Filetype PDF | Posted on 17 Aug 2022 | 3 years ago
Authentication
digital resources
281x Filetype PDF File size 0.31 MB Source: bluechipindia.co.in
Savings Solutions
Tata AIA Life Insurance
Fortune Guarantee Plus
Individual, Non-Linked, Non-Participating,
Life Insurance Savings Plan
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 Life’s 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.
Unique Reference Number: L&C/Advt/2021/Feb/0140 • UIN: 110N158V01
Tata AIA Life Insurance Fortune Other than POS Other than POS: *Premium excludes the taxes, rider premiums, underwriting extra “Annualised Premium” shall be the premium payable in a “Income Period” is the period measured in years following Critical Illness Benefit: The date of diagnosis of critical illness needs to be before maturity than the outstanding premium payment term and outstanding - Surrender Benefit
Age at Maturity** Option 1: 18 years^ ^ premiums, loading for modal premiums if any. year under a non-single pay option chosen by the policyholder, maturity, over which the Maturity Benefit is payable and is for any payout to happen under this contingency. All future policy term for the base plan. Such attachments will be as per
Guarantee Plus Option 1: 77 years ; chosen at inception. In Option 1, the income period can be 20, Critical illness benefit is available in Option 2 only. premiums will be waived off and the policy will continue as in-force. The policy shall acquire a surrender value during the policy
Option 2: 23 years Option 2: 70 years Maturity Benefits: excluding the taxes, rider premiums, underwriting extra Provided the policy is in force and all due premiums have been the ‘Board approved underwriting policy’ (BAUP) of the term basis the premium paying term as defined below.
Individual, Non-Linked, Non-Participating, Life Insurance For POS For POS: Guaranteed Annual Income: Provided the policy is in force premiums, loading for modal premiums, if any. 25, 30, 35, 40 or 45 years, subject to Policy term plus Income In case of diagnosis of critical illness of the life insured during the Company. For policies purchased from PoS channel, riders
Savings Plan ^ ^ “Single Premium” shall be the premium payable under a Period not exceeding 50 years. In Option 2, the policy term 5 paid, the Guaranteed Annual Income shall be payable from the Grace Period but before the payment of the premium then due, the would not be available.
Option 1: 18 years Option 1: 65 years and all due premiums have been paid, the Guaranteed Annual will have an Income Period of 30 years and policy term 10 will end of the policy year (for annual income frequency) following policy will still be valid and the benefits shall be paid after deductions
Time never stands still and neither do our financial needs. As Option 2: Not Option 2: Not Income shall commence after maturity till the end of the single pay option chosen by the policyholder, excluding the have an Income Period of 25 years. diagnosis on the life of the Insured on any of the covered Major of the said unpaid premium. Grace Period:
we move through various stages of life, our requirements and Available Available Income Period, irrespective of survival of the life insured(s) taxes, rider premiums, underwriting extra premiums, if any. Critical Illness, Major Cardiac Conditions or Major Cancer as A Grace Period of fifteen (15) days for monthly mode and thirty
Option 1: during the Income Period. The income shall be paid as per the “Basic Sum Assured” shall be equal to the Death Benefit Multiple “Income Frequency” is periodicity of the Guaranteed Annual The following two conditions must have been met before any
those of our families change consistently. Along with this we Single Pay Regular Pay chosen Income Frequency. (DBM) multiplied by the Annualised Premium / Single Premium Income as payable under the policy. The default frequency of specified below till the earlier of end of Policy Term or death of benefit becomes payable: (30) days for all other modes, from the due date will be allowed
also carry the burden of any uncertainty happening. We do our Return of Premium Benefit: The Total Premiums Paid (excluding discount). The Death Benefit Multiple is set as: the payment will be Annual. The income shall commence from the Life Insured during the Policy Term. • The life insured needs to have survived for a period of 30 days; and for payment of each subsequent premium. The Policy will
PPT 1 PPT 5 to 12 (excluding loading for modal premiums and discount) by the the end of the policy year, following maturity or the next policy In case monthly income frequency is opted for, then the • The diagnosis must be the first ever of that condition in the remain in force during this period. If any death claim occurs
best to take care of our family's needs and to ensure -financial Premium PT 5 PT Same as PPT • Single Pay: anniversary after date of diagnosis of critical illness (under lifetime of the individual covered. during the grace period, any due premium (without interest) of
security of our family from uncertainties of life. Life Insurance is policyholder will be payable at the end of the Income Period, - Single Life – 10 Option 2 if chosen, whichever is earlier). The date of diagnosis income shall commence from the end of the policy month, Scenario II: Diagnosis of Critical Illness in 3rd year. the policy for the policy year, in which the event has occurred
Payment Term Limited Pay irrespective of survival of the life insured(s) during the of critical illness needs to be before maturity for any payout to following Critical Illness diagnosis. The first monthly income Following Illnesses will be covered under the plan:
the best way to protect our family from financial crisis in case of (PPT)/ Policy PPT 5 6 7 8 9 10 11 12 Income Period. - Joint Life –1.25 in case of First death and 10 in case of happen under this contingency. instalment post diagnosis of critical illness shall also include all - Premiums will get waived from 4th year. will be deducted from the death claim pay out.
