NEW DELHI: Tata AIA Life Insurance (Tata AIA Life) announced the launch of Tata AIA Life Fortune Guarantee Plus, a flexible, non-linked, non-participating Savings Plan that promises a secure financial future with guaranteed long term income along with comprehensive Protection cover. Apart from long-term guaranteed income for future financial needs, the plan also offers health protection in the event that the policyholder is diagnosed with a Critical Illness.
Fortune Guarantee Plus offers two income options – Regular Income or Regular Income with an inbuilt Critical Illness benefit. If the insured is diagnosed with a Critical Illness during the premium payment term, all future premiums stand waived, and guaranteed income will commence, allowing the customer to focus on health recovery rather than worrying about his income. The policyholder can choose the income frequency between monthly or annual payout options. The guaranteed income starts from the 6th Policy year for a period ranging from 20 to 45 years. One can select a premium payment term between 5-12 years, and the single premium payment option offers the freedom to go for Joint Life coverage.
Single premium offers the freedom to opt for joint life, which ensures that policy continues even if one of the two passes away.
Fortune Guarantee Plus offers an inbuilt Return of Premium benefit that allows the policyholder to get the total premiums paid (excluding loading for modal premiums and discount) back at the end of the Income Period.
Commenting on the occasion Venky Iyer, CDO and Head Marketing & Communication, Tata AIA Life Insurance, said, “In today’s times of economic uncertainty, a long-term guaranteed income plan is a must-have in every financial portfolio. An unfortunate event or sudden illness in the policyholder’s life is devastating for the family in more ways than one. In the absence of assured regular income, fulfilling financial obligations becomes immensely challenging. Fortune Guarantee Plus is a composite solution that assures a long-term guaranteed income with security against medical emergencies and other life risks. Our research indicates that today’s customers consider life and health insurance solutions as essential financial investments, and many of them would consider buying these solutions in the immediate future.”
Tata AIA Life recently commissioned a pan-India study to leading market research agency Nielsen for a comprehensive understanding of the consumers’ usage and attitude towards financial solutions before and after the COVID-19 Pandemic. Life Insurance products emerged as the most preferred financial solutions in the survey, owing to their role in securing the family’s financial future.
66% of respondents said they were concerned about the economic slowdown caused by the COVID-19 Pandemic. 61% of respondents cited family health as a concern. Respondents felt that ensuring the child’s future, education, marriage, and financial security against medical emergencies were their most essential priorities during the COVID-19 Pandemic.
Fortune Guarantee Plus allows customers to opt for a more enhanced protection cover with Comprehensive Protection Rider and Comprehensive Health Rider. These are non-linked riders, the first one provides the option of one or more risk covers, including death, accidental death /disability, and illness. The latter one i.e. comprehensive health rider offers one or more benefits from a list of five covers, including disability, hospitalization, and illness.
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