Fortune Guarantee Plus TATA AIA Life Insurance

Under the regular income option, the insured receives a guaranteed income in the first month or year of the policy (this depends on the frequency of their premium payments), and these payouts continue until the end of the income payout period. This income can be received monthly, quarterly, half-yearly, or annually, depending on the insured’s choice.
With the Flexi Income option, the insured can defer income payouts to a later date within the policy term, thereby accumulating income for a higher payout. Deferred income can be withdrawn as a lump sum or in instalments.

• Maturity Benefit

  • Regular Income Option: If the Insured individual survives the policy term, a lump-sum maturity benefit is paid, comprising 100% of total premiums paid (excluding taxes and extra premiums) or the guaranteed surrender value, whichever is higher.

  • Flexi Income Option: The maturity benefit includes accumulated income (if not withdrawn) plus the lump-sum payout of total premiums paid or surrender value.

• Death Benefit: In the event of the Insured individual’s death during the policy term, the nominee receives the highest of:

  • Sum assured on death (10 times annualised premium for ages up to 50, or 7 times for ages 51–60).

  • 105% of total premiums paid (excluding taxes and extra premiums).

  • Surrender value, if applicable.

  • For single premium policies, the sum assured on death is 1.25 times the single premium for ages up to 50, or 1.10 times for ages 51–60.

If the policy is surrendered after acquiring a surrender value (after 2 years for limited premium, or immediately for single premium), the Insured individual receives the higher of:

• Guaranteed Surrender Value (GSV), or

• Special Surrender Value (SSV) 

The plan provides life cover throughout the policy term. In case of the insured’s demise, the nominee receives the higher of:

• Sum assured on death (typically 10 times the annualised premium for ages up to 50, or 7 times for ages 51–60).

• 105% of total premiums paid (excluding taxes and extra premiums).

• Surrender value, if applicable.

• Premium Paying Term (PPT) options include 5, 7, 10, or 12 years for limited premium plans, or a single premium for a one-time payment.

• Policy Term ranges from 10 to 40 years, depending on the PPT and income payout period.

• Premiums can be paid once a month/ quarter/ half-year, year or as a single premium.

• Insured individuals can choose the income payout period (e.g., 10, 15, 20, 25, or 30 years) and frequency.

• In the Flexi Income Option, income can be accumulated and withdrawn at a later date, enhancing returns through compounding.

• Regular Income Option: Income starts immediately after the first policy month/year and continues for the chosen payout period. The income amount is a percentage of the annualised/single premium, determined at policy inception.

• Flexi Income Option: Income is accumulated at a guaranteed rate and can be withdrawn as a lump sum or in instalments during the policy tenure. The accumulation enhances returns, especially for longer deferral periods.

A 15-day free-look period (30 days for online purchases) allows the insured individuals to review and cancel the policy if they are unsatisfied, with a refund of premiums paid, adjusted for any applicable charges.

• Premiums paid allow tax benefits u/S 80C of the Income Tax Act, 1961, up to ₹1.5 lakh per year.

• Death benefits, income payouts, and maturity benefits are eligible for deductions under Section 10(10D), subject to specific conditions.

• Tax benefits are subject to prevailing tax laws.

Insured individuals can avail themselves of a loan against the policy once it attains a surrender value, providing liquidity for emergencies. The loan amount depends on the surrender value and company policies.