For most families, financial planning comes down to two promises: building savings for the milestones ahead, and making sure loved ones stay financially secure if the unexpected happens.
Too often, customers have to choose between the two, settling for savings plans with modest life cover or pure protection plans with no maturity payout.
Today’s families want both: greater protection from the very first day, and the assurance of a guaranteed corpus for the future.
Answering this need, Tata AIA Life Insurance has enhanced its Tata AIA Fortune Guarantee Supreme with a High Life Cover Endowment Option, it offers life cover of 30 times the annual premium from Day 1, along with a guaranteed lump sum maturity benefit at the end of the policy term, subject to applicable terms and conditions.
For customers, this means one plan that does two jobs: it gives their family greater financial protection from the moment the policy begins, and it builds a guaranteed corpus for life’s milestones or a lasting family legacy.
With premiums payable for as little as 5 years and cover continuing for up to 50 years, subject to eligibility, customers can protect their loved ones for the long term while staying focused on their financial goals.
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
- Premium payment modes including annual, half yearly, quarterly and monthly
- Option to enhance protection through optional riders
- 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.
Bringing protection and long-term savings together, the High Life Cover Endowment Option is designed for customers seeking a combination of immediate life protection and guaranteed long term savings.
Customers can choose premium payment terms ranging from 5 to 12 years, while the policy can extend up to 50 years, subject to eligibility. The life cover remains in force throughout the policy term, enabling customers to maintain protection while working towards their long term financial goals.
The proposition can support individuals planning for long term financial goals such as building a corpus, creating a financial legacy for their families or preparing for future milestones, while providing life protection throughout the policy term.
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.”
