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.
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|
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|
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|
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
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:
|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|
There are no additional plans or riders that you can purchase along with the Saat Saath Plan.
The only exclusion under this plan is:
|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.|
As a Tata AIA Life Insurance Company customer, you are provided a number of other benefits, such as:
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.
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