🛡️ TATA AIA Saral Jeevan Bima – Explained Simply (With Example)
TATA AIA Life Insurance Saral Jeevan Bima is a standard, easy-to-understand term life insurance plan designed by IRDAI for all insurance companies. It’s ideal for first-time buyers who want simple protection at affordable rates.
✅ What Makes Saral Jeevan Bima Unique?
- No-frills, pure term insurance
- Affordable premiums
- Same benefits across insurers
- IRDAI-regulated design
- Perfect for people with limited income or no access to other plans
📋 Plan Features
| Feature | Details |
|---|---|
| Plan Type | Pure Term Insurance (No maturity/savings) |
| Minimum Age | 18 years |
| Maximum Entry Age | 65 years |
| Maturity Age | Up to 70 years |
| Policy Term | 5 to 40 years |
| Sum Assured | ₹5 lakh to ₹25 lakh |
| Premium Pay Terms | Regular, Limited (5/10 years), Single Pay |
| Survival Benefit | ❌ None |
| Death Benefit | ✅ 100% Sum Assured |
| Waiting Period | 45 days (except accidental death) |
| Tax Benefits | ✅ Yes (80C & 10(10D)) |
📊 Real-Life Example
Age: 30 years
Policy Term: 30 years
Sum Assured: ₹10,00,000
Annual Premium: ₹3,500 (approx)
- Death at age 45: ✅ Family gets ₹10L
- Survives till age 60: ❌ No money back
⏳ Waiting Period (45 Days)
There’s a 45-day waiting period from the start of the policy. If the policyholder dies (due to illness) within this time, the claim is not paid.
✅ But: If death is due to an accident during the waiting period — the sum assured will be paid.
➕ Optional Rider Add-ons (If Offered)
- 🚗 Accidental Death Benefit
- 🛑 Waiver of Premium (Disability/Illness)
🎯 Who Should Buy This?
- ✅ First-time insurance buyers
- ✅ People with limited income
- ✅ Those who want pure life cover with no confusion
- ✅ Anyone ineligible for other plans
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