Tata Aia Saral Jeevan Bima Plan
TATA AIA Life Insurance Company
Our Verdict
Tata AIA Saral Jeevan Bima is ideal for individuals seeking an affordable, no-frills term plan with broad accessibility. It covers all death causes but lacks maturity benefits, requiring riders for enhanced protection.
About the Plan
Tata AIA Saral Jeevan Bima is a simple, affordable term plan providing financial security to the policyholder’s family. It offers a lump sum death benefit to manage household expenses, debts, and future needs. With minimal eligibility criteria and flexible policy terms (5–40 years), it suits salaried, self-employed, and informal sector workers. Premiums can be paid in single, limited, or regular modes. The plan covers all causes of death (except suicide in the first year) but has no maturity benefits.
About the Plan
Eligibility
• Minimum Entry Age :
18 years
• Maximum Entry Age :
65 years
• Minimum Policy Term :
5 years
• Maximum Entry Age :
40 years
• Maturity Age :
The maximum maturity age is 70 years.
• Minimum Sum Assured :
5,00,000
• Maximum Sum Assured :
Maximum varying based on the insurer's discretion.
Eligibility
Features of the Product
Inflation Protection Coverage
The plan offers fixed coverage and does not include an increasing sum assured option to account for inflation.
Premium Payment Customizations
Policyholders can choose from multiple premium payment options:
Single Pay – One-time premium payment.
Limited Pay – Options of 5 or 10 years.
Regular Pay – Premiums paid throughout the policy term.
Payment modes available: Annual, Half-yearly, and Monthly.
Revival Option
If the policy lapses due to non-payment of premiums, it can be revived within 5 years from the first unpaid premium date.
Revival is subject to health assessments and payment of all due premiums with interest.
Policy Cancellation Value
If the policyholder stops paying premiums after 2 years, they can cancel the policy and receive a proportion of the total premiums paid.
Available for Limited Pay and Single Pay options only.
Exclusions
Suicide within 12 months from the risk commencement or policy revival date results in a refund of 80% (regular/limited pay) or 90% (single premium) of premiums paid, excluding taxes and extra premiums.
Death due to non-accidental causes within the first 45 days of the policy results in a refund of 100% of premiums paid, with no sum assured payout.
No maturity or survival benefits are provided under this policy.
Exclusions
Accidental Death - Policyholders can opt for the Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider, which provides additional financial support in case of accidental death or disability.
Critical Illness - The Tata AIA Life Insurance Non-Linked Comprehensive Health Rider can be added to provide financial coverage for critical illnesses.
Add-ons
If you are a woman
Female policyholders enjoy preferential premium rates, making the plan more affordable for women.
If you smoke
If you are a smoker, the Tata AIA Life Insurance Saral Jeevan Bima Plan applies higher premium rates compared to non-smokers.
Smokers pay more due to the increased health risks associated with smoking. The insurer may require medical tests or disclosures regarding tobacco use before issuing the policy.
Smoking does not impact the sum assured or benefits, but it affects the premium amount.
Note :
Suicide Clause : If the life assured commits suicide within 12 months from the date of policy commencement, the policy's benefits are as follows:
Regular/Limited Premium Policies: The nominee receives 80% of the total premiums paid.
Single Premium Policies: The nominee receives 90% of the single premium paid.
Free Look Period: If the policyholder is not satisfied with the policy terms, they can cancel the policy within 30 days (if bought online) or 15 days (if bought offline) and receive a refund of the premiums paid.
Grace Period: Policyholders get a 30-day grace period for annual and half-yearly premiums and 15 days for monthly premiums.
If the policyholder passes away during the grace period, the death benefit is still payable after deducting the due premium.
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About the Company
Tata AIA Life Insurance Company Limited is a leading life insurance provider in India, established in 2001 as a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. This partnership merges Tata's renowned leadership and trust in India with AIA's extensive experience across 18 markets in the Asia-Pacific region. The company is headquartered in Mumbai, India.
A wide variety of products are available from Tata AIA Life Insurance to accommodate different protection requirements and financial objectives. Their portfolio consists of Unit Linked Insurance Plans (ULIPs) that give market-linked returns, savings plans that combine wealth growth and life insurance, and term insurance for family stability. Additionally, they offer retirement plans including annuities and pensions for post-retirement income as well as health insurance to cover medical costs. Every plan offers different policy terms, variable premium alternatives, and extra riders for increased coverage, guaranteeing customised solutions for each policyholder's particular requirements.