Tata AIA Fortune Pro Plan

About Tata AIA Fortune Pro Plan

Tata AIA Fortune Pro is an insurance savings plan that provides the dual benefits of life insurance coverage and market-linked returns from the best ULIP investment plan as per your financial needs. It is a non-participating plan which does not offer you bonuses from the profits of the insurance company.

Important Highlights of Tata Life Insurance Fortune Pro Plan:

• You can choose from the lump sum or limited-period premium payment mode

• Provides you with Loyalty Additions that help boost your investments

• Tata AIA Fortune Pro offers you the option to choose from 10 ULIP funds 

• The rider facility is available 

• You can choose from a self-managed investment portfolio strategy or from the Enhanced Systematic Money Allocation and Regular Transfer (SMART) investment portfolio strategy.

Eligibility Conditions of Tata AIA Fortune Pro ULIP Plan

The eligibility criteria for the Tata AIA Fortune Pro plan are mentioned in the below table:

Features of Tata AIA Fortune Pro ULIP Plan

The key features of the Tata AIA Fortune Pro plan are as follows:

1. Lock-in period: 

   • To get the full benefits of the Tata AIA Fortune Pro plan, you have to continue the policy for at least 5 policy years.

   • Partial withdrawals from the ULIP fund are not allowed during these years.

2. Partial Withdrawal Facility: 

   • You can withdraw money from your fund after 5th policy year.

   • The minimum withdrawal amount is Rs. 5,000.

   • Withdrawals must be made first from the top-up premium fund, if any, and then from the regular/single premium fund.

   • You can make up to four withdrawals in a policy year.

   • There are no ULIP charges for making withdrawals.

   • Withdrawals are not allowed if they would result in the termination of the contract.

3. Top-Up Premium Facility:

   • You can pay additional premiums called top-up premiums.

   • Top-up premiums can be paid any time except during the last 5 years of the policy term.

   • Top-up premiums are allowed up to 4 times in a policy year.

   • The minimum top-up amount is Rs. 5,000.

   • Top-up premiums can be allocated in any proportion between the funds offered.

   • Every top-up premium will have a lock-in period of 5 years.

   • The total top-up premiums paid shall not exceed the sum of the total regular premiums/single premium paid.

4. Top-Up Sum Assured:

   • Your sum assured will increase when you avail of a top-up.

   • The top-up sum assured is 1.25 times the top-up premium.

   • You cannot increase or decrease the top-up sum assured.

5. Enhanced Systematic Money Allocation & Regular Transfer (Enhanced SMART): 

   • Enhanced SMART is a systematic transfer plan that is available only to policies with annual or single mode of payment.

   • It allows customers to enter the volatile equity market in a structured manner under the Regular or Single Premium Fund.

   • This strategy is applicable only during the premium payment term and is not available with top-up premium funds.

   • Under Enhanced SMART, you need to choose two funds, one debt-oriented fund and one equity-oriented fund.

   Debt-oriented Funds	Equity-oriented Funds
   Whole Life Income Fund Whole Life Short-Term Fixed Income Fund	Emerging Opportunities Fund Sustainable Equity Fund Large Cap Equity Fund Whole Life Mid Cap Equity Fund Multi Cap Fund India Consumption Fund Top 50 fund Top 200 fund Super Select Equity Fund

6. Fund Switching Facility: 

   • You can switch your investment from one fund to another during the policy term.

   • However, if you have chosen the Enhanced SMART strategy, switching may be restricted.

   • You are allowed 12 free switches in a policy year.

   • After that, charges will be applicable on further switches.

7. Premium Re-Direction Facility:

   • Premium redirection allows you to change the allocation of your future premiums.

   • There is no charge for premium redirection.

   • Premium redirection will not be allowed if you have chosen the Enhanced SMART strategy.

Benefits of Tata AIA Fortune Pro Plan

Let us learn the benefits of this investment plan from the list mentioned below:

1. Maturity Benefit: 

   • If you survive to the end of the policy term, you will receive the total fund value.

   • The fund value is the sum of the regular/single premium fund value and the top-up premium fund value.

2. Death Benefit: 

   On your unfortunate demise during the policy term, the nominee will receive the highest of the following amounts:

   • The basic sum assured, which is the Fund Value minus of any deductible partial withdrawals

   • 105% of the total premiums paid

   In addition to this, in case you have a top-up premium fund value, your nominee will also receive the following:

   • The top-up premium fund value of the policy.

   • 105% of the total top-up premiums paid up to the date of death.

3. Loyalty Additions: 

   • From the 11th policy year (for Single Premium) or 6th policy year (Regular Premium), you will receive additional units in your policy every policy anniversary as a reward for your loyalty

   • Loyalty additions are not payable on Top-up Premium Account.