an unfortunate event and help your money to grow so you can Term (PT) – PT 6 to 7 to 8 to 9 to 10 to 11 to 12 to 13 to The policyholder or the nominee/legal heir(s) of the life insured(s), Second death the monthly income payouts in respect of months elapsed in - Guaranteed Annual Income shall commence from the end of Policy Non-forfeiture provisions: The surrender value payable is higher of the Guaranteed
achieve your dreams. (in Years) 10 11 12 13 14 15 16 17 as the case may be, has the option to receive the commuted At inception of the policy, the policyholder shall be given the the current policy year prior to diagnosis of critical illness. Year following diagnosis of Critical Illness on the life of the insured. Surrender Value (GSV) or Special Surrender Value (SSV).
value of the future Guaranteed Annual Income plus the Return of • Limited and Regular Pay: option to receive the Guaranteed Annual Income on a monthly • Lapse
The plan provides financial protection for your family and Option 2: Regular Pay Premium Benefit, in the form of a lumpsum anytime during the - The DBM varies by the age (last birthday) of the life frequency, wherein the following conversion factor shall be The date of diagnosis of critical illness needs to be before • Guaranteed Surrender Value = GSV Factor * Total
Guaranteed Regular Income that meets tomorrow's PPT 5 and 10 Income Period, discounted at 7.50% per annum. In case of insured at inception: used to arrive at the monthly income payable: maturity for any payout to happen under this contingency. All When the full premiums for at least two (2) years have not Premiums Paid (excluding loading for modal premiums and
PT Same as PPT commutation for a monthly income frequency policy, the future premiums will be waived off and the policy will continue paid within the Grace Period, the policy shall lapse from discount)
requirements, thus helping you plan towards your future needs Single pay: Other than PoS: No commuted value will be post deduction of the monthly income as in-force. the due date of first unpaid premium and no benefits will
and protection for your loved ones. Single Life – R 50,000 Limit, subject to the payouts already made for the existing Income Year. This be payable. • Special Surrender Value will equal to:
Board Approved discounting rate is based on the interest rate prevailing at the In case monthly frequency is opted for, then the income shall In case of diagnosis of critical illness of the life insured during However, if full premiums for at least two (2) years have - Option 1: SSV Factor 1 * (RPU factor * Guaranteed
Key Features Basic Sum Joint Life – R 6,250 for Underwriting Policy time of surrender + 1%. The prevailing interest rate shall be commence from the end of the policy month following maturity the Grace Period but before the payment of the premium then been paid and the subsequent premium remains unpaid
Assured First death and (BAUP) based on the 30yr G-sec yield.. However, any change in the due, the policy will still be valid and the benefits shall be paid Income Benefit + Guaranteed Total Premium Benefit)
• Flexibility to choose Plan Option R 50,000 for Second methodology/formula shall be subject to IRDAI approval. or from the end of the policy month following the date of after deductions of the said unpaid premium. Please refer our website (www.tataaia.com) for ‘Definitions and within the Grace Period, the Policy will be converted into a - Option 2: [SSV Factor 1 * (RPU factor * Guaranteed
- Regular Income or death For PoS: diagnosis of critical illness (under Option 2 if chosen, whichever Exclusions Annexure’ for above illnesses. Reduced Paid-up Policy by default.
Regular/Limited pay: Corresponding to a Death Benefit: is earlier). The date of diagnosis of critical illness needs to be The following two conditions must have been met before any Additional Benefits and Features A lapsed policy can be revived as per revival explained in Income Benefit + Guaranteed Total Premium
- Regular Income with an inbuilt Critical Illness benefit maximum Death before maturity for any payout to happen under this benefit becomes payable: Benefit)] + [(SSV Factor 2 * Guaranteed Annual Income)
R 24,000* Death Death during policy term: In case of death of the life insured the Revival clause.
Benefit Multiple Benefit of R 25 lakhs during the policy term for an in-force policy (all due premiums contingency. The first monthly income instalment post Flexible premium payment modes: - Monthly income payouts already paid for the current
• Flexibility to choose Income Period from 20 to 45 years diagnosis of critical illness shall also include all the monthly • The life insured needs to have survived for a period of 30 • Reduced Paid-Up Benefit policy year], if CI claim has already been accepted and
Single Pay - R 5,000 Other than PoS: have been paid), the death benefit payable to the claimant is as income payouts in respect of the months elapsed in the current days; and You have an option to pay the premiums either Single
• Get return of premium at the end of Income Period Limited Pay /Regular subject to the Board outlined below: Premium, Annually, Half-yearly, Quarterly and Monthly modes. The benefits to be paid in case of reduced paid-up policies being paid.
• Choice to receive Income – Monthly/Annually Pay – R 24,000 p.a. Approved Highest of: policy year prior to diagnosis of critical illness. This option to • The diagnosis must be the first ever of that condition in the are as follows.
Premium* (R) Underwriting Policy take income in monthly frequency must be exercised at lifetime of the individual covered. Loading on premiums will be applicable as mentioned in the Where “Reduced Paid-up (RPU) Factor” shall be a ratio
• Option of Joint Life under Single Premium payment option (excluding (BAUP) • 1.25 x Single Premium (excluding discount) or 10 x inception and cannot be altered once chosen. table below: Death Benefit: calculated as the total period for which premiums have already
discount) Annualised Premium (excluding discount); Following Illnesses will be covered under the plan:
• Choice of Premium Payment Term For PoS: • 105% of Total Premiums Paid (excluding loading for Sample Illustration On death during the policy term, Death Benefit x RPU been paid or waived post acceptance of critical illness claim
• Enhance your protection with optional Riders Corresponding to a modal premiums and discount) up to date of death; or Factor shall be payable. (under option 2 only) divided by the maximum period for which
maximum Death Maturity Benefit: premiums were originally payable.
