Investment Plans February 17, 2021

Tata AIA Life Insurance Secure 7 Plan is a non-linked non-participating endowment assurance plan that helps you build your future without compromising your needs. And your family will be protected with the life cover of this plan. This policy offers the following advantages:-

  1. Pay for 7 Years & Receive Annual Income for 7 Years Later
  2. Protection Against Uncertainties of Life
  3. The option of Enhanced Protection
  4. 25% of the Basic Sum Assured at Maturity
  5. Large Sum Assured Discount up to 12.00%

Want to know more about Tata AIA Life Insurance Secure 7 Plan? Read this page further.

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Benefits of Tata AIA Life Insurance Secure 7 Plan

You will be entitled to the following if you purchase Tata AIA Life Insurance Secure 7 Plan:-

Guaranteed Annual Income:- From the eighth policy year onward, you’ll start receiving annual income till the maturity date, provided the policy is in force. The guaranteed annual income will start at 50% of your annualized premium; it will increase up to 150% of the annualized premium till maturity.

Maturity Benefit:– You’ll receive 25% of the basic sum assured at the maturity of the policy, provided it is in force and all due premiums are paid. Also, the last annual installment of the guaranteed annual income will be payable to you along with the maturity benefit.

Death Benefit:– In case of an unfortunate event of your death, the nominee will receive the sum assured on death, which will be the highest of the following:-

  1. 10X the annualized premium
  2. 105% of the total paid premiums
  3. Maturity sum assured
  4. Basic sum assured

Eligibility for the Tata AIA Life Insurance Secure 7 Plan

The following are the criteria to purchase Tata AIA Life Insurance Secure 7 Plan –

  1. Minimum Entry Age Required – 18 Years
  2. Maximum Entry Age Allowed – 55 Years
  3. Maximum Age Allowed at Maturity – 69 Years

Additional Benefits Under Tata AIA Life Insurance Secure 7 Plan

Apart from the above-mentioned benefits, you’ll receive the following as well –

Additional Coverage:- You can enhance Tata AIA Life Insurance Secure 7 Plan coverage by adding Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) rider. For this benefit, you need to pay an additional premium amount besides the base policy premium. Under this rider, you will get coverage against accidental death, dismemberment such as loss of limbs or bodily functions and severe burns caused by accidents. So, there will be an extra layer of protection for you and your family if you add a rider to your Tata AIA Life Insurance Secure 7 Plan.

Surrender:- You can surrender this policy anytime during the policy term if at least the first year premium is paid in full. The surrender value will be the higher of

  • Guaranteed Surrender Value (GSV)

Or

  • Special Surrender Value (SSV)

GSV = (Guaranteed Surrender Value Factor x Total Paid Premiums) – Paid Survival Benefits if any

SSV = Special Surrender Value Factor x [(no. of paid premiums)/(no. Of payable premiums as per the policy term) x (Total Guaranteed Benefits Payable) – Paid Survival Benefits if any]

Grace Period:- A grace period will start from the date of the due premium payment in case you don’t pay on the said date. So you can pay your due premiums during this period without any issues, and the policy will continue smoothly. There is a 15-day grace period in case of monthly premium payment; and 30 days for other premium payment modes.

Free Look Period:– A free look period of 15 days is provided to you from the date of receipt of the policy, so you can read the policy terms and conditions during this period. And if any of the conditions are unacceptable, you can return the policy within the free look period and seek a refund of the paid premiums. Your free look period of 15 days could be extended to 30 days if the policy is sourced through distance marketing mode like telecommunication, SMS, etc.

Revival/ Reinstatement:- If you don’t pay your premium till the expiry of the grace period, the policy shall lapse. And to revive/reinstate the policy, you’ll have a period of up to 2 years from the date of the first unpaid premium. To request for revival or reinstatement, you need to send a written application for the same along with the current health certificate and other evidence of insurability. And you should pay all the overdue premiums with interest.

Large Sum Assured Discount:- If your Tata AIA Life Insurance Secure 7 Plan sum assured is high, you may get the following discounts on your premium payments.

Tata AIA Life Insurance Secure 7 Plan Suicide Clause

If you die due to suicide within 12 months from the date of commencement, the nominee will receive the total paid premiums only, provided the policy is in force. Whereas in case of death due to suicide within 12 months from the date of reinstatement or revival, the nominee will get either total paid premiums or the acquired surrender value as on the date of death, whichever is higher, provided the policy is in force.

Tax Benefits for Tata AIA Life Insurance Secure 7 Plan

Purchasing Tata AIA Life Insurance Secure 7 Plan will let you avail of tax deductions under Section 80C and 10 (10D) of the Income Tax Act, 1961.

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