Tata AIA Fortune Guarantee Supreme

General

1. Why do I need a savings plan?

A savings plan can help you save your money regularly over the long term, as per the chosen policy term. When the policy matures, you can receive the maturity benefits which have been saved over the years. A savings policy can be used for different long-term goals such as a retirement fund, higher education fees, an emergency fund, etc.

2. Are maturity benefit and survival benefit the same?

No. Survival benefits are paid out during the policy term if you survive the policy term.

Maturity benefits are paid out to you at the end of policy term, i.e., when the policy matures.

3. Why do I need to add riders to my policy?

Riders are add-on benefits that can enhance the coverage of your life insurance policy. These are optional additions that offer coverage against specific risks such as critical illnesses, accidental death, disability, hospitalisation, etc.

You can choose which riders you want to include under your policy at your discretion. For instance, a critical illness benefit can be a suitable addition if you have a family history of certain medical conditions. Additionally, if you are employed in a hazardous job, you can opt for an Accidental Death and Disability rider.

4. Can I fulfil short-term financial goals with a savings policy?

A savings policy can help you fulfil short-term goals if it pays out a survival benefit during the policy term. The survival benefit is paid out in a certain amount for a specific number of years as per the payout frequency determined by the policy guidelines. You can use the funds from the survival benefit to supplement your short-term financial goals.

Policy

1. What are the two plan options available under this policy?

The two plan options under this savings plan are:

• Option 1 – Immediate Income Option - Under this plan option, you will receive a Guaranteed* Immediate Income (GII) in advance from 2nd year subject to payment of all due premiums. Additionally, a Guaranteed* Income (GI) in arrears is also payable during the policy term, post completion of GII. Please refer Sales Brochure for complete details
• Option 2 – My Income Option - You receive guaranteed* survival benefits from Income start year as chosen and a lumpsum at maturity, as chosen.
  *T&C apply
  
  

2. What is the premium offset?

The premium offset feature will let you adjust your premium payable against income receivable. The timing of the benefit must match the premium payment date, and the policyholder only needs to pay balance premium.

3. What is the policy term under the Tata AIA Life Insurance Fortune Guarantee Supreme?

Under plan option 1, the minimum and maximum policy terms are 10 and 24 years, respectively. Under plan option 2, the policy terms are as follows:

Minimum:

• Single Pay – 5 years
• Regular Pay – Same as Premium Payment Term
• Limited Pay – Premium Payment Term + 1 Maximum:
• Single Pay – 60 years
• Regular Pay – Same as Premium Payment Term
• Limited Pay – 60 years
  
  

Cover

1. How to revive the savings policy if it lapses?

If your policy lapses due to non-payment of premiums in the first two years, the policy can be revived within 5 years from the date of the first unpaid premium. Due premiums and interest will have to be paid for the policy revival. In case you do not revive the policy in the given period of 5 years, the policy will be terminated. The policy will not offer any benefits during the revival period until all the due premiums have been paid.

2. What are the premium payment options available?

Under plan option 1, you can choose a minimum and maximum premium payment term (PPT) of 5 and 12 years, respectively. Under plan option 2, the minimum PPT for Single Pay is 1 year and 5 years for Regular/Limited Pay, and the maximum PPT is 30 years for Regular/Limited Pay.

Claim

1. What documents do I need to file a claim under this policy?

Please click here to know the list of documents needed for the claim intimation and settlement process.

2. Can I file a death and maturity claim under the Tata AIA Life Insurance Fortune Guarantee Supreme?

You can file a death or maturity claim under the Tata AIA Life Insurance Fortune Guarantee Supreme. In case of the policyholder’s death, the nominee will file the death claim, and then the policy will be terminated after the payout of the benefits. In the event of the policyholder’s survival until maturity, they can file a maturity claim to receive the payouts.
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3. How to reach Tata AIA Life Insurance to file a claim?

To file a claim with us, choose any of the below channels to reach out to us:

• Email us at: customercare@tataaia.com
• Call our helpline number - 1860-266-9966 (local charges apply)
  
• Walk into any of the Tata AIA Life Insurance Company branch offices
• Write directly to us at:

The Claims Department,

Tata AIA Life Insurance Company Limited

B- Wing, 9th Floor,

I-Think Techno Campus,

Behind TCS, Pokhran Road No.2, Close to Eastern Express Highway, Thane (West) 400 607.

IRDA Regn. No. 110

• This product is underwritten by Tata AIA Life Insurance Company Ltd.
• Insurance cover is available under this product.
• This plan is not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance.
• This plan is also available for sale through online mode.
• This product brochure should be read along with Benefit Illustration.
• Risk cover commences along with policy commencement for all lives, including minor lives. The policy shall vest in the life of the minor insured once he/she attains majority i.e. 18 years. In case of Joint Life policy, both life insureds need to be major for the policy to vest on their lives.
• Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs and the Surrender Value payable may be less than the all the Premiums Paid.
• In case of a Joint Life policy, the Secondary Life can be the spouse/ child/ parent/ grandparent/ grandchild/ parent-in-law or sibling of the Primary Life. Other relationships may be considered as long as there is an insurable interest between the lives, as defined within our Board-approved Underwriting Policy (BAUP).
• In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
• All Premiums and interest payable under the policy are exclusive of applicable taxes, duties, surcharge, cesses or levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium or interest. Tata AIA Life shall have the right to claim, deduct, adjust and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.
• Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
• HDFC Bank Limited (4621612) (IRDAI Registration No: CA0010) is the Corporate Agent of Tata AIA Life Insurance Company Limited and does not underwrite the risk or act as an insurer. HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. Participation by the Bank’s clients in the Insurance products is purely on a voluntary basis. The contract of Insurance is between Tata AIA Life and the Insured and not between HDFC Bank and the Insured.
• Tata AIA Life Insurance Company Limited (IRDAI Regn. No.110 • CIN: U66010MH2000PLC128403). Registered & Corporate Office: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai - 400013. Trade logo displayed above belongs to Tata Sons Ltd and AIA Group Ltd. and is used by Tata AIA Life Insurance Company Ltd under a license. For any information including cancellation, claims and complaints, please contact our Insurance Advisor / Intermediary or visit Tata AIA Lifes nearest branch office or call 1-860-266-9966 (local charges apply) or write to us at customercare@tataaia.com. Visit us at: www.tataaia.com L&C/Advt/2023/Aug/2691
  
  ​​​​​​​“As per recent changes in section 10(10D) of Income Tax Act, where the amount of aggregate annual premium payable in the financial year in case of Traditional plans (all non-unit linked plans except Annuity, Pension and Pure Risk Plans) issued on or after 1st April 2023 exceeding INR 5,00,000 the benefits of the policy/policies shall not be eligible for exemption under section 10(10D) except in case of death”. The customer is requested to seek advice of a tax advisor with respect to his/her personal tax liabilities under the Indian Income-tax law."