Tata AIA Fortune Guarantee Plus

Tata AIA Fortune Guarantee Plus is an individual, non-linked, non-participating life insurance savings plan. It provides financial protection for your family by offering guaranteed regular income and a death benefit payout.

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What is the Tata AIA Fortune Guarantee Plus Plan?

The Tata AIA Fortune Guarantee Plus Plan is an individual life insurance savings plan. The plan focuses on providing guaranteed regular income for your family. This income can be used to meet your future financial needs and protect your loved ones. In simpler terms, you pay a premium and receive guaranteed payouts over a set period of time to secure your family financially.

Features of Tata AIA Fortune Guarantee Plus Plan

Features of 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

Plan Option Regular Income  Regular Income with inbuilt critical illness benefit 
Minimum Entry Age  1 year (subject to a minimum maturity age of 18 years) 18 years
Maximum Entry Age  60 years  60 years
Minimum Age at Maturity  18 years  23 years
Maximum Age at Maturity  77 years 70 years
Income Period 20 to 45 years (in multiples of 5 years).
The Policy Term + Income period is within the range of 25 years to 50 years
30 years for 5 pay
and
25 years for 10 pay
Income Mode  Annual & Monthly Annual & Monthly
Coverage Single Life & Joint Life (Joint Life for Single Pay option only) Single Life & Joint Life (Joint Life for Single Pay option only)
Minimum Premium  Single Pay - Rs. 5,000
Limited Pay / Regular Pay – Rs. 24,000 p.a.
Single Pay - Rs. 5,000
Limited Pay / Regular Pay – Rs. 24,000 p.a.
Maximum Premium  No Limit  No Limit

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Benefits of the Tata AIA Fortune Guarantee Plus Plan 

Here are the key benefits of the Tata AIA Fortune Guarantee Plus 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:

      • 1.25 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

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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.

  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.

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Policy Details of the Tata AIA Fortune Guarantee Plus Plan

  1. Grace Period:

    A Grace Period of 15 days for 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.

  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.

FAQs

  • What is a savings plan?

    A savings plan is a type of life insurance that serves as both a savings tool for significant life goals and a foundational life cover to financially support your family. This life cover ensures your family's financial security and a steady income stream in your absence to maintain their standard of living.
  • What documents do I need to purchase a guaranteed savings insurance plan?

    To acquire an insurance policy, you must provide the following essential documents.

    Proof of address: Accepted documents include:

    • Bank statement or passbook with the latest entries spanning six months

    • Aadhaar card

    • Passport

    • Voter's ID

    • Driving license

    • Utility bills like electricity or telephone bill

    • Ration card

    Proof of identity: Acceptable proofs of identity include:

    • PAN card

    • Aadhaar card

    • Passport

    • Driving license

    Income proof documents: Necessary for certain plans, these may include:

    • Salary slips from the past three months

    • Income tax returns or an employer certificate

    • Bank statements covering the last six months

    • Latest Form 16

  • When does a policy lapse?

    A policy lapses when premiums have not been paid for two consecutive years within the grace period. The lapse date is from the due date of the first unpaid premium, resulting in no benefits payable to the policyholder.
  • What is the difference between guaranteed income plans and whole life insurance?

    Whole life insurance provides coverage until age 100 and can offer a corpus or return of all premiums at the policy's end, protecting the family throughout. In contrast, guaranteed income plans assure maturity benefits as regular income or lump sum, sometimes with premium returns, with death benefits for nominees during the policy term.
  • Does Tata AIA Fortune Guarantee Plus offer a loan facility?

    Yes, once the policy gains surrender value, a loan up to 80% of the surrender value can be applied for, with Tata AIA Life as the assignee.

*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

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Tata AIA Fortune Guarantee Plus Reviews & Ratings

4.1 / 5 (Based on 26 Reviews)
(Showing Newest 10 reviews)
Richa
Barchana, March 20, 2019
Best Plan
Finally I found a trustable policy after comparing with all different policies of different policy providers. Tata Aia Ulip Plan provides low premiums and policy coverage meet my requirements.
Mukhtaar
Gorakhpur, September 27, 2016
Big Savings
When anyone talk about insurance policy, I suggest a tata aia life insurance because it is very trust worthy company and comes from ages to ages. I purchased ulip insurance plan from them in less premiums and the returns are big. Service is fast and on time which is facilitate by the executives and members of the insurance company.
Yogesh
Ghaziabad, July 27, 2016
Trustable Insurer
My father advice me to look for and insurance policy, after long web search i got tata aig life insurance. They provide the best ulip insurance plan in less investments. The service is really very fast and the nice behaviour of the executives and staff members which i like the most.
Akshay
Jhajjar, July 12, 2016
ULIP Policy
My ulip plan is good and i buy it in low budget. Premium is also less but the returns are good. Policy coverage and claims are easy to sanctioned due to fast service facilitate by the executives and staff members. Online portal service is giving easy renewals of the plan and information and updates about the plans.
Harsh
Allahabad, June 30, 2016
Good
The service you gave is fantastic and premium is less. Policy covers maximum scenario and claims are good which easily sanctioned due to fast service given by executives. And of course the ulip insurance plan is awesome which has all these good things. And yes, the internet service is fast and easy to access.
Kunal
Delhi, May 09, 2016
Perfect Policy
I found fine policy plan at last from web services. Tata aia life insurance ulip policy plan i purchase which has low premiums and the the policy coverage is high 92%. Service is good with claiming amount at high interest. The staff facilitate good treatment and solve almost all the problems. I like the policy.
Mankaran
Nizamabad, May 09, 2016
Better Plan
I own tata aia life insurance ulip policy plan. The policy plan is good with low investments. Policy coverage is 90% and premium is nineteen thousand (quarterly) per year till policy end. Claims are high. Service you facilitate is really good with fast interface.
Vishal
Karim_nagar, May 09, 2016
Fine Policy
My tata aia ulip plan is nice but the only thing is the service is slow rather than this the policy plan is good. Like, policy coverage is ~84% and claims are high. The investments are low. The behaviour of the executives and staff members is nice. Please improve your services and web services too for better performance.
Devesh
Meerut, May 09, 2016
Totally Safe
I have ulip policy plan from tata aia life insurance. The plan works for me from last few years. Policy coverage is great ~92% with claiming amount of Rs.32 L of you sum assured payment. Service provided by you is fast with great behaviour of executives of the company. Fantastic future investment which saves taxes.
Harish
Ahmedabad, May 09, 2016
Great Policy
The tata aia ulip plan is good and the policy coverage is ~89% with low premiums. It has fantastic benefits and the claims are sum assure amount that i invested. The investment is 39 K per year with extra benefit that is it includes the inbuilt accidental death benefit. Good policy and i love it.
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