   • The loyalty additions are paid as per the following:

   Policy Type	Policy Anniversary	Amount of Additional Units
   Regular Premium	11th onwards	0.20% of units in each fund
   Single Premium	6th onwards	0.35% of units in each fund

4. Tax Benefits: 

   • The premiums paid under the Fortune Pro plan are eligible for tax deductions under Section 80C of the Income Tax Act.

   • You can also avail of tax benefits on the maturity returns from this ULIP plan under Section 10(10D) of the IT Act, 1961.

Investment Funds under Tata AIA Fortune Pro

Tata AIA Life Insurance offers you to choose from 14 investment funds to suit your particular needs and risk appetite.

List of Investment Funds Offered by Tata AIA Fortune Pro Plan:

Rider Benefits under Tata AIA Fortune Pro Plan

You can customize your product by adding optional riders. The charges for these riders will be recovered by canceling units from the basic plan. 

The riders can only be attached at the policy inception and can only be offered if the minimum premium multiple is chosen.

The set of unit-deducting riders is as follows:

1. Tata AIA Life Insurance Waiver of Premium (Linked) Rider:

   • This rider pays your nominee an amount in case of your accidental death or dismemberment.

   • The amount paid depends on the type of event.

   • The benefits are doubled in certain cases.

   • This rider is available to policyholders between the ages of 18 – 59 years, with a maximum maturity age of 70 years.

2. Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider

   • This rider waives all future premiums of the basic policy if the policyholder becomes totally and permanently disabled.

   • The disability must commence before the policyholder reaches 65 years or the end of the premium payment term of the basic plan, whichever is earlier.

   • This rider is available to policyholders between the ages of 18 – 59 years, with a maximum maturity age of 70 years.

3. Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider

   • This rider waives all future premiums of the basic policy if the policyholder dies or becomes totally and permanently disabled.

   • The death or disability must occur before the policyholder reaches 70 years or the end of the premium payment term of the basic plan, whichever is earlier.

   • This rider is available to policyholders between the ages of 18 – 65 years, with a maximum maturity age of 70 years.

   The Tata AIA also offers a set of premium-paying riders, which are as follows:

   • Tata AIA Vitality Protect Plus

   • Tata AIA Vitality Health Plus

   • Tata AIA Life Insurance Linked Comprehensive Health Rider

   • Tata AIA Life Insurance Linked Comprehensive Protection Rider

Policy Details of Tata AIA Fortune Pro

Some of the important policy details of the Tata Fortune Pro Plan that you must keep in mind while buying the policy are as follows:

1. Settlement Option:

   • You can choose to receive the maturity amount in a lump sum or in instalments.

   • The instalments can be spread over a period of up to 5 years.

   • The timing and amount of the instalments will be chosen by you at the time of maturity.

   • The value of the instalments will depend on the performance of the funds selected for investment.

   • Switching and partial withdrawals are not allowed during the settlement period.

   • You can withdraw the total fund value at any time during the settlement period.

   • Life cover will be maintained at 105% of the total premiums paid during the settlement period.

   • In case of death, the higher of the total fund value at the time of death or 105% of the total premiums paid will be returned to the nominee.

   • Fund management charges and mortality charges will be deducted as due during the settlement period.

2. Discontinuance of Policy During Lock-in Period:

   Regular/ Limited Premium Policies:

   • If you do not pay a premium before the fifth policy anniversary, your policy will be discontinued.

   • The fund value after deducting discontinuance charges will be credited to the discontinued policy fund.

   • The risk cover and rider cover will also cease.

   • You will have a three-year revival period from the date of the first unpaid premium.

   • If you do not revive your policy within the three-year period, the policy will lapse.

   Single Premium Policies:

   • The fund value after deducting discontinuance charges will be credited to the discontinued policy fund.

   • The policy will continue to be invested in the discontinued policy fund, and the proceeds from the discontinued policy fund will be paid at the end of the lock-in period.

   • Only fund management charges can be deducted from this fund during this period.

   • No risk cover will be available on such a policy during the discontinuance period.

3. Complete Withdrawal:

   • You can withdraw your policy at any time during the policy term.

   • If you withdraw your policy within the lock-in period, the surrender value will be credited to the Discontinued Policy Fund.

   • The proceeds of the Discontinued Policy will be paid to you after the completion of the lock-in period.

   • In case of the death of the insured during this period, the Proceeds of the Discontinued Policy will be payable to the nominee immediately.

   • After the lock-in period, the total fund value as of the date of complete withdrawal will be paid to you.

Exclusions

Tata AIA Fortune Pro plan does not cover death by suicide within the first 12 months of the policy inception.