• Tata AIA Fortune Guarantee Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    All of us set some personal goals that we strive to achieve. They can be something as simple as planning a family vacation, organizing funds for a child's education, renovation of the house, to name a few. The expenses only increase with time. It is important to understand that preparing a fund for all these expenses is necessary. So, it is always advisable to get a plan that guarantees a fixed amount that would take care of all kinds of financial concerns and secure your future.

    The TATA AIA Life Insurance Fortune Guarantee plan is a non-participating and non-linked endowment assurance plan that provides the policyholder will a plethora of benefits including savings as well protection. This plan provides the policyholder with a guaranteed maturity benefit against a short premium paying term. The addition of a rider can make this plan even more effective.

    Eligibility - Who is the Tata AIA Life Insurance Fortune Guarantee Plan plan for?

    In order to avail this plan, individuals will have to fulfill the eligibility criteria given below:

    Minimum Age of Issue (in years) 8 years
    Maximum Age of Issue (in years) 55 years
    Maximum Age of Maturity (in years) 65 years
    Policy Term 10 years

    *All ages are based on last birthday of the customer.

    Sum Assured and Premium Range - What you get and what it costs

    Sum Assured:

    Under this plan, the basic sum assured is as much as 10 times of the annualized premium.

    Premium:

    Under this plan, the following is the minimum and maximum annualized premium payable:

    Minimum annualized premium Rs.50,000
    Maximum annualized premium There is no limit on the maximum annualized premium

    Plan Coverage - What the Tata AIA Life Insurance Fortune Guarantee Plan covers

    Maturity Benefit In case of policyholder’s survival until the end of the policy tenure, the total value of the fund at the applicable NAV will be provided.
    Death Benefit In case of untimely death of policyholder during the tenure of the policy, the nominee will receive a higher of the following -
    • Basic Sum Assured, or
    • Single/Regular Premium Fund Value of the policy, or
    • 105% of the total Single/Regular Premiums that have been paid.
    Loyalty Additions
    • This is applicable to the policyholders and additional units at a rate of 0.20% of the units in each fund will be credited under the Regular Premium Account to the respective fund on every policy anniversary after the 11th anniversary, until the end of the policy tenure.
    • In case policyholders have selected the single pay option, additional units at a rate of 0.35% of units in each fund will be credited from 6th anniversary of the policy until the end of the policy tenure.
    • Customers should note that all additions will be added only if the policy is in force and all premiums have been paid. Top-up premium account holders will not be able to avail these additions.

    Riders /Add-on Plans- Additional Coverage under the Tata AIA Life Insurance Fortune Guarantee Plan

     

    Customers have the option to avail riders for added cover under the Tata AIA Life Insurance Fortune Guarantee Plan

    • Tata AIA Life Insurance Waiver of Premium (Linked) Rider

    Through this rider, a waiver of future premiums of the base policy can be availed in case the life assured is completely and permanently disabled before the age of 65. Customers who have availed the Limited Pay option with respect to the base policy can procure this rider.

    The entry age for this rider is 18 years and the maximum age of maturity is 65 years. Individuals who have availed the base policy for a premium payment tenure of 7 years cannot avail this rider.

    • Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider

    Through this rider, policyholders can avail a waiver of future premiums of base policy in case of complete and permanent disability or death before the policyholder reaches the age of 65 years or end of premium payment tenure. Customers who have availed the Limited Pay option with respect to the base policy can avail this rider.

    The entry age for this rider is 18 years and the maximum age of maturity is 57 years. Individuals who have availed the base policy for a premium payment tenure of 7 years cannot avail this rider.

    • Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider

    If this rider is availed, the nominee will receive an amount that is equal to the rider Sum Assured in case of accidental death of the policyholder. In case of severe dismemberment, a percentage of the Rider Sum Assured will be paid. Customers who have availed the Limited Pay option and Single Pay option with respect to the base policy can avail this rider.

    The entry age for this rider is 18 years and the maximum age of maturity is 70 years. Individuals who have availed the base policy for a premium payment tenure of 7 years cannot avail this rider.

    Exclusions - What the Tata AIA Life Insurance Fortune Guarantee Plan does not cover

    In case of death of policyholder due to suicide within a period of 12 months from the date of policy commencement or from the date of policy revival, nominee will receive the fund value or the policy account value.

    All charges that have been recovered after the date of death will be paid back to the beneficiary along with the death benefit amount.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    Free Look Period In case individuals are not satisfied with the policy, they have the option to return the same along with stated reasons, within a period of 15 days from the date of policy receipt. If the policy has been purchased through distance marketing methods, customers have a period of 30 days to return the same.
    Policy Loan This facility is not available for the Tata AIA Life Insurance Fortune Guarantee Plan.
    Backdating This facility is not available for the Tata AIA Life Insurance Fortune Guarantee Plan.
    Assignment Assignment is allowed based on the provisions of Section 38 of the Insurance Act of 1938, as amended from time to time.
    Nomination Nomination is allowed based on the provisions of Section 39 of the Insurance Act of 1938, as amended from time to time.
    Grace Period In case policyholders are not able to pay their premium amount on time, they will receive a grace period of 30 days to pay their premiums.

    Tax Benefits - How you can save with the Tata AIA Life Insurance Fortune Guarantee Plan

    All premiums that have been paid under the above will be eligible for tax benefits under Section 80C of the Income Tax Act of 1961. However, tax benefits are subject to changes from time to time, hence customers are advised to talk to their tax consults before making any investments.

    Other benefits - How you can save with the Tata AIA Life Insurance Fortune Guarantee Plan

    Tata AIA Life Insurance provides the some of the best services and policies available in the market. In Along with plans, the impeccable technology employed by this company allows individuals to apply for their plans online without having to visit a Tata AIA Life Insurance centre. Customers can also avail the services on an advisor if required.

    Customers can also contact the company the ‘online chatting’ facility. Additionally, policyholders also have the option of gauging their premium by using the online premium calculator.

    Why you should buy the Fortune Guarantee Plan from Tata AIA Life?

    TATA AIA Life Insurance is a highly reputed brand that was formed due to the coming together of TATA Sons Ltd. and the AIA Group Ltd. (AIA). The company is known for delivering high quality insurance products that have been designed keeping in mind the various financial needs of the people in India. The group has earned a reputation of being one of the best in the business and has bagged several awards for being dedicated to the service of the citizens of India.

    Employing the best in technology and customer care services, Tata AIA Life works to ensure that all their customers have the best experience and can avail plans in an easy manner.

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