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Launch Date UIN Status
13/10/2018 110N120V05 Active

About Tata AIA Life Insurance Fortune Guarantee

The Tata AIA Life Guaranteed Monthly Income plan is a non-linked, non-participating life insurance plan. The plan provides life insurance cover throughout the policy term for the financial security of your family and a monthly income that meets tomorrow’s requirements, thus helping you plan ahead to fulfil your future goals. Moreover, 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:

Modes of Payment

  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly

Claim Settlement Ratio of the Insurer

98%

USPs of the Policy
  • Guaranteed monthly income for double the policy term
  • Applicable large premium boost to increase your monthly income
  • Flexibility to choose policy terms of 5/8/12 years
  • Life cover to protect your loved ones
  • Additional protection with rider options
  • Tax benefits

Illustration

If a 45-year-old male purchases the Tata AIA Life Guaranteed Monthly Income plan, the sum assured will be INR 11,00,000 for a policy term of 12 years and premium-payment term of 12 years at INR 1,00,000 premium (yearly mode).
The policyholder will receive guaranteed monthly income of INR 9,170 for the income term of 24 years.

How Does the Plan Work?

Firstly, the individual has to choose the policy term, premium-payment term, and premium amount to be paid. The individual has the flexibility to choose the policy term between 5/8/12 years. Based on the policy term chosen by the individual, the monthly income term will be 10/16/24 years respectively.

  • The basic sum assured will be 11 times the annualised premium
  • On the survival of the policyholder throughout the policy term, s/he will receive the maturity benefit; that is, the guaranteed monthly income for the pre-decided income term
  • In the event of the death of the policyholder during the policy term or income term, the beneficiary will be paid the death benefit

 

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 and all the premiums are paid, then a guaranteed monthly income is payable in arrears during the income term, starting from the end of the first month after the end of the policy term. The income term shall be:

Policy Term (years) Income Term (years)
5 10
8 16
12 24

The guaranteed monthly income is determined as a percentage of the total premiums paid, depending on the age at entry and the chosen policy term.

Death Benefit

In case of the unfortunate death of the policyholder during the policy term, the death benefit will be paid to the beneficiary. Death benefit (sum assured on death) is the lump sum amount that is paid on the death of the policyholder. The policy shall be terminated once the death benefit is paid. The sum assured on death will be the highest of the following:

  • 11 times the annualised premium
  • 105% of all the premiums paid as on the date of death
  • Guaranteed sum assured on maturity
  • Absolute amount assured to be paid on death (basic sum assured)

 

Death during Income Term

In case of the unfortunate death of the policyholder during the income term, all the future guaranteed monthly income will be paid to the beneficiary. The beneficiary will have the option to receive the commuted value of the future guaranteed monthly income in the form of a lump sum. The policy will be terminated once the death benefit is paid and none of the benefits mentioned earlier will be paid.

Riders 

The Tata AIA Life Guaranteed Monthly Income 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

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Why Should I Buy This Plan?

Besides the benefits mentioned earlier, here are some other features of the Tata AIA Life Guaranteed Monthly Income 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 being 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
5 13 years 60 years
8 10 years 60 years
12 6 years 55 years

The Tata AIA Life Guaranteed Monthly Income 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.

Claim Process

Know Claim Process of Tata AIA Life Insurance iRaksha Supreme

Claim Process

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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