TATA AIA Life Insurance Fortune Guarantee Plus

General

1. What is a savings policy?

A savings plan is a life insurance plan that provides an avenue for savings for important life goals and a basic life cover to support your family financially. The life cover will provide financial security to your family and ensure a steady source of income in absence of the life assured so that their lifestyle is not compromised.

2. What are riders? Why do I need a rider?

Riders are add-on benefits that can be attached to a life insurance plan at a nominal cost. These riders offer multiple benefits such as coverage against accidental death, disability, critical & terminal illness, unforeseen medical expenses, etc.

3. What is a claim settlement ratio?

The claim settlement ratio is referred to as the number of claims that have been passed by an insurance company. It is the ratio of the number of claims settled by an insurer to the number of claims filed in a given period.

4. What is a regular income / guaranteed income insurance plan?

A regular income or guaranteed income insurance plan is a savings plan that allows you to accumulate a savings corpus over the policy term, along with a basic life cover. When the policy matures, you can choose to receive the guaranteed benefits of the plan, which is the accumulated financial corpus in the form of a regular/guaranteed income for an income period of your choice. Additionally, in case of your unfortunate demise, the family receives the death benefit.

5. Why do I need a savings plan?

A savings insurance plan provides an avenue for disciplined savings with guaranteed or non-guaranteed benefits to plan for important life goals. In addition, savings plans come with a basic life cover which ensures financial support to your loved ones in case of your absence.

6. What documents would I require to buy a guaranteed savings insurance plan?

To buy an insurance policy, you need to submit the following mandatory documents.

Proof of address: The following documents are accepted as valid proof of your address.

• Bank Statement (or passbook) with the latest entries for six months
• Aadhaar card
• Passport
• Voter's ID
• Driving license
• Electricity/telephone bill
• Ration card
  
  

Proof of identity: Some of the documents that are accepted as valid proof of your identity include:

• PAN card
• Aadhaar card
• Passport
• Driving license
  
  

Documents showing proof of income: These documents, which are required only for a few plans, include:

• Salary slips of the previous 3 months
• Income tax returns/Employer certificate
• Bank statement of the previous 6 months
• Latest Form 16
  
  

7. When does a policy lapse?

When the premiums for 2 consecutive years have not been paid within the grace period, the policy will lapse from the due date of first unpaid premium, and no benefits will be payable to the policyholder.

8. What is the difference between guaranteed income and whole life insurance?

Whole life insurance is a form of life insurance where the life cover or the policy term is up to the age of 100 years. This means that the policyholder’s family can be protected with a life cover for the policyholder’s entire lifetime. At the end of the policy term, a whole life plan may offer an accumulated corpus or the return of all the paid premiums as a survival benefit.

On the other hand, a guaranteed income plan is a savings avenue where the maturity benefits are assured or guaranteed and can be paid out as a regular income or as a lump sum, as per the policyholder’s choice. However, a guaranteed income plan may also offer the return of premiums with the maturity benefit.

In the case of whole life insurance as well as a guaranteed income plan, if the policyholder dies during the policy term, the insurance company will pay a death benefit to the appointed nominees.

9. What is the maturity benefit in a guaranteed income plan?

The maturity benefit in a guaranteed income plan is the money/funds saved over the policy term that has been paid in the form of premiums. This amount can either be paid out as a lump sum benefit or as a regular income once the policy matures.

10. Why purchase our best guaranteed return insurance plan?

With our best guaranteed return insurance plan, you can choose from the policy term and a sum assured of your choice to provide life insurance coverage to your family as per your insurance needs. To ensure that the premiums can be paid at your convenience, you can also choose a flexible premium paying term and frequency.

You can make the most of our guaranteed return insurance plan with a range of policy benefits, such as life cover, guaranteed returns, and regular savings through easy premium payments.


Policy

11. What are the variants of the Tata AIA Life Insurance Fortune Guarantee Plus plan?

The Tata AIA Life Insurance Fortune Guarantee Plus offers the following two variants:

• Regular Income
• Regular Income with an inbuilt Critical Illness benefit
  
  

12. What is the grace period for this plan?

This plan provides a grace period of 15 days for the monthly payment mode and 30 days for all other modes from the due date of subsequent premium payments.

13. Does this plan offer a Free Look period?

Yes, this plan has a free look period of 15 days from the date of issuance if the policy has been purchased offline. Otherwise, for the electronic/online/distance marketing mode, the free look period is 30 days from the date of issuance.

