Tata AIA Fortune Pro WOP

Tata AIA Fortune Pro WOP Plan is a Unit Linked Individual Life Insurance Savings Plan designed to offer flexibility in policy duration, aligning with various financial needs and growth preferences. It allows for savings to achieve medium to long-term goals like education, retirement planning, and wealth creation.

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What is Tata AIA Fortune Pro WOP Plan?

Tata AIA Fortune Pro is a Unit Linked Individual Life Insurance Savings Plan. This plan combines life insurance coverage with the potential for growth through investment in unit-linked funds.

You can choose a policy term that fits your needs, whether it's for your child's education, retirement planning, or long-term wealth creation. The plan also allows you to adjust your investment strategy based on your risk appetite to achieve your desired level of growth.

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: Pay a lump sum or spread payments over a limited period.

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

  • Investment Choice: Choose from 20 different fund options to suit your risk appetite.

  • Customizable Coverage: Add optional riders for broader protection.

  • Investment Strategies: Use systematic money allocation or regular transfers to optimize your investment approach.

People also read: Tata AIA ULIP Plans

Eligibility Criteria for Tata AIA Fortune Pro WOP Plan

Parameters
Minimum Issue Age  (Age last birthday) 0 years (30 days)
Maximum Issue Age  (Age last birthday) 65 years
Minimum Maturity Age  (Age last birthday) 18 years
Maximum Maturity Age  (Age last birthday) 80 years
Policy Term 6 to 40 years
Premium Paying Term Single Pay
Limited Pay – 5 to 20 years
Regular Pay – 12 to 40 years
Pay Mode Single, Annual, Semi-Annual, Quarterly, Monthly
Minimum Premium Single Pay – ₹25,000 Regular/Limited Pay – ₹12,000 per annum
Maximum Premium Single Pay – ₹5,00,000 Regular/Limited Pay – ₹5,00,000 per annum
Minimum Basic Sum Assured For Single Pay – 1.25 times the Single Premium For Regular / Limited Pay – 7 * AP
Maximum Basic Sum Assured For Single Pay –
  Max Multiple of Single Premium
Entry Age / Policy Term Up to 10 11 to 20 >20
< =35 10 5 1.25
36 to 40 7 5 1.25
41 to 45 5 1.25 1.25
> 45 1.25 1.25 1.25
For Regular / Limited Pay –
Entry Age Band Maximum Multiple of AP
0 to 29 30
30 to 35 20
36 to 45 Higher of the (Policy Term/ 2 or 15)
46 to 65 Higher of the (Policy Term/ 2 or 10)

*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.

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*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 in the 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.

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Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

People also read: Child Investment Plans

Riders Under the Tata AIA Fortune Pro WOP Plan 

  1. Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider (UIN: 110A027V02):

    • Provides financial protection for your family in case of accidental death.

    • Pays a benefit for severe accidental dismemberment.

    • Double benefit for certain accidental death/dismemberment cases.

    • Available for ages 18-60 (entry) and up to maturity age 70.

  2. Tata AIA Life Insurance Waiver of Premium (Linked) Rider (UIN: 110A026V02):

    • Waives future premiums if you become totally and permanently disabled.

    • The disability must occur before age 65 or the premium payment term ends (whichever is sooner).

    • Available for ages 18-60 (entry) and up to maturity age 65.

  3. Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider (UIN:110A025V02): 

    • Waives future premiums upon death or total and permanent disability.

    • Death/disability must occur before age 70 or the premium payment term ends (whichever is sooner).

    • Available for ages 18-65 (entry) and up to maturity age 70.

    The set of premium-paying riders are as below: 

    • Tata AIA Vitality Protect Plus (UIN: 110A048V01 or any later version) 

    • Tata AIA Vitality Health Plus (UIN: 110A047V01 or any later version) 

    • Tata AIA Life Insurance Linked Comprehensive Health Rider (UIN: 110A031V02 or any later version) 

    • Tata AIA Life Insurance Linked Comprehensive Protection Rider (UIN: 110A032V02 or any later version) 

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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.

