Tata AIA Life Insurance Secure 7 Plan

Introduction/Overview

Tata AIA Life Insurance Secure 7 is a traditional Endowment plan that is designed for savings to meet future requirements and also providing life insurance coverage for protection purpose

Key Features

• It is a non-participating traditional plan with limited premium payment term
• The premiums need to be paid for 7 years after which the company pays Guaranteed Annual Income form the 8^th year for 7 years
• The maturity benefit under the plan is 25% of the Basic Sum Assured

Benefits

• The Guaranteed Annual Income from the 8^th policy year will be 50% of the Annual Premium and will increase every year in the following manner:

• The total Guaranteed Annual Income paid will be equal to the total premiums paid in the last 7 years
• Income tax benefit on the premium paid as per Section 80C and on claims received under Section 10(10D) of the Income Tax Act.

Product Specification:

Details About Premium

Annual premium in Rupees

Policy Details

Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days for other modes. If premium is not paid within the grace period, the policy lapses

Policy Termination or Surrender Benefit: Policyholder is allowed to terminate the policy by surrendering it. The policy acquires a Surrender Value if 3 full years’ premium has been paid. The value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) where GSV = (GSV Factor* Total Premiums paid) – Survival Benefits already paid

SSV = SSV Factor* [(number of premiums paid/number of premiums payable)* Guaranteed survival benefits payable] – survival benefits already paid

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

• The policy provides both death and maturity benefits

Additional Features or Riders

• Discount for large Sum Assured for 7 Lakhs and above.

Exclusions

• In case of suicide within 12 months of policy inception, only the total premium paid is payable and in case of suicide within 12 months of reinstatement, higher of the total premiums paid or the acquired Surrender Value is payable

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.