14. Does the Tata AIA Life Insurance Fortune Guarantee Plus have a loan facility?

Yes, once the policy acquires a surrender value, you can apply for a policy loan for an amount that does not exceed 80% of the surrender value. The assignee of the policy will be Tata AIA Life.

15. What is the difference between the plan variants, i.e., regular income and regular income with critical illness benefit?

There are very few differences between the two plan variants – regular income and regular income with critical illness benefit.

The main difference is that the second plan option comes with an inbuilt critical illness benefit that offers coverage against 40 critical illnesses, which the first plan option does not.

Only the Regular Pay option for premium payment is enabled under the second plan option, and the Income Period is different for both plan options – 20 to 45 years for option 1 and 30 or 25 years for option 2.


Premiums

16. What is the minimum premium amount that needs to be paid for this plan?

When you purchase the Fortune Guarantee Plus by Tata AIA, the minimum premium6 amount to be paid is as follows:

• Single Pay - ₹5,000
• Limited Pay / Regular Pay – ₹24,000 p.a.
  
  

17. What is the premium payment frequency for this life insurance investment plan?

You can choose from the following premium payment frequencies

• Annual
• Half-yearly
• Quarterly
• Monthly
• Single
  
  

18. In which modes can I receive income from this plan?

You can choose to receive the income benefit from the plan either monthly or annually.

19. When do I receive the return of premium benefit with this plan?

The return of premium benefit will be payable at the end of the income period, irrespective of the survival of the policyholder during the income period.

20. Do I need to pay any extra premiums for the Tata AIA Life Insurance Fortune Guarantee Plus?

Apart from the base policy premiums, you will have to pay additional premiums only if you opt for a rider^ benefit to enhance the policy coverage.

21. What premium payment frequency options do I have under this policy?

You can pay your premiums for this policy through the Single, Annual, Half-yearly, Quarterly or Monthly modes.

22. Can I change the premium payment frequency?

The premium payment frequency is fixed at the time of policy purchase. But if you need to change the premium frequency, you can do so after the first policy year, when all the premiums for the first year are paid.

23. What is the maximum and minimum term for premium payments?

Under plan option 1, the minimum and maximum premium payment terms are:

• Single Pay – 1 year for a policy term of 5 years
• Regular Pay – minimum of 5 years and maximum of 10 years.
• Limited Pay – 5 years for PT of 6-10 years and 12 years for PT of 13-17 years.
• Under plan option 2, the minimum and maximum premium payment terms are 5 and 10 years, respectively.
  
  

24. What if the premium payment is discontinued before and after the policy surrender?

If you discontinue the premium payment before surrendering the policy, you will get a grace period of 15/30 days (15 days for monthly mode, 30 days for all other modes) from the due date of the unpaid premium to pay the premium. The policy will be active during this time, and you can continue receiving life insurance coverage. However, the policy will lapse unless you pay your premiums after the grace period.

If you surrender your policy, the application will be reviewed by Tata AIA Life Insurance company, and once the surrender is accepted, you need not pay the policy premiums anymore.


Cover

25. Can I change the plan option once chosen?

No. You can choose one of the two plan options – Regular Income or Regular Income with inbuilt Critical Illness benefit – only at the time of purchasing this savings plan and cannot make any changes after.

26. Which rider can I purchase with the Tata AIA Life Insurance Fortune Guarantee Plus plan?

With the Tata AIA Life Insurance Fortune Guarantee Plus plan, you can purchase the following riders.

• Tata AIA Vitality Protect
  
  A Non-Linked, Non- Participating Individual Health rider (UIN:110B046V02 or any other later version)
  
  
• Tata AIA Vitality Health
  
  A Non-Linked, Non- Participating Individual Health rider (UIN:110B045V02 or any other later version)
  
  
• Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider
  
  A Non-Linked, Non- Participating Individual Health Rider - (UIN:110B033V02 or any other later version)
  
  
• Tata AIA Life Insurance Non-Linked Comprehensive Health Rider
  
  A Non-Linked, Non- Participating Individual Health Rider - (UIN: 110B031V02 or any other later version)
  
  

27. Does this plan provide an option for Joint Life Policy?

Yes, with the Regular Income variant of the Tata AIA Life Insurance Fortune Guarantee Plus plan, you can choose Joint Life Policy under the Single Pay mode for premium payments option.

