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  • Tata Aia Saat Saath Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Tata AIA Life Insurance Saat Saath Plan is a Non-Linked, Non-Participating, Endowment, Micro Insurance policy. The key benefit of this plan is that policyholders only have to pay due premiums for a period of 7 years, but will be provided life protection for up to 10 years. This will lead to greater savings, in the long run. You also don’t need to undergo any pre-policy medical tests before purchasing this policy. However, you will have to submit a declaration of your health to the insurer.

    Your premium amount, for the Saat Saath Plan, will be decided by the Death Sum Assured, which you will choose while purchasing the policy, and your entry age. The lower your Sum Assured and entry age are, the lesser you will have to pay as the premium, and vice versa.

    Eligibility - Who is the Tata AIA Life Insurance Saat Saath Plan for?

    Individuals looking to buy this policy should ensure they meet the eligibility criteria, which has been set by the insurer.

    Parameters Criteria for eligibility
    Minimum age at entry 18 years
    Maximum age at entry 50 years
    Minimum age at maturity 28 years
    Maximum age at maturity 60 years

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured

    If the policyholder has passed away during the term of the policy, Tata AIA Life Insurance will pay his/her nominee a Death Sum Assured.

    Minimum Sum Assured Rs.10,000
    Maximum Sum Assured Rs.2 lakh

    Premiums*

    Your premium amount will vary based on your age at the time of purchasing the policy and the death benefit. For a death benefit of Rs.1 lakh, the premium rates are as follows:

    Age at Entry Premium Amount
    18 years Rs.2,613
    35 years Rs.2,969
    50 years Rs.5,334

    Listed below are a few other details related to your premiums:

    Policy Term 10 years
    Premium Paying Term 7 years
    Premium Payment Mode Cash, Cheque, Demand Draft, Online Account Transfer, Credit Card
    Payment Frequency Annual, Semi-Annual, Quarterly, or Monthly

    *Premiums will vary based on age, location, plan term, and other factors

    Plan Coverage - What does the Tata AIA Life Insurance Saat Saath Plan cover?

    The Tata AIA Life Insurance Saat Saath Plan provides policyholders the following benefits:

    Death Benefit If the life assured passes away while he/she was covered under this policy, the Death Sum Assured will be paid to the nominee. The Death Sum Assured will be the highest of:
    • Annualized Premium x 10,
    • Basic Sum Assured, or
    • Maturity Sum Assured
    The policy will cease to exist after the death sum assured is paid to the nominee.
    Maturity Benefit If the policyholder survives till maturity of the policy and has paid all due premiums, Tata AIA will pay the policyholder a maturity benefit. The formula to calculate the Maturity Sum Assured is: Maturity Benefit Factor x Annualized Premium x Premium Paying Term

    Riders/Add-On Plans – Additional coverage under the Tata AIA Life Insurance Saat Saath Plan

    There are no additional plans or riders that you can purchase along with the Saat Saath Plan.

    Exclusions - What the Tata AIA Life Insurance Saat Saath Plan doesn’t cover

    The only exclusion under this plan is:

    • If the policy is active and the policyholder commits suicide within 12 months of purchasing the policy, the nominee is not eligible to receive any death benefit from the insurer. However, Tata AIA Life Insurance Company will return all the premiums that were paid by the policyholder, to the nominee.
    • Similarly, if the policyholder commits suicide within 12 months from the date of revival of the policy, Tata AIA will pay the nominee the highest of:
    • The sum of total premiums paid, or
    • The surrender value of the policy

    Other Key Features – Free-look Period, Surrender Value, Grace Period, etc.

    Grace period If the life assured has opted to pay his/her premiums on a monthly basis, he/she is provided a grace period of 15 days. If the life assured has opted to pay his premiums either on an annual, semi-annual, or quarterly basis, he/she is provided a 30-day grace period. If due premiums are not paid during the grace period, the policy will lapse.
    Free-look period If you do not agree with the terms and conditions mentioned in the policy, you can choose to cancel the policy by providing a written notice to the insurer. You must do this within the free-look period, which is 15 days. In case the policy was purchased through the distance marketing, the free-look period will be 30 days.
    Policy Revival If your policy has lapsed, you can revive it within a period of two years from the date of the last due premium. You will need to submit a revival application, a current health certificate and pay your unpaid premiums with interest.
    Surrender Benefit If the life assured has paid all due premiums for at least one year, they can surrender their policy anytime. The Surrender Value payable will either be the Special Surrender Value or the Guaranteed Surrender Value, whichever is the higher of the two.
    Nonforfeiture Benefits If you pay all your premiums during the first policy year and miss out on subsequent payments, your Saat Saath Plan will be converted into a Reduced Paid-Up Policy. The death benefit and maturity benefit will also change accordingly.
    Loan There is no loan facility offered to policyholders under this plan.
    Modification to Benefits Your Sum Assured is to be chosen when purchasing the policy. You cannot increase or decrease the amount later.
    Assignment Assignment is permitted under this policy.
    Nomination Nomination facility is provided under this policy.

    Other Benefits – How you can save with the Tata AIA Life Insurance Saat Saath Plan

    As a Tata AIA Life Insurance Company customer, you are provided a number of other benefits, such as:

    • View Performance of Funds: You can view the performance of various Individual Life Funds and Group Pension Funds on the insurer’s website in a hassle-free manner.
    • Online Payment of Premiums: You have several online channels, such as mobile wallets, NEFT, etc. to pay your premiums.
    • Buy Plans Online: While not all policies can be bought online, there are a few Tata AIA insurance plans that can be bought directly from the insurer’s website.
    • Customer Service: If the need arises, customers can either call the insurer’s toll-free number or landline number, SMS “SERVICE” to 58888, or send an email to the Customer Service team, or register details of their complaints on the insurer’s portal.
    • Tracking Claims: You can track the status of your claims/applications on the company website by providing a few relevant details.

    Why you should buy the Saat Saath Plan from Tata AIA Life Insurance?

    The Tata AIA Life Insurance Saat Saath Plan is a smart buy, since it comes with many benefits to the policyholder and his/her nominee. The insurer provides policy buyers not only a comprehensive risk cover, but also pays them a maturity benefit if they survive till the completion of the policy tenure. The death benefit paid to nominees will help them meet any financial needs that might arise in the future.

    Tata AIA Life Insurance Company started operations in India on 1 April 2001. The company has reported a high claim settlement ratio over the past years, and the claim settlement ratio for 2015-2016 was 96.80%. The company’s varied range of insurance products ensure that your insurance needs can be met by the insurer with ease. The insurer has also won the Golden Peacock Award in 2016 for Risk Management.

    *The customer reviews/feedback/opinions expressed on this website are solely of their authors and do not reflect, in any way, the view of BankBazaar Insurance.

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