Life Insurance - AIA Life Insurance Fortune Pro

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Tata AIA Life Insurance Fortune Pro (UIN: 110L112V06)

LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/ WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF THE FIFTH YEAR.

You have worked hard and smart to earn your money. Now make your money work harder and multiply itself. Introducing, Tata AIA Life Insurance Fortune Pro, Unit Linked Individual Life Insurance Savings plan that makes your money grow steadily over time and provides protection to your loved ones.

This plan offers Flexibility of policy duration which allows you to mould it into your different financial needs and adjusts itself to your desired level of growth

Savings in this plan can help you fulfill your medium to long term goals such as children’s education, retirement planning and wealth creation.

With Tata AIA Life Insurance Fortune Pro, let your money work smartly as you do.

Salient Features:

Flexibility to pay premium one time or for a limited period as per your choice
Regular Loyalty Additions to boost investments
Flexibility to choose from 18 Fund options for enhanced investment opportunities
Option to customize your plan with range of riders
Choice of Enhanced Systematic Money Allocation & Regular Transfer Investment Portfolio Strategy

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FAQs

Can we give Fortune Pro to a minor?
Yes, subject to minimum age at maturity is 18 years. The minimum entry age in Fortune Pro is 30 days and the maximum is 59 years.
What is the minimum and maximum Maturity age?
Min. 18 years and Max. 80 years
What are the different Premium Payment Terms (PPT) available?
• Single Pay
• Limited Pay - 5 to 20 years
• Regular / Limited Pay - 12 to 40 years
What is the minimum and maximum Policy Term allowed?
Min. 6 years to Max. 40 years
Is there any premium limit?
Yes.
Minimum Premium Single Pay – 25,000,
Regular / Limited Pay – 12,000 p.a. Maximum Premium Single Pay – 5,00,000, Limited Pay – 5,00,000 p.a.
Does this plan offer any Loyalty additions?
Yes.

Loyalty Additions under Single Pay - 0.35% of the units will be credited every policy anniversary starting from 6th Policy Anniversary till the end of policy term.

Loyalty Additions under Limited / Regular Pay - 0.20% of the units will be credited every policy anniversary starting from 11th Policy Anniversary till the end of policy term.
Is Top-up allowed?
Top-up premiums can be paid any time except during the last five years of the policy term, subject to underwriting, as long as all due premiums have been paid. Top-up of policy is allowed up to four times in a policy year. Every Top-up will have Top-up Sum Assured subject to minimum premium multiple conditions.
Will the Premium Allocation charges be deducted throughout the PPT?
Yes.
The Premium Allocation Charges will be deducted as below: Single Pay: 3% of SP

Limited / Regular Pay: Year 1 & 2 - 6% of AP, Year 3 to 5 - 5.5% of AP, Year 6 to 7 - 4.5% of AP, Year 8 to 10 - 3.5% of AP, 11 year onwards - 2.0% Top-up Premium Allocation Charge: 1.5% of
Top-up premium
Are there any Partial Withdrawal, Fund Switching, and Premium Redirection charges?
• Partial Withdrawal Charge - NIL
• Fund Switching Charge - Zero for First 12 switches per policy year. Thereafter, ₹ 100 per switch applicable
• Premium Redirection Charge - NIL
What are the conditions for Partial Withdrawals?
• Maximum of four Partial Withdrawals in a year from regular / Single Premium Fund are allowed after five policy anniversaries from the date of issuance of your policy, provided the policy is in force.
• Partial withdrawal from the Top-up Premium Fund can be allowed anytime after five policy anniversaries from the date of acceptance of each such Top-up Premium paid. • Partial withdrawal should be made first from the Top-up Premium Fund (if any) and then from the Regular / Single Premium Fund, if amount in the Top-up Premium Fund is insufficient.
• Partial withdrawal is allowed only after insured attains 18 years of age. • Partial Withdrawal amount
>> For Regular Premium policy - Rs. 5000 subject to Total Fund Value post such withdrawals being not less than an amount equivalent to one year’s Annualised Regular Premium.
> For Single Premium policy - Rs. 5000 subject to Total Fund Value post such withdrawals being not less than an amount equivalent to 5% of Single Premium paid.
Will there be any life cover if customer goes for the Settlement option?
During the Settlement Period which may be extended up to a maximum of five years from the date of maturity, life cover shall be maintained at 105% of the total premiums paid. In case of death, higher of Total Fund Value at the time of death or 105% of total premiums paid will be returned to the Nominee. During this period, Fund Management Charges and Mortality Charges will be deducted as due.
How is the GST charged in Fortune Pro?
GST is levied only on the ULIP charges in the form of deduction of units.
What are the Tax Benefits on ULIP Policies*?
Tax benefits* are available under sections 80C and 10(10D) of the Income Tax Act, 1961.

