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A Non-Linked Non-Participating Individual Life Micro Insurance Savings Plan (UIN:110N123V03)
Tata AIASaat Saath
Tata AIASaat Saath
Join hands with Tata AIA Life and
secure the financial future of your loved ones.
The Tata AIA Saat Saath is a microinsurance savings plan that offers assured, pre-determined returns on maturity along with the benefit of life insurance coverage. With this savings plan, you can lay a strong foundation for your family’s secure future!
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Benefits of Tata AIA Saat Saath
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Get Life Insurance Coverage
Get comprehensive life insurance coverage for the entire duration of the policy in order to ensure financial protection for your loved ones.
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Choice of Policy Term
You can choose to pay a onetime single premium or for 7 years and get life cover for 5 years and 10 years, respectively.
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Preferential Premium Rates for Women
In the case of women life assured*, preferential premiums can be offered subject to certain terms and conditions of the policy.
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No Medical Tests
Easily avail of the life cover and other policy benefits without the hassle of numerous medical tests and excessive documentation.
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Pre-determined Returns
On policy maturity, get the maturity benefit in the form of a pre-specified percentage of all the premiums paid towards the savings plan.
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Get Income Tax Benefits
Get income tax# benefits as per applicable income tax laws and save more.
Why Choose Tata AIA Life Insurance?
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72 Lakhs+
Families protected so far~
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Express Claim Settlement
We can settle your claim within just 4 hours^
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400 + Branches
Presence across major cities in India
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Pay your Way
Flexibility to choose premium payment mode as per convenience
^T&C apply
Eligibility Criteria of Tata AIA Saat Saath
Minimum Entry Age |
18 years |
Maximum Entry Age |
50 years |
Maximum Maturity Age |
Single Pay: 55 years Limited Pay: 60 years |
Minimum Basic Sum Assured |
₹1,000 (multiples of 1,000 thereafter) |
Maximum Basic Sum Assured |
₹2,00,000 |
Premium Paying Term |
Single, Limited Pay - 7 years |
Policy Term |
Single Pay: 5 years Limited Pay: 10 years |
Declaration of health as per proposal form |
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Frequently Asked Questions on Tata AIA Saat Saath
What is microinsurance?
Microinsurance is a form of insurance. It is designed to allow people from low-income groups or economically weaker sections of society to get access to insurance products. This type of insurance aims to help such people cope with financial troubles arising from illness, natural disasters, or other unexpected events.
Why is micro insurance important?
Microinsurance is a way for many people to get life insurance at highly affordable premium rates. This insurance product can offer financial security to low-income families through easy access to life insurance.
How is a microinsurance savings plan helpful?
A microinsurance savings plan can encourage you to save money on a regular basis. This can help you build a financial cushion that you can draw on in times of need. In addition, microinsurance savings plans have flexible policy terms, allowing you to choose the amount of money you want to save and the duration for which you want to save your money.
Can I buy more than one savings plan?
Many people opt for two savings plans as per their needs so that they can save more money.
Since the premiums for savings plans are higher than a pure term insurance plan, paying multiple premiums can become quite expensive. Hence, if you feel the need for multiple savings plans, you should first plan your goals and seek out different types of savings plans to meet each of those needs.
For instance, your life insurance portfolio can have one savings plan for your child, a retirement savings plan, and so on.
What is the surrender value of life insurance?
The surrender value in a life insurance policy is the amount of money your insurer will pay you if the policy is terminated before it matures. Surrender value is calculated based on the premiums paid, the length of time the policy has been in force, and many other factors.
It is important to note that the surrender value of a savings insurance policy may be lower than the total premiums paid. Also, pure life insurance policies such as term plans do not offer surrender value if you choose to terminate the policy.
What is the premium paying term and policy term of Tata AIA Saat Saath?
The premium paying term (PPT) and the policy term (PT) of Tata AIA Saat Saath are –
- PPT – Single, for a PT of 5 years.
- PPT – Limited Pay of 7 years for a PT of 10 years.
How is the premium of this savings plan determined?
The premium amount of the Tata AIA Saat Saath is determined on the basis of your age, and the basic sum assured you have selected.
What is the death benefit payable on this savings policy?
The death benefit payable on this savings plan will be the highest of the three amounts given below –
- 1.25 x Single Premium for Single Pay and 10 x Annualised Premium for Limited Pay
- Basic Sum Assured (BSA)
- Maturity Sum Assured
What is the meaning of maturity benefit?
The maturity benefit is a commonly used term in life insurance plans. It refers to the amount of money the policyholder receives when the policy or the investment plan reaches maturity, which is the end of the policy term. The maturity benefit can only be paid out if you survive the policy term and have paid all the due premiums towards the policy.
Under what conditions can one file a claim?
A death claim can be filed in case of the insured’s death. The nominee will have to undertake this process, and the benefits will be paid out as per the regulatory timelines. A maturity claim will have to be filed if the insured survives the policy term. The benefits will be paid out after the claim is approved per the regulatory timelines.
How many claims can I file under this savings policy?
You can file a death or maturity claim under this policy. Once the death claim has been paid out, the policy cover will cease to provide any other benefits. The maturity claim is paid out only when the policy matures and if you (the insured) outlive the policy term. No life insurance benefits or other benefits are applicable after that.
How to file a claim under the Tata AIA Saat Saath?
To file a claim, contact us via any of the following channels:
- Email us at: customercare@tataaia.com
- Call our helpline number - 1860-266-9966 (local charges apply)
- Walk into any of the Tata AIA Life Insurance Company branch offices
- Write directly to us at:
The Claims Department,
Tata AIA Life Insurance Company Limited
B- Wing, 9th Floor,
I-Think Techno Campus,
Behind TCS, Pokhran Road No.2,
Close to Eastern Express Highway,
Thane (West) 400 607.
IRDA Regn. No. 110
What are the documents required for a claim settlement?
Please click here to know the list of documents needed for the claim intimation and settlement process.
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Disclaimer
- The complete name of Tata AIA Saat Saath is Tata AIA Life Insurance Saath Saath (UIN:110N123V03) - A Non-Linked Non-Participating Individual Life Micro Insurance Savings Plan
- #Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
- *A 3 year age set back to male Premium rates are applicable for female lives
- ~72,34,092 families protected till 31st March 2023.
- ^Applicable to only non-early claims with more than 3 years of policy duration, non-investigation cases, up to Sum Assured of Rs. 50 lakhs. Applicable for branch walk in. Time limit to submit claim to Tata AIA Life Insurance is 2 pm on working days. Subject to submission of complete documents. Not applicable for ULIP policies and open title claims.
- This product is underwritten by Tata AIA Life Insurance Company Ltd.
- The plan is not a guaranteed issuance plan, and it will be subject to company’s underwriting and acceptance.
- Insurance cover is available under this product.
- For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. The precise terms and condition of this plan are specified in the Policy Contract.
- Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid.
- In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
- Risk cover commences along with policy commencement for all lives, including minor lives.
- Policies sourced through PoS Channel will not have any medical examination. This plan is not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
- All Premiums and interest payable under the policy are exclusive of the taxes, rider premiums, underwriting extra premiums, loading for modal premiums, if any which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium or interest. Tata AIA Life shall have the right to claim, deduct, adjust, and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.
- L&C/Advt/2023/Oct/3495
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