Several financial requirements arrive in life and sometimes all you need is a backup plan to accomplish future needs. An added flow of regular income can be a beneficial asset that not only empowers you financially but also provides a sense of security. Tata AIA Insurance Fortune Guarantee Plus Plan is such a plan which offers you income along with multiple vital life insurance plan benefits. So, if you are looking for a comprehensive plan to safeguard the future of your loved ones, Fortune Guarantee Plus Plan is worth considering.
Plan Details of Tata AIA Life Insurance Fortune Guarantee Plus Plan
Tata AIA Insurance Fortune Guarantee Plus Plan is a savings plan that provides your family with a regular income as well as life insurance. It is a non-linked, non-participating individual life-saving insurance plan. You can opt for the joint-life policy option as well under a single premium and get your preferred payment frequency.
Fortune Guarantee Plus Plan offers financial reliability and helps you in attaining your life’s goals without worrying about finances. You can choose a policy term as well as an income term for yourself depending on your future plans. During the policy term, you will get life coverage and in case of an unfortunate event, your nominee will receive the death benefit. Once you outlive the policy term, the income term will begin and you will receive a Guaranteed Annual Income.
Key Features of Tata AIA Life Insurance Fortune Guarantee Plus Plan
Several features of Tata AIA Insurance Fortune Guarantee Plus Plan are:
- Choose the frequency of income (monthly/quarterly/bi-annually/annually
- Choose an income period between 20 to 45 years
- The flexibility of premium payment is given (single/regular/limited)
- Returns of premium is disbursed at the end of the income period
- You can choose either of the following income plan
- Regular income
- Regular income with a built-in Critical Illness Benefit
- With the Regular Income with Critical Illness Benefit, in case th einsured is diagnosed with a listed illness, the future premiums are waived off
- You can purchase additional riders such as:
- Accidental death and Dismemberment rider
- Accidental Total and permanent disability benefit
- Criticare plus benefit
- HospiCare Benefit
- Get a free look period of 15 days under which you can terminate the plan in case you are not fully satisfied
- As per the prevalent tax laws, you can also get various tax benefits on the premium as well as the payouts
- You can opt for a joint life policy under a single premium and cover another family member
- You can also avail of Health Management Services and receive a second opinion from a registered provider.
Eligibility conditions & restrictions in Tata AIA Life Insurance Fortune Guarantee Plus Plan
Let us take a look at the eligibility criteria and other conditions:
Parameters | Details |
Minimum Entry Age | 1 year/ 18 years (as per plan selected) |
Maximum Entry Age | 60 years (as per plan selected) |
Minimum Maturity Age | 18 years/ 23 years (as per plan selected) |
Maximum Maturity Age | 65 years to 77 years (as per plan selected) |
Premium Payment Term | 1 year to 17 years (as per plan selected) |
Minimum Basic Sum Assured | Single Life: INR 50,000 (for Life Protect and Income Plus) Joint Life: INR 6,250 for 1st death, INR 50,000 for 2nd death
Regular/ Limited Pay: INR 24,000 |
Maximum Basic Sum Assured | No upper limit (Subject to BAUP) |
Premium Payment Mode | Monthly/ Quarterly/ Half-Yearly/ Yearly/ Single |
Minimum Premium Amount | Single Pay: INR 5,000 Regular Pay/ Limited Pay: INR 24,000 per year |
Plan Benefits of Tata AIA Life Insurance Fortune Guarantee Plus Plan
Some of the major benefits of Tata AIA Insurance Fortune Guarantee Plus Plan are as follows:
- Death Benefits:
Death benefit is the lump sum amount that is paid out to the appointed nominee if the insured passes away during the policy term. The death benefit is the highest of the three: - Basic sum assured,
- 1.25 x single premium/10 x annualised premium, or
- 105% of total premium paid till death.
- Maturity Benefit:
Tata AIA Insurance Fortune Guarantee Plus Plan comes with maturity benefits. Regular income starts to disburse after the payment of all the premium amounts. It continues till the income period ends irrespective of the survival or death of the insured person. Apart from this, the total premium amount is also paid at the end of the income period as a maturity benefit. - Surrender Benefit:
Surrender benefits are provided to the insured after terminating the plan. Under surrender benefits, the surrender value is provided which refers to the total premium paid so far minus the charges of the company. - Under the Single Pay term, the insured individual is allowed to surrender the plan anytime during the policy term.
- Under Limited and Regular Pay, the surrender value is payable only when a minimum of 2 years’ premium have been paid.
- Critical Illness Benefit:
The CI benefit is available only with the Regular income with a built-in Critical Illness option. The Guaranteed Annual Income will be payable from the end of the policy year following the diagnosis of any of the covered.
