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Sum Assured
Among the various financial instruments available for planning financial security for your loved ones, life insurance is one of the most preferred options for a secure and peaceful life. It extends a protective financial shield at an affordable price to set meaningful life standards for you and your family. Sum assured is the vital element that is central to this protective shield.
Every aspect of life insurance, such as the policy tenure, premium payment, customisation, etc., is just co-related to the sum assured. Therefore, it is essential to understand the sum assured meaning and its associated factors to make a well-informed decision for life. So, here is everything you need to know about the sum assured in insurance, its meaning, factors to consider, methods to calculate, actionable insights on its relevance, and much more!
Table of Content
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Sum Assured Meaning -
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What is Sum Assured In Life Insurance? -
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Factors To Consider While Calculating The Sum Assured -
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How To Calculate The Sum Assured? -
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What Is The Difference Between Sum Assured And Sum Insured?
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How To Increase The Sum Assured? -
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Final Checklist For Sum Assured -
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How Is The Sum Assured In Life Insurance Plans Different From That Of Health Insurance Plans? -
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Frequently Asked Questions (FAQs) About Sum Assured
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Sum Assured Meaning
According to IRDAI, the “Basic Sum Assured means the amount specified in the Schedule opted by the Policyholder at the time of taking the policy.” And “Schedule is part of the policy document that gives the specific details of the policy”.
Sum assured refers to the amount guaranteed to you or your nominee on the occurrence of an insured event. It is determined when purchasing the life insurance policy and provided in return for receiving the applicable premiums throughout the policy tenure.
Sum assured is the core component of life insurance and the real and exact basis for the financial benefits offered in life insurance policies. So, let us delve deeper to gain a better understanding.
What is Sum Assured in Life Insurance?
Sum assured is the core component and the applicable payout that is guaranteed and provided to you or your nominee based on the type of life insurance policy and on the occurrence of the insured event.
The sum assured is decided during policy inception and can increase or decrease over the policy tenure based on your preferred customisation. You can consider the different factors based on your requirements, financial condition, and future personal or family commitments to decide on the sum assured.
The payout can be used to clear off debts, plan future financial commitments, help your family meet routine expenses, etc., to reduce the related financial burden.
Furthermore, the sum assured in insurance can be calculated based on your income, financial commitments and goals, loans and liabilities, and savings and investments to make wise purchase decisions for your financial security.
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Insured Events in Life Insurance
Pure protection plans
The policyholder’s death will be the only insured event in a pure protection plan. It provides a lump sum or regular income to your family in the event of your unexpected demise. Therefore, the sum assured on death is the life insurance cover and the absolute amount provided to your family in the event of your unexpected death.
Savings Insurance Or Wealth Solutions
There will be two insured events, policy maturity, and the policyholder’s death. In such life insurance plans, you will be guaranteed a sum assured on maturity if you survive the policy term and the death benefits for your family during your unexpected death.
Life insurance with riders
In a life insurance plan with riders^, the insured events will be the survival based on the occurrence of a specific event as applicable to the riders^, such as critical illness, disability, etc., and death. Therefore, the rider sum assured is the amount payable based on the happening of the specified event covered under the rider.
Riders in Life Insurance
Riders^ in life insurance plans are add-on options to help enhance the basic sum assured. It is a financial benefit provided to you in the event of the occurrence of a specific incident during the policy term. Although it is available at an additional premium cost, it is worth the investment considering the benefit, which is in addition to the death benefit.
Different rider options can be included in the life insurance policies, such as term insurance, ULIP policies, etc.
One of the common add-on riders^ available with Tata AIA Life Insurance is:
Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (NLCPR)
UIN: (110B033V02) - A Non-linked, Non-participating, Individual Health Rider
The rider provides additional coverage as against the basic sum assured and is extended to a range of risks, including accidental death or disability, critical illness, and terminal illness based on the benefit options such as
Term Insurance with Accelerated Terminal Illness
Accidental Death Benefit
Accidental Total and Permanent Disability
CritiCare Plus Benefit
CritiCare Benefit
Therefore, you need to analyse your health condition and other factors, such as your work environment and your family’s medical history, to determine the suitable riders^ for your life insurance policy.
Flexibility in receiving the Sum Assured
The sum assured in insurance can be received in different modes of payment. For example, based on the chosen life insurance policy terms and conditions, you can choose the lump sum, regular income, or a combination of both for the death, maturity, or rider benefits.
Having discussed the sum assured meaning in life insurance, let us understand the factors that need to be considered while calculating the sum assured and further the methods to calculate it.
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Factors to be Considered while Calculating the Sum Assured
Age
Age is among the most important factors in determining the sum assured.
