Tata AIA Life today launched a new plan that provides income protection with the added advantage of guaranteed returns.
"Secure 7" is a limited premium paying non-linked non- participating endowment assurance plan that offers protection and ensures guaranteed returns for the money invested, the private insurer sid.
"Secure 7 is a limited pay plan that helps customers to break free from all their limitations by fulfilling their different life needs. The solution provides customers with protection and good value for money," Tata AIA Life Chief Marketing Officer Amitabh Tapadar said in a release here.
This product has been positioned in between a pure term and a classic endowment plan.
One of the key feartures of the plan is that it is only for seven years and provides a guaranteed annual income for the next seven years. Also, on maturity 25 per cent of the basic sum assured is paid to the insured.
The policy term is 14 years and the premium payment period is seven years.
The private firm is a joint venture between Tata Sons and AIA Group (AIA), the largest, independent listed pan-Asia life insurance group in the world.
