Bengaluru : For most families, financial planning involves building savings for future milestones while ensuring loved ones remain financially secure. Addressing this need, Tata AIA Life Insurance has enhanced its Tata AIA Fortune Guarantee Supreme with a High Life Cover Endowment Option, offering life cover of 30 times the annual premium from Day 1, along with a guaranteed lump sum maturity benefit, subject to applicable terms and conditions.
The option combines immediate financial protection with long-term guaranteed savings, enabling customers to build a corpus for future milestones or create a financial legacy while protecting their families.
Commenting on the enhancement, Shruti Oke, Senior VP, Head of Product Management, Tata AIA Life Insurance, said, “Financial planning is ultimately about preparing for tomorrow while ensuring that the people who matter most are protected today. With the enhancement of Fortune Guarantee Supreme, we are bringing together a higher level of life protection with the certainty of guaranteed savings. The High Life Cover Endowment Option provides customers with substantial life cover from Day 1, while allowing them to remain focused on their long-term financial goals. This is our endeavour to make long term financial planning more relevant to the evolving needs of Indian families.”
Key features of the enhanced Fortune Guarantee Supreme
The High Life Cover Endowment Option offers:
• 30X life cover from Day 1 under the High Life Cover Endowment Option
• Guaranteed lump sum maturity benefit
• Policy terms of 20 to 50 years, subject to eligibility
• Premium payment terms of 5 to 12 years
• Annual, half-yearly, quarterly and monthly premium payment modes
• Optional riders to enhance protection
• Entry age from 30 days, with maturity age up to 100 years
• Minimum premium of ₹24,000 per annum, with no upper limit, subject to underwriting
• Risk cover commencing with policy commencement, including for minor lives
• Tax benefits, subject to prevailing tax laws and applicable conditions
• IRR of 7.06%, subject to entry age, premium and policy term
The product presentation identifies the 30X life cover proposition as an industry first, while also highlighting policy terms of up to 50 years and the option to enhance protection through riders.
Enhanced protection through rider options
Customers can enhance protection through optional riders, subject to their respective terms and conditions. The Benefit Protection Rider provides for waiver of future premiums in case of death or terminal illness, while the policy and applicable benefits continue without further premium payments. The Terminal Illness with Term Booster Benefit provides additional protection in case of a covered terminal illness and death. Riders are available at an additional cost.
The product presentation also highlights the option to increase overall life cover to 40X of the annual premium through the Terminal Illness with Term Booster Benefit, subject to applicable terms and conditions.
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