Tata AIA Fortune Pro WOP

What is Tata AIA Fortune Pro WOP Plan?

Tata AIA Life Insurance Fortune Pro is a Unit Linked Insurance Plan (ULIP) that allows your money to work smartly, offering both investment growth and life cover. It's a non-participating plan, meaning it does not share in the profits of the insurance company. The plan aims to make your money work harder and multiply, adjusting to your desired level of growth and allowing for flexible policy duration to meet different financial needs.

Tata AIA Fortune Pro goes beyond just savings and investment. You can add a Waiver of Premium (WOP) rider to your plan. This rider ensures that your life insurance coverage continues even if you are unable to pay premiums due to death or total permanent disability. With the WOP rider, the rider waives off future premiums,  helping secure your family's financial future even in unforeseen circumstances.

Features of Tata AIA Fortune Pro WOP Plan

Below are the key features of Tata AIA Fortune Pro WOP Plan: 

• Flexible Premiums: This investment plan allows policyholders to pay premiums either once (Single Pay) or for a limited period.

• Investment Boost: Get regular loyalty additions to increase your investment returns.

• Extensive Fund Options: Policyholders have the flexibility to choose from 25 Fund options for enhanced investment opportunities, ranging from 100% debt to 100% equity to suit various risk appetites.

• Customization with Riders: The plan offers the option to customize coverage with a range of riders

• Enhanced Systematic Money Allocation & Regular Transfer (Enhanced SMART) Investment Portfolio Strategy: This strategy is available for annual or single premium policies, allowing structured investment into the volatile equity market. It involves parking the entire allocable premium in a chosen debt-oriented fund and then systematically transferring units monthly to a chosen equity-oriented fund, offering a systematic way of rupee cost averaging

People also read: Tata AIA ULIP Plans

Eligibility Criteria for Tata AIA Fortune Pro WOP Plan

*AP = Annualised Premium. It is the premium to be paid in a year and does not include taxes, rider premiums, and underwriting on extra premiums for riders, if any.

Investment

Secure

Secure your child’s future with or without you

Start Investing

₹10,000/Month

& Get

₹1 Crore^*

VIEW PLANS

*Standard T & C Apply

People also read: Child Education Plan

Benefits Under Tata AIA Fortune Pro WOP Plan 

Here are the key benefits of Tata AIA Fortune Pro WOP Plan:

1. Maturity Benefit:

   Upon surviving the entire policy term, you'll receive the Total Fund Value. This combines the value of your Regular/Single Premiums and top-up premiums (if any), all invested in different funds, based on the Net Asset Value (NAV) on the maturity date.

2. Death Benefit:

   In case of the policyholder's unfortunate demise during the policy term, the nominee/legal heir will receive the highest amount among the following:

   • Basic Sum Assured: This is the guaranteed death benefit amount minus any deductions for partial withdrawals made in the last two years before death (if applicable).

   • Regular/Single Premium Fund Value: This is the current value of your policy's accumulated units in the chosen funds.

   • 105% of Total Paid Premiums: This ensures a minimum payout even if the other options provide a lower amount.

   Additionally, if you've opted for Top-up premiums, the nominee will receive the highest of:

   • Approved Top-up Sum Assured(s)

   • Top-up Premium Fund Value

   • 105% of Total Top-up Premiums Paid:

   Important Note: Deductible partial withdrawals made two years before death won't affect the Top-up Sum Assured payout.

3. Loyalty Additions (Regular/Single Premium Accounts Only):

   To reward your long-term commitment, the plan offers loyalty additions starting from specific policy anniversaries.

   • Regular Pay Option: You'll receive additional units at a rate of 0.20% of the units held in each fund, credited annually from the 11th policy anniversary onwards.

   • Single Pay Option: You'll receive additional units at a rate of 0.35% of the units held in each fund, credited annually from the 6th policy anniversary onwards.

   These loyalty units are added after deducting any applicable charges and are only credited if the policy is active with all premiums paid up-to-date.

   Loyalty Note: Top-up Premium Accounts are not eligible for Loyalty Additions.

4. Waiver of Premium (WOP) Rider Benefit:

   • By adding the optional WOP rider to your plan, you can ensure your premiums are waived off in case of unforeseen circumstances.

   • If the policyholder suffers from death or total permanent disability during the policy term, the WOP rider ensures future premiums are waived while the policy benefits remain active.

People also read: Child Investment Plans

Riders Under the Tata AIA Fortune Pro WOP Plan

• Tata AIA Life Insurance Waiver of Premium (Linked) Rider (UIN: 110A026V02): This rider waives all future premiums of the basic policy if the proposer becomes totally and permanently disabled before age 65 or the end of the premium payment term of the basic plan, whichever is earlier. It's available for entry ages 18 to 60 years and maximum maturity age of 65 years.
• Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider (UIN: 110A025V02): This rider also waives all future premiums of the basic policy in case of the proposer's death or total and permanent disability, provided the event occurs before the proposer reaches 70 years or the end of the premium payment term. It's available for entry ages 18 to 65 years and maximum maturity age of 70 years.
• Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider (UIN: 110A027V02): This rider provides financial protection by paying the nominee an amount equal to the rider sum assured in case of accidental death. For severe dismemberment, a percentage of the rider sum assured is paid. Benefits may be doubled in certain accidental death or dismemberment cases. This rider is available for entry ages 18 to 60 years and maximum maturity age of 70 years.
• Tata AIA OPD Care (UIN: 110A166V01).

Note: For Single Pay policies, only the ADDL Linked Rider is available.

Premium-Paying Riders

These riders require separate premiums:

• Tata AIA Vitality Protect Plus (UIN: 110A048V01)

• Tata AIA Vitality Health Plus (UIN: 110A047V01)

• Tata AIA Life Insurance Linked Comprehensive Health Rider (UIN: 110A031V02)

• Tata AIA Life Insurance Linked Comprehensive Protection Rider (UIN: 110A032V02)

• Tata AIA Sampoorna Health (UIN: 110A167V02) The sum assured for any attaching rider(s) generally will not exceed the Basic Sum Assured, except for accidental riders.

Policy Details of Tata AIA Fortune Pro WOP Plan 

• Free Look Period: 15 days (30 days for distance marketing).  Cancel the policy and get a refund for premiums minus charges.

• Grace Period:  30 days (15 days for monthly) to pay the premium after the due date. The policy remains in force during the grace period.

• Backdating: Not allowed.

• Policy Loan: Not allowed.

• Juvenile Policy: Vests in minors upon reaching the age of majority. Minor becomes a policyholder.

• Fund Switching Charges:  12 free switches per year.  Rs. 100 per switch thereafter (subject to change).

People also read: Government Schemes for Girl Child

Exclusions Under the Tata AIA Fortune Pro WOP Plan 

Under the Tata AIA Fortune Pro WOP Plan, there is an exclusion regarding death by suicide within 12 months of policy commencement or revival. In such cases, the nominee or beneficiary receives the fund value/policy account value as of the death intimation date. Any charges except Fund Management charges post-death are refunded to the nominee or beneficiary along with the death benefit.