Investment Plans 136 views January 25, 2022

Are you planning for the financial security of your near and dear ones? If yes, consider Tata AIA Fortune Maxima, a non-participating, unit-linked, whole life plan that allows you to maximize your corpus with the power of market-driven growth. Here, your investment is made based on medium to long-term goals such as children’s education, retirement planning, etc. This Tata AIA life insurance plan comes with the following features –

  • Single and limited pay premium options
  • Protection for the entire life
  • Regular Loyalty Additions
  • 11 fund options
  • Customize your plan with three riders
  • Enhanced Systematic Money Allocation & Regular Transfer Investment Portfolio Strategy

Let’s know more about the Tata AIA Fortune Maxima Plan below.

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Benefits of the Tata AIA Fortune Maxima Plan

Tata AIA Life Insurance will provide you or the nominated person the following benefits –

Maturity Benefit if You’re Alive till the End of the Policy Term

The company will pay a benefit amount on survival till the end of the policy term, which is total fund value. And the maturity benefit is equal to the sum of the regular or single premium fund value and top-up premium fund value as per the NAV on the date of maturity.

Death Benefit for the Nominee if You Die During the Policy Term

In case of your death, your nominee or legal heir will get the highest of

  • Basic Sum Assured
  • Regular/Single Premium Fund Value
  • 105% of the total Regular/Single Premiums paid up to the date of death

In addition to the above, the company pays the highest of

  • Top-up Sum Assured
  • Top-up Premium Fund Value
  • 105% of the total top-up premiums paid up to the date of death

If any partial withdrawals are made during the last two years preceding the date of death, the same will be reduced from the death benefit payout.

Loyalty Additions During the Policy Term

An additional unit at the rate of 0.20% will be allocated to your funds under the regular premium account every policy anniversary starting from the 11th year till the end of the policy term. In the case of a single pay premium plan, the additional units will be allocated at the rate of 0.35% of units in each of the funds under the single premium account starting from the sixth policy anniversary till the end of the policy term. The loyalty additions will be credited only if the policy is in force and you have paid all your due premiums. It is not payable on a top-up premium account.

Tata AIA Fortune Maxima Plan Policy Term & Premium Payment Options

The policy term is 100 minus the entry age under the Tata AIA Fortune Maxima Plan. And the premium paying term is –

  • Single Pay
  • Limited Pay – 7, 8, 9, 10, 12, 15 and 20 years

You can pay – Single, Annual, Semi-Annual, Quarterly, Monthly
The minimum premium amount is

  • Single Pay – INR 1,00,000
  • Limited Pay – INR 18,000 per annum

Whereas the maximum premium amount is

  • Single Pay – INR 5,00,000
  • Limited Pay – INR 5,00,000 per annum

The minimum and maximum sum insured

  • For Single Pay – 1.25 times the Single Premium
  • For Limited Pay – Higher of (10 x AP) or (0.5 x Policy Term x AP)

Note – AP refers to the Annualised Premium amount payable in a year excluding the taxes, rider premiums and underwriting extra premiums on riders if any.

Riders

The set of unit-deducting riders available under the Tata AIA Fortune Maxima Plan is –

For Limited Pay:

  • Tata AIA Life Insurance Waiver of Premium (Linked) Rider
  • Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider
  • Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider

For Single Pay:

  • Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider

Tata AIA Fortune Maxima Plan Fund Options

Under the Tata AIA Fortune Maxima Plan, the insurance company offers you the flexibility to invest in a manner that suits your investment risk profile and needs. You can choose from the 11 investment fund options or the following strategies.

  • Enhanced Systematic Money Allocation
  • Regular Transfer (Enhanced SMART)

The investment funds range from 100% debt to 100% equity that is as follows –

  • Multi-Cap Fund
  • India Consumption Fund
  • Top 50 Fund
  • Top 200 Fund
  • Super Select Equity Fund
  • Large Cap Equity Fund
  • Whole Life Mid Cap Equity fund
  • Whole Life Aggressive Growth fund
  • Whole Life Stable Growth fund
  • Whole Life Income Fund
  • Whole Life Short-term fixed Income fund

If you wish to diversify the risk, you can allocate premiums in varying proportions amongst the 11 funds. It gives you the flexibility to redirect future premiums and change your premium allocation percentages. Also, you can switch money from one fund to another at any time. However, switches can be done within the funds offered under this Tata AIA Life Insurance Plan. In case of exceptional circumstances or force majeure events, investment in Cash or Money Market Instruments may go up to 100%, subject to prior approval of the Insurance Regulatory and Development Authority of India (IRDAI). Exceptional circumstances are –

  • Global financial or credit crisis
  • War like situation
  • Political uncertainty

Political or communal disturbance affects the economy and in turn impacts severely on the Fixed Income or Equity market.

The life insurance company reserves the right to defer the payment of benefits other than death benefit for up to 30 days in case of exceptional circumstances.

Eligibility Criteria for Tata AIA Fortune Maxima Plan

To purchase this ULIP Plan from Tata AIA Life Insurance, you need to meet the below age criteria –

  • Minimum Entry Age – 0 years (30 days) as on the last birthday
  • Maximum Entry Age – 60 years as on the last birthday
  • Maximum Maturity Age Allowed – 100 years as on the last birthday

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