Tata AIA Life Insurance Fortune Guarantee Plus Plan

Tata AIA Life Insurance Fortune Guarantee Plus - An Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan that provides financial protection for your family and Guaranteed Regular Income¹ that meets tomorrow's requirements, thus helping you plan towards your future needs and protection for your loved ones 

T &C¹ apply

Key Features

• Flexibility to choose Plan Option
  1. Regular Income or
  2. Regular Income with an inbuilt Critical Illness benefit
• Flexibility to choose Income Period from 20 to 45 years.
• Get return of premium² at the end of Income Period.
• Choice to receive Income – Monthly/Annually.
• Flexible Premium Payment Term – Single, Regular and Limited pay
• Option of Joint Life under Single Premium payment option
• Enhance your protection with optional Riders³
• Tax benefits as per applicable Tax Laws^{^^}

Key Benefits

Death Benefit:

Death during policy term: In case of death of the life insured during the policy term for an in-force policy the death benefit payable to the claimant is as outlined below:

Highest of:

• 1.25 x Single Premium (excluding discount) or 10 x Annualised Premium (excluding discount);
• 105% of Total Premiums Paid (excluding loading for modal premiums and discount) up to date of death; or
• Basic Sum Assured

The death benefit during policy term shall be subject to a minimum of the Surrender Value on the date of death.

For single life policies, the policy will terminate upon the death of the insured during the policy term and no other benefit under the policy shall be payable.

For joint life policies, the policy will continue after first death after payment of the death benefit due, and the policy will terminate upon the Second Death during the policy term and no other benefit under the policy shall be payable.

Where,

“Total premium paid” means total of all the premium paid under the base product, excluding any extra premium and taxes, if collected separately Annualised Premium” shall be the premium payable in a year under a non-single pay option chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums, loading for modal premiums, if any.

“Single Premium” shall be the premium payable under a single pay option chosen by the policyholder, excluding  taxes, rider premiums, underwriting extra premiums

“Basic Sum Assured” shall be equal to the Death Benefit Multiple (DBM) multiplied by the Annualised Premium / Single Premium (excluding discount).

Maturity Benefit:

Guaranteed1 Annual Income: Provided the policy is in force and all due premiums have been paid, the Guaranteed¹ Annual Income shall commence after maturity till the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period. The income shall be paid as per the chosen Income Frequency. T n C apply

“Guaranteed¹ Annual Income” shall be a fixed percentage of the Annualised Premium / Single Premium  (excluding discount) payable in a year. The Guaranteed Annual Income factor is derived as a sum of Base Income factor and a Large Premium Income Booster, if any

“Income Booster” is an additional Income benefit payout applicable under a non-single pay option to reward persisting policyholders over and above the Guaranteed Annual Income. Income Booster shall be defined as % of Annualised Premium (excluding discount).

“Guaranteed Maturity Benefit (GMB)” shall be % of Total Premiums Paid (excluding discount and excluding loading for modal premiums). Such ‘Guaranteed Maturity Benefit’ shall be payable at the end of Income period.

“Milestone Benefit” is an additional Lumpsum benefit payout applicable under a non-single pay option over and above the Guaranteed Maturity Benefit payable at the end of the Income Period. The Milestone benefit shall be defined as a % of Total Premiums Paid (excluding discounts and excluding loading for modal premiums)

Return of Premium Benefit²: Shall be the sum of Guaranteed Maturity Benefit  plus Milestone Benefit and shall be payable at the end of the Income Period irrespective of survival of the life insured(s) during the Income Period.

Eligibility

Issue age^#

Option 1:

Minimum: 1 years

Maximum: 60 years

Option 2:

Minimum: 18 years

Maximum: 60 years

Maximum Maturity Age

Option 1:

Minimum: 18 years

Maximum: 77 years

Option 2:

Minimum: 23 years

Maximum: 70 years

Policy Term

Option 1: 5 years to 17 years

Option 2: 5 and 10 years

Premium Payment Term

Option 1: Single Pay

Limited/Regular Pay: 5 years to 12 years

Option 2:

Regular Pay: 5 and 10 years

Payment Mode

Single/Annual/ Half-yearly/ Quarterly/ Monthly

Minimum Premium

Minimum:

Single Pay – Rs. 5,000

Limited Pay /Regular Pay – R 24,000 p.a.

Maximum Premium

No Limit, subject to underwriting

#All reference to age is as on last birthday.

Disclaimer

• • The complete name of TATA AIA Fortune Guarantee Plus is TATA AIA Life Insurance Fortune Guarantee Plus (UIN:110N158V14) - Non-Linked, Non-Participating, Individual Life Insurance Savings Plan.
  • ¹Guaranteed Income shall be total of Guaranteed annual Income plus Income Booster payable in a year. Guaranteed Income as per the chosen Income Frequency shall commence after maturity till the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period. ²Return of Premium shall be the "sum of Guaranteed Maturity Benefit  plus Milestone Benefit" and shall be payable at the end of the Income Period. 
  • This product is underwritten by Tata AIA Life Insurance Company Ltd.
  • Insurance cover is available under this product.
  • ³Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN:110B033V04 or any other later version) is available under this plan. Riders are not mandatory and are available for a nominal extra cost. For more details on benefits, premiums and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/Intermediary/ branch.
  • ^{^^}Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere on this site. Please consult your own tax consultant to know the tax benefits available to you.
  • For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale. The precise terms and condition of this plan are specified in the Policy Contract.
  • Risk cover commences along with policy commencement for all lives, including minor lives.
  • Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs and the Surrender Value payable may be less than the all the Premiums Paid.
  • In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
  • The plan is not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance.
  • All Premiums and interest payable under the policy are exclusive of the taxes, rider premiums, underwriting extra premiums, loading for modal premiums, if any which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium or interest. Tata AIA Life shall have the right to claim, deduct, adjust and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.
  • For more details on risk factors, terms and conditions please visit us at: www.tataaia.com.

BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS / FRAUDULENT OFFERS

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint

How to Apply