In today’s unpredictable political and economical scenario, providing the best for near and dear ones and ensuring their financial security is the primary goal in everyone’s life. In order to do so, one of the solutions available is to avail a unit linked life insurance policy. One of the best choices available is the Fortune Maxima plan by Tata AIA Life. This Unit Linked Whole of Life plan is non-participating and provides maximum life cover along with growth.
Premiums for this plan can be paid just once for a set period of time and avail cover for life. Loyalty additions are available along with various Fund Options for enhanced opportunities regarding investment. Policyholders can also customise their plan and procure top-up facility for their portfolio. Additionally, facility for partial withdrawals is also available.
In order to avail this plan, individuals will have to fulfill the eligibility criteria given below:
|Minimum Age of Issue (in years)||30 days|
|Maximum Age of Issue (in years)||60|
|Maximum Age of Maturity (in years)||100|
All ages are based on last birthday of the customer.
Sum Assured varies based on premium paid and tenure chosen among other factors.
|Minimum and Maximum Basic Sum Assured||
Premium amount varies based on the tenure and Sum Assured chosen, among other factors.
|Policy Tenure||100 minus the age of issue|
|Premium Paying Tenure||
|Minimum Amount of Premium||
Customers will have to note that all premiums would vary based on location, age, premium payment term and other factors.
|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 -
Customers have the option to avail riders for added cover under the Fortune Maxima Policy.
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.
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.
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.
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.
|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 Fortune Maxima plan.|
|Backdating||This facility is not available for the Tata AIA Life Fortune Maxima 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.|
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.
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.
The name ‘TATA’ is synonymous with trust and goodwill. One of the foremost providers of insurance, this company has a plethora of plans for every customer’s discerning need. This company is also known for its high claim-settlement ratio and hassle-free plan procurement process.
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. Tata AIA Life has also been the recipient of a number of awards in recognition of their services.