Tata AIA Fortune Pro Plan

Tata AIA Fortune Pro Plan is an individual, unit-linked life insurance plan (ULIP) that combines the benefits of life insurance coverage along with the potential for wealth creation through investment in market-linked funds. This policy offers flexibility in premium payments, multiple investment fund options, and the ability to customize the plan according to individual needs. It is an ideal choice for those seeking a balanced approach to life insurance and wealth accumulation.

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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:

Particulars Eligibility Criteria
Entry Age 30 days – 59 years
Maturity Age 18 – 75 years
Policy Term 15 – 40 years
Premium Payment Term
  • Single Pay
  • Limited Pay: 5/ 7/ 10 years
  • Regular Pay: 15 and 20 years
Premium Payment Mode One-time/ Annually/ Semi-annual/ Quarterly/ Monthly
Premium Amount
  • Single Pay: Rs. 1 – 5 Lakhs
  • Regular/ Limited Pay: Rs. 12,000 – 5 lakhs annually
Minimum Basic Sum Assured
  • Single Pay: 1.25 × Single Premium
  • Regular/ Limited Pay: 
  • 10 × Annualised Premium or
  • 0.5 × Policy Term × AP
Maximum Basic Sum Assured
  • Single Pay: 1.25 × Single Premium
  • Regular/ Limited Pay: 
Entry Age Maximum Multiple of Annualised Premium (AP) as Sum Assured
0 – 29 years 30
30 – 35 years 20
36 – 45 years Higher of:
  • Policy Term/2 or 
  • 15
46 – 59 years Higher of:
  • Policy Term/2 or 
  • 10

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:

Name of Investment Fund Objective of Investment Fund Equity Assets Debt Instruments Money Market Instruments, Cash, Bank Deposits and Mutual Funds Risk Profile
Emerging Opportunities Fund To generate capital appreciation in long term by investing in mid-cap stocks and in emerging leaders in new-age sectors 80% -100% 0 – 10% 0 – 20% High Risk
Sustainable Equity Fund To invest in socially and environmentally responsible companies that also maintain high governance standards. 80% -100% 0 – 20% 0 – 20% High Risk
Multi Cap Fund Invests in a diversified portfolio of large-cap and mid-cap companies. 60% -100% 0 – 40% 0 – 40% High Risk
India Consumption Fund Invests in companies that are well-positioned to benefit from the growth of domestic consumption in India. 60% -100% 0 – 40% 0 – 40% High Risk
Top 50 Fund Invests in a select group of stocks that are a part of the Nifty 50 Index. As a defensive strategy against market conditions, the fund also invests in debt and money market instruments. 60% -100% -- 0 – 40% High Risk
Top 200 Fund Invests in a select group of stocks that are a part of the BSE 200 Index. 60% -100% -- 0 – 40% High Risk
Super Select Equity Fund Invests in a diversified portfolio of equity securities. The fund will not invest in companies involved in gambling, lotteries, animal produce, liquor, tobacco, entertainment (films, TV, etc.), or financial institutions. The fund will also keep its cash holdings below 40% of the fund. 60% -100% 0 – 40% 0 – 40% High Risk
Large Cap Equity fund Invests in large-cap equity and equity-linked securities. 80% -100% -- 0 – 20% High Risk
Whole Life Mid-Cap Equity fund Invests in mid-cap equity and mid-cap equity-linked securities. 60% -100% -- 0 – 40% High Risk
Dynamic Advantage Fund It aims to maximize returns with a medium risk profile. 20% -80% 20% - 80% 0 – 20% Medium Risk
Whole Life Aggressive Growth fund Invests primarily in equities while also maintaining a portion of the portfolio in debt and money market instruments for stability. 50% -80% 20% - 50% 0 – 30% Medium-High Risk
Whole Life Stable Growth fund Aims to provide stable returns by balancing the investment in equities and debt and money market instruments. 30% -50% 50% - 70% 0 – 20% Low – Medium Risk
Whole Life Income fund Invests in a range of debt and money market instruments of various maturities, with a view to maximizing the optimal balance between yield, safety, and liquidity. -- 60% -100% 0 – 40% Low Risk
Whole Life Short-term Fixed Income fund Invests in fixed-income securities with shorter maturity periods. Normally, the average maturity of the fund may be in the range of 1-3 years. -- 60% -100% 0 – 40% Low Risk

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.

FAQ's

  • What is the Fortune Pro plan?

    The Fortune Pro Plan is a comprehensive life insurance policy offered by Tata AIA Life Insurance Company. Under this ULIP policy, policyholders receive life insurance coverage to secure their loved one's financial future in case of unfortunate events. This plan also offers the potential for wealth creation through investments in market-linked funds.
  • What are the returns of TATA AIA Fortune Pro?

    The returns of Tata AIA Fortune Pro depend on the performance of the funds in which the premiums are invested. The returns of each fund will vary depending on the market conditions.
  • Is TATA AIA Fortune Pro a mutual fund?

    No, Tata AIA Fortune Pro is not a mutual fund. It is a unit-linked insurance plan (ULIP), which means that the premiums paid are invested in a variety of funds, but the policyholder does not own units in the funds directly. Instead, the policyholder owns a policy that entitles them to a share of the fund's assets.
  • What is the surrender value of TATA AIA fortune pro?

    The surrender value of Tata AIA Fortune Pro depends on the performance of the funds in which the premiums have been invested, the premium payment term, and the amount of premiums paid.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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*Tax benefit is subject to changes in tax laws
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