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According to http://support.apple.com/kb/HT1222 http://support.apple.com/kb/HT1222 the last time version n-1 was updated for a security vulnerability was 6.1.6,
by FloppyCopy 12y ago
According to http://support.apple.com/kb/HT1222 http://support.apple.com/kb/HT1222 the last time version n-1 was updated for a security vulnerability was 6.1.6, and it was updated at the same time as version n.
There's no iOS 7.1.3 that would fix any of the many vulnerabilities fixed in iOS 8: http://support.apple.com/kb/HT6441 http://support.apple.com/kb/HT6441 , and it's likely there won't ever be.
For example, CVE-2014-4377 ("Opening a maliciously crafted PDF file may lead to an unexpected application termination or arbitrary code execution") or any of the WebKit vulnerabilities are a pretty big deal.