Tata AIA Life Insurance Secure 7 Plan
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
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 8th year for 7 years
The maturity benefit under the plan is 25% of the Basic Sum Assured
Details About Premium
Annual premium in Rupees
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.
The policy provides both death and maturity benefits
Additional Features or Riders
Discount for large Sum Assured for 7 Lakhs and above.
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