• Tax benefits as per applicable Tax Laws Benefit of R 25 lakhs • Basic Sum Assured
Eligibility Criteria Premium Single / Annual / Half-yearly / Quarterly / For single life policies, the policy will terminate upon the death “Guaranteed Annual Income” shall be a fixed percentage of The Guaranteed Annual Income (as defined earlier)
Payment Mode Monthly of the insured during the policy term and no other benefit under the Annualised Premium / Single Premium (excluding multiplied by the RPU Factor and the Return of Premium
Plan Options the policy shall be payable. discount) payable in a year. The Guaranteed Annual Income benefit (as defined earlier) shall continue to be payable.
Option 1: 20 to 45 years (in multiples of 5 For joint life policies, the policy will continue after First Death factor is derived as a sum of Base Income factor and a Large Critical Illness Benefit:
Option 1: Regular Income years). Premium Income Booster, if any. The Base Income factors and
Option 2: Regular Income with an inbuilt Critical Illness benefit Income Period The Policy Term + Income period is within after payment of the death benefit due, and the policy will Optional Riders: On diagnosis of critical illness during the policy term, the
The options can be chosen only at the inception of the Policy the range of 25 years to 50 years. terminate upon the Second Death during the policy term and Large Premium Income Booster are provided in Annexure A. Guaranteed Annual Income (as defined earlier) multiplied
Only Option 1 is available for POS. Option 2: 30 years for 5 pay and 25 years for no other benefit under the policy shall be payable. “Guaranteed Income Benefit” shall be the discounted value at You have the flexibility to enhance your cover by adding the by the RPU Factor shall continue to be payable. No
10 pay maturity of all the Guaranteed Annual Income payable at following optional riders, by paying additional rider premium waiver of premium will be applicable in case of a reduced
Plan Parameters Minimum Maximum In case of death of the life insured during the Grace Period but annual frequency post maturity, discounted at 7.50% p.a. over and above your base policy premium.
Other than POS: Income Mode Annual and Monthly before the payment of the premium then due, the policy will still be Critical Illness Benefit: earlier of end of Policy Term or death of the Life Insured during the • Tata AIA Life Insurance Non-Linked Comprehensive paid-up policy.
^ Coverage Single Life (for Single/Limited/Regular Pay) or valid and the benefits shall be paid after deductions of the said “Return of Premium Benefit” shall be the return of Total Critical illness benefit is available in Option 2 only. Policy Term. Protection Rider (UIN: 110B033V02 or any later version) Surrender Benefit: The surrender benefit as detailed
Option 1: 1 year Other than POS/ Joint life (for Single pay only) unpaid premium and also the balance premium(s), if any, falling Premiums Paid (excluding loading for modal premiums and
Option 2: 18 years due from the date of death and before the next policy anniversary. discount) by the policyholder and shall be payable at the end of Provided the policy is in force and all due premiums have been paid, In case monthly income frequency is opted for, then the income • Tata AIA Life Insurance Non-Linked Comprehensive Health below shall be payable.
Age at Entry** For POS: shall commence from the end of the policy month, following Critical Rider (UIN: 110B031V02 or any other later version)
For POS: 60 years^ ^In case of joint life policy, the minimum age at entry / maturity age needs to Where, the Income Period. the Guaranteed Annual Income shall be payable from the end of the Illness diagnosis. The first monthly income instalment post
^ policy year (for annual income frequency) following diagnosis on the
Option 1: 1 year be complied upon by the youngest of two lives and the maximum age at “Guaranteed Total Premium Benefit” shall be the discounted diagnosis of critical illness shall also include all the monthly income These riders can be attached effective policy inception or any
Option 2: Not entry / maturity age needs to be complied upon by the oldest of two lives. “Total Premiums Paid” means total of all the premiums life of the Insured on any of the covered Major Critical Illness, Major payouts in respect of months elapsed in the current policy year prior policy anniversary of the base plan subject to the rider
Available **All reference to age is as on last birthday. received, excluding any extra premium, any rider premium value at maturity of the Return of Premium Benefit, discounted Cardiac Conditions or Major Cancer as specified below till the to diagnosis of critical illness. premium payment term and the policy term shall not be more
and taxes. at 7.50% p.a.
1 2
Tata AIA Life Insurance Fortune *Premium excludes the taxes, rider premiums, underwriting extra “Annualised Premium” shall be the premium payable in a “Income Period” is the period measured in years following Critical Illness Benefit: The date of diagnosis of critical illness needs to be before maturity than the outstanding premium payment term and outstanding - Surrender Benefit
Guarantee Pluspremiums, loading for modal premiums if any. year under a non-single pay option chosen by the policyholder, maturity, over which the Maturity Benefit is payable and is Critical illness benefit is available in Option 2 only. for any payout to happen under this contingency. All future policy term for the base plan. Such attachments will be as per The policy shall acquire a surrender value during the policy
Maturity Benefits: excluding the taxes, rider premiums, underwriting extra chosen at inception. In Option 1, the income period can be 20, premiums will be waived off and the policy will continue as in-force. the ‘Board approved underwriting policy’ (BAUP) of the term basis the premium paying term as defined below.
