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  • Tata Aia Fortune Maxima 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

    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.

     

    Eligibility - Who is the Tata AIA Life Fortune Maxima plan for?

     

    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 and Premium Range  - What you get and what it costs

    Sum Assured:

    Sum Assured varies based on premium paid and tenure chosen among other factors.

     

    Minimum and Maximum Basic Sum Assured
    • For Single Pay - 1.25X Single Premium
    • For Limited Pay - Higher of (10*AP) or (0.58*Policy Term*AP)
    Wherein AP refers to Annualised Premium that is chosen by the policyholder during policy inception.

     

    Premium:

    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
    • Single Pay
    • Limited Pay - 7/8/9/10/15/20 years
    Payment Mode Single/Yearly/Half-Yearly/Quarterly/Monthly
    Minimum Amount of Premium
    • Single Pay - Rs.1,00,000 per year
    • Limited Pay - Rs.50,000 per year
    Maximum Premium
    • Single Pay - Rs.5,00,000 per annum
    • Limited Pay - Rs.5,00,000 per annum

     

    Customers will have to note that all premiums would vary based on location, age, premium payment term and other factors.

    Plan Coverage - What the TATA AIA Life Fortune Maxima 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 Fortune Maxima 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 Fortune Maxima Plan

     

     

    Customers have the option to avail riders for added cover under the Fortune Maxima Policy.

     

    • 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 Fortune Maxima 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 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.

     

    Tax Benefits - How you can save with the Tata AIA Life Fortune Maxima 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 Fortune Maxima 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 Maxima Plan from Tata AIA Life?

    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.