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Tata AIA Life Insurance Fortune Guarantee Plan

What is the Plan all About?

Tata AIA Life Insurance Fortune Guarantee is a non-participating & non-linked endowment insurance plan that offers you both savings and life cover. This plan provides a Guaranteed Maturity Benefit with a limited premium paying term.

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What are the Key Features?

  • Guaranteed Maturity Benefit
  • Financial protection
  • Easy to understand plan
  • Enhance protection through rider
  • Preferential benefits for female lives
  • Avail tax benefits

What are the Plan Benefits?

Death Benefit

    In case of an unfortunate demise of the life Insured during the policy term, Sum Assured on death is payable to the nominee. Sum Assured on death is higher of 105% of the Total Premiums Paid, Maturity Sum Assured, or Basic Sum Assured.

Maturity Benefit

    On survival of the life Insured till the end of the policy term, the Maturity Sum Assured which is equal to the maturity benefit factor multiplied by Total Premiums Paid, is payable. Guaranteed Maturity Benefit payable varies from 138% to 159% of the total premiums paid.

Loan Benefit

    Policy Loan up to 65% of Surrender Value is available in Tata AIA Life Insurance Fortune Guarantee.

Surrender Value

    Surrender Value payable is higher of Special Surrender Value or Guaranteed Surrender Value. The surrender value can be acquired any time during the term of the policy, provided at least two full policy year’s premiums have been paid.

Tax Benefit

    Premiums paid under this plan can avail tax benefits under Section 80C of the Income Tax Act, 1961 and the policy proceeds can also get the tax benefits as per Section 10(10D) of the said Act.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 8 Years 55 Years
Age at Maturity - 65 Years
Policy Tenure 10 Years -
Premium Paying Term 5 Years -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount Rs 50,000 No Limit (subject To Underwriting)
Sum Assured 10 Times Of Annualized Premium -
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

Tata  AIA  Life  Insurance  Accidental  Death  and Dismemberment (Long Scale) (ADDL) Rider can be opted under this plan to enhance the coverage, on payment of additional rider premium.

How the Plan Works?

Raman at 35 years, wants to buy Tata AIA Life Insurance Fortune Guarantee to save regularly with the life cover. He opts this plan with the policy term of 10 years, annual premium of Rs 1 lac with the basic sum assured of Rs 10 Lacs.

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the maturity of the policy term, the maturity benefit is Rs 7,50,000. This maturity benefit helps you accumulate savings.

Scenario A: Raman dies during the Policy Term

If Mr. Raman dies during the policy term, his nominee will receive the Sum Assured on death (as applicable). The death benefit payable helps his family to get the financial assistance, when he is not around.

Benefit Illustration under the plan:

Tata AIA Life Insurance Fortune Guarantee Plan Scenario