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:
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 |
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:
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:
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:
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.
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:
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-
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.
Yes, four types of riders are available under this plan. These are- Accidental death and dismemberment rider, Accidental total and permanent disability benefit, Criticare plus benefit, and HospiCare benefit.
You can surrender this plan anytime. Surrender value is disbursed after surrendering the plan. Surrender value is primarily the portion of the total premium paid so far minus the charges.
A plan collapses when you fail to pay the premium amount. If this is the case and you want to revive your lapsed plan, you can do it within a period of 5 years. The company will ask you to pay the pending premium amount along with the penalty and the interest amount. After the payment, the company will complete the paperwork formality and your plan will be revised.
The frequency of receiving the income depends on your preference. You can choose the frequency as monthly/quarterly/bi-annually/annually as per your choice.
Policy premium payment is a must to continue availing of the services. However, if you fail to pay the premium amount, you are notified and a grace period of 30 days is provided. You can pay the premium within 30 days. If you fail to pay the premium within 30 days as well, the policy will be terminated.