Individual, Non-Linked, Non-Participating, Life Insurance premiums, loading for modal premiums, if any. 25, 30, 35, 40 or 45 years, subject to Policy term plus Income Provided the policy is in force and all due premiums have been In case of diagnosis of critical illness of the life insured during the Company. For policies purchased from PoS channel, riders
Savings PlanGuaranteed Annual Income: Provided the policy is in force “Single Premium” shall be the premium payable under a Period not exceeding 50 years. In Option 2, the policy term 5 paid, the Guaranteed Annual Income shall be payable from the Grace Period but before the payment of the premium then due, the would not be available.
and all due premiums have been paid, the Guaranteed Annual single pay option chosen by the policyholder, excluding the will have an Income Period of 30 years and policy term 10 will end of the policy year (for annual income frequency) following policy will still be valid and the benefits shall be paid after deductions
Time never stands still and neither do our financial needs. As Income shall commence after maturity till the end of the have an Income Period of 25 years. diagnosis on the life of the Insured on any of the covered Major of the said unpaid premium. Grace Period:
we move through various stages of life, our requirements and Income Period, irrespective of survival of the life insured(s) taxes, rider premiums, underwriting extra premiums, if any. “Income Frequency” is periodicity of the Guaranteed Annual Critical Illness, Major Cardiac Conditions or Major Cancer as The following two conditions must have been met before any A Grace Period of fifteen (15) days for monthly mode and thirty
those of our families change consistently. Along with this we during the Income Period. The income shall be paid as per the “Basic Sum Assured” shall be equal to the Death Benefit Multiple Income as payable under the policy. The default frequency of specified below till the earlier of end of Policy Term or death of benefit becomes payable: (30) days for all other modes, from the due date will be allowed
chosen Income Frequency. (DBM) multiplied by the Annualised Premium / Single Premium the payment will be Annual. The income shall commence from the Life Insured during the Policy Term. for payment of each subsequent premium. The Policy will
also carry the burden of any uncertainty happening. We do our Return of Premium Benefit: The Total Premiums Paid (excluding discount). The Death Benefit Multiple is set as: the end of the policy year, following maturity or the next policy • The life insured needs to have survived for a period of 30 days; and
best to take care of our family's needs and to ensure -financial (excluding loading for modal premiums and discount) by the anniversary after date of diagnosis of critical illness (under In case monthly income frequency is opted for, then the • The diagnosis must be the first ever of that condition in the remain in force during this period. If any death claim occurs
policyholder will be payable at the end of the Income Period, • Single Pay: income shall commence from the end of the policy month, lifetime of the individual covered. during the grace period, any due premium (without interest) of
security of our family from uncertainties of life. Life Insurance is irrespective of survival of the life insured(s) during the - Single Life – 10 Option 2 if chosen, whichever is earlier). The date of diagnosis Scenario II: Diagnosis of Critical Illness in 3rd year. Following Illnesses will be covered under the plan: the policy for the policy year, in which the event has occurred
the best way to protect our family from financial crisis in case of Income Period. of critical illness needs to be before maturity for any payout to following Critical Illness diagnosis. The first monthly income will be deducted from the death claim pay out.
- Joint Life –1.25 in case of First death and 10 in case of happen under this contingency. instalment post diagnosis of critical illness shall also include all - Premiums will get waived from 4th year.
an unfortunate event and help your money to grow so you can The policyholder or the nominee/legal heir(s) of the life insured(s), Second death At inception of the policy, the policyholder shall be given the the monthly income payouts in respect of months elapsed in - Guaranteed Annual Income shall commence from the end of Policy Non-forfeiture provisions: The surrender value payable is higher of the Guaranteed
achieve your dreams.as the case may be, has the option to receive the commuted • Limited and Regular Pay: option to receive the Guaranteed Annual Income on a monthly the current policy year prior to diagnosis of critical illness. Year following diagnosis of Critical Illness on the life of the insured. • Lapse Surrender Value (GSV) or Special Surrender Value (SSV).