At a young age, as you are healthy and there are very few chances that you develop a challenging health condition, you can choose a lower sum assured and increase it as you age. On the other hand, if you are in your middle age and finding instances of developing serious health issues, you can choose a higher sum assured.
Financial condition
Your financial condition refers to the extent of the amount you can afford to pay as the premium regularly throughout the policy term. It will be based on your income and personal and family future financial commitments.
Therefore, you need to evaluate your current financial obligations and future money goals to determine the right balance you can afford to set aside for the regular premium payments.
Occupation and lifestyle
Your occupation and lifestyle can have a significant impact on your health.
Let us consider two scenarios and the required sum assured.
If you have a healthy routine lifestyle, you can easily outlive your policy period, and therefore you can decide between options such as term insurance with the return of premium cover, savings insurance plans, ULIP plans, etc.
If you have a high-stress level work environment and are into habits such as tobacco or alcohol, you have a higher risk of developing critical illnesses and, therefore, need to choose a higher sum assured and include riders^ in your life insurance policy to stay financially secure.
Family’s medical history
Although you try to follow a healthy routine and lifestyle, in some scenarios, you are highly likely to develop an illness due to hereditary reasons. Therefore, choosing a higher sum assured as a precaution can ensure your family will be financially secure in your absence.
In addition, you can choose the applicable add-on riders^ to include financial coverage for critical illnesses or terminal illnesses as required to enhance the basic sum assured.
Inflation
With the soaring inflationary pressures, the cost of utilities, medical facilities, and other expenses will be higher anytime in the future. Therefore, finding the sum assured based on your requirements for the future, considering the inflation rate, is primary to take a well-informed decision.
Future financial goals
Life insurance plans can provide different types of benefits, such as savings and wealth creation options.
Savings insurance plans help you secure funds for your life cover while accumulating funds for the maturity benefit at the end of the policy tenure. Therefore, as the savings benefit is guaranteed, you can decide on the future financial goals and the funds required to accomplish them and determine the adequate sum assured.
ULIP plans help you secure funds for your life cover while investing in varied fund options based on your risk profile to increase your wealth for the future. You can choose between the equity, hybrid, or debt fund options and invest in it regularly throughout the policy tenure.
In addition, the ULIP plans have a lock-in period of 5 years, after which partial withdrawal is applicable. Therefore, you can calculate the extent of investment required based on your financial goals, the basic sum assured, risk profile, and affordability.
How to Calculate the Sum Assured?
Calculating the sum assured in insurance is crucial to purchasing a life insurance plan for your family’s financial security.
There are a few methods to determine the sum assured.
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General Thumb Rule
The general rule to determine the sum assured is to consider it 10 times your annual income. However, if you plan to purchase life insurance at a younger age, you can calculate it as 14-15 times your annual income, and at an older age, you can calculate it as 7-8 times your annual income.
Although it is the general thumb rule, it may not be the appropriate expected funds required to secure your family.
Here are a few other methods to calculate the sum assured.
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Income replacement
In the income replacement method, you can determine the sum assured based on your current income. If you do not have any specific family financial responsibilities, such as your child’s marriage, education, etc., and your income is the only factor that can help you lead a self-sufficient life, you can consider using this method.
The sum assured in this method can be calculated by multiplying annual income and the number of years to retirement.
Sum assured = Annual income x Number of years to income
However, if you have many family future financial responsibilities, you need to consider a more realistic method. -
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Human Life Value Method
The human life value method is one of the most common and preferred methods to determine the sum assured.
It is calculated based on your income, expenses, liabilities, and future financial goals.
Determine the required future earnings - Based on your current income, find the extent of future earnings required until retirement by considering the number of years to retirement.
Determine current annual expenses and future financial goals - Determine the annual expenses such as the routine daily expenditure, child’s education fees (if applicable), medicine, vacation, clothing, etc.
Further, determine the funds required to accomplish your future personal and family financial goals, such as your child’s wedding, retirement, etc.
While determining this cash flow projection, you need to account for the inflation rate. Therefore, find the present value for these future cash flows by using current interest rates for discounting.
Determine the financial liabilities - Financial liabilities include your housing loan, car loan, and other debts you are liable to repay at different stages in your life. Add it to the value determined in the previous step.
Account for the savings and investments - If you have a life cover or have been saving or investing in varied financial products, subtract its total value from the value calculated in the above step.
Determine the sum assured - The total amount derived from adding the current expenses, future financial goals, and liabilities and subtracting the savings and investments described in the previous steps will give the most approximate value for the sum assured.
For more details, you can read How To Choose The Right Sum Assured?
