Tata AIA Life Insurance Secure 7 Plan

What is the Plan all About?

Tata AIA Life Insurance Secure 7 is a limited pay, non linked, participating endowment plan that helps you to ease out the process of future planning and investment.The plan will ensure you to build a corpus to fulfill your financial future objectives along with the insurance cover.

What are the Key Features?

Pay for limited period of 7 years
Enhance corpus through compounding annual bonus
Receive a lump sum amount on maturity
Affordable life protection for the entire term of 12 years
Enhance coverage through riders
Avail tax benefits under IT Act

What are the Plan Benefits?

Death Benefit

In case of an unfortunate demise of the life Insured during the policy term, Sum Assured on death is payable to the nominee along with a vested Compound Reversionary Bonus and Terminal Bonus (if any) provided the policy is in force. Sum Assured on death" will be higher of 10 times the annualised premium or 1.75 times the Basic Sum Assured.

Maturity Benefit

Guaranteed Sum Assured is payable to the life insured on the completion of the policy term plus vested Compound Reversionary Bonus plus Terminal Bonus, if any, provided the policy is in force and all due premiums have been paid.

Bonus

The compounded reversionary bonus will accrue every year from the 1st policy anniversary and will be payable on death or maturity. The compound Reversionary Bonus will be declared by the company annually. Along with compounded reversionary bonus company also pays terminal bonus which will be a percentage of the accrued Compound Reversionary Bonus. It will be payable on death, if the policy is in force for 8 years or on maturity.

Loan Benefit

Policy Loan is available in Tata AIA Life Insurance Smart 7.

Surrender Value

Surrender Value payable is higher of Special Surrender Value or Guaranteed Surrender Value. The policy can be surrendered any time during the term of the policy, provided at least the first full year's premium has been paid.

Tax Benefit

Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961 and the life insurance proceeds enjoy tax benefits as per Section 10(10D) of the said Act.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	6 Years	55 Years
Age at Maturity	-	67 Years
Policy Tenure	12 Years (fixed)	-
Premium Paying Term	7 Years (limited Pay)	-
Premium Paying Mode	Annually, Semi Annually, Quarterly & Monthly	-
Premium Amount	-	-
Sum Assured	2 Lacs	No Limit (subject To Underwriting)
Freelook Period	15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy	-
Grace Period	30 Days (15 Days For Monthly Mode)	-
Plan Type	Offline	-

Is any Rider Available with this Plan?

Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Rider can be opted under this plan to enhance the coverage, on payment of additional rider premium.

How the Plan Works?

Raman at 35 years, wants to buy Tata AIA Life Insurance Secure 7 to save regularly for a robust corpus after 12 years by paying premiums for 7 years as limited pay with sum assured of Rs 5 Lacs.

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the maturity of the policy term, he gets Guaranteed Sum Assured of Rs 5 Lacs which is payable on the completion of the policy term plus vested Compound Reversionary Bonus plus Terminal Bonus, if any and policy terminates.

Scenario A: Raman dies during the Policy Term

If Mr. Raman dies during the policy term, his nominees will get Rs 5 Lacs or Sum Assured on death is payable to the nominee along with a vested Compound Reversionary Bonus and Terminal Bonus (if any) provided the policy is in force. Sum Assured on death" will be higher of 10 times the annualised premium or 1.75 times the Basic Sum Assured.The policy terminates thereafter.

Benefit Illustration under the plan:

TATA AIA Secure 7 Scenario