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  • Tata AIA Life Insurance Navkalyan Yojana Plan

    Tata Aia Life Insurance

    The Navkalyan Yojana by Tata AIA Life Insurance is a non-participating regular protection plan made to fit a 5 years term of paying premium. This is a micro insurance protection plan meant mainly for the rural sector of people who would like to have protection for this families in their absence. This is an individual plan, and a step taken towards planning the future of your loved ones to fulfil their needs and wants even in your absence.

    Eligibility conditions for this plan:

    Particulars

    Minimum

    Maximum

    Age

    18 years

    60 years

    Basic sum assured

    Rs. 10,000 (in multiples of 1000)

    Rs. 50,000

    Key features to look forward to with this plan:

    1. Policy term of 5 years is a fixed term.
    2. There are no medical tests are required.
    3. Payment of premiums is fixed to the length of the policy term (5 years).
    4. The policyholder will have life coverage throughout the policy term.
    5. This plan doesn’t have a maturity or surrender benefit available.
    6. Any earning man or woman who meet the health criteria mentioned in the proposal and are with the age group of 18 - 60 years can apply for this policy.
    7. The premiums are decided based on 2 criterias the age of the applicant and the basic sum assured chosen by him/her.
    8. The premium payments can be made annually, half-yearly, and quarterly as per your choice.
    9. Free look period of 15 days is provided, if the policyholder doesn’t agree with the terms and conditions. A period of 30 days is given when the policy has been taken-up by distance marketing.
    10. A grace period of 30 day will be provided to make regular premium payments. If the premiums payments remain unpaid even after the grace period then the policy will lapse.
    11. The policy can be revived at the discretion of Tata AIA Life Insurance, within 2 years of the due date of the premium default.
    12. There’s no loan facility available with this product.
    13. The death benefit in this policy will be the highest of the below:
      1. Basic Sum Assured
      2. 10 times of the annual premium
      3. 105% of the all premiums paid till date of death

    You get many benefits or advantages with the Navkalyan Yojana plan:

    1. You will receive tax benefits under the Income Tax Act 1961
    2. If you are unable to pay the premium with the said time or the grace period a revival benefit is available with the plan, this can be done within 2 years of the due date of the premium default.

    Premium rate table:

    The rate below are with a sample basic sum assured of Rs. 10, 000

    Age

    Premium amount

    Death Benefit

    18 years

    Rs. 116

    Rs. 10, 000

    25 years

    Rs. 120

    Rs. 10, 000

    35 years

    Rs. 131

    Rs. 10, 000

    45 years

    Rs. 187

    Rs. 10, 000

    55 years

    Rs. 345

    Rs. 10, 000

    60 years

    Rs. 488

    Rs. 10, 000

    How does this plan work?

    Let’s take an example of Mr. Munna Singh, a healthy male aged at 35 years, paying a fund premium of Rs. 131. For a basiic sum assured of Rs. 10, 000. He’s chosen his wife to be his nominee for this policy. He makes these payment in an quarterly mode. He’s been paying the premium regularly for 3 years out his 5 year term, in an unfortunate event Mr. Singh passes away. During the 4th year of the policy. His wife will now receive the highest of the below:

    1. Basic Sum Assured - which will be in this Rs. 10, 000.
    2. 10 times of the annual premium - (131 * 4 = 524) * 10 = Rs. 15, 720
    3. 105% of the all premiums paid till date of death

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