You can also utilise our Tata AIA Life Insurance Human Life Value Calculator to determine the required sum assured in a simple, less time-consuming, and efficient manner.
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What is the difference between Sum Assured and Sum Insured?
Sum Assured |
Sum Insured |
Sum assured applies to life insurance plans. |
Sum insured applies to non-life insurance plans, such as health insurance plans, motor insurance plans, etc. |
A fixed amount is guaranteed to you or your nominee in the event of the insured events, such as the policyholder’s death, policy maturity, etc., based on the life insurance policy terms and conditions. |
The reimbursement or the cash-less benefit applies to the extent of funds required or damages incurred. |
It is calculated based on your income, liabilities, expenses, and future financial goals. |
It is calculated based on Insured Declared Value (IDV), make and model, engine cubic capacity, etc., for motor insurance, age, gender, health issues, pre-existing illnesses, etc., for health insurance. |
The financial benefit is provided to the nominee in the event of your unexpected demise. It can help them reduce the family’s financial burden in your absence. |
It is provided to you to handle the vehicle damages in car insurance or medical expenses in health insurance to the maximum possible extent. |
Sum assured can be provided as a maturity benefit at the end of the policy tenure in life insurance plans |
There is no maturity benefit applicable to the sum insured in the applicable insurance plans. |
Check out Sum Insured vs Sum Assured: Understanding the Difference for more information.
How to Increase the Sum Assured?
While determining the sum assured can be well-calculated, it might have to be revised at different milestones in your life based on changing family commitments. For example, later in life, you might meet your family’s future financial commitments as a single parent, start a new business, plan for early retirement, etc.
During such scenarios, it is important to increase your sum assured to achieve your money goals and ensure that your family’s financial security is not at stake.
Here are a few ways to increase your sum assured.
Purchasing different types of life insurance plans
One of the best ways to increase the sum assured is to purchase different types of life insurance plans based on your changing financial commitments. You can consider purchasing two or more life insurance plans to enhance the coverage. Some of the best options are:
Term insurance is a pure protection plan offering extensive coverage at an affordable premium. You can customise it by choosing the limited premium payment or the regular premium payment option, regular income or the lump sum payout option, etc.
Tata AIA
Sampoorna Raksha Supreme
A Non-Linked Non-Participating Individual Life Insurance Plan
(UIN:110N160V03)
Savings insurance plans provide a life cover and the option to save funds for the future as the maturity benefit. As the maturity benefit is guaranteed and decided during policy inception, you can determine the financial objectives precisely and save funds. For example, you can decide on the required funds if you want to start a business after ten years, save for paying the down payment for your new house construction after five years, pay for your higher education abroad, etc.
Tata AIA
Fortune Guarantee Plus
Non-Linked, Non-Participating, Individual Life Insurance Savings Plan
(UIN: 110N158V10)
@T&C apply
Unit Linked Insurance Plan (ULIP Plan) provides a life cover and the option to invest in financial securities to increase your wealth for the future. You can choose between the equity, debt, and hybrid fund options based on your risk appetite to invest in them long-term.
In addition, you can switch between the chosen fund options based on the changing economic conditions worldwide. Furthermore, you can apply for partial withdrawal after the five-year lock-in period.
In this policy, the investment risk in investment portfolio is borne by the policyholder.
Tata AIA
Fortune Pro
Unit Linked Individual Life Insurance Savings Plan
(UIN:110L112V04)
Retirement plans offer life cover and the option to save funds for the future to receive a regular income for a definite period or until death after the policy matures. As the maturity benefits are guaranteed, you can calculate your monthly financial requirement based on your current lifestyle and save funds accordingly.
Further, you can also choose to invest your retirement corpus earned from your company and invest as a lump sum to purchase the immediate or the deferred annuity plan to secure your life after retirement.
Tata AIA
Fortune Guarantee Pension
A Non-Linked, Non-Participating, Annuity Plan
(UIN:110N161V07)
$T&C apply
Choosing customisable life insurance plans
If you feel purchasing multiple life insurance plans may not be affordable, you can choose customisable life insurance solutions that can help increase the sum assured based on your requirements.
For example, our term insurance plans with the Life Stage option allow you to increase the sum assured at different milestones in your life when you get married, are blessed with children, avail of a new home loan, etc.
Including riders in life insurance plans
As discussed above, riders^ in life insurance plans help enhance the sum assured and provide additional financial support in certain specific scenarios, such as when you get affected due to a critical illness, disability, terminal illness, etc.
Therefore, include riders in your life insurance plan to increase the financial benefit and manage expenses such as unexpected medical and hospitalisation bills during the policy term.
It is considered a must if your family has a history of getting affected due to a critical or terminal illness.
