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Tata AIA Life Insurance Fortune Maxima Plan

What is the Plan all About?

Tata AIA Life Insurance Fortune Maxima is a non-participating Unit Linked Plan that helps fulfill your medium to long term goals such as children’s education & marriage, retirement planning, etc. This plan also provides life protection to your whole life, so your family’s financial security is ensured.

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What are the Key Features?

  • Option of 11 funds to invest in
  • Choice of 2 portfolio strategies
  • Get Fund value as maturity benefit
  • Plan offers insurance plus investment
  • Pay premiums once or for a limited period
  • Enjoy Regular Loyalty Additions
  • Invest your surplus funds through top-ups
  • Partial withdrawals to meet your financial needs
  • Customize your plan with riders
  • Avail tax benefits

What are the Plan Benefits?

Death Benefit

    In the event of death of the life assured during the policy term and policy is in-force, the nominee will receive the higher of Basic Sum Assured less all Deductible Partial Withdrawals, 105% of the total Regular/Single premiums paid, the Regular/Single Premium Fund Value, or 10 times of the annualized premium.

    Additionally, the higher of Top-up Premium Fund Value, Approved Top-up Sum Assured, or 105% of the total Top-up Premiums paid is also payable, provided the Policyholder has a Top-up Premium Fund Value.

Maturity Benefit

    On survival of the life assured till end of the policy term, Total fund value at applicable NAV is payable on the date of maturity.

Loyalty Additions

    Loyalty Additions @0.20% of units in each of the funds under the Regular Premium Account is credited to the respective funds. This benefit is payable in every policy anniversary, starting from 11th policy anniversary till end of the policy term.

    If chosen the single pay option, the additional units @0.35% of units in each of the funds under the Single Premium Account is credited to the respective funds, payable every policy anniversary, starting from the 6th policy anniversary, till the end of the policy term.

Partial Withdrawal

    You can withdraw money after completion of 5th policy year. For Regular Premium policy, minimum partial withdrawal amount is Rs 5,000 subject to Total Fund Value post such withdrawals being not less than an amount equivalent to one year’s Annualized Regular Premium. For Single Premium policy, minimum partial withdrawal amount is Rs 5,000 subject to Total Fund Value post such withdrawals being not less than an amount equivalent to 5%of Single Premium paid.

Top-up Premium

    You have the option to pay additional premium as Top-up Premium any time except during the last five years of the policy term. You can exercise this option up to 4 times during a policy year. The minimum Top-up amount is Rs 5,000.

Top-up Sum Assured

    Your Sum Assured will increase by Top-up Sum Assured. For entry age less than 45 years, Top-up Sum Assured is 1.25 times the Top-up Premium and for entry age 45 years or more, Top-up Sum Assured is 1.1 times the Top-up Premium.

Switching

    You can switch among the available ULIP fund options. Switching option is not available, when you choose Enhanced SMART option.

Premium Re-direction

    Premium Re-direction helps you allocate future premiums to a different fund or set of funds. Premium Re-direction is not available, when you choose Enhanced SMART option.

Bonus

    The plan is not eligible for the bonuses as it is a non-participating life insurance plan.

Loan Benefit

    No loan benefit can be availed under this plan.

Surrender Value

    Upon surrendering the policy with-in the lock-in period of 5 years, the fund value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund II’. The ‘Proceeds of the Discontinued Policy’ plus entire income earned after deduction of the fund management charges, subject to a minimum guarantee of interest @4% per annum is payable.

    Upon surrendering the policy after the lock-in period of 5 years, the total fund value as on the date of surrender is payable.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 30 Days 60 Years
Age at Maturity - 100 Years
Policy Tenure 100 Minus Age At Entry -
Premium Paying Term Single Pay & Limited Pay (7/8/9/10/15 And 20 Years) -
Premium Paying Mode Single, Annually, Semi Annually, Quarterly, & Monthly -
Annual Premium For Single Pay- Rs 1 Lac, For Limited Pay- Rs 50,000 For Single Pay- Rs 5 Lacs, For Limited Pay- Rs 5 Lacs
Basic Sum Assured For Single Pay- 1.25 Times The Single Premium, For Limited Pay- Higher Of (10 Times The Annualized Premium) Or (0.5 * Policy Term*AP) -
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?

