Overview
FortunePro is a comprehensive term insurance plan offered by Tata AIA Life Insurance. Designed for individuals who want strong financial protection for their families at an affordable premium, the plan provides a lumpsum sum assured on the death of the policyholder during the policy term. The product is positioned as a pure protection solutionno savings or investment componentmaking it suitable for those who prefer straightforward life cover.
Key attributes of FortunePro include:
- Flexible cover amount ranging from1lakh to5crores.
- Policy terms from 10years up to 40years, or until the insured reaches 80years of age.
- Optional riders such as Accidental Death Benefit and Critical Illness Benefit.
- Premium discounts for nonsmokers, paying annually, and for early-onset terminal illness cover.
Key Features
| Feature | Details |
|---|---|
| Sum Assured | 1lakh to 5crores (in multiples of 1lakh) |
| Policy Term | 1040years or up to age80, whichever is earlier |
| Premium Payment Options | Annual, Semiannual, Quarterly, Monthly |
| Riders Available | Accidental Death Benefit (ADB), Critical Illness (CI) Rider |
| Tax Benefits | Deduction under Section80C (premium) and Section10(10D) (sum assured) |
| Grace Period | 30days for premium payment |
| Reinstatement | Allowed within 30days after lapse, subject to underwriting |
Benefits of Choosing FortunePro
- High Coverage at Low Cost: Because it is a pure term product, the premium is largely directed toward risk protection, not savings.
- Customisable Protection: The ability to add riders lets you tailor the policy to your specific health or occupational risks.
- Tax Efficiency: Premiums qualify for deduction under Section80C, and the death benefit is taxfree under Section10(10D).
- Quick Claim Settlement: Tata AIA boasts a streamlined claim process with a target settlement time of 710 days for straightforward death claims.
- Financial Strength: Tata AIA Life is part of the Tata Group and has a strong credit rating, providing confidence in claim payout capability.
- Digital Experience: Policy purchase, premium payment and claim filing can be completed through the Tata AIA mobile app and web portal.
Eligibility & Underwriting
FortunePro is open to Indian residents aged 18 to 60 years at the time of application. The minimum entry age is 18, and the maximum age for the last premium payment is 65years. Applicants must undergo medical underwriting based on the chosen sum assured and age. The underwriting categories are:
- Standard (A+): No significant medical conditions, normal BMI, nonsmoker.
- NonStandard (B, C, D): Minor to moderate health issues, may require additional medical tests.
- High Risk: Certain chronic conditions may lead to rejection or higher premium.
Online medical declaration is accepted for sums assured up to 5lakhs; higher coverages generally require a full medical exam.
Frequently Asked Questions
- 1. How is the death benefit paid?
- The sum assured is paid as a lumpsum amount to the nominee(s) named in the policy, taxfree under Section10(10D).
- 2. Can I increase the sum assured after purchase?
- Yes, you may apply for a sumassured increase during the policy term, subject to underwriting approval and premium adjustment.
- 3. What happens if I miss a premium payment?
- A 30day grace period is provided. If the premium is not paid within this period, the policy lapses but can be reinstated within 30days after paying the overdue amount and any interest.
- 4. Does the plan cover suicide?
- Suicide is covered after a waiting period of 12 months from the policy start date, in line with IRDA regulations.
- 5. Are there any exclusions?
- Standard exclusions include death due to war, participation in hazardous sports, illegal activities, and selfinflicted injuries during the waiting period.
- 6. How can I file a claim?
- Claims can be lodged online via the Tata AIA portal, through the mobile app, or by submitting the claim form and required documents to the nearest branch.
