Tata AIA Life Insurance Fortune Guarantee
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| Launch Date | UIN | Status |
| 13/10/2018 | 110N120V05 | Active |
About Tata AIA Life Insurance Fortune Guarantee
The Tata AIA Life Insurance Fortune Guarantee is a non-linked, non-participating endowment insurance plan. This provides life insurance cover throughout the policy term for the financial security of your family and a guaranteed lump sum benefit on maturity to fulfil your future goals. In addition, the plan provides tax benefits and an option to enhance your protection by opting for riders.
Let’s understand this plan in brief before getting into its details:
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Modes of Payment |
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Claim Settlement Ratio of the Insurer |
98% |
| USPs of the Policy |
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Illustration with Premium of INR 1 Lakh |
If a 30-year-old male purchases this plan with sum assured of INR 10,00,000 for a policy term of 15 years and premium-payment term of 5 years, the premium will be INR 1,00,010 (yearly mode). On the survival of the policyholder throughout the policy term, s/he will receive maturity benefits of INR 10,05,000. |
How Does the Plan Work?
Firstly, the individual has to choose the premium amount to be paid. Based on this, the basic sum assured is determined as 10 times the annual premium paid. The individual has the flexibility to choose the policy term from among the following choices: 10/11/12/15/20/21 years.
For policy terms of 10, 11, 12, and 15, the premium-payment term is 5 years. For policy terms of 20 and 21, the premium-payment term is 10 years.
On the survival of the policyholder throughout the policy term, based on his entry age, gender, policy term, and premium band, s/he will receive the maturity benefit. In the event of the unfortunate death of the policyholder, the beneficiary will be paid with the death benefits.
Now, let’s understand the further actions of this plan with the help of various benefits offered.
Maturity Benefits
If the policyholder survives till the date of maturity, then maturity sum assured (maturity benefits) will be paid. The maturity sum assured is equal to the maturity benefit factor multiplied by total premiums paid, where the maturity factor varies as per policy term, gender, annualized premium band, and entry age.
Death Benefits
In case of the unfortunate death of the policyholder during the policy term, death benefits will be paid. Death benefits comprise the lump sum amount that is paid on death of the policyholder. The policy shall be terminated once the death benefits have been paid. Sum assured on death will be paid to the nominee, which shall be the highest of the following:
- Basic sum assured (10 times of the annualised premium decided by the policyholder)
- 105% of the total premiums paid
- Maturity sum assured
Riders
The Tata AIA Life Insurance Fortune Guarantee plan offers the following riders:
- Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) rider
- Tata AIA Life Insurance Waiver of Premium Plus (WOPP) rider
- Tata AIA Life Insurance Term rider
COMPARE & BUY SIMILAR PLANS
Why Should I Buy This Plan?
Besides the benefits mentioned earlier, here are some other features of the Tata AIA Life Insurance Fortune Guarantee plan:
- Tax Benefits: Tax benefits can be availed under Section 80(C) and Section 10(10D) of the Income Tax Act, 1961
- Revival: If a premium is in default beyond the grace period and subject to the policy not having been surrendered, the policyholder can revive the policy within two years after the due date of the first unpaid premium and before the date of maturity
- Loan Benefit: The policyholder has the flexibility to take a loan against his/her policy in case of financial emergencies
Who Should Buy This Plan?
The eligibility criteria to purchase this plan is based on the policy term chosen by the policyholder, as follows:
| Policy Term (years) | Minimum Entry Age | Maximum Entry Age |
| 10 | 8 years | 65 years |
| 11 | 7 years | 65 years |
| 12 | 6 years | 65 years |
| 15 | 3 years | 65 years |
| 20 | 30 days | 60 years |
| 21 | 30 days | 59 years |
The Tata AIA Life Insurance Fortune Guarantee plan proves to be an ideal plan because it accommodates your requirements for a comfortable today by asking for limited premiums, helps you fulfil your responsibilities, and helps even in your absence by offering high protection cover along with additional benefits.
Company Overview
Tata AIA Life Insurance is a joint venture between the Tata Group and AIA Group Ltd., one of the largest independent publicly listed pan-Asia Group. Tata AIA started operations in 2001. It offers various insurance products for individuals and corporates. The company has a strong distribution network of agents, bancasurance channels and branches.
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