Tata AIA Fortune Guarantee Supreme Plan
It is an Individual, Non-Linked, Non-participating, Life Insurance Savings Plan.
It provides guaranteed returns and life cover throughout the policy tenure.
You have the freedom to take your benefits either as regular income or as a lump sum amount.
Features of the Tata AIA Fortune Guarantee Supreme Plan: Analysis
- There are two plan options: Option 1: Immediate Income & Option 2: My Income
- To meet your financial needs, there is flexibility in choosing the guaranteed benefit in the form of a lump sum or regular income.
- Income benefits can be accumulated through the Sub-wallet feature & withdraw as & when required.
- Survival benefits can be utilized to offset your premium.
- For women customers, there is a 2% special discount available on their first year’s premium.
- Tax benefit as per Sec 80 C & Sec 10 (10D)
Benefits of Tata AIA Fortune Guarantee Supreme Plan – Review in Detail
Death Benefit of Tata AIA Fortune Guarantee Supreme Plan – Review
In case of death of the life insured during the policy term for an in-force policy (all due premiums have been paid), the death benefit payable is the highest of the following:
- 1.25 x Single Premium (excluding discount) or 10 x Annualised Premium (excluding discount); or
- 105% of Total Premiums Paid (excluding loading for modal premiums and discount) up to the date of death; or
- Basic Sum Assured
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Death Benefit Multiple:
Single Pay: – Single Life – 10 or 1.25 as chosen by the policyholder at inception
Joint Life –1.25 in case of First death and 10 in case of Second death
Limited and Regular Pay: 10
Survival Benefit of Tata AIA Fortune Guarantee Supreme Plan – Review
Survival Benefits are payable on the survival of the life insured during the policy term.
Option 1: Immediate Income: Provided the policy is in force and all due premiums have been paid, the survival benefit in the form of level Guaranteed Immediate Income (GII) and Guaranteed Income (GI) shall be payable.
Under this plan option, you will receive a Guaranteed Immediate Income (GII) in advance from 2nd year as given in the table below & it will be the same as premium payment frequency.
Additionally, during the policy term, you will also receive a Guaranteed Income (GI) in arrears as per the table given below.
The frequency of GI can be different from GII and hence can be Annual, Semi-annual, Quarterly, or Monthly, as chosen by you.
Option 2: My Income: For Single Life Policies, While the Life Assured is alive & For Joint Life policies, while one of the Life Assureds is alive, Survival Benefits are payable provided the policy is in force and all due premiums have been paid.
Under this plan option, you will receive Guaranteed Benefits in the form of Survival Benefits and/or lump sum maturity benefits, subject to payment of all due premiums.
Maturity Benefit of Tata AIA Fortune Guarantee Supreme Plan – Review
Maturity Benefit as chosen under the My Income option is payable on survival of the Life Assured or at least one of the life assured in case of Joint Life, till the end of the policy term, provided all due premiums under the policy have been paid.
The maturity benefit is not applicable for the Immediate Income option.
Additional benefits of the Tata AIA Fortune Guarantee Supreme Plan – Review
Settlement option:
This is an option to receive any benefit due on maturity date in equal installments for a period of 3 to 5 years instead of a lump sum amount under an in-force as well as a Paid-up policy.
Special date:
In case the Income or Survival Benefit Frequency is chosen as Annual, then at the time of purchase the policyholder will have the option to choose to receive survival benefits on a “Special Date” as per their choice, instead of policy anniversary.
Sub-Wallet:
The policyholder can choose to receive full or part of his benefits in his ‘Sub-Wallet’. The Sub-wallet will earn a loyalty addition that will accrue daily. The policyholder can withdraw the balance from the Sub-wallet, in part or in full, anytime during the policy term.
Premium Offset:
Under a non-Single Pay policy, the policyholder will be able to adjust the premium payable in the policy to the extent of benefits payable by the company, if any.
The frequency and timing of the benefit payment must match that of the premium payment under this option.
Review of The Grace Period, Lapse, Reduced Paid-up & Revival of the Tata AIA Fortune Guarantee Supreme Plan
Grace Period:
A Grace Period of 15 days for monthly mode and 30 days for all other modes, from the due date, will be allowed for payment of each subsequent premium.
Lapse:
On discontinuance of payment of premium during the first 2 policy years, the policy will lapse and no further benefits shall be paid.
Reduced Paid-Up:
If at least the first 2 full years’ premiums have been paid and subsequent premiums remain unpaid where the Policy has not been surrendered, the Policy will be converted into a Reduced Paid-up Policy by default.
Revival:
If a premium is in default beyond the Grace Period and subject to the Policy not having been surrendered, it may be reinstated/revived, within five years after the due date of the first unpaid premium and before the date of maturity.
Review of Free Look-Up Period of the Tata AIA Fortune Guarantee Supreme Plan
If you are not satisfied with the terms & conditions/features of the Tata AIA Fortune Guarantee Supreme Policy, you have the right to cancel your policy within 15 days after you receive the Policy Document.
The said period of 15 days shall stand extended to 30 days if the policy is sourced through electronic or distance marketing mode.
Surrendering the Tata AIA Fortune Guarantee Supreme Plan: Analysis
The policy shall acquire a surrender value immediately on payment of Single Premium in case of Single Pay and on payment of at least 2 full years’ premiums in case of Regular/Limited Pay.
The surrender value payable is higher than the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).
Advantages of Tata AIA Fortune Guarantee Supreme Plan: Analysis
- Option to pay the premiums either Annually, Half-yearly, Quarterly, and Monthly modes.
- Flexibility to enhance your coverage by adding optional riders, by paying additional rider premium over and above your base policy premium.
- Income/Survival Benefits will be payable annually, by default. However, the policyholder will have the option to receive half-yearly, quarterly, or monthly installments.
- Policy Loan is available subject to a maximum of 80% of Surrender Value.
Disadvantages of Tata AIA Fortune Guarantee Supreme Plan: Analysis
- The survival benefit couldn’t be utilized for any big-ticket expense if you have opted for an Immediate income benefit Plan Option.
- The Sum assured is not adequate.
- There is no maturity benefit under the Immediate Benefit Option.
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