Tata AIA Fortune Guarantee Plan

What is the Tata AIA Fortune Guarantee Plan?

The Tata AIA Life Insurance Fortune Guarantee plan is designed to offer both savings and life insurance protection. It is a non-linked and non-participating guaranteed return plan that does not depend on market performance and does not share profits. 

A guaranteed return plan provides life insurance coverage for the entire policy term, ensuring your family's financial security. At the end of the term, you receive a guaranteed lump sum payout to help you achieve your future financial goals.

The Fortune Guarantee Tata AIA plan also offers you the option to enhance your coverage with additional riders for extra protection.

Features of Tata AIA Fortune Guarantee Plan

The key features of Tata AIA Fortune Guarantee Plan are as follows:

• This Tata AIA investment plan guarantees a lump sum when it matures, which can help you reach goals like buying a house, getting a car, or paying for your child’s education.

• It offers protection for your loved ones with life insurance in case something unexpected happens.

• Choose the policy and premium payment terms that fit your needs, so you can save regularly and keep your coverage going.

• You can decide to receive the death benefit as a lump sum, regular payments, or a mix of both.

• You might get tax benefits when you buy this investment plan, according to current tax laws.

• Optional riders can be added to give you extra coverage against specific risks.

• Female policyholders can enjoy lower premium rates.

Eligibility Criteria Tata AIA Fortune Guarantee Plan

*Subject to Board Approved Underwriting Process (BAUP)

Benefits Tata AIA Fortune Guarantee Plan

The benefits offered by the Tata AIA Life Insurance Fortune Guarantee Plan are listed below: 

• Maturity Benefit: At maturity, you will receive the Maturity Sum Assured, which is calculated by multiplying the Maturity Benefit Factor with the Total Premiums Paid.

• Death Benefit: In the event of the insured’s death during the policy term, the death benefit will be the highest of the Basic Sum Assured, 105% of the Total Premiums Paid, or the Maturity Sum Assured.

• Policy Loan: You can take a policy loan up to 65% of the policy’s Surrender Value once it has accumulated.

• Guaranteed Returns: The plan guarantees a lump sum payment at maturity to assist in achieving financial goals such as purchasing a home, a vehicle, or funding education.

• Life Insurance Coverage: The policy provides life insurance coverage to safeguard the family in the event of the untimely death of the insured.

• Pay as per Convenience: You have the flexibility to choose a policy term and premium payment schedule that best fits your financial needs.

• Flexible Death Benefit Payout: The death benefit can be paid out as a lump sum, as regular income, or as a combination of both, depending on your preference.

• Income Tax Benefits: Premiums paid qualify for tax deductions under Section 80C, and both maturity and death benefits are tax-exempt under Section 10(10D).

• Rider Benefits: Optional riders can be added to your policy to provide enhanced coverage against specific risks and unforeseen events.

• Preferential Premium Rates for Women: Female policyholders may benefit from reduced premium rates compared to their male counterparts.

Policy Details Tata AIA Fortune Guarantee Plan

• Surrender:

  • Single Pay: With a Single Pay policy, you get immediate surrender value once you have paid the Single Premium, and you can surrender the policy at any time during its term.

  • Limited/Regular Pay: For Limited or Regular Pay policies, you can surrender the policy anytime during its term as long as you have paid premiums for at least two full years. The amount you get back will be higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV).

• Revival: If you miss a premium payment and it is beyond the Grace Period, you can still revive the policy within five years of the first missed premium, as long as it is before the policy matures. 

• Free Look Period: If you are not happy with the policy terms, you can cancel it within 15 days (30 days if the policy is bought through Distance Marketing) of getting the policy document. You will get a refund of all premiums paid, but they will subtract the proportionate risk premium for the time you were covered, along with any stamp duty or medical costs. 

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• Waiting Period:

  • For POS: If the insured passes away within the first 90 days of the policy starting, you will get a refund of the premiums paid, and the policy will end. However, if the death is due to an accident and all premiums have been paid, there is no waiting period.

  • For NON-POS: There is no waiting period.

• Assignment: You can assign the policy according to the rules laid out in Section 38 of the Insurance Act, 1938, as updated.

• Nomination: Nomination is allowed as per Section 39 of the Insurance Act, 1938, as updated.

Rider Benefits of Tata AIA Life Insurance Fortune Guarantee Plan

You can enhance your policy by adding optional riders, but they can only be attached at the time of policy inception. The available riders are listed below:

• Accidental Death and Dismemberment (ADDL) Rider: This rider pays a sum assured for accidental death and a percentage for severe dismemberments, such as loss of limbs or severe burns. Just as these riders offer tailored protection, choosing the best SIP depends on long-term financial goals.

• Waiver of Premium Plus (WOPP) Rider: With this rider, future premiums are waived if the proposer dies or becomes permanently disabled before reaching age 70 or the end of the premium payment term.

• Non-Linked Comprehensive Protection Rider: This rider offers coverage for death, disability, and a range of critical illnesses, with flexible payout options including lump sum, income for a fixed period, or income until the partner’s survival.

• Non-Linked Comprehensive Health Rider: This rider covers disabilities, hospitalizations, and critical illnesses, allowing for multiple claim payouts for both major and minor health issues.

NOTE: Optional riders incur an additional cost and are not available with policies purchased through PoS (Point of Sale).

How the Plan Works?

• Step 1: Choose the plan that fits your needs. Decide how much you want to pay, how long the policy will last, and the amount of coverage you want.

• Step 2: Pay your premiums regularly as required by the plan. Keeping up with these payments ensures your policy stays active.

• Step 3: When the policy ends, you get a guaranteed amount, including your original investment and any extra bonuses that have added up.

Suicide Exclusion Criteria

If the policyholder dies by suicide within 12 months of starting or renewing the policy, the nominee or beneficiary will get at least 80% of the total premiums paid or the policy’s surrender value at the time of death, whichever is higher, provided the policy is still active.