FAQs

  • Do I have to submit a separate claim for the rider benefits?

    Yes, you must file a separate claim for the rider benefits, which are applicable when the insured experiences events covered by the rider, such as accidental death, disability, or waiver of premium, as outlined in the rider's terms and conditions.
  • Can I make partial withdrawals from Tata AIA Fortune Pro WOP ULIP Plan?

    The Tata AIA Fortune Pro plan has a lock-in period of 5 years, during which partial or complete fund withdrawals are not allowed. After 5 years from policy issuance and while the policy is active, a minimum partial withdrawal of Rs 5000 is permitted under the regular premium option, subject to the total fund value. For policies bought for minors, partial withdrawals are only possible once the insured turns 18, with up to four free partial withdrawals annually.
  • Can I increase my sum assured with this ULIP?

    Yes, you can top up your sum assured with this Unit-Linked Insurance Plan. Once you opt for this feature, the top-up sum will remain unchanged throughout the policy term.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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Tata AIA Child Plans Reviews & Ratings

4.1 / 5 (Based on 25 Reviews)
(Showing Newest 10 reviews)
Gautam
Amritsar, October 18, 2016
TATA AIA Insurance Company.
TATA AIA life insurance company provides wide range of insurance plans. I took child insurance policy from them in low investment. The coverage is high approx. 90% and the premium is less. Services facilitated by the executives and staff members is fast and on time.
Namit
Holalkere, August 25, 2016
Trustable Plan
My father gave me child insurance policy which he purchase's from tata aia life insurance. The policy is great and it has very flexible terms and conditions. Premium of the insurance plan is low and claims are high.
Ratikant
Bhojpur, July 27, 2016
Nice Insurance
The child insurance i purchase for my child is very nice and service provided by tata aia life insurance is fantastic. Good coverage for the future of the child and maximum expenditure spend by the plan. Claims are easy to sanctioned because of fast service given by the staff members.
Devesh
Atariya, July 12, 2016
Child Plan
Child insurance plan in less premiums which facilitate all the benefits. Policy coverage is high it covers maximum expenditures. Claiming is easy part due to fast service provided by the company. Online service provides easy renewals.
Darpan
Agra, June 30, 2016
Good Policy
The child insurance plan i purchase for my grandson is good. Service is okay and manageable. Policy coverage and claims are fantastic. Internet site service is simple everybody use is easily. I'm now tension free for my grandson's future.
Omesh
Palwal, May 06, 2016
Great Deal
I have tata aia child plan. The policy coverage is high ~92% and the claims are even better. Services provided by the executives and the staff member of the company is great and very responsive at anytime. The policy premium is low. Good future investment plan which save my taxes. Great work guys.
Lalit
Bangalore, May 06, 2016
Better Plan
I have tata aia child insurance policy. Policy coverage is good 87% and the claims are easily sanctioned. Premiums are low 12 K quarterly. The payback return is around 34 L after policy get mature. The service is fast and on time. Nice future investment with tax saving. I like it.
Karan
Jammu, May 06, 2016
Tax Saver
I got tata aia child plan which provides good services and even the policy premiums are low approx. Rs.14 k thrice Per year for 19 years. The paybacks are high with good interest and the response is always i get from your company members. Great future investment.
Jiten
Mussorie, May 06, 2016
Excellent Policy
The policy i have is tata aia child plan. The policy premium is low and the payback returns are very high. The policy coverage is high ~90% and the claims are good. Service are good and great experience with your executives and staff members. I like the policy plan.
Prashant
Manipal, May 06, 2016
Poor Policy
I purchase tata aia child plan is very okay. The policy coverage is 69%. The claims are okay and the premiums are normal. The claiming is easily sanctioned because service facilitate by executives and staff members. The best thing is it save taxes.
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