2,03,520 | Rs 10 lakhs |
Key Takeaways: In case of Mr. Verma's demise during the policy tenure, Rs 10 lakhs will be paid to their nominee.
Riders Associated with TATA AIA Saral Jeevan Bima Plan
You can add the following riders to your TATA AIA Saral Jeevan Bima:
TATA AIA Accidental Death Benefit (ADB)
In case of the policyholder’s demise due to an accident, an extra rider sum assured is paid to their nominee.
TATA AIA Accidental Total and Permanent Disability Benefit
Under the accidental disability rider , a lump sum is offered in case of the policyholder’s disability or demise due to the accident.
Features of TATA AIA Saral Jeevan Bima
Key features that make TATA AIA Saral Jeevan Bima stand out.
Flexible Premium Payment Mode
The premiums can be paid as a single payment, annually, half-yearly, or monthly as decided at the time of policy commencement.
Policy Revival
The policy can be reinstated within 5 years after the due date of the first unpaid premium and before the date of maturity.
Choice of Policy Term
TATA AIA Saral Jeevan Bima offers you the option to choose the policy tenure.
Affordable premiums
TATA AIA Saral Jeevan Bima Plan provides protection at affordable premiums.
Benefits of TATA AIA Saral Jeevan Bima
Here are the key benefits of the TATA AIA Saral Jeevan Bima.
Death Benefit Options
TATA AIA Saral Jeevan Bima provides a death benefit amount to the nominee in case of death of the insured. The plan comes with 2 death benefit payout options i.e. lumpsum and monthly income.
Non-smokerDiscounts
The company offers rewards for maintaining healthy lifestyle, hence discounts are applicable for non-smokers.
Policy CancellationValue (PCV)
This is the amount paid back to the insured in case he cancels the policy.
Tax benefits
TATA AIA offers term insurance tax benefits under section 80C of the Income Tax Act, 1961 for up to 1.5 lakhs of the total premium paid in the same financial year.
Exclusions of TATA AIA Saral Jeevan Bima
Here is the list of exclusions associated with the plan:
- Death occurred due to a pandemic is not covered by the company.
- Death caused due to any type of adventure sports.
- Death by consumption of any type of drugs and alcohol.
- Death due to any pre-existing disease that isn't mentioned during the start of the policy.
- If a policyholder commits suicide within first 12 months of purchasing the policy, then no death benefits are paid to their nominee. Either premiums paid to date or the surrender value of the policy whichever is higher is paid to them.
Conclusion
TATA AIA Saral Jeevan Bima is a basic pure protection plan that provides financial protection to your family in case of your sudden demise. It offers flexibility in premium payment and policy terms. The plan also offers additional riders to enhance the coverage. It is essential to understand the terms and conditions before buying the plan. Generally, this plan offers coverage to the individuals who lie under the lower earning group. If you are still confused about which term plan is best for you then you can contact us at PolicyX.com. One of our insurance representatives will contact you shortly, understand your requirements, and suggest a plan that suits your needs.
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Written and reviewed by
PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.
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