Sample benefit calculation of Tata AIA Life Insurance Fortune Guarantee Plus Plan
Let us try to understand the benefit calculation with this example. Sameer Sharma is a 35 years old male. He purchased the Fortune Guarantee Plus, Pla, with the following details:
- Premium Paying Term: 10 years
- Premium Frequency: Annual
- Policy Term: 10 years
- Basic Sum Assured: INR 12 lakhs
- Plan Option: Regular Income with an inbuilt Critical Illness benefit
- Income Term: 25 years (From the 11th Year to the 35th year)
- Income Mode: Annual
The table below will show how the policy will proceed
Policy Year | Annual Premium | Sum Assured on Death | Guaranteed Annual Income | Return of Premium |
1st year to 10th year | INR 1 lakh each year | INR 12,00,000 | 0 | 0 |
11th Year to 34th year | 0 | 0 | INR 85,000 every year | 0 |
35th year | 0 | 0 | | INR 10,00,000 |
Total | INR 12,00,000 | – | INR 21,25,000 | |
GRAND TOTAL = | INR 31,25,000 |
Sample illustration of premium amount & sum assured in Tata AIA Life Insurance Fortune Guarantee Plus Plan
To help understand the Fortune Guarantee Plus Plan better let us take another example. Ramesh Kumar is a 40-year financial analyst, working with an MNC. He purchased the Tata AIA Life Insurance Fortune Guarantee Plus Plan with the following details:
- Income term of 30 years
- Premium Payment Term of 12 years
- Policy Term of 17 years
- Annual Premium of INR 1 lakh.
From the 18th policy year, Ramesh will receive a Guaranteed Annual Income of INR 1,60,790 for a term of 30 years. If Ramesh wants, he can also opt for a Guaranteed Monthly income which would be INR 12,863. At the end of the Income period, Ramesh would also receive INR 12 lakhs as a Return of the Premium. In all, there would be a total benefit of INR 60,23,700.
Along with these guaranteed payout benefits, you can also choose the Regular Pay Option which comes with a built-in Critical Illness Benefit.
Additional riders, features & benefits of Tata AIA Life Insurance Fortune Guarantee Plus Plan
Tata AIA Life Fortune Guarantee Plus Plan allows you to purchase additional riders so that you can strengthen your plan and make it more effective.
- Riders that you can opt for:
- Accidental death and dismemberment rider
Under this add-on, compensation is paid in case the insured person dies or suffers severe dismemberment due to an accident. - Accidental Total and permanent disability benefit
Under this add-on, compensation is paid in case the insured person suffers permanent or partial disability due to an accident. - Criticare plus benefit
It helps you cover more than 40 critical illnesses including cancer and cardiac diseases. - HospiCare benefit
This rider is applicable when the insured person remains in hospital for more than a week. It provides a fixed amount for ICU, recuperation, and hospitalisation.
- Becomes a Source of Income:
One of the primary benefits of the Tata AIA Life Fortune Guarantee Plus Plan is you get a guaranteed regular income. - Tax Benefits:
The Fortune Guarantee Plus Plan offers tax-saving benefits not only on the premium that you pay but also on the payouts that you receive. - Relax Mode:
You can choose Relax Mode with Guarantee. It lets you get all the premium amount paid at the end of the income period even if the insured passes away during the period. - Personal Medical Case Management:
Under this option, you can consult medical experts. For heart illness and cancer, this assistance is given for 3 months. The benefit of online medical consultation is offered by 23 plus medical experts. - Liquidity:
A loan can be applied against the 80% surrender value of the Tata AIA Life Fortune Guarantee Plus Plan.
Terms and Conditions of the Tata AIA Life Insurance Fortune Guarantee Plus Plan
Some of the important terms and conditions of the Tata AIA Life Fortune Guarantee Plus Plan are mentioned below:
- A fixed percentage of the premium is received as the annual income
- Along with regular income, insurance cover is also provided for the policy term
- In the basic premium, the rider premium, taxes, and underwriting extra premium are not included. These are paid by the policyholder in addition.
- Applicable taxes on benefits can be deducted, recovered, adjusted, or claimed by Tata AIA Life.
- Medical consultation is offered by a third party. Medical consultation may or may not be chosen by the insured individual and the medical deals are solely done between the provider and the insured person.
- The plan comes with a free-look period of 15 to 30 days
- Once the policy acquires a Surrender Value, you can opt for a loan of up to 80% of the Surrender Value
- The policy comes with a waiting period of 90 days. If other than accidental death, if the insured dies during the initial 90 days, the Total Premiums paid are returned and the policy is terminated
Exclusions of the Tata AIA Life Insurance Fortune Guarantee Plus Plan
No plan gives 360-degrees cover. Tata AIA Life Fortune Guarantee Plus Plan does not include the following-
- Death due to the following reasons is not covered:
- Participation in adventure sports and dangerous activities
- Participation in civil war, war, rebellion
- Participation in illegal activities
- Suicide:
- Single-Life: Under single life policy term, if the insured commits suicide within 12 months of the policy or revival of the policy, up to 80% of the surrender value or premium paid so far (whichever is higher) is given to the nominee. The policy then expires and no other benefit is provided.
- Joint-Life: Under the Joint Life policy term, if any of the two insured commits suicide within 12 months of the policy or revival of the policy, up to 80% of the surrender value or premium paid so far (whichever is higher) is given to the nominee. No other benefit is provided and the policy is terminated.
Conclusion:
Having a financial backup is a need for every family. Tata AIA Life Fortune Guarantee Plus Plan lets you have a regular financial flow so that you can meet the changing requirements of your life. The options of riders further enhance the policy and provide you with a sense of protection. Tata AIA Life Fortune Guarantee Plus Plan is a comprehensive plan where you can get the benefits of life insurance and a regular flow of income. Even after your unfortunate and untimely death, the income does not stop, rather it gives your beloved the family financial support in such a critical time.
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