It is imperative for everyone to ensure that their financial future is secure. This is needed especially in financial uncertain times such as these. Life Insurance is one of the most procured options when it comes to having a safety net. Life insurance ensures that customers have a corpus saved up and customers will also receive other benefits.
TATA AIA Life Insurance offers the Secure 7 option which is a Non Participating Endowment Assurance Plan. This Non linked plan also offers a limited premium offer and allows customers guaranteed returns for the money they invested.
Eligibility Conditions for TATA AIA Life Insurance Secure 7
|Entry Age (in years)||18||55|
|Maturity Age (in years)||-||69|
|Policy Tenure (in years)||14|
|Premium Payment Tenure (in years)||7|
|Minimum Premium||Rs. 40,000 per annum|
|Minimum Basic Assured Sum||Rs. 2,50,000. This is subject to a minimum premium norm and is in multiples of Rs. 1000|
Key Features of TATA AIA Life Insurance Secure 7
|Plan Type||Limited Premium Non - Participating Endowment Assurance Plan that is Non Linked|
|Policy Term||14 years|
|Maturity Benefits||25 percent of basic assured sum|
|Premium Payment Frequency||Yearly, Half-yearly, Quarterly and Monthly|
|Surrender Benefit||Allowed if the complete payment for the first year is paid.|
|Grace Period||15 days|
|Death Benefit||Death benefit will be payable to the nominee or legal heir.|
|Free Look Period||Available|
|Riders||TATA AIA Life Insurance Accidental Death and Dismemberment|
Benefits of TATA AIA Life Insurance Secure 7
This Tata AIA savings plan comes with a number of unique benefits and features.
- Policy can be surrendered anytime during the policy tenure as long as the first year’s full premium has been paid.
- In case of untimely death of the insured, the nominee will receive the following - Assured sum on death * (number of paid premiums)/(number of premiums that is payable during the entire policy tenure).
- 25 percent of the basic assured sum * (number of premiums paid) / number of premiums that are payable during the entire tenure of policy.
Premium Discount Rates for TATA AIA Life Insurance Secure 7
|Basic Assured Sum||Discount for every 1000 Basic Assured Sum|
|7,00,000 to 9,99,999||5.00|
|10,00,000 to 14,99,999||8.00|
|15,00,000 and above||12.00|
Illustration of Benefit for TATA AIA Life Insurance Secure 7
Let us take the case of Manish who is 45 years old. He has procured the TATA AIA Life Insurance Secure 7. His annual premium is 55,865 and basic sum assured he receives is 5,00,000. His total guaranteed yearly income is Rs. 3,91,055 and the maturity benefit he receives will be Rs. 1,25,000. In case of his untimely death when the policy is in full force, his nominee(s) will receive Rs. 5,58,650 as death benefit.
Customers have the option of procuring an optional rider which is the TATA AIA Life Insurance Accidental Death and Dismemberment.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017