Cryptic crossword clue
A night in Paris covered by city pension 7

The most common and most likely answer to this crossword clue is the 7 letter word ANNUITY

I've seen this crossword clue in The Daily Telegraph
A
N
N
U
I
T
Y

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The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does ANNUITY mean?

ANNUITY noun
  1. A right to receive amounts of money regularly over a certain fixed period, in perpetuity, or, especially, over the remaining life or lives of one or more beneficiaries.

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