Tata Smart Fortune Plus

What is Tata Smart Fortune Plus?

Tata AIA Smart Fortune Plus is a Non-Participating, Unit Linked Insurance plan designed to offer stability and growth potential. It helps ensure aspirations remain intact despite life’s unpredictabilities and provides a lump sum payment upon maturity. In the event of an unforeseen circumstance, it offers extra benefits to safeguard a family from financial difficulties. It provides life insurance coverage and acts as a pillar of financial security, fortifying their future against uncertainties.

Features of Tata Smart Fortune Plus

Below are the features of Tata Smart Fortune Plus: 

Fund Enhancements

• Smart Lady Benefit: For female lives, an amount equal to 0.50% of the Annualized Premium or 0.25% of Single Premium will be added to the Fund Value at the time of the first year’s allocation. This additional allocation will be available under all the plan options.

• High Premium Booster: Entitlement to High Premium Booster is based on the Annualised Premium. A percentage of the Annualised Premium will be added to the Fund Value at the time of allocation of first year’s premium. This additional allocation will be available under all the plan options.

• Loyalty Additions/Maturity Boosters: Loyalty Additions/Maturity Boosters are guaranteed non-negative amounts and shall not be revoked by the company provided the policy is in force and all due premiums have been paid till date. Strategic planning answers which SIP is best for wealth creation. Additional units at the rate of 0.20% of the units in each of the funds under the Regular Premium Account will be credited (post deduction of applicable charges) to the respective funds every policy anniversary starting from the eleventh Policy Anniversary till the end of the policy term.

• Annualised Premium Range High Premium Booster: If your annualised premium is between 0 to ₹49,999, the high premium booster is 0%. If your annualised premium is between ₹50,000 to ₹1,19,999, the high premium booster is 0.25%. If your annualised premium is ₹1,20,000 and above, the high premium booster is 0.50%.

• Fund Booster: Fund boosters are available, expressed as a percentage of fund value, and depend on the policy term and option chosen.

Benefits of Tata Smart Fortune Plus

1. Maturity Benefit:

   The fund value, including any Top-Up Premium fund value, valued at the applicable NAV on the date of maturity.

   • For Wealth Secure and Goal Secure options, the Maturity Benefit shall be payable if the Life Insured is alive on the Maturity Date.

   • For Future Secure and Family Secure options, the Maturity benefit shall be payable to the nominee if the Life Insured has died before maturity.

2. Plan Options:

   • Wealth Secure: Provides an opportunity to invest premiums and earn market-linked returns, offering whole life coverage and flexibility for unlimited fund switches.

   • Future Secure: Ensures the future of loved ones is protected even in the policyholder's absence. In case of demise, the death benefit is paid to the nominee, future premiums are funded by Tata AIA Life Insurance, and the policy benefit continues. Upon maturity, the Total Fund Value accumulated over the Policy Term is paid out.

   • Goal Secure: Secures a family’s financial goals. In case of demise, the nominee gets a combined payout of the death benefit and the total Fund value accrued until that point.

   • Family Secure: Financially secures a family in the policyholder's absence by giving them a monthly income of 1% of the Base sum assured. In addition, future premiums are funded by Tata AIA Life Insurance, and the policy benefit continues for the family. Upon maturity, the Total Fund Value accumulated over the Policy Term is paid out.

Riders Under Tata Smart Fortune Plus

You can enhance your Tata AIA Smart Fortune Plus plan by adding riders for a nominal extra cost. Riders are not mandatory.

The premium-paying riders of this Tata AIA ULIP plan are:

• Tata AIA Life Linked Comprehensive Health Rider (UIN: 110A031V03 or any later version)

• Tata AIA Life Linked Comprehensive Protection Rider (UIN: 110A032V03 or any later version)

• Tata AIA Vitality Health Plus (UIN: 110A047V02 or any later version)

• Tata AIA Vitality Protect Plus (UIN: 110A048V03 or any later version)

• Tata AIA Sampoorna Health (UIN: 110A167V02 or any later version)

• Tata AIA OPD Care (UIN: 110A166V02 or any later version)

Additional Details of Tata Smart Fortune Plus

• Premium Payment: Single pay, yearly, half-yearly, quarterly, or monthly modes.

• Top-up Premium: Minimum ₹1000.

• Free Look Period: 30 days to cancel the policy with a refund of the non-allocated premium plus charges levied by cancellation of units plus fund value at the date of cancellation less certain deductions.

• Grace Period: 30 days for Annual, Semi-Annual, or Quarterly Modes; 15 days for Monthly mode.

• Health Management Services: Available to eligible Life Insureds.

• Enhanced SMART: Exercisable at policy inception or any policy anniversary with a 30-day advance written request.

• Discontinuance Charges: No discontinuance charges on Top-Up Premium fund value. Tables show discontinuance charges applicable for Single Pay and Regular/Limited Pay Options.

• Partial Withdrawal Charge: None.

• Fund Switching Charge: None.

• Miscellaneous Charge: Nil.