Tata AIA Fortune Pro WOP

What is Tata AIA Fortune Pro WOP Plan?

Tata AIA Fortune Pro is a Unit Linked Individual Life Insurance Savings Plan. This plan combines life insurance coverage with the potential for growth through investment in unit-linked funds.

You can choose a policy term that fits your needs, whether it's for your child's education, retirement planning, or long-term wealth creation. The plan also allows you to adjust your investment strategy based on your risk appetite to achieve your desired level of growth.

Tata AIA Fortune Pro goes beyond just savings and investment. You can add a Waiver of Premium (WOP) rider to your plan. This rider ensures that your life insurance coverage continues even if you are unable to pay premiums due to death or total permanent disability. With the WOP rider, the rider waives off future premiums, helping secure your family's financial future even in unforeseen circumstances.

Features of Tata AIA Fortune Pro WOP Plan

Below are the key features of Tata AIA Fortune Pro WOP Plan:

• Flexible Premiums: Pay a lump sum or spread payments over a limited period.

• Investment Boost: Get regular loyalty additions to increase your investment returns.

• Investment Choice: Choose from 20 different fund options to suit your risk appetite.

• Customizable Coverage: Add optional riders for broader protection.

• Investment Strategies: Use systematic money allocation or regular transfers to optimize your investment approach.

People also read: Tata AIA ULIP Plans

Eligibility Criteria for Tata AIA Fortune Pro WOP Plan

*AP = Annualised Premium. It is the premium to be paid in a year and does not include taxes, rider premiums, and underwriting on extra premiums for riders, if any.

Investment

Secure

Secure your child’s future with or without you

Start Investing

₹10,000/Month

& Get

₹1 Crore^*

VIEW PLANS

*Standard T & C Apply

People also read: Child Education Plan

Benefits Under Tata AIA Fortune Pro WOP Plan

Here are the key benefits of Tata AIA Fortune Pro WOP Plan:

1. Maturity Benefit:

   • Upon surviving the entire policy term, you'll receive the Total Fund Value. This combines the value of your Regular/Single Premiums and top-up premiums (if any), all invested in different funds, based on the Net Asset Value (NAV) on the maturity date.

2. Death Benefit:

   • In case of the policyholder's unfortunate demise during the policy term, the nominee/legal heir will receive the highest amount among the following:

     • Basic Sum Assured: This is the guaranteed death benefit amount minus any deductions for partial withdrawals made in the last two years before death (if applicable).

     • Regular/Single Premium Fund Value: This is the current value of your policy's accumulated units in the chosen funds.

     • 105% of Total Paid Premiums: This ensures a minimum payout even if the other options provide a lower amount.

   • Additionally, if you've opted for Top-up premiums, the nominee will receive the highest of:

     • Approved Top-up Sum Assured(s)

     • Top-up Premium Fund Value

     • 105% of Total Top-up Premiums Paid:

   Important Note: Deductible partial withdrawals made in the two years before death won't affect the Top-up Sum Assured payout.

3. Loyalty Additions (Regular/Single Premium Accounts Only):

   • To reward your long-term commitment, the plan offers loyalty additions starting from specific policy anniversaries.

     • Regular Pay Option: You'll receive additional units at a rate of 0.20% of the units held in each fund, credited annually from the 11th policy anniversary onwards.

     • Single Pay Option: You'll receive additional units at a rate of 0.35% of the units held in each fund, credited annually from the 6th policy anniversary onwards.

   • These loyalty units are added after deducting any applicable charges and are only credited if the policy is active with all premiums paid up-to-date.

   • Loyalty Note: Top-up Premium Accounts are not eligible for Loyalty Additions.

4. Waiver of Premium (WOP) Rider Benefit:

   • By adding the optional WOP rider to your plan, you can ensure your premiums are waived off in case of unforeseen circumstances.

   • If the policyholder suffers from death or total permanent disability during the policy term, the WOP rider ensures future premiums are waived while the policy benefits remain active.

People also read: Child Investment Plans

Riders Under the Tata AIA Fortune Pro WOP Plan 

1. Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider (UIN: 110A027V02):

   • Provides financial protection for your family in case of accidental death.

   • Pays a benefit for severe accidental dismemberment.

   • Double benefit for certain accidental death/dismemberment cases.

   • Available for ages 18-60 (entry) and up to maturity age 70.

2. Tata AIA Life Insurance Waiver of Premium (Linked) Rider (UIN: 110A026V02):

   • Waives future premiums if you become totally and permanently disabled.

   • The disability must occur before age 65 or the premium payment term ends (whichever is sooner).

   • Available for ages 18-60 (entry) and up to maturity age 65.

3. Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider (UIN:110A025V02): 

   • Waives future premiums upon death or total and permanent disability.

   • Death/disability must occur before age 70 or the premium payment term ends (whichever is sooner).

   • Available for ages 18-65 (entry) and up to maturity age 70.

   The set of premium-paying riders are as below: 

   • Tata AIA Vitality Protect Plus (UIN: 110A048V01 or any later version) 

   • Tata AIA Vitality Health Plus (UIN: 110A047V01 or any later version) 

   • Tata AIA Life Insurance Linked Comprehensive Health Rider (UIN: 110A031V02 or any later version) 

   • Tata AIA Life Insurance Linked Comprehensive Protection Rider (UIN: 110A032V02 or any later version) 

People also read: Sukanya Samriddhi Yojana

Policy Details of Tata AIA Fortune Pro WOP Plan 

• Free Look Period: 15 days (30 days for distance marketing). Cancel the policy and get a refund for premiums minus charges.

• Grace Period:  30 days (15 days for monthly) to pay the premium after the due date. The policy remains in force during the grace period.

• Backdating: Not allowed.

• Policy Loan: Not allowed.

• Juvenile Policy: Vests in minors upon reaching the age of majority. Minor becomes a policyholder.

• Fund Switching Charges:  12 free switches per year. Rs.100 per switch thereafter (subject to change).

People also read: Government Schemes for Girl Child

Exclusions Under the Tata AIA Fortune Pro WOP Plan

Under the Tata AIA Fortune Pro WOP Plan, there is an exclusion regarding death by suicide within 12 months of policy commencement or revival. In such cases, the nominee or beneficiary receives the fund value/policy account value as of the death intimation date. Any charges except Fund Management charges post-death are refunded to the nominee or beneficiary along with the death benefit.

People also read: Sukanya Samriddhi Yojana Calculator