Tata AIA Life Insurance has enhanced its Fortune Guarantee Supreme savings plan with a High Life Cover Endowment Option, offering life cover of 30 times the annual premium from Day 1 alongside a guaranteed lump sum maturity benefit, subject to applicable terms and conditions.
The enhanced product targets customers seeking long-term financial protection and predictable savings through a single policy. It offers policy terms of 20 to 50 years, subject to eligibility, with premium payment periods ranging from five to 12 years. Premiums can be paid annually, half-yearly, quarterly or monthly.
The plan has a minimum annual premium of ₹24,000, with no upper limit subject to underwriting. Entry is permitted from 30 days of age, while the maximum maturity age is 100 years. Risk cover begins with policy commencement, including for minor lives. Customers can also opt for additional riders, subject to their terms and extra costs.
Shruti Oke, senior vice-president and head of product management at Tata AIA Life Insurance, said the enhancement combines substantial life protection with guaranteed savings to address the changing financial planning needs of Indian families.
The Benefit Protection Rider provides for waiver of future premiums in specified circumstances, while the Terminal Illness with Term Booster Benefit can raise overall cover to up to 40 times the annual premium, subject to conditions.
The company has indicated an internal rate of return of 7.06%, depending on entry age, premium and policy term. Actual benefits, guaranteed returns and tax advantages are subject to policy conditions, underwriting and prevailing tax laws.