The plan provides financial protection for your family and value of the future Guaranteed Annual Income plus the Return of - The DBM varies by the age (last birthday) of the life frequency, wherein the following conversion factor shall be The date of diagnosis of critical illness needs to be before • Guaranteed Surrender Value = GSV Factor * Total
Premium Benefit, in the form of a lumpsum anytime during the insured at inception: used to arrive at the monthly income payable: When the full premiums for at least two (2) years have not
Guaranteed Regular Income that meets tomorrow's Income Period, discounted at 7.50% per annum. In case of maturity for any payout to happen under this contingency. All paid within the Grace Period, the policy shall lapse from Premiums Paid (excluding loading for modal premiums and
requirements, thus helping you plan towards your future needs commutation for a monthly income frequency policy, the Age DBM Age DBM Age DBM Age DBM future premiums will be waived off and the policy will continue the due date of first unpaid premium and no benefits will discount)
and protection for your loved ones.commuted value will be post deduction of the monthly income 1 15.4 16 13.9 31 12.4 46 10.9 as in-force. be payable. • Special Surrender Value will equal to:
payouts already made for the existing Income Year. This 2 15.3 17 13.8 32 12.3 47 10.8 In case of diagnosis of critical illness of the life insured during
Key Featuresdiscounting rate is based on the interest rate prevailing at the In case monthly frequency is opted for, then the income shall the Grace Period but before the payment of the premium then However, if full premiums for at least two (2) years have - Option 1: SSV Factor 1 * (RPU factor * Guaranteed
time of surrender + 1%. The prevailing interest rate shall be 3 15.2 18 13.7 33 12.2 48 10.7 commence from the end of the policy month following maturity been paid and the subsequent premium remains unpaid Income Benefit + Guaranteed Total Premium Benefit)
• Flexibility to choose Plan Optionbased on the 30yr G-sec yield.. However, any change in the 4 15.1 19 13.6 34 12.1 49 10.6 or from the end of the policy month following the date of due, the policy will still be valid and the benefits shall be paid Please refer our website (www.tataaia.com) for ‘Definitions and within the Grace Period, the Policy will be converted into a
methodology/formula shall be subject to IRDAI approval. 5 15.0 20 13.5 35 12.0 50 10.5 diagnosis of critical illness (under Option 2 if chosen, whichever after deductions of the said unpaid premium. Exclusions Annexure’ for above illnesses. Reduced Paid-up Policy by default. - Option 2: [SSV Factor 1 * (RPU factor * Guaranteed
- Regular Income orDeath Benefit: 6 14.9 21 13.4 36 11.9 51 10.5 is earlier). The date of diagnosis of critical illness needs to be The following two conditions must have been met before any Income Benefit + Guaranteed Total Premium
- Regular Income with an inbuilt Critical Illness benefit before maturity for any payout to happen under this benefit becomes payable: Additional Benefits and Features A lapsed policy can be revived as per revival explained in Benefit)] + [(SSV Factor 2 * Guaranteed Annual Income)
Death during policy term: In case of death of the life insured 7 14.8 22 13.3 37 11.8 52 10.4 contingency. The first monthly income instalment post the Revival clause. - Monthly income payouts already paid for the current
• Flexibility to choose Income Period from 20 to 45 yearsduring the policy term for an in-force policy (all due premiums 8 14.7 23 13.2 38 11.7 53 10.4 diagnosis of critical illness shall also include all the monthly • The life insured needs to have survived for a period of 30 Flexible premium payment modes: • Reduced Paid-Up Benefit
have been paid), the death benefit payable to the claimant is as 9 14.6 24 13.1 39 11.6 54 10.3 income payouts in respect of the months elapsed in the current days; and You have an option to pay the premiums either Single policy year], if CI claim has already been accepted and
• Get return of premium at the end of Income Periodoutlined below: Premium, Annually, Half-yearly, Quarterly and Monthly modes. The benefits to be paid in case of reduced paid-up policies being paid.
• Choice to receive Income – Monthly/Annually Highest of: 10 14.5 25 13.0 40 11.5 55 10.3 policy year prior to diagnosis of critical illness. This option to • The diagnosis must be the first ever of that condition in the are as follows.
11 14.4 26 12.9 41 11.4 56 10.2 take income in monthly frequency must be exercised at lifetime of the individual covered. Loading on premiums will be applicable as mentioned in the Where “Reduced Paid-up (RPU) Factor” shall be a ratio
• Option of Joint Life under Single Premium payment option• 1.25 x Single Premium (excluding discount) or 10 x 12 14.3 27 12.8 42 11.3 57 10.2 inception and cannot be altered once chosen. table below: Death Benefit: calculated as the total period for which premiums have already
Annualised Premium (excluding discount); Following Illnesses will be covered under the plan:
• Choice of Premium Payment Term• 105% of Total Premiums Paid (excluding loading for 13 14.2 28 12.7 43 11.2 58 10.1 Sample Illustration On death during the policy term, Death Benefit x RPU been paid or waived post acceptance of critical illness claim
• Enhance your protection with optional Ridersmodal premiums and discount) up to date of death; or 14 14.1 29 12.6 44 11.1 59 10.1 Factor shall be payable. (under option 2 only) divided by the maximum period for which
• Tax benefits as per applicable Tax Laws• Basic Sum Assured 15 14.0 30 12.5 45 11.0 60 10.0 Maturity Benefit: premiums were originally payable.
Eligibility CriteriaFor single life policies, the policy will terminate upon the death “Guaranteed Annual Income” shall be a fixed percentage of The Guaranteed Annual Income (as defined earlier)
of the insured during the policy term and no other benefit under the Annualised Premium / Single Premium (excluding multiplied by the RPU Factor and the Return of Premium
the policy shall be payable. discount) payable in a year. The Guaranteed Annual Income benefit (as defined earlier) shall continue to be payable.