Following riders can be opted, on payment of additional premium.

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

What are the Plan Charges?

Premium Allocation Charges (PAC): For single pay, Premium allocation charge is 3% of the single premium. For Limited Pay, PAC is 6% for 1 to 2 years PPT, 5.5% for 3 to 5 years PPT, 4.5 % for 6 to 7 years PPT, 3.5% for 8 to 10 years PPT & 2% for PPT of 11 years onwards. Top-up Premium Allocation Charge is 1.5% of Top-up premium. The regular/single premium and top-up premium allocation charges are guaranteed throughout the policy term.

Policy Administration Charge: For single pay, it is 0.90% p.a. of Single Premium throughout the policy term and For Limited Pay Option, it is 0.75% p.a. of Annualized premium throughout the policy term. Monthly policy administration charge is deducted by cancelling Units from the Fund Value of the policy. This charge may be increased to a maximum of 5% compounded annually, subject to a maximum of Rs 6,000 per annum.

Mortality Charges: Mortality charge is equal to Sum at Risk (SAR) * applicable Mortality Rate for the month, based on the attained age of the Life Assured. Mortality charge is deducted on each Policy Month Anniversary.

Fund Management Charges (FMC): FMC is 1.20% p.a for 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, 1.10% p.a for whole life aggressive growth fund, 1% p.a for whole life stable growth fund, 0.80% p.a for whole life income fund, & 0.65% p.a for whole life short term fixed income fund.

Fund Management Charges are subject to revision.

Discontinuance Charge: You have the option to discontinue the policy anytime during the policy term by intimating to the Company. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure. No discontinuance charges are applicable on the Top-up premium Fund Value.

Switching Charge: You can avail 12 free switches in a policy year and upon exercising more switches, Rs 100 per switch, subject to a maximum of Rs 250 may be levied.

Partial Withdrawal Charge: Four partial withdrawals are available during a policy year. No partial withdrawal charges are levied under this plan.

Premium Re-direction Charge: There is no Premium Re-direction Charge.

Is the Plan, eligible for Tax Benefit?

Tax benefits under section 80C towards the premiums paid and the policy proceeds are eligible for tax benefits under section 10 (10D) of the Income Tax Act, subject to amendments from time to time.

How the Plan Works?

Mr. Raman aged 35 years, is leading a happy life with his wife Ananya and a daughter Sanya. He wants to build a corpus amount, so his family can achieve their dreams such as Sanya’s education, her marriage, etc. He also wants to ensure financial security of the family, in case of a mishap. He thus opts for Tata AIA Life Insurance Fortune Maxima, with the policy term of 65 years, premium paying term of 5 years, annualized regular premium of Rs 1 Lac, premium multiple chosen is 17.5, and the basic sum assured is Rs 17.5 Lacs. Fund Allocation: 50% in Large Cap Equity Fund and 50% in Whole Life Mid cap Equity Fund.

Scenario A- Maturity Benefit: If Mr. Raman survives till maturity of the policy, he will receive the total fund value at applicable NAV. This maturity benefit helps meet your financial goals.

Scenario B- Death Benefit: In the event of death of Mr. Raman during any policy year, the higher of Basic Sum Assured less all Deductible Partial Withdrawals, 105% of the total Regular/Single premiums paid, the Regular/Single Premium Fund Value, or 10 times of the annualized premium. Additionally, the higher of Top-up Premium Fund Value, Approved Top-up Sum Assured, or 105% of the total Top-up Premiums paid is also payable, provided the Policyholder has a Top-up Premium Fund Value.

Benefit Illustration:

Tata AIA Fortune Maxima Plan Benefit Illustration