Tata AIA Fortune Guarantee Plan

Here is the list of the key features and benefits of Tata AIA Fortune Guarantee Plan. 

1. Maturity Benefi­t

On maturity, the Maturity Sum Assured will be paid. The “Maturity Sum Assured” is calculated by multiplying the maturity benefit factor by the total premiums paid. The maturity benefit factor varies depending on the policy term, premium-paying term, gender, annualized/single premium band, and entrance age. for Single Pay SA-II and varies depending on policy term and Single Premium Band for Limited/Regular Pay/Single Pay SA-I.

2. Death Benefi­t

In the tragic event that the insured passes away while the policy is in effect, the Sum Assured on Death as specified below shall be paid. The highest of the following shall constitute the “Sum Assured on Death”: Standard Sum Assured • 105% of the total premiums that have been paid up to the date of death • Assured Maturity Sum

In this case, the “Basic Sum Assured” is equal to 10 times the Annualized Premium for Limited/Regular Pay.

3. Revival

If a premium is past due after the Grace Period has passed and the policy hasn’t been surrendered, you may reinstate/revive it within five (5) years of the first past-due premium’s due date and before the policy’s maturity date, subject to the company’s reinstatement and underwriting guidelines. To be reinstated or revived, the Company will need: a) a written application from you; b) a current health certificate for the insured and other acceptable proof of insurability; c) payment of all past-due premiums with interest; d) repayment or reinstatement of any debt that was unpaid at the time the defaulted premium was due, plus interest.

4. Grace Period

The grace period will be allowed is 7% p.a. and will be fifteen (15) days for monthly mode and thirty (30) days for all other modes from the due date. Any proof of insurability requested at the time of reinstatement or revival will be based on the current, duly approved by the Board underwriting standards. The Board-approved underwriting policy will serve as the foundation for the reinstatement or revival.

5. Free Look Period

If You Are Not Satisfied With The Terms & Conditions/Features Of The Policy, You Have The Right To Cancel The Policy By Giving Written Notice To The Company And Receive A Refund Of All Premiums Paid Without Interest After Deducting a) Proportionate Risk Premium For The Period On Cover b) Stamp Duty And Medical Examination Costs (Including Goods And Service Tax) That Have Been Incurred For Issuing The Policy.

6. Policy Loan

In Tata AIA Life Insurance Fortune Guarantee, policy loans are accessible as long as the policy accrues surrender value. You can apply for a policy loan for an amount of up to 65% of the surrender value. On policy loans, daily interest will be charged at a rate that the company will choose. After the loan date and until the loan is repaid, interest must be paid on each anniversary of the policy. Unpaid interest will be charged at the same rate as the principal loan amount. The policyholder may pay back the principle and any accumulated interest on any portion of the loan at any time while the policy is still in effect.

7. Tax Bene­fits

Income tax benefits would be provided under the current income tax legislation, subject to the range of requirements outlined therein. No tax implications described in this material are taken on by Tata AIA Life Insurance Company Ltd. To learn more about the tax benefits you may be eligible for, please visit your tax advisor.