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Term Insurance 306 views August 13, 2021
Tata AIA Life Insurance Navkalyan Yojana is a non-participating regular premium paying micro insurance protection plan that offers life coverage throughout the policy term. With this plan, your loved ones will get a death benefit in case of your unfortunate demise during the policy term. This plan is especially designed for individuals living in rural areas looking to get insurance cover for their families.
You should check the key features of the plan mentioned below to get an overview.
- Flexible Sum Insured Options
- No Medical Tests Required
- Protection Against Death Throughout the Coverage Term
- Fixed Policy and Premium Payment Term of Five years
- Multiple Premium Payment Frequencies
- A Free Look Period of 15 or 30 days
- Affordable Premium
- A 30-day Grace Period
Continue reading this page to understand the plan in detail. Let’s start without any further delay.
Table of Contents
We have discussed the features of this Tata AIA Life Plan below that will help you make a better decision.
Multiple Sum Insured Options
Under the Tata AIA Life Insurance Navkalyan Yojana, policyholders can select the sum insured according to their convenience. The minimum basic sum assured amount stands at INR 10,000 and can be increased up to INR 50,000 in multiples of INR 1,000.
What is the Policy and Premium Payment Term?
The coverage term under the plan will remain fixed at five years. Also, the premium payment term will be the same as the policy term i.e five years.
Death Benefits
If an insured person dies during the policy term, the plan from Tata AIA will offer a death benefit to the nominee or legal heir (provided the policy is in force on the date of death of the life assured). The death benefit will be the sum assured on death which will be the highest of the following amounts.
- Basic sum assured
- 10 times the annualized premium
- 105% of the total premium paid up to the date of death
Upon the death of the life insured, the policy will terminate and not provide any other benefit. Here, the annualized premium will be the premium paid in a year concerning the basic sum assured (chosen by the policyholder) minus the extra premiums and loading for modal premiums, if any.
Total premiums paid will be equal to the number of total premiums paid during the premium paying term of the policy.
Documents Required to Get the Death Benefit
The nominee or legal heir will need to present the following documents to get the death benefit.
- Application form for death claim along with NEFT Form
- Physician’s statement (to be filled by last attending physician)
- Death certificate issued by a local government body
- Medical records such as admission notes, discharge certificate, death summary, etc.
- Original policy document
- Claimant’s photo ID with age proof and relationship with the insured person
How Much Premium Amount You Will Need to Pay?
The premium amount under the plan depends on the age of the policyholder and chosen basic sum assured. You can check the premium rate in the below table.
| Entry Age (In Years) | Premium Rate | Entry Age (In Years) | Premium Rate |
|---|---|---|---|
| 18 | 11.58 | 40 | 15.13 |
| 19 | 11.67 | 41 | 15.65 |
| 20 | 11.75 | 42 | 16.23 |
| 21 | 11.81 | 43 | 16.93 |
| 22 | 11.87 | 44 | 17.74 |
| 23 | 11.92 | 45 | 18.66 |
| 24 | 11.96 | 46 | 19.72 |
| 25 | 11.99 | 47 | 20.89 |
| 26 | 12.01 | 48 | 22.19 |
| 27 | 12.03 | 49 | 23.61 |
| 28 | 12.05 | 50 | 25.15 |
| 29 | 12.08 | 51 | 26.82 |
| 30 | 12.15 | 52 | 28.61 |
| 31 | 12.25 | 53 | 30.49 |
| 32 | 12.4 | 54 | 32.46 |
| 33 | 12.59 | 55 | 34.55 |
| 34 | 12.82 | 56 | 36.78 |
| 35 | 13.1 | 57 | 39.18 |
| 36 | 13.42 | 58 | 41.9 |
| 37 | 13.79 | 59 | 45.11 |
| 38 | 14.2 | 60 | 48.8 |
| 39 | 14.64 |
Policyholders can make the premium payment by any of the following modes.
Cash
Cheque
Demand Draft
Electronic Clearing Service (ECS) – Available for all premium payment frequencies
Multiple Premium Payment Frequencies
Tata AIA Life Insurance Navkalyan Yojana allows policyholders to select the premium payment frequency as per their convenience. These options are yearly, half-yearly and quarterly. To know about the modal loading, please check the below table.
| Premium Payment Frequency | Modal Loading Factor |
|---|---|
| Annual | Nil |
| Semi-annual | 0.51 |
| Quarterly | 0.26 |
Note: You can also change the premium payment frequency by making a written request to the Tata AIA.
Grace Period
Tata AIA Life Insurance Navkalyan Yojana offers a grace period of 30 days from the due premium date. An individual can make the payment of the subsequent premium within this period without any additional interest. Also, the policy will remain in force during this period. However, if a policyholder fails to pay the premium at the end of a grace period, the policy will lapse and have no further value.
Please check the important conditions related to the plan mentioned below.
Minimum Age the Entry – 18 years
Maximum Age at Entry – 60 years
An individual should meet the conditions of the health declaration form in the proposal form.
Exclusions under the Plan
In case an insured person dies due to suicide (whether sane or insane) within 12 months from the date of start or revival of the policy, the nominee will get ‘total premiums paid’ provided the policy is in force on the date of death.
Free Look Period
If a policyholder is not satisfied with the terms and conditions of the policy, he/she can cancel the policy by providing written notice to the company within a free look period of 15 days from the date of receipt of the policy document. However, this period can go up to 30 days if the policy is purchased through distance marketing mode.