Tata AIA Life Insurance today launched Tata AIA Life Fortune Guarantee Plus, a versatile, non-linked, non-participating savings program. The program provides assured lengthy-term earnings along with extensive protection cover. Apart from lengthy-term assured earnings for future monetary desires, the program also provides overall health protection in the occasion of the policyholder acquiring diagnosed with a Critical Illness.
Fortune Guarantee Plus provides two earnings alternatives – Regular Income or Regular Income – with an inbuilt Critical Illness advantage. If the insured is diagnosed with a Critical Illness in the course of the premium payment term, all future premiums stand waived and assured earnings will commence, permitting the policyholder to concentrate on overall health recovery rather than worrying about his earnings.
The policyholder can decide on the earnings frequency amongst month-to-month or annual payout alternatives. The assured earnings begins from the 6th Policy year for a period ranging from 20 to 45 years. One can choose a premium payment term amongst 5-12 years, and the single premium payment selection provides the freedom to go for Joint Life coverage. Single premium provides the freedom to opt for joint life, which guarantees that policy continues even if one of the two passes away.
Fortune Guarantee Plus provides an inbuilt Return of Premium advantage that makes it possible for the policyholder to get the total premiums paid (excluding loading for modal premiums and discount) back at the finish of the Income Period.
Venky Iyer, CDO and Head Marketing and Communication, Tata AIA Life Insurance, says, “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.”
He additional adds, “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 not too long ago commissioned a pan-India study to major market place study agency Nielsen for a extensive understanding of the consumers’ usage and attitude towards monetary options prior to and just after the COVID-19 Pandemic. Life Insurance items emerged as the most preferred monetary options in the survey, owing to their function in securing the family’s monetary future.
66 per cent of respondents mentioned they had been concerned about the financial slowdown brought on by the COVID-19 Pandemic. 61 per cent of respondents cited family’s overall health as a concern. Respondents felt that making certain the child’s future, education, marriage, and monetary safety against health-related emergencies had been their most crucial priorities in the course of the COVID-19 Pandemic.
Fortune Guarantee Plus makes it possible for consumers to opt for an enhanced protection cover with Comprehensive Protection Rider and Comprehensive Health Rider. These are non-linked riders, the very first one offers the selection of one or more danger covers, which includes death, accidental death /disability, and illness. The latter one i.e. extensive overall health rider provides one or more advantages from a list of 5 covers, which includes disability, hospitalization, and illness.