Tata AIA Fortune Guarantee Supreme

What is Tata AIA Fortune Guarantee Supreme?

Tata AIA Fortune Guarantee Supreme is an Individual, Non-Linked, Non-Participating Life Insurance Savings Plan. It combines guaranteed savings with life insurance coverage and is designed to help you achieve your financial goals like retirement planning or funding a child's education plan. The plan offers a unique feature: guaranteed returns on your investment. This means you'll receive a predetermined amount of money upon maturity or choose to receive a steady income stream throughout the policy term. There's also flexibility in how you receive the income, with options to start immediately or defer until your premium payments are complete. 

Tata AIA Fortune Guarantee Supreme offers two plan options:

• Immediate Income

• My Income

Tata AIA Fortune Guarantee Supreme offers two guaranteed return plan options for receiving your benefits:

• Immediate Income: This option provides you with a dual income stream:

  • Guaranteed Immediate Income: You'll receive this income starting in the second year, in advance, and the frequency will match how often you pay your premiums (monthly, quarterly, etc.).

  • Guaranteed Income: You'll also receive a separate guaranteed income throughout the policy term. You choose how often you want to receive this (annually, semi-annually, etc.), which can differ from the GII frequency.

• My Income: This option allows you to customize your payouts at the start of the policy:

  • Choose your payout schedule: Decide the policy term, premium payment details, and when you want to receive guaranteed benefits during the term (survival benefits). You can choose the frequency (annual, monthly, etc.) for these payouts.

  • Lump sum at maturity: You can also choose to receive a lump sum benefit at the policy's end.

  • Death benefit: This plan offers life insurance coverage throughout the term. You'll need to select a death benefit multiplier, which determines the payout amount in case of death.

Features of Tata AIA Fortune Guarantee Supreme

Below are the features of Tata AIA Fortune Guarantee Supreme:

• Guaranteed Choices: This plan lets you choose how you receive your benefits – a lump sum amount at the end of the policy term or a regular income throughout. This ensures you have the flexibility to align your finances with your life goals.

• Grow Your Income with Sub Wallet: It allows you to accumulate additional savings within the policy. You can earn a loyalty addition on this sub-wallet, effectively growing your income. Plus, you have the freedom to withdraw these funds whenever needed.

• Women Get Rewarded: Tata AIA Fortune Guarantee Supreme offers a special 2% discount on the first year's premium for female customers.

• Simplify Payments with Premium Offset: The plan allows you to use your guaranteed income payouts to partially or fully offset your future policy premiums. This can ease your financial burden and ensure uninterrupted policy coverage.

• Tax Benefits: The Tata AIA Fortune Guarantee Supreme plan allows you to enjoy tax benefits on premiums paid and the benefits received, as per applicable tax laws. 

Eligibility Criteria for the Tata AIA Fortune Guarantee Supreme

Benefits of the Tata AIA Fortune Guarantee Supreme

Here are some of the key benefits of Tata AIA Fortune Guarantee Supreme:

• Guaranteed Returns: This plan offers guaranteed* payouts, unlike market-linked investment plans. This provides stability and predictability for your financial planning. You can choose to receive a lump sum benefit at the policy's maturity or opt for a steady income stream.

• Flexibility in Income Options: Tata AIA Fortune Guarantee Supreme offers two plan options:

  • Immediate Income: Start receiving guaranteed income from the first month itself.

  • My Income: Defer the income payouts until the end of the premium payment term. This allows you to accumulate a larger corpus before starting your income stream.

• Grow Your Income: This plan comes with a unique ‘sub wallet’ feature. You can earn loyalty additions on a daily basis in this sub wallet, effectively growing your guaranteed income over time.

• Life Insurance Cover: The plan provides life insurance coverage throughout the policy term. This ensures your loved ones are financially protected in case of an unfortunate event.

• Tax Benefits: You can avail tax benefits on premiums paid towards this plan under Section 80C of the Income Tax Act 1961 (up to ₹1.5 lakh) and on the maturity benefit under Section 10(10D).

• Premium Offset Option: This option allows you to use your guaranteed income payouts to partially or fully offset your future premiums. This can be helpful if your income situation changes.

• Special Discount for Women: Tata AIA Fortune Guarantee Supreme offers a discount on the first year's premium for women policyholders.

Note: Guaranteed* returns are subject to policy terms and conditions. Tax laws are subject to change.

Riders Under Tata AIA Fortune Guarantee Supreme

• Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN:110B033V02 or any other later version) 

• Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V02 or any other later version) 

• Tata AIA Vitality Protect (UIN: 110B046V01) or any other later version 

• Tata AIA Vitality Health (UIN: 110B045V01) or any other later version 

Policy Details of the Tata AIA Fortune Guarantee Supreme

1. Grace Period:

   • 15 days for monthly mode, 30 days for other modes.

   • Policy remains in force during this period.

   • If premiums for the first 2 policy years remain unpaid at the end of the grace period, the policy lapses.

2. Non-Forfeiture Provisions:

   • Lapse:

     • Policy lapses if premiums are unpaid for the first 2 policy years.

     • Can be revived within 5 years by paying all due premiums with interest.

   • Reduced Paid-Up Benefit:

     • Policy acquires a reduced paid-up benefit after paying at least 2 full years' premiums.

     • Can be revived within 5 years by paying all due premiums with interest.

     • Benefits during reduced paid-up status include Death Benefit, Survival Benefit, Maturity Benefit, and Surrender Benefit, all proportional to the RPU Factor.

3. Revival:

   • Policy can be reinstated within 5 years after the first unpaid premium.

   • Requires written application, health certificate, and payment of overdue premiums with interest.

   • Interest rate for revival: 8.98% simple p.a. (SBI rate + 2%).

   

4. Free Look Period:

   • 30 days to cancel the policy and receive a refund of premiums paid after deductions (risk premium, stamp duty, medical costs).

   • Any survival benefits paid will be deducted from the refund.

5. Change in Basic Sum Assured:

   • Not allowed post policy inception.

6. Policy Loan:

   • Available if the policy acquires Surrender Value, up to 80% of Surrender Value.

   • Interest accrues daily; unpaid interest adds to the principal.

   • Flexibility to repay loan principal anytime during the policy term.

7. Waiting Period (POS policies):

   • 90 days from commencement of risk for non-accidental death.

   • Refund of total premiums paid if death occurs within this period.

   • No waiting period for death due to accidents.

Exclusions Under Tata AIA Fortune Guarantee Supreme

The policy excludes coverage for suicide during the first year. If the insured dies by suicide within 12 months of starting the policy or restarting a lapsed policy, the beneficiaries will receive either:

• 80% of all the premiums paid so far, or

• The policy's surrender value (cash value you'd get if you cancel),

whichever is greater. This is only paid if the policy is still active at the time of death. After the first year, the suicide exclusion no longer applies, and the full death benefit is paid as usual.

Note: This clause only applies to the first death in a joint life policy if it happens within the first year.