For joint life policies, the policy will continue after First Death factor is derived as a sum of Base Income factor and a Large Critical Illness Benefit:
after payment of the death benefit due, and the policy will Premium Income Booster, if any. The Base Income factors and On diagnosis of critical illness during the policy term, the
terminate upon the Second Death during the policy term and Large Premium Income Booster are provided in Annexure A. Optional Riders:
no other benefit under the policy shall be payable. You have the flexibility to enhance your cover by adding the Guaranteed Annual Income (as defined earlier) multiplied
“Guaranteed Income Benefit” shall be the discounted value at following optional riders, by paying additional rider premium by the RPU Factor shall continue to be payable. No
In case of death of the life insured during the Grace Period but maturity of all the Guaranteed Annual Income payable at over and above your base policy premium. waiver of premium will be applicable in case of a reduced
before the payment of the premium then due, the policy will still be annual frequency post maturity, discounted at 7.50% p.a. Critical Illness Benefit: earlier of end of Policy Term or death of the Life Insured during the paid-up policy.
valid and the benefits shall be paid after deductions of the said “Return of Premium Benefit” shall be the return of Total Policy Term. • Tata AIA Life Insurance Non-Linked Comprehensive
unpaid premium and also the balance premium(s), if any, falling Premiums Paid (excluding loading for modal premiums and Critical illness benefit is available in Option 2 only. Protection Rider (UIN: 110B033V02 or any later version) Surrender Benefit: The surrender benefit as detailed
due from the date of death and before the next policy anniversary. discount) by the policyholder and shall be payable at the end of Provided the policy is in force and all due premiums have been paid, In case monthly income frequency is opted for, then the income • Tata AIA Life Insurance Non-Linked Comprehensive Health below shall be payable.
shall commence from the end of the policy month, following Critical Rider (UIN: 110B031V02 or any other later version)
^In case of joint life policy, the minimum age at entry / maturity age needs to Where, the Income Period. the Guaranteed Annual Income shall be payable from the end of the Illness diagnosis. The first monthly income instalment post
be complied upon by the youngest of two lives and the maximum age at “Guaranteed Total Premium Benefit” shall be the discounted policy year (for annual income frequency) following diagnosis on the diagnosis of critical illness shall also include all the monthly income These riders can be attached effective policy inception or any
entry / maturity age needs to be complied upon by the oldest of two lives.“Total Premiums Paid” means total of all the premiums life of the Insured on any of the covered Major Critical Illness, Major payouts in respect of months elapsed in the current policy year prior policy anniversary of the base plan subject to the rider
**All reference to age is as on last birthday.received, excluding any extra premium, any rider premium value at maturity of the Return of Premium Benefit, discounted Cardiac Conditions or Major Cancer as specified below till the to diagnosis of critical illness. premium payment term and the policy term shall not be more
and taxes. at 7.50% p.a.
3 4
Tata AIA Life Insurance Fortune *Premium excludes the taxes, rider premiums, underwriting extra “Annualised Premium” shall be the premium payable in a “Income Period” is the period measured in years following Critical Illness Benefit: The date of diagnosis of critical illness needs to be before maturity than the outstanding premium payment term and outstanding - Surrender Benefit
Guarantee Pluspremiums, loading for modal premiums if any.year under a non-single pay option chosen by the policyholder, maturity, over which the Maturity Benefit is payable and is Critical illness benefit is available in Option 2 only. for any payout to happen under this contingency. All future policy term for the base plan. Such attachments will be as per The policy shall acquire a surrender value during the policy
Maturity Benefits: excluding the taxes, rider premiums, underwriting extra chosen at inception. In Option 1, the income period can be 20, premiums will be waived off and the policy will continue as in-force. the ‘Board approved underwriting policy’ (BAUP) of the term basis the premium paying term as defined below.
Individual, Non-Linked, Non-Participating, Life Insurance premiums, loading for modal premiums, if any. 25, 30, 35, 40 or 45 years, subject to Policy term plus Income Provided the policy is in force and all due premiums have been In case of diagnosis of critical illness of the life insured during the Company. For policies purchased from PoS channel, riders
Savings PlanGuaranteed Annual Income: Provided the policy is in force “Single Premium” shall be the premium payable under a Period not exceeding 50 years. In Option 2, the policy term 5 paid, the Guaranteed Annual Income shall be payable from the Grace Period but before the payment of the premium then due, the would not be available.
and all due premiums have been paid, the Guaranteed Annual single pay option chosen by the policyholder, excluding the will have an Income Period of 30 years and policy term 10 will end of the policy year (for annual income frequency) following policy will still be valid and the benefits shall be paid after deductions
Time never stands still and neither do our financial needs. As Income shall commence after maturity till the end of the have an Income Period of 25 years.diagnosis on the life of the Insured on any of the covered Major of the said unpaid premium. Grace Period:
we move through various stages of life, our requirements and Income Period, irrespective of survival of the life insured(s) taxes, rider premiums, underwriting extra premiums, if any.“Income Frequency” is periodicity of the Guaranteed Annual Critical Illness, Major Cardiac Conditions or Major Cancer as The following two conditions must have been met before any A Grace Period of fifteen (15) days for monthly mode and thirty
those of our families change consistently. Along with this we during the Income Period. The income shall be paid as per the “Basic Sum Assured” shall be equal to the Death Benefit Multiple Income as payable under the policy. The default frequency of specified below till the earlier of end of Policy Term or death of benefit becomes payable: (30) days for all other modes, from the due date will be allowed
chosen Income Frequency.(DBM) multiplied by the Annualised Premium / Single Premium the payment will be Annual. The income shall commence from the Life Insured during the Policy Term. for payment of each subsequent premium. The Policy will
also carry the burden of any uncertainty happening. We do our Return of Premium Benefit: The Total Premiums Paid (excluding discount). The Death Benefit Multiple is set as:the end of the policy year, following maturity or the next policy • The life insured needs to have survived for a period of 30 days; and
best to take care of our family's needs and to ensure -financial (excluding loading for modal premiums and discount) by the anniversary after date of diagnosis of critical illness (under In case monthly income frequency is opted for, then the • The diagnosis must be the first ever of that condition in the remain in force during this period. If any death claim occurs
policyholder will be payable at the end of the Income Period, • Single Pay: income shall commence from the end of the policy month, lifetime of the individual covered. during the grace period, any due premium (without interest) of
security of our family from uncertainties of life. Life Insurance is irrespective of survival of the life insured(s) during the - Single Life – 10Option 2 if chosen, whichever is earlier). The date of diagnosis Scenario II: Diagnosis of Critical Illness in 3rd year. Following Illnesses will be covered under the plan: the policy for the policy year, in which the event has occurred
the best way to protect our family from financial crisis in case of Income Period.of critical illness needs to be before maturity for any payout to following Critical Illness diagnosis. The first monthly income will be deducted from the death claim pay out.