Choosing customisable life insurance plans
If you feel purchasing multiple life insurance plans may not be affordable, you can choose customisable life insurance solutions that can help increase the sum assured based on your requirements.
For example, our term insurance plans with the Life Stage option allow you to increase the sum assured at different milestones in your life when you get married, are blessed with children, avail of a new home loan, etc.
Including riders in life insurance plans
As discussed above, riders^ in life insurance plans help enhance the sum assured and provide additional financial support in certain specific scenarios, such as when you get affected due to a critical illness, disability, terminal illness, etc.
Therefore, include riders in your life insurance plan to increase the financial benefit and manage expenses such as unexpected medical and hospitalisation bills during the policy term.
It is considered a must if your family has a history of getting affected due to a critical or terminal illness.
Final checklist for Sum Assured
Before finalising the sum assured for your life insurance policy, you must check if specific financial goals can be fulfilled in the future or for your family in your absence.
Also, in some situations, you take the help of an insurance agent to purchase the life insurance plan. In such cases, you should not rely mindlessly on the sum assured they have decided for you.
So, here is the checklist that can help you determine the adequate sum assured in insurance.
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Affordability
Check if you are financially self-sufficient to pay the premium regularly throughout the policy term or the limited term.
With the help of our easy-to-use online calculators, you can decide on the affordable premium for the required sum assured.
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Financial security
Check if the sum assured can help you achieve your financial objectives, considering the inflation rate, and your family reduce their financial burden by managing their routine expenses, clearing off debts, and paying for future financial obligations satisfactorily.
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Add-on riders^
Ensure to discuss with your family if there have been instances of any closely related member diagnosed with a critical illness, terminal illness, etc., to include the appropriate riders to enhance the sum assured.
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Flexibility
Check if you can revise the sum assured at different milestones in your life if you have increased family financial commitments.
How is the Sum Assured in Life Insurance Plans Different from that of Health Insurance Plans?
The sum assured in life insurance plans is provided as a lump sum or regular income to you or your nominee based on the occurrence of the insured events. The insured events can be only death in pure protection plans, death and policy maturity in savings or wealth insurance plans, death and survival after the occurrence of a specific event such as getting affected due to a disability, critical illness, etc., in life insurance with riders^.
On the other hand, the sum insured in health insurance plans is provided to handle the medical and hospitalisation expenses during the policy tenure. While you can utilise the reimbursement or the cashless benefit, It is provided to the extent possible based on your medical bills and the sum insured. In addition, it applies to your medical expenses and does not secure your family in your absence.
Furthermore, it is important to note that the sum assured in life insurance can be utilised as a financial benefit similar to the sum insured in health insurance by purchasing the add-on riders^. For instance, if you purchase a rider with the critical illness benefit, you can use the additional coverage applicable under the rider to pay for the hospitalisation and medical expenses when you are diagnosed with a critical illness during the policy tenure in a life insurance policy.
Also, as the amount is paid as a lump sum or regular income, you can utilise it for clearing off debts if you have funds remaining after paying for the medical expenses.
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Frequently Asked Questions (FAQs) About Sum Assured
How much is the right sum assured for my life insurance plan?
As a general thumb rule, your sum assured can be ten times your annual income. However, to make a better-calculated decision, consider the following methods:
Income replacement method - Considering your annual income and multiplying it by the number of years to retirement.
Human Life Value method - Determine your earnings, annual expenses covered, and funds required to accomplish future financial goals. To this value, account for the inflation rate by finding the present value for the future cash flows using the current interest rates as the discounting factor. Subtract your savings and investments from this value to determine the right sum assured for your life insurance plan.
To simplify it, you can use our online tools, such as the Tata AIA Life Insurance Human Life Value Calculator, to determine the right and exact sum assured for your life insurance plan.
How to choose the best life insurance provider?
You can choose the best life insurance provider by considering the following factors:
Types of life insurance plans offered
Flexible features
Affordability
Add-on riders^ offered
Claim settlement ratio
Digital services
Claim settlement and customer support
Customer reviews
Are riders necessary to increase the sum assured?
Riders^ are necessary to increase the basic sum assured in specific scenarios. For example, suppose your family has a history of developing critical illnesses. In that case, you can purchase the rider with the critical illness financial benefit to increase the sum assured to pay for the medical expenses when diagnosed with a critical illness during the policy term.
Furthermore, suppose you are residing and travelling in an accident-prone zone daily. In that case, you can purchase the rider with accidental death or the waiver of premium for total or permanent disability to enhance the sum assured for your family’s financial security.
What is the limit for the sum assured?
No limit exists to the extent of the sum assured that can be availed on a life insurance plan. However, it is subject to