Investment Plans 381 views November 25, 2020

Tata AIA Life Insurance Fortune Guarantee

Nobody wants to see their investment go in vain. One of the common misconceptions among people is that they can lose their investment in a life insurance policy, which is not true. With Tata AIA Life Insurance Fortune Guarantee, you can protect your family in case something unfortunate happens to you, as well as get lump sum guaranteed returns on maturity. You can consider this policy as a traditional insurance-cum-investment plan that offers an upfront guarantee of your investment benefits. In the insurance terminology, these plans are called non-linked non-participating individual life insurance plans or without profit insurance policies.

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With the lump sum guaranteed return that you will receive on maturity, you can fulfill any of your goals you may have set for yourself or your family. Apart from this, Tata AIA Life Insurance Fortune Guarantee provides the life insurance cover throughout your policy term, so your family will get the much-needed financial cover should an unfortunate event arise. One of the best benefits of this insurance plan from Tata AIA life insurance is that customers can choose additional benefits through riders that they can choose at the time of the policy inception. If you are someone who is looking to choose life insurance that can also help fulfill your goals, this plan can be a good choice for you!

So, what are some of the key features of Tata AIA Life Insurance Fortune Guarantee that you should know? Here, we will discuss the same along with its benefits, exclusions, eligibility, and other important things. Read on to know more!

What are the Key Features of Tata AIA Life Insurance Fortune Guarantee?

If you want to get an adequate cover and enhance your benefit options, it is important to know the key features of Tata AIA Life Insurance Fortune Guarantee. We are showing some of them below. Do check!

  1. With your life insurance plan, customers can get guaranteed lump sum benefits at the maturity of their policy. This benefit will be the ‘Maturity Sum Assured’ and it will be equal to the maturity benefit multiplied by total premiums paid by you. Remember, this benefit may vary according to an annual premium, premium payment term, policy term, and entry age.
  2. Your loved family members will continue to get the life cover throughout the policy term. So, you should not worry about their financial protection.
  3. One of the key features of this policy is that customers can choose the policy term and premium payment term according to their convenience. Policy term ranges from 10 to 40 years, whereas the premium payment term ranges from 5 years to 10 years.
  4. Female policyholders can get higher benefits as compared to male policyholders on this insurance plan.
  5. If you want to enhance protection on your life insurance plan, you can do the same by adding a few riders such as accidental death & Dismemberment Rider and Waiver of Premium Plus Rider.
  6. Customers can also enjoy the nomination facility under Section 39 of the Insurance Act 1938. You will also get a free look period of 15 days with this policy. However, it will be for 30 days if the policy is sold through distance marketing.
  7. Seeing your hard-earned money towards taxes can be hard. So, this policy from Tata AIA Life Insurance can help you get tax deductions up to INR 1,50,000 under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
  8. You can surrender your policy any time during your policy term if you have paid at least premiums of two full years. On surrendering the policy, you will only get a surrender value.
  9. Tata AIA also provides flexibility in premium payment. You can choose to pay from several payment frequency options of Annual, Half-yearly, Quarterly, and Monthly. There will be different modal loading according to the frequency you choose.

What are the Tata AIA Life Insurance Fortune Guarantee Benefits that You can Avail of?

After understanding the key features, you would want to know about the benefits that you can avail of with this policy. Well, we are showing some of the benefits that you could get from the Tata AIA Life Insurance Fortune Guarantee. Please check!

Maturity Benefits

According to the policy term chosen by you at the time of entry, you will receive a maturity sum assured on maturity. The company will pay this amount. What will be this maturity sum assured? It will be equal to the maturity benefit factor multiplied by the total premiums paid by you. Also, this factor will change according to the policy term, premium payment term, gender, annual premium band, and entry age.

Death Benefits

Now coming to death benefits, if something unfortunate like a death happens to an insured person( during the policy term), Tata AIA will provide the sum assured upon death. What will be the sum assured amount? Well, it will be the highest of the following. Have a look.

  1. Basic Sum Assured for your Policy (10 times of the annual premium)
  2. 105% of the Total Premiums paid towards the policy up to date of death
  3. Maturity Sum Assured at the time of entry into policy

Your family will receive the highest amount among all these three amounts. So, you don’t need to worry about your family’s protection.

Additional Coverage Benefits through Optional Riders

As we said earlier that you can enhance your protection by adding a few options riders at the time of entry into the policy. There are mainly two riders that you can choose from. These are Accidental Death and Dismemberment and Waiver of Premium Plus Rider. With the first rider, you can ensure the protection of your family in the case of accidental death. The nominee will receive an amount equal to the rider sum assured. In the case of dismemberment, the company will pay a percentage of the rider sum assured.

On the other hand, with Premium Plus Rider, customers can get a waiver of all future premiums of the basic policy to be paid in the case of death or if the insured person is permanently and disabled. You should know that both these riders are not mandatory and available at a low cost.

Loan Against your Policy

Apart from providing all the above-mentioned benefits, you can also opt for a loan amount against your Tata AIA Policy in case you need urgent money. For this, your policy must have acquired surrender value. You can get a loan amount of up to 65% of the overall surrender value of your policy. Interest rates on this loan will be SBI Domestic Term Deposit Interest Rate for the tenure of ‘1 year to 455 days’ plus 2% per annum. The company will review this formula every year after approval from the Insurance Regulatory and Development Authority of India.

What will be Exclusions from Tata AIA Life Insurance Fortune Guarantee?

What will happen if the insured person dies due to suicide within 12 months from the date of commencement of risk under your policy or from the date of its revival? Well, in this case, the nominee or beneficiary will receive at least 80% of the total premiums paid till death or the surrender value available on the date of death (whichever is higher). Most important thing: your policy should be in force at the time of death.

What is the Eligibility Criteria for Tata AIA Life Insurance Fortune Guarantee?

You must be thinking what are those necessary conditions that you do need to fulfill when choosing this policy? We are giving you the list of such conditions below. Check them out!

  1. The minimum age for the policy issuance is 18 years less policy term or 0 years (30 days), whichever is higher between them.
  2. The maximum age of the issue of the policy is 80 years less policy term or 65 years, whichever is lower.
  3. The maximum maturity age ranges from 75 to 80 years for the policy terms ranging from 10 years to 40 years.
  4. The Policy term can be 10 to 40 years from which individuals can choose according to their convenience while the premium payment term can be 5 years to 10 years.
  5. The basic sum assured for the Tata AIA Life Insurance Fortune Guarantee will be 10 times the annual premium.

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