Fortune Saver Insurance Plan3

Fortune Saver Insurance Plan3 is a nonparticipating, limitedpay endowment policy designed for individuals who want a blend of protection and savings. It offers a guaranteed death benefit, regular survival payouts, and a lumpsum maturity amount. The plan is especially popular among middleincome families looking for a disciplined, affordable way to build a financial cushion for future needs such as education, marriage, or retirement.

Key Features at a Glance

How the Plan Works

When you purchase Fortune Saver Insurance Plan3, you commit to a limited number of premium payments, after which the policy continues to remain in force without any further outlay. Throughout the policy term, you receive a survival benefit that is paid out yearly, helping you meet shortterm financial goals. If the insured passes away before the policy matures, the beneficiaries receive the full death benefit, which includes the sum assured plus any survival amounts already paid.

Survival Benefit Example

Assume you select a sum assured of 10lakh and a 20year term. The survival benefit would be 10% of the sum assured, i.e., 1lakh, paid at the end of each policy year from the 4th year onward. Over a 20year term you would receive 17 such payments, amounting to 17lakh in total.

Death Benefit Illustration

If the insured dies in the 8th year, the death benefit would consist of:

• Base sum assured 10lakh
• Survival benefits already paid 4lakh (years47)
• Any loyalty additions (if applicable)

The total payout would therefore be at least 14lakh, providing a substantial cushion to the family.

Benefits of Choosing Fortune Saver Insurance Plan3

• Dual purpose: Offers both protection and a disciplined savings component.
• Limitedpay option: After the premium-paying term, you enjoy a fully paidup policy.
• Regular cash flow: Yearly survival payouts can be used for education fees, loan repayments, or other expenses.
• Tax efficiency: Premiums qualify for deduction under Section80C, and the death benefit is taxfree under Section10(10D) of the Income Tax Act (subject to prevailing limits).
• Flexibility: Choose from different term and premiumpay options to suit your cashflow preferences.
• Guaranteed returns: No market risk; benefits are predetermined at policy inception.

Eligibility & Application Process

Who can apply? Any Indian resident aged 1855 years at the time of purchase, provided they meet the health underwriting guidelines. The plan is available for both males and females.

Steps to apply:

1. Gather required documents (ID proof, address proof, age proof, and recent photograph).
2. Visit the insurers website or a nearby branch.
3. Choose the desired sum assured, policy term, and premiumpay period.
4. Complete the online application form or fill out a paper proposal form.
5. Undergo medical underwriting (if required) many applicants qualify for a simplified health questionnaire and avoid a full medical exam.
6. Pay the first premium (online, cheque, or cash).
7. Receive the policy document within 710 working days.

Premium Calculator Snapshot

Below is a simple illustration of premium rates for a 30yearold male choosing a 20year term with a 10year limited premium payment.

Comparison with Similar Plans

When evaluating Fortune Saver Insurance Plan3 against other endowment policies, consider the following factors:

• Premium frequency: Some competitors require fullyearly premiums; Fortune Saver allows semiannual or quarterly options.
• Loyalty additions: A modest bonus is added for policies that survive the full term, which is higher than many rival plans.
• Claim settlement speed: The insurer is known for processing death claims within 1520 days, faster than the industry average.

When Fortune Saver Insurance Plan3 Might Not Be Ideal

While the plan suits many, it may not be the best fit if:

• You seek high investment returns linked to market performance.
• You prefer a fully flexible premium schedule without a limitedpay structure.
• You need a very large sum assured early in life (the maximum is capped at 20lakh).

Frequently Asked Questions

1. Can I increase the sum assured after the policy starts?

Yes, a limited increase is permitted at the end of the premiumpaying term, subject to underwriting approval and additional premium.

2. What happens if I miss a premium payment?

The policy includes a grace period of 30 days. If a premium is not paid within this window, the policy may lapse, but you can revive it by paying the due amount plus interest.

3. Are the survival benefits taxable?

The survival benefits are considered a return of premium and are taxfree under the Income Tax Act.

4. Can I surrender the policy before maturity?

Early surrender is allowed after the minimum surrender period (usually 3 years). The surrender value will be lower than the total premiums paid, reflecting surrender charges.

Conclusion

Fortune Saver Insurance Plan3 combines the security of life coverage with a steady, predictable savings component. Its limitedpay structure, regular survival payouts, and guaranteed maturity benefit make it a strong candidate for anyone looking to create a financial safety net while accumulating wealth over a defined period. By evaluating your personal goals, cashflow capacity, and risk tolerance, you can decide whether this plan aligns with your longterm financial strategy.