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Overview
TATA AIA Saral Jeevan Bima is a pure protection plan designed with simple terms and conditions. It is affordable and accessible to lower-income groups. The plan offers a fixed premium and flexible payment terms, covering individuals up to the age of 70.
The TATA AIA Saral Jeevan Bima Plan offers 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
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 an accident.
Key Features and Benefits
Flexible Premium Payment Mode
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
The TATA AIA Saral Jeevan Bima Plan provides protection at affordable premiums.
Death Benefit Options
TATA AIA Saral Jeevan Bima provides a death benefit amount to the nominee in case of the insured's death. The plan comes with two death benefit payout options: lump sum and monthly income.
Non-smoker Discounts
The company offers rewards for maintaining a healthy lifestyle; hence, discounts are applicable for non-smokers.
Policy Cancellation Value (PCV)
This is the amount paid back to the insured if they cancel 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
- Death due to a pandemic is not covered by the company.
- Death caused by adventure sports.
- Death due to consumption of drugs or alcohol.
- Death due to any pre-existing disease not disclosed at policy inception.
- If a policyholder commits suicide within the first 12 months of purchasing the policy, no death benefits are paid to their nominee. Either the premiums paid to date or the surrender value of the policy, whichever is higher, is paid to them.