The tax exemption can be claimed in respect of only ULIP policies issued on or after 01-02-2021 where aggregate premium during the financial year does not exceed ₹ 2,50,000 (i.e., low premium policies). *Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment 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.
Is the limit of ₹ 2,50,000 inclusive of GST (Goods and Services Tax)?
Yes, the limit of ₹ 2,50,000 is inclusive of GST component.
If any riders are attached to any ULIP product, will that count in ₹ 2.5 Lacs limit?
Yes, riders are counted in the ₹ 2.5 Lacs limit.
Does the Limit of ₹ 2.5 Lacs apply on aggregate ULIP policy?
Yes.
The tax exemption will not be available in respect of all ULIP policies on or after 01-02-2021 whose aggregate premium during the year exceed ₹ 2,50,000 (i.e., High premium policies).
Will Fund Switching in ULIPs issued on or after 01.02.2021 be taxable in case premium payable for any previous year exceeds ₹ 2.5 Lacs limit? Fund switching will not be transfer as per the definition under capital gains. Hence, will not be taxable at the time of switching.
is there a GST waiver for NRI / OCI / PIO?
GST is applicable on ULIP charges only and not on the ULIP premium. Hence, the same would not be considered for GST waiver.

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Disclaimer

The Product is also available for sales through online mode
Investments are subject to market risks.
Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk
factors. Please know the associated risks and the applicable charges, from your insurance agent or the Intermediary or policy document issued by the insurance company.
The various funds offered under this contract are the names of the funds and do not in any way indicate the
quality of these plans, their prospects and returns. The underlying Fund’s NAV will be affected by interest rates
and the performance of the underlying stocks
The performance of the managed portfolios and funds is not guaranteed, and the value may increase or decrease in
accordance with the future experience of the managed portfolios and funds. Past performance is not indicative of
future performance.
The Premium paid in the Unit Linked Life Insurance Policies are subject to investment risks associated with capital
markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing
the capital market and the Insured is responsible for his/her decisions.
Under ULIP, where premium exceeds Rs 250,000 in a financial year issued on or after 01st Feb 2021, no exemption would be available in accordance with section 10(10D) of Income Tax Act read with subsequent clarification issued by CBDT
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 total premiums paid.
The brochure is not a contract of insurance. This brochure should be read along with Benefit Illustration. The precise terms and conditions of this plan are specialised in the policy contract available on Tata AIA Life website.
Tata AIA Life Insurance Company Ltd. is only the name of the Insurance Company and Tata AIA Life Insurance
Fortune Pro is only the name of the Unit Linked Life Insurance Contract and does not in any way indicate the
quality of the contract, its prospects or returns.
This product is underwritten by Tata AIA Life Insurance Company Ltd. This plan is not a guaranteed Issuance plan
and it will be subject to Company’s underwriting and acceptance
Insurance cover is available under this product.
Riders are not mandatory and are available for a nominal extra cost. For more details on benefits, premiums and
exclusions under the Rider(s), please contact Tata AIA Life's Insurance Advisor/ Branch.
Participation by customers shall be on voluntary basis
This product will be offered only to Standard lives
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/Sep/2939

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