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TATA AIA Saral Jeevan Bima is a non-linked, non-participating 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. The policy focuses primarily only on death benefits and does not provide Saral Jeevan Bima was introduced by IRDAI in the year 2021 as a standardized plan that may serve every individual in the country regardless of the income bracket they fall in. The plan offers consistent terms across insurance and offers coverage from 5 Lakh to 25 Lakh. The plan has many key features that are mentioned below which make this plan a good option for basic coverage:
The insured must fulfil the following eligibility criteria to take the full advantage of TATA AIA Saral Jeevan Bima:
Plan Parameters |
Minimum |
Maximum |
---|---|---|
Age At Entry | 18 | 65 |
Max Age Maturity |
70 Years |
---|---|
Policy Term (PT) (Years) | Min: 5 years Max: 40 years, subject to max maturity age as mentioned above |
Premium Payment Mode | Single/Annual/ Half-Yearly/ Monthly (only with ECS/NACH) |
Basic Sum Assured |
Rs 5,00,000 |
INR 49,50,000 with the limit reviewable as per Board approval underwriting policy |
---|
The plan offers decent plan benefits that are sufficient to meet the insured essential needs. The plan benefits are mentioned below:
The plan does not cover the following:
Let us have a look at the premium table to get an idea of the premium the policyholder has to pay
Policy Term |
Sum Assured |
Gender |
Premium Amount |
---|---|---|---|
40 | 10,00,000 | Male | 5,088 |
40 | 10,00,000 | Female | 4325 |
40 | 25,00,000 | Male | 11,725 |
40 | 10,00,000 | Female | 9,9975 |
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.
Take a look at the below section to understand the different term plans offered by TATA AIA. For your understanding, we have mentioned TATA AIA term plans along with some of their unique features. Scroll below to read.
Comprehensive Plan
The plan offers various life coverage options, including Whole Life coverage up to age 100, and the added benefit of the Credit Protect option.
Unique Features
Critical Illness Plan
This is a comprehensive plan that provides financial protection by combining life coverage with critical illness, accidental death and more.
Unique Features
Comprehensive Plan
An all-inclusive plan that comes with mental and physical wellness features, discount on premium, early rewards and high sum assured of 2 crores.
Unique Features
Comprehensive Plan
A whole life cover plan that offers flexible premiums, covers terminal illnesses with 50% of the basic sum assured upon detection, and a life stage plus option.
Unique Features
Comprehensive Plan
This plan with 3 Income options comes with combined life coverage and terminal illness payout, offering benefits rider benefit and a 105% Death Benefit.
Unique Features
The plan offers a grace period of 30 days.
TATA AIA Saral Jeevan Bima plan offers a free look period of 15 days.
The plan offers additional coverage through riders such as Accidental Death Benefit Rider and Accidental Total and Permanent Disability Rider.
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See More Term Insurance Articles
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Sahil is a passionate content writer with over two years of expertise in the insurance domain. He uses his knowledge in the field to create engaging content that the customer can relate to and understand. His passion lies in simplifying insurance terminology, ensuring a hassle-free understanding for potential policyholders. With his outstanding collaborative efforts with people, he understands different perspectives and keeps readers' viewpoints at the forefront of his content writing approach.
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