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  • Tata Aia Fortune Pro 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

    The Tata AIA Life Insurance Fortune Pro is a Non-Participating Unit Linked Endowment Insurance plan. Besides protecting your near and dear ones, it also helps your money grow steadily over a period of time. The flexibility of policy duration offered by this plan helps you frame it according to your financial needs and adapts itself to the level of growth that you desire.

    Eligibility - Who is the Tata AIA Fortune Pro Plan for?

    The following eligibility criteria, set by the insurer, is to be fulfilled by you in order to buy the Fortune Pro Plan.

    Issue age (minimum) 0 years (30 days)
    Issue age (maximum) 59 years
    Maturity age (minimum) 18 years
    Maturity age (maximum) 75 years
    Term of policy 15 to 40 years
    Term of premium payment Single pay Limited pay - 5/7 and 10 years Regular/Limited pay - 15 and 20 years

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

    Sum Assured The guaranteed amount of money that you or your nominee is entitled to receive after a course of time, is called the sum assured.

    Basic sum assured (Minimum) Basic sum assured (Maximum)
    • For single pay- 1.25 x Single premium
    • For regular/limited pay - Higher of (10 x Annual Premium) or (0.5 x Policy term x Annual Premium)
    • For single pay- 1.25 x Single premium
    • For regular/limited pay-
    Entry age band (in years) Max. multiple of Annual Premium
    0 - 29 30 - 35 36 - 45 46 - 59 30 20 Higher of- Policy term/2 or 15 Higher of- Policy term/2 or 10

    Premiums* When an insurance policy is bought, the premium is the amount of money which is to be paid by the policyholder to an insurer in exchange of the life coverage that is being provided.

    Minimum Maximum
    • Single pay- Rs.1 lakh
    • Regular/limited pay- Rs.50,000 p.a.
    • Single pay- Rs.5 lakh
    • Regular/limited pay- Rs.5 lakh p.a.

    Payment frequency:

    • Single
    • Annual
    • Semi-Annual
    • Quarterly
    • Monthly

    * Premiums vary based on age, location, plan term and other factors

    Plan Coverage - What the Tata AIA Fortune Pro plan covers?

    While buying an insurance policy you would also want to know the benefits that the plan is going to offer. Given below are the areas of coverage that the Fortune Pro plan has on offer:

    Maturity benefits On maturity, the policyholder is entitled to receive the Total Fund Value as per the applicable Net Asset Value (NAV) on that date.
    Death benefits In case of death of the policyholder, the nominee or legal heir is entitled to get, the highest of:
    1. the Basic Sum Assured less “Deductible Partial Withdrawals”, if any, from the Regular/Single Premium Fund Value OR
    2. the Regular/Single Premium Fund Value of the policy OR
    3. 105 percent of the total Regular/Single Premiums paid OR
    4. 10 times of the Annual Premium in case of both limited premium payment term/regular premium payment term.
    Along with this, they also receive the highest of:
    1. the approved Top-up Sum Assured(s) OR
    2. Top-up Premium Fund Value of this Policy OR
    3. 105 percent of the total Top-up Premiums paid.
    Loyalty additions
    • As the name suggests, additional units in each of the funds under the Regular Premium Account is credited to the respective funds, at the rate of 0.20% of the units. This addition is made after the end of every policy year starting from the 11th policy anniversary, till the end of the policy term.
    • The same addition is made at the rate of 0.35% of the units from the 6th policy anniversary, if you choose the single pay option.
    Investment avenues The Fortune Pro plan offers 11 investments funds. Based on your needs and risk-taking capacity, you can choose investments ranging from 100% debt to 100% equity: Multi Cap Fund, India Consumption Fund, Top 50 Fund, Top 200 Fund, Super Select Equity Fund, Large Cap Equity fund, Whole Life Mid Cap Equity fund, Whole Life Aggressive Growth fund, Whole Life Stable Growth fund, Whole Life Income fund, and Whole Life Short-term Fixed Income fund.

    Riders/Add-On Plans – Additional coverage under the Tata AIA Fortune Pro Plan

     

    The Fortune Pro plan provides optional coverage which can be purchased in addition to the base plan. These add-on plans or riders provide extra flexibility which can be availed by the policyholders to customise their coverage needs.

    • Options available for policyholders opting for Regular/Limited Pay- 1. Tata AIA Life Insurance Waiver of Premium (Linked) Rider 2. Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider 3. Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider
    • Options available for policyholders opting for Single Pay- 1. Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider 2. Tata AIA Life Insurance Waiver of Premium (Linked) Rider 3. Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider

    Exclusions - What the Fortune Pro Plan doesn’t cover?

    • If a death is caused due to suicide within a time period of 12 months from the date of policy inception or revival of policy, the nominee or beneficiary of the policyholder will be entitled to receive fund value/policy account value (as available on the date of death).
    • The nominee or beneficiary is also entitled to receive any kind of charges which is recovered following the date of death, along with the death benefit.

    Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.

    The Tata AIA Life Insurance Fortune Pro Plan is a single/ regular/ limited payment policy which provides life coverage for the policy term and serves you best if it is kept invested for the entire term. Nevertheless, it also allows you to make partial withdrawals for contingency needs, as well as invest surplus income through top-up plans.

    Partial Withdrawal In case of emergency, the plan allows the policyholder to withdraw money from their regular/ single premium fund after the completion of five policy anniversaries.
    Top-ups flexibility If the policy is in force, the policyholder is provided with the flexibility to pay additional premium as ‘Top-up Premium’.
    Assured Top-up sum When the policyholder avails a Top-up, the Sum Assured will increase by the Top-up Sum Assured. Limits on Top-up Sum Assured are ascertained by the age of the life insured at the time of top-up premium payment.
    • For age <45 years - 1.25 times the Top-up premium
    • For age >=45 years - 1.1 times the Top-up premium.
    Premium mode flexibility Premium payment mode can be chosen - annually, semi-annually, quarterly, monthly or single payment.
    Option for settlement In case the policyholder is alive on the date of maturity, he/she can choose to receive the maturity amount either in lump sum or in periodic installments, subject to a maximum time period of 5 years from the date of maturity.
    Free look period A free look period of 15 days is allowed from the date of commencement of the policy which is extended to 30 days in case the policy is sourced through distance marketing mode.
    Grace period A 30-day grace period is offered to policyholders who are unable to pay the regular premium on time for the policies on annual, semi-annual and quarterly modes. For monthly mode the grace period is 15 days.

    Tax Benefits – How you can save with the Fortune Pro Plan?

    The policyholder is entitled to receive tax benefits for the premiums paid, under Section 80C of the Income Tax Act, 1961. Life insurance proceeds also enjoy tax benefits under Section 10(10D) of the same Act.

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

    The Fortune Pro Plan by Tata AIA Life Insurance is responsible for not only your loved ones protection, but also for the growth of your money. It makes your money work harder and smarter and thus, assures the growth of your money. The aforementioned features makes this plan a wise choice for individuals who are willing to invest in an Unit Linked Insurance Plan (ULIP). Investing in this plan will help you to meet your medium to long term goals such as children’s education and retirement planning. The company has bagged a number of awards for their outstanding efforts in the industry. They also offer an excellent customer service for hassle-free claim settlements. For extensive convenience, Tata AIA also offers their customers the ability to buy or renew policies  through their website. Their claim settlement ratio for the year 2016-17 was 96.01% and their grievances settlement ratio was 100% for the same time period.