Customers are always advised to ensure that their financial life is on track because no matter how old people get, the necessity for money always increases. It is important to be financially secure as we live in an economically uncertain world. Individuals are always advised to procure life insurance plans as these policies provide a safety net for them financially. It helps to create a corpus, investments and also provides a death benefit to the individual’s family in case of his/her untimely death. The Saat Saath plan by TATA AIA Life Insurance is a micro insurance plan that provides guaranteed returns along with a life cover. Additional details and features are provided below.
Eligibility Conditions for TATA AIA Life Insurance Saat Saath
|Minimum age of entry (in years)||18|
|Maximum age of entry (in years)||50|
|Minimum assured basic sum||Rs. 10,000 and in multiples of Rs. 1000 after that|
|Maximum assured basic sum||Rs. 200,000|
|Policy Tenure||10 years|
|Term for premium payment||7 years|
|Declaration of health and preferential rates provided for females|
Key Features of TATA AIA Life Insurance Saat Saath
|Plan Type||Endowment Micro Insurance Policy that provides a specified percent of ‘Total amount of premiums that have been paid’ on maturity. The plan is non-participating and non-linked.|
|Policy Term||10 years|
|Maturity Benefits||Maturity sum assured is equal to - Maturity Benefit Factor * Annualised Premium * Premium Paying Term|
|Premium Payment Frequency||Yearly, Half-yearly, Quarterly and Monthly|
|Mode of Payment||Cheque, Cash, Credit Card, Demand Draft and Online Account Transfer|
|Loan Availability||Not available|
|Surrender Benefit||Allowed if a minimum of one year’s premium has been paid.|
|Grace Period||15 days|
|Death Benefit||Death benefit will be payable to the nominee or legal heir. Benefit payable will be the assured sum on death * number of premiums paid / number of premiums that are payable during the entire tenure of the policy.|
|Free Look Period||Available|
|Increase of Benefits or Decrease of Benefits||Not Available|
Benefits of TATA AIA Life Insurance Saat Saath
This plan comes with a number of unique benefits and features.
- Policy can be surrendered anytime during the policy tenure as long as the premium for the first year has been paid.
- In case of untimely death of the insured, the nominee will receive a sum assured which is the highest of the below components - 10X yearly premium, basic assured sum and maturity sum that has been assured.
- Customers have the option of reviving their policy in case the premium has not been paid post grace period and within two years post date of first unpaid premium and prior to maturity date.
- In case customers have not surrendered their policy and their premium is in default post grace period then their policy can be revived within 2 years post due date of the first premium that was unpaid and within maturity date.
- Preferential rates are available for females and attractive returns are assured.
Sample Premium Payment Table for TATA AIA Life Insurance Saat Saath.
|Age of Entry (in years)||Premium (in Rupees)||Death Benefit|
Illustration of Benefit for TATA AIA Life Insurance Saat Saath
Let us take the case of Manoj who is 50 years old. He has procured the Saat Saath micro insurance plan by TATA AIA Life Insurance . For a basic assured sum of Rs. 100,000, he pays a premium of Rs. 5334 and in case of his untimely death, his nominee will receive a death benefit of Rs. 1,00,000.
There are no rider options mentioned.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017