Tata AIA Fortune Guarantee Plus Plan
Tata AIA Fortune Guarantee Plus plan is a savings, standalone, and non-linked individual life insurance plan that offers life insurance as well as a steady income for your family. You can choose a joint-life policy option and pay only one premium, getting your preferred payment schedule.
With the Fortune Guarantee Plus plan, you may achieve your life’s objectives without having to worry about money. Depending on your future intentions, you can decide for yourself on a policy term and an income term. You will receive life insurance coverage for the duration of the policy, and in the terrible event of a death, your nominee will be paid the death benefit. You will start receiving a Guaranteed Annual Income once the income period starts and you outlive the policy term.
Option 1: Regular Income
Option 2: Regular Income With An Inbuilt Critical Illness Benefit
|Minimum Entry Age|
Other Than POS
Option 1: 1 Year, Option 2: 18 Years
Option 1: 1 Year, Option 2: Not Available
|Maximum Entry Age||60 Years|
|Minimum Age At Maturity|
Other Than POS
Option 1: 18 Years, Option 2: 23 Years
Option 1: 18 Years, Option 2: Not Available
|Maximum Age At Maturity|
Other Than POS
Option 1: 77 Years, Option 2: 70 Years
Option 1: 65 Years, Option 2: Not Available
|Minimum Basic Sum Assured|
Single Life: Rs. 50,000
Joint Life: Rs. 6,250 For First Death & Rs. 50,000 For Second Death
Other Than POS: No Limit
For POS: Corresponding to a maximum death benefit of Rs. 25 lakhs
Key Features Of Tata AIA Fortune Guarantee Plus Plan
The Tata AIA Fortune Guarantee Plus plan has the following features:
- Grace Period: Each additional premium may be paid during a grace period of fifteen (15) days for monthly modes and thirty (30) days for all other modes following the due date. The policy will continue to be in effect throughout this time. Any unpaid premium (without interest) for the policy year in which the event happened will be subtracted from the death claim payout if a death claim arises during the grace period.
- Revival: If a premium is past due after the grace period has passed and the policy hasn’t been surrendered, it may be renewed or revived within five years of the first unpaid premium’s due date but before the policy’s maturity date.
- Free Look Period: If there is anything about the terms and conditions or features of the policy, you may withdraw your consent by providing written notice to the company and get a full refund of any fees that were paid in full. You must sign the notice and deliver it immediately to the company within 15 days after receiving the policy. The aforementioned 15-day term will be extended up to 30 days if the policy is obtained through distance marketing.
- Loan Facility: Policyholders may request a policy loan for an amount up to 80% of the surrender value, provided that the policy gains surrender value.
- Assignment & Nomination: As per Sections 38 and 39 of the Insurance Act, 1938, assignment and nominations are allowed under the plan and subjected to amendment from time to time.
- Auto Vesting: When a minor’s life is covered by a policy, the policy immediately transfers to the life insured when that person reaches the legal age of majority. The company must acknowledge the life covered as the policyholder upon vesting.
Key Benefits Of Tata AIA Fortune Guarantee Plus Plan In Detail
The following are some of the Tata AIA Fortune Guarantee Plus plan’s main advantages:
- Death Benefit: The lump sum payment made to the designated nominee in the event of the insured’s demise within the policy’s term will be provided as the death benefit. The highest of the three is the death benefit:
- Basic sum assured,
- 1.25 x single premium/10 x annualised premium, or
- 105% of the total premium paid till death.
- Maturity Benefit: Maturity benefits are also offered by the Fortune Guarantee Plus plan of Tata AIA Insurance. Following the completion of the payment of all premium amounts, regular income begins to flow. Regardless of the insured person’s survival or demise, it continues till the income period is over. In addition, a maturity benefit equal to the sum of the premium payments is received at the conclusion of the income period.
- Surrender Benefit: After the plan is terminated, the insured is given surrender benefits. The surrender value is the whole premium paid up to that point minus any company fees. The insured person may cancel the plan at any moment during the duration of the policy under the Single Pay term. The surrender value under Limited and Regular Pay is only receivable when a minimum of 2 years’ premium has been paid.
- Critical Illness Benefit: Only the Regular income with a built-in critical illness option is eligible for the critical illness benefit. After any covered person has been diagnosed, the Guaranteed Annual Income will start to be paid as of the end of the insurance year.
- Flexible Premium Payment Modes: You have the choice of paying the premiums in the following ways: monthly, annually, half-yearly, quarterly, or as a single premium.
- Optional Riders: You have the freedom to improve your cover by purchasing additional rider premiums for the optional riders in addition to the regular policy premium. The riders are:
- Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider
- Tata AIA Life Insurance Non-Linked Comprehensive Health Rider
Functioning Of Tata AIA Fortune Guarantee Plus Plan
Let’s understand the working of the Tata AIA Fortune Guarantee Plus plan!
Mr. Singh, a 35-years old healthy male, purchases the Tata AIA Fortune Guarantee Plus plan with a policy term of 10 years. Other details of the plan are as follows:
- Premium Paying Term: 10 Years
- Income Term: 25 Years (From 11th Year To 35th Year)
- Annualized Premium: Rs. 1 Lakh
- Basic Sum Assured: Rs. 12 Lakhs
- Premium Frequency: Annual
- Plan Option: Regular Income
- Income Mode: Annual
Mr. Singh will pay Rs. 1 lakh for 10 years. From the 11th to the 35th year, he will start receiving a guaranteed annual income of Rs. 97630. Therefore, the benefits will be as follows:
|Guaranteed Annual Income||Return Of Premium|
|Total Benefits||Rs. 24,40,750||Rs. 10,00,000|
|Grand Total||Rs. 34,40,750|
|Total Premium Paid||Rs. 10,00,000|
Exclusions Under Tata AIA Fortune Guarantee Plus Plan
No plan offers complete coverage. The following are not included in the Tata AIA Life Fortune Guarantee Plus plan:
The following causes of death are not covered:
- Taking part in risky activities and adventure sports
- Involvement in civil war, conflict, or rebellion
- Involvement in unlawful activity
- Single-Life: Under the terms of a single-life policy, the nominee is entitled to up to 80% of the surrender value or current premiums paid (whichever is higher) if the insured dies by suicide within 12 months of the policy’s inception or revival. After that, the policy ends, and no further benefits are given.
- Joint-Life: Under the terms of the Joint Life policy, the nominee is entitled to up to 80% of the surrender value or current premiums paid (whichever is higher) if one of the two insured commits suicide within 12 months of the policy’s inception or revival. The policy is cancelled because no more benefits are offered.
Frequently Asked Questions
A total of 40 critical illnesses are covered under the Critical Illness Benefit of the plan. To know more about them, you can refer to the policy brochure available on the company’s official website.
According to the table below, loading on premiums will be applicable.
|Single Premium||Multiply Single Premium By 1|
|Annual||Multiply Annual Premium By 1|
|Half-Yearly||Multiply Annual Premium By 0.51|
|Quarterly||Multiply Annual Premium By 0.26|
|Monthly||Multiply Annual Premium By 0.0883|
Yes. The waiting periods for the Tata AIA Fortune Guarantee Plus plan are as follows:
For POS: 90 Days
Joint Life: 12 Months
The advance premium collection is only permitted if it takes place during the same fiscal year. However, the company may only collect the premium for a maximum of three months before the due date of the premium in cases where the premium due in one financial year is being collected in advance in a previous financial year.