- Joint Life –1.25 in case of First death and 10 in case of happen under this contingency. instalment post diagnosis of critical illness shall also include all - Premiums will get waived from 4th year.
an unfortunate event and help your money to grow so you can The policyholder or the nominee/legal heir(s) of the life insured(s), Second deathAt inception of the policy, the policyholder shall be given the the monthly income payouts in respect of months elapsed in - Guaranteed Annual Income shall commence from the end of Policy Non-forfeiture provisions: The surrender value payable is higher of the Guaranteed
achieve your dreams.as the case may be, has the option to receive the commuted • Limited and Regular Pay:option to receive the Guaranteed Annual Income on a monthly the current policy year prior to diagnosis of critical illness. Year following diagnosis of Critical Illness on the life of the insured. • Lapse Surrender Value (GSV) or Special Surrender Value (SSV).
The plan provides financial protection for your family and value of the future Guaranteed Annual Income plus the Return of - The DBM varies by the age (last birthday) of the life frequency, wherein the following conversion factor shall be The date of diagnosis of critical illness needs to be before • Guaranteed Surrender Value = GSV Factor * Total
Premium Benefit, in the form of a lumpsum anytime during the insured at inception:used to arrive at the monthly income payable: When the full premiums for at least two (2) years have not
Guaranteed Regular Income that meets tomorrow's Income Period, discounted at 7.50% per annum. In case of maturity for any payout to happen under this contingency. All paid within the Grace Period, the policy shall lapse from Premiums Paid (excluding loading for modal premiums and
requirements, thus helping you plan towards your future needs commutation for a monthly income frequency policy, the Frequency Payoutfuture premiums will be waived off and the policy will continue the due date of first unpaid premium and no benefits will discount)
and protection for your loved ones.commuted value will be post deduction of the monthly income Monthly 96% x Guaranteed Annual Income x 1/12as in-force. be payable. • Special Surrender Value will equal to:
payouts already made for the existing Income Year. This In case of diagnosis of critical illness of the life insured during
Key Featuresdiscounting rate is based on the interest rate prevailing at the In case monthly frequency is opted for, then the income shall the Grace Period but before the payment of the premium then However, if full premiums for at least two (2) years have - Option 1: SSV Factor 1 * (RPU factor * Guaranteed
time of surrender + 1%. The prevailing interest rate shall be commence from the end of the policy month following maturity been paid and the subsequent premium remains unpaid Income Benefit + Guaranteed Total Premium Benefit)
• Flexibility to choose Plan Optionbased on the 30yr G-sec yield.. However, any change in the or from the end of the policy month following the date of due, the policy will still be valid and the benefits shall be paid Please refer our website (www.tataaia.com) for ‘Definitions and within the Grace Period, the Policy will be converted into a
methodology/formula shall be subject to IRDAI approval.diagnosis of critical illness (under Option 2 if chosen, whichever after deductions of the said unpaid premium. Exclusions Annexure’ for above illnesses. Reduced Paid-up Policy by default. - Option 2: [SSV Factor 1 * (RPU factor * Guaranteed
- Regular Income orDeath Benefit: is earlier). The date of diagnosis of critical illness needs to be The following two conditions must have been met before any Income Benefit + Guaranteed Total Premium
- Regular Income with an inbuilt Critical Illness benefitbefore maturity for any payout to happen under this benefit becomes payable: Additional Benefits and Features A lapsed policy can be revived as per revival explained in Benefit)] + [(SSV Factor 2 * Guaranteed Annual Income)
Death during policy term: In case of death of the life insured contingency. The first monthly income instalment post the Revival clause. - Monthly income payouts already paid for the current
• Flexibility to choose Income Period from 20 to 45 yearsduring the policy term for an in-force policy (all due premiums diagnosis of critical illness shall also include all the monthly • The life insured needs to have survived for a period of 30 Flexible premium payment modes: • Reduced Paid-Up Benefit
have been paid), the death benefit payable to the claimant is as income payouts in respect of the months elapsed in the current days; and You have an option to pay the premiums either Single policy year], if CI claim has already been accepted and
• Get return of premium at the end of Income Periodoutlined below: Premium, Annually, Half-yearly, Quarterly and Monthly modes. The benefits to be paid in case of reduced paid-up policies being paid.