28. What is the Income Period under this plan?

You can receive regular income under this plan during the Income Period starting from 20 years for as long as 45 years, as selected by you.

29. Does this plan offer a waiver of premium benefit?

Yes, if you choose the Regular Income with In-built Critical Illness benefit, the waiver of premium benefit will be applicable. During the policy term and before maturity, if you are diagnosed with a critical illness and the pay-out for the contingency has been made, the plan will continue to be in effect, and all future premiums will be waived off.

30. Does the plan provide death benefits along with maturity benefits?

No! if the insured passes away during the policy term, the nominee can file a death claim and receive the benefits. However, if the insured survives the policy term, they will receive the financial corpus accumulated under the savings policy as a maturity benefit.


Claim

31. What are the documents required for a claim settlement?

Please click on here to know the list of documents needed for the claim intimation and settlement process.

32. How can I raise a claim under this savings policy?

To raise a claim, you can choose any of the following channels to reach out to us.

• Email us at: customercare@tataaia.com
• Call our helpline number - 1860-266-9966 (local charges apply) • Walk into any of the Tata AIA Life Insurance Company branch offices
  
  

Write directly to us at:

The Claims Department,

Tata AIA Life Insurance Company Limited

B- Wing, 9th Floor,

I-Think Techno Campus,

Behind TCS, Pokhran Road No.2, Close to Eastern Express Highway,

Thane (West) 400 607.

IRDA Regn. No. 110

33. How will the claim be processed if the nominee is outside of India?

If the nominee is outside of India and the claim needs to be filed, then the nominee can file the claim online by uploading the attested copies of the required documents online or through email. If the nominee wishes to file the claim offline, then they can courier their documents to their representative in India, who can visit our office and initiate the process.

34. Does the claim have to be filed at the same Tata AIA Life Insurance branch where the policy was purchased?

No, the claim can be filed at any Tata AIA Life Insurance branch, as per your/the nominee’s convenience. You can locate our office branches and visit the one nearest to you for the claim initiation.

35. Can I file a Critical Illness claim under this plan?

​​​​​​​Yes, if you have chosen the Regular Income with In-built Critical Illness Benefit option under this plan, then you can file a claim with us if and when you are diagnosed with a critical illness that is listed in the policy.

• This product is available for online sale.

• This product is underwritten by Tata AIA Life Insurance Company Ltd.

• Insurance cover is available under this product.

• Policies sourced through POS Channel will not have any medical examination.

• This plan is not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance.

• The brochure is not a contract of insurance. The precise terms and conditions of this plan are specified in the Policy contract

• This product brochure should be read along with Benefit Illustration.

• Risk cover commences along with policy commencement for all lives, including minor lives.

• Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs and the Surrender Value payable may be less than the all the Premiums Paid.

• In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.

• All Premiums and interest payable under the policy are exclusive of the taxes, rider premiums, underwriting extra premiums, loading for modal premiums, if any which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium or interest. Tata AIA Life shall have the right to claim, deduct, adjust and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.

• Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.

• HDFC Bank Limited (4621612) (IRDAI Registration No: CA0010) is the Corporate Agent of Tata AIA Life Insurance Company Limited and does not underwrite the risk or act as an insurer. HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. Participation by the Bank’s clients in the Insurance products is purely on a voluntary basis. The contract of Insurance is between Tata AIA Life and the Insured and not between HDFC Bank and the Insured.

• Tata AIA Life Insurance Company Limited (IRDAI Regn. No.110 • CIN: U66010MH2000PLC128403). Registered & Corporate Office: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai - 400013.

Trade logo displayed above belongs to Tata Sons Ltd and AIA Group Ltd. and is used by Tata AIA Life Insurance Company Ltd under a license. For any information including cancellation, claims and complaints, please contact our Insurance Advisor / Intermediary or visit Tata AIA Lifes nearest branch office or call 1-860-266-9966 (local charges apply) or write to us at customercare@tataaia.com. Visit us at: www.tataaia.com L&C/Advt/2023/Aug/2726

“As per recent changes in section 10(10D) of Income Tax Act, where the amount of aggregate annual premium payable in the financial year in case of Traditional plans (all non-unit linked plans except Annuity, Pension and Pure Risk Plans) issued on or after 1st April 2023 exceeding INR 5,00,000 the benefits of the policy/policies shall not be eligible for exemption under section 10(10D) except in case of death”. The customer is requested to seek advice of a tax advisor with respect to his/her personal tax liabilities under the Indian Income-tax law."