Tata AIA Life Insurance Fortune Maxima Plan

Type

Non participating Unit-linked insurance plan

Basis

Individual

Policy term

100 years minus the age of policyholder at time of purchase

Validity of Policy

Policy remains valid when premium payment is up to date.

Coverage

Maturity benefit: At the time of maturity the policyholder will receive the total fund value after the applicable NAV values have been assigned

Death benefit: If policyholder dies during while the policy is in effect the nominee will receive the higher of either the base sum assured or 105% of the single premiums paid. The benefit will also include any the higher value of top up assured sum or 105% of the total premiums paid as top up

Loyalty additions: These additions are credited after deduction of applicable charges and are at the rate of 0.20% for policies with regular pay option starting from the 11th year of the policy and continues upto the end of the policy term. The loyalty additions are 0.35% for policies with single pay and begin to get credited from the 6th policy year onwards to the end of the policy term.

Free look

Free look period is 15 days and 30 days in case the policy has been acquired through distance marketing or any means of purchase but not in person

Assignment and Nomination

This policy allows for assignment and nomination under the applicable provisions of the Insurance act of 1938

Riders

This policy provides riders that allow for greater coverage and customization

Large Cap Equity Fund

Money Market instruments

0%

20%

High

Equities and equity linked instruments

80%

100%

Whole Life Mid Cap Equity Fund

Money Market instruments

80%

100%

High

Equities and equity linked instruments

0%

20%

Whole Life Stable Growth Fund

Debt Instruments

50%

70%

Low to medium

Money Market instruments

0%

20%

Equities and equity linked instruments

30%

50%

Whole Life Aggressive Growth Fund

Debt Instruments

20%

50%

Medium to high

Money Market instruments

0%

30%

Equities and equity linked instruments

50%

80%

Whole Life Income Fund

Money Market instruments

0%

40%

Low

Debt instruments

60%

100%

Whole Life Short-Term Fixed Income Fund

Money Market instruments

0%

40%

Low

Debt instruments of less than 3 years in duration

60%

100%

Premium Allocation Charge

The premium allocation charge for Single Premium Pay option the charge is 3% of the Single premium and for Regular pay, the first 2 payment terms attract a charge of 6% of the annualised premium for the first 2 premium payment terms, term 3 to 5 has a charge of 5.5%, term 6 to 7 has a charge of 4.5%, term 8 to 10 is 3.5% and 2% from 11^th year onwards.

Policy Administration Charge

This policy attracts a policy administration charge of 0.90% p.a of the single premium for a single pay option policy and 0.75% p.a of the annualised premium for regular pay option. Charges for both types are throughout the term of the policy.

Fund Management Charge

0.65% p.a for Whole life short term fixed income fund

0.80% p.a for Whole life income fund

1% p.a for Whole life stable growth fund

1.10% p.a for Whole Life Aggressive growth fund1.20% p.a for Large Cap equity fund

1.20% p.a for Whole life mid cap fund

Mortality Charge

This charge is deducted every month from date of commencement of the policy and is calculated using formula = Sum at Risk * Mortality rate for the month calculated by the age of the policyholder.

Discontinuance Charge

The policy attracts a discontinuance charge. If discontinued before the first year the charge is a maximum of RS 6000, a maximum of RS 4000 for the 2nd year, a maximum of RS 4000 for the third year, a maximum of RS 2000 for the 4th year and is nil starting from the 5th year

Partial Withdrawal Charge

Nil

Fund Switching Charge

The policy provides 12 free switches every year after which each switch attracts a charge of RS 100

Premium Redirection Charge

Nil

Accidental death and Dismemberment Linked Rider

This rider is available for those policies with a premium payment term of above 7 years. The entry age for this rider is 18 years to 60 years. The nominee will receive the rider sum assured in case of policyholder's death due to an accident. They receive a percentage of the sum assured if policyholder undergoes severe dismemberment. The rider sum is 50% of the basic sum assured if the premium payment term is 7 years, 100% for any other paying term.

Waiver of Premium Linked Rider

This rider is to waive any future premiums to be paid on the basic policy if policyholder is rendered totally and permanently disabled before they attain 65 years of age. The rider reaches maturity when policyholder attains 65 years of age and entry for this rider is between the ages of 18 to 60 years.

Waiver of Premium Plus Linked Rider

This rider is to waive any future premiums to be paid on the basic policy if policyholder is rendered totally and permanently disabled before they attain 65 years of age upon which the rider reaches maturity. Entry for this rider is between the ages of 18 to 57 years.

Premiums

Minimum premiums for Single Pay are RS 1,00,000, and regular pay is RS 50,000 p.a. The maximum premium for single pay is is RS 5,00,000 and Regular/limited pay is RS 5,00,000 p.a.

Paying Term for premiums

Premiums can be paid as single pay orlas limited pay for a term of or 8 or 9 or 10 or 15 or 20 years.

Premium Paying Mode

Annually, Semi annually, Quarterly or Monthly options

Premium Top Up

Top ups can be paid throughout policy term except last 5 years. Minimum top amount is RS 5000. Each Top up premium has a lock in period of 5 years.