Tata AIA Life Insurance has recently announced the launch of Tata AIA Life Fortune Guarantee Plus. It is a flexible, non-linked, non-participating savings plan which promises a secure financial future with guaranteed long-term income along with comprehensive protection cover. The plan also offers health protection in the event when the policyholder is diagnosed with a critical Illness.
Fortune Guarantee Plus offers two income options – Regular Income and 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.
In the plan, 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 premium payment term between 5 to 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.
Venky Iyer, CDO and Head Marketing & Communication, Tata AIA Life Insurance, while commenting on the occasion, remarked, “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.”