• Choice to receive Income – Monthly/Annually Highest of:policy year prior to diagnosis of critical illness. This option to • The diagnosis must be the first ever of that condition in the are as follows.
take income in monthly frequency must be exercised at lifetime of the individual covered. Loading on premiums will be applicable as mentioned in the Where “Reduced Paid-up (RPU) Factor” shall be a ratio
• Option of Joint Life under Single Premium payment option• 1.25 x Single Premium (excluding discount) or 10 x inception and cannot be altered once chosen. table below: Death Benefit: calculated as the total period for which premiums have already
Annualised Premium (excluding discount); Following Illnesses will be covered under the plan:
• Choice of Premium Payment Term• 105% of Total Premiums Paid (excluding loading for Sample Illustration On death during the policy term, Death Benefit x RPU been paid or waived post acceptance of critical illness claim
• Enhance your protection with optional Ridersmodal premiums and discount) up to date of death; or Factor shall be payable. (under option 2 only) divided by the maximum period for which
Entry Age: 35 years Annualised Premium*: 1,00,000 Maturity Benefit: premiums were originally payable.
• Tax benefits as per applicable Tax Laws• Basic Sum AssuredGender: Male Basic Sum Assured: 12,00,000
Eligibility CriteriaFor single life policies, the policy will terminate upon the death “Guaranteed Annual Income” shall be a fixed percentage of Premium Paying Term: 10 years Premium Frequency: Annual The Guaranteed Annual Income (as defined earlier)
of the insured during the policy term and no other benefit under the Annualised Premium / Single Premium (excluding Policy Term: 10 years Plan Option: Regular Income multiplied by the RPU Factor and the Return of Premium
the policy shall be payable.discount) payable in a year. The Guaranteed Annual Income Income Term: 25 years (From 11th Year to 35th Year) Income Mode: Annual benefit (as defined earlier) shall continue to be payable.
For joint life policies, the policy will continue after First Death factor is derived as a sum of Base Income factor and a Large The Policy Maturity date is at the end of the Policy Term. Critical Illness Benefit:
after payment of the death benefit due, and the policy will Premium Income Booster, if any. The Base Income factors and On diagnosis of critical illness during the policy term, the
terminate upon the Second Death during the policy term and Large Premium Income Booster are provided in Annexure A. Guaranteed Benefits Optional Riders:
no other benefit under the policy shall be payable.Policy YearAgeAnnualised Maturity Benefit You have the flexibility to enhance your cover by adding the Guaranteed Annual Income (as defined earlier) multiplied
“Guaranteed Income Benefit” shall be the discounted value at PremiumSum Assured on Death following optional riders, by paying additional rider premium by the RPU Factor shall continue to be payable. No
In case of death of the life insured during the Grace Period but maturity of all the Guaranteed Annual Income payable at Guaranteed Annual IncomeReturn of Premium over and above your base policy premium. waiver of premium will be applicable in case of a reduced
before the payment of the premium then due, the policy will still be annual frequency post maturity, discounted at 7.50% p.a. 1 35 1,00,000 12,00,000 0 0 Critical Illness Benefit: earlier of end of Policy Term or death of the Life Insured during the paid-up policy.
valid and the benefits shall be paid after deductions of the said “Return of Premium Benefit” shall be the return of Total 2 36 1,00,000 12,00,000 0 0 Policy Term. • Tata AIA Life Insurance Non-Linked Comprehensive
unpaid premium and also the balance premium(s), if any, falling Premiums Paid (excluding loading for modal premiums and 3 37 1,00,000 12,00,000 0 0 Critical illness benefit is available in Option 2 only. Protection Rider (UIN: 110B033V02 or any later version) Surrender Benefit: The surrender benefit as detailed
due from the date of death and before the next policy anniversary.discount) by the policyholder and shall be payable at the end of Provided the policy is in force and all due premiums have been paid, In case monthly income frequency is opted for, then the income • Tata AIA Life Insurance Non-Linked Comprehensive Health below shall be payable.
4 38 1,00,000 12,00,000 0 0 shall commence from the end of the policy month, following Critical Rider (UIN: 110B031V02 or any other later version)
^In case of joint life policy, the minimum age at entry / maturity age needs to Where,the Income Period. 5 39 1,00,000 12,00,000 0 0 the Guaranteed Annual Income shall be payable from the end of the Illness diagnosis. The first monthly income instalment post
be complied upon by the youngest of two lives and the maximum age at “Guaranteed Total Premium Benefit” shall be the discounted policy year (for annual income frequency) following diagnosis on the diagnosis of critical illness shall also include all the monthly income These riders can be attached effective policy inception or any
entry / maturity age needs to be complied upon by the oldest of two lives.“Total Premiums Paid” means total of all the premiums 6 40 1,00,000 12,00,000 0 0 life of the Insured on any of the covered Major Critical Illness, Major payouts in respect of months elapsed in the current policy year prior policy anniversary of the base plan subject to the rider
**All reference to age is as on last birthday.received, excluding any extra premium, any rider premium value at maturity of the Return of Premium Benefit, discounted 7 41 1,00,000 12,00,000 0 0 Cardiac Conditions or Major Cancer as specified below till the to diagnosis of critical illness. premium payment term and the policy term shall not be more
and taxes. at 7.50% p.a.
5 6
no reviews yet
Please Login to review.
