Tata AIA Life Insurance Fortune Pro Plan

Eligible age for purchase

0 years or 30 days

59 years as at last birthday

Age of maturity of policy

18 years as at last birthday

75 years as at last birthday

Term of Policy

15 years

40 years

Type of plan

Non participating Unit-linked insurance plan

Basis of plan

Individual

Term of the policy

15 years minimum, 40 years maximum

Validity of Policy

Policy will continue to remain in effect provided all premiums have been paid

Coverage

Death benefit: Either the regular or single premium fund value, or ten times the annualised premium value plus the higher of the guaranteed top-up sum or 105% of the total top-up premiums.

Maturity benefit: If policyholder survives to end of the policy term they receive total fund value which will be valued at the applicable NAV

Loyalty additions: for regular pay, 0.20% of the units available in each fund is credited on every policy anniversary starting from the 11^th policy anniversary. For single pay, 0.35% is credited at every policy anniversary starting from the anniversary of the 6^th year of the policy

Free look

The Free look period is 15 days. Free look period will be 30 days if policy is bought through distance marketing

Assignment and Nomination

Assignment and Nomination is allowed under section 38 and 39 of the Insurance act of 1938 and is subject to amendment

Riders

Riders are available to further customize the product. They are Accidental Death and Dismemberment, Waiver of Premium and Waiver of Premium Plus.

Whole Life Mid Cap Equity Fund

Equities and equity linked instrument

60%

100%

High

Money Market instruments

0%

40%

Large Cap Equity Fund

Equities and equity linked instruments

80%

100%

High

Money Market instruments

0%

20%

Whole Life Aggressive Growth Fund

Equities and equity linked instruments

50%

80%

Medium to high

Money Market instruments

0%

30%

Debt Instruments

20%

50%

Whole Life Stable Growth Fund

Equities and equity linked instruments

30.00%

50.00%

Low to medium

Money Market instruments

0%

20%

Debt Instruments

50%

70%

Whole Life Short-Term Fixed Income Fund

Debt instruments of less than 3 years in duration

60%

100%

Low

Money Market instruments

0%

40%

Whole Life Income Fund

Debt instruments

60%

100%

Low

Money Market instruments

0%

40%

Premium Allocation Charge

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

Policy Administration Charge

Single pay option - 0.90% p.a of the single premium throughout the term of the policy

Regular/Annualised pay - 0.75% of annualised premium throughout the term of the policy

Fund Management Charge

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

whole life income fund - 0.80% p.a

Whole life stable growth fund - 1% p.a

Whole Life Aggressive growth fund - 1.10% p.a Large Cap equity fund - 1.20% p.a

Whole life mid cap fund - 1.20% p.a

Mortality Charge

This charge is calculated as Sum at Risk * Mortality rate for the month calculated by the age of the policyholder. It is deducted at every policy month anniversary for both single and regular premium pay options.

Discontinuance Charge

For both single or regular premium pay policy, the charge for the first year is a maximum of RS 6000, year 2 is maximum of RS 5000, year 3 is maximum of RS 4000, Year 4 is RS 2000 and is nil from year 5 onwards

Partial Withdrawal Charge

No charges for partial withdrawals

Fund Switching Charge

12 free switches per policy year, RS 100 for every switch thereafter.

Premium Redirection Charge

No premium redirection charge

Accidental death and Dismemberment Linked Rider

Nominee receives sum assured in case of death by accident. They receive a percentage of the sum assured if policyholder undergoes severe dismemberment. The rider is available only for policies with a premium paying term of 7 years and above. For 7 year term the rider sum is 50% of the basic sum assured, 100% for any other paying term.

Waiver of Premium Linked Rider

In the event that the policyholder is completely and permanently handicapped before turning 65, this rider will waive any premiums that would otherwise be due. When the policyholder becomes 65, this rider becomes mature. As of their most recent birthday, the rider's entry age ranges from 18 to 59.

Waiver of Premium Plus Linked Rider

In the event that the policyholder is completely and permanently handicapped before turning 65, this rider will waive any premiums that would otherwise be due. When the policyholder becomes 65, this rider becomes mature. As of their most recent birthday, the rider's entry age ranges from 18 to 57.

Premiums

Minimum premiums for Single Pay are RS 1,00,000, Maximum RS 5,00,000

Regular/limited pay - RS 50,000 p.a, Maximum RS 5,00,000 p.a

Premium Paying Term

Single Pay, Limited Pay (5,7 or 10 years), Regular Pay (15 or 20 years)

Premium Paying Mode

Monthly, every 3 months, half yearly or yearly and single pay options

Premium Top Up

Minimum amount is RS 5000 which could be paid anytime before last 5 years of policy term