Tata AIA Fortune Guarantee Plan
Tata AIA Life Insurance Fortune Guarantee offers life insurance coverage for the duration of the policy term for your family’s financial security as well as a guaranteed lump sum benefit at maturity to help you achieve your long-term objectives. With only a short period of premium payments, the plan guarantees a guaranteed maturity benefit. You can benefit from assured returns and tax savings with the Tata AIA Fortune Guarantee. Additionally, the life insurance provided by this policy will protect your family as you work to secure your own and their futures.
Read on to know more about the Tata AIA Fortune Guarantee plan’s eligibility criteria, key features and benefits, exclusions, premium calculation, and more.
Here is the eligibility criteria for Tata AIA Fortune Guarantee Plan.
|Minimum Issue Age||18 years less Policy Term or 0 years (30 days), whichever is higher|
|Maximum Issue Age|
Single Pay (SA-I)- 50 Years, Single Pay (SA-II)- 70 Years
Limited Pay/ Regular Pay -(80 less Policy Term) or 65, whichever is lower
|Max Maturity Age|
Single Pay (SA-I)- 70 years
Single Pay (SA-II)- 80 years
Regular/Limited Pay – 80 years
|Premium Payment Term||• Single Pay • Limited Pay: 5 to 20 years • Regular Pay: 10 to 20 years|
|Premium Mode||Single/Annual / Semi-annual / Quarterly / Monthly|
|For Single Premium (SA-II): Rs 5,000 Other PPT options: – Rs 24,000|
|Subject to a maximum Sum Assured on Death of Rs 25 lakhs|
Key Features & Benefits of Tata AIA Fortune Guarantee Plan
Here is the list of the key features and benefits of Tata AIA Fortune Guarantee Plan.
- 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.
- 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.
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.
- 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.
- 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.
- 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.
- 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.
What Are The Exclusions Under Tata AIA Fortune Guarantee Plan?
The nominee or beneficiary of the policyholder shall be entitled to at least 80% of the total premiums paid up to the date of death or the surrender value available as on the date of death, whichever is higher, provided the policy is in force, in the event of death by suicide within 12 months from the date of commencement of risk under the policy or the date of revival of the policy, as applicable.
How Does Tata AIA Fortune Guarantee Plan Work?
The benefits payable at the specified ages for the policy’s 15-year term and 5-year premium payment term for a healthy life and standard age proof are listed below:-
|Age of the Life Insured (in Years)||Annual Premium||Basic Sum Assured||Maturity Benefit|
|35 Years||Rs. 100,000||Rs. 10,00,000||Rs. 9,82,350|
|Rs. 500,000||Rs. 50,00,000||Rs. 49,67,000|
|Rs. 10,00,000||Rs. 1,00,00,000||Rs. 1,00,48,500|
Frequently Asked Questions
You can apply for a policy loan up to 80% of the surrender value after the policy has a surrender value, therefore that’s yes. Tata AIA Life will be the policy’s assignee.
You have the option of selecting either monthly or yearly income benefits from the plan.
You will only be required to pay additional premiums over and above the base insurance premiums if you choose a rider benefit to extend the policy’s coverage.