Tata AIA Fortune Guarantee Plus

What is the Tata AIA Fortune Guarantee Plus Plan?

The Tata AIA Fortune Guarantee Plus is a non-linked, non-participating life insurance savings plan that offers financial protection and guaranteed returns. The dual benefits of the plan means your family is financially secure with a life cover even in your absence, while you also accumulate wealth through guaranteed, predictable payouts. The plan's non-linked nature ensures that your returns are not affected by market fluctuations, offering a stable way to save and achieve your long-term financial goals, like a child's education or retirement.

Features of Tata AIA Fortune Guarantee Plus Plan

Tata AIA investment plans are the ultimate means to achieve all your financial goals. Features of the Tata AIA Fortune Guarantee Plus Plan are:

1. Flexibility

   • Choose your income option: Regular Income or Regular Income with Critical Illness benefit.

   • Choose your income payout period between 20 and 45 years.

2. Returns

   • Get your premiums back at the end of the income payout period.

3. Income Options

   • Receive income monthly or annually.

4. Policy Options

   • Opt for joint life coverage under a single premium payment option.

   • Choose your premium payment term.

5. Riders (optional)

   • Enhance your protection with additional riders.

6. Tax Benefits

   • Get tax benefits as per applicable tax laws.

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Eligibility Criteria for the Tata AIA Fortune Guarantee Plus Plan

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Benefits of the Tata AIA Fortune Guarantee Plus Plan

Here are the key benefits of this investment plan:

1. Guaranteed Income for Years:

   • Upon policy maturity, you'll receive a guaranteed annual income for a chosen period (20 to 45 years) regardless of your survival. This income is paid out regularly, as per your selected frequency (monthly or annually).

2. Return of Premiums:

   • At the end of the income payout period, you'll get back the total premiums you paid, providing a return on your investment.

3. Flexibility and Control:

   • You can receive the commuted value of your future guaranteed income payouts as a lump sum at any point during the income period. However, this amount will be discounted at a predetermined rate.

4. Death Benefit:

   • In case of the unfortunate passing of the insured during the policy term, your beneficiaries will receive the higher amount among the following:

     • 1.10 times the single premium paid (excluding any discounts) or 10 times the annual premium (excluding discounts)

     • 105% of the total premiums you've paid (up to the date of death)

     • The plan's basic sum assured

Riders Under the Tata AIA Fortune Guarantee Plus Plan

1. Tata AIA Vitality Protect Rider (UIN: 110B046V01):

   • This non-linked and non-participating individual health rider covers a range of risks, such as death, accidental death/disability, critical illnesses, and terminal illness.

   • It offers flexibility in benefit disbursement, allowing you to choose between a lump-sum payment and income for a fixed period, income for the survival of your partner, or a waiver of future premiums.

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2. Tata AIA Vitality Health Rider (UIN: 110B045V01):

   • With a focus on 3C protection (Cancer, Cardiac, and Critical Illnesses), this rider also includes coverage for hospitalization and accidental disability benefits.

   • You can benefit from multiple claim payouts, addressing both major illnesses and minor injuries or illnesses.

3. Tata AIA Non-Linked Comprehensive Protection Rider (UIN: 110B033V02 or later version):

   • This non-linked and non-participating health rider allows you to select from various benefit options, such as death cover, accidental death/disability, critical illness, and terminal illness.

   • Similar to other riders, it provides flexibility in receiving benefits, including lump-sum payments, fixed-period income, income for your partner's survival, or waiver of future premiums.

4. Tata AIA Non-Linked Comprehensive Health Rider (UIN: 110B031V02 or later version):

   • With five available benefit options to choose from, including disability, hospitalization, and illness covers, this rider caters to both major and minor health issues.

   • It supports multiple claim payouts, ensuring comprehensive coverage for a range of medical situations.

5. Tata AIA Benefit Rider (UIN: 110B031V02 or later version):

   • In case of death, disability, or terminal illness, the Tata AIA Benefit rider waives off your future premiums.

   • The rider ensures that the base policy remains intact in the unfortunate event of death or terminal illness or Accidental total and permanent disability of Life Assured.

6. Tata AIA Life Insurance Non-Linked Comprehensive Health

   • Offers lump sum payouts for major and minor critical illnesses, hospitalisation, accident, and disability under a single add-on plan.

   • Lets policyholders choose risk cover options like HospiCare (hospitalization), critical illness, cardiac, cancer, and disability benefits.

   • Provides payout flexibility: receive benefits as a lump sum, monthly income (up to 10 years), or a combination.

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Policy Details of the Tata AIA Fortune Guarantee Plus Plan

1. Grace Period:

   As per this investment option, a grace period of 15 days for the monthly mode and 30 days for other modes is allowed for premium payment. The Policy remains in force during this period. In case of death during the grace period, any due premium for the policy year will be deducted from the death claim payout. Thats why before committing funds, it helps to compare the best SIP plans based on returns, risk, and consistency.

2. Revival:

   Premiums in default beyond the Grace Period can be reinstated within five years after the due date, subject to the Policyholder's application, health certificate, and payment of overdue premiums with interest.

3. Free Look Period:

   You have 15 days (30 days for Distance Marketing) to cancel the Policy if unsatisfied, receiving a refund after deducting risk premium, stamp duty charges, and medical examination costs.

4. Waiting Period:

   For POS, a 90-day waiting period applies unless death is due to an accident, with all premiums paid. For other cases, a 90-day waiting period applies to Critical Illness Benefit.

5. Policy Loan:

   Once the policy acquires surrender value, a loan of up to 80% can be availed, with the Policy assigned to Tata AIA Life.

Exclusions Under the Tata AIA Fortune Guarantee Plus Plan

• For Single Life policies: If death occurs due to suicide within 12 months of policy commencement or revival, the nominee receives 80% of the Total Premiums Paid or surrender value, whichever is higher. The policy terminates thereafter.

• For Joint Life policies: The suicide exclusion applies if either policyholder commits suicide within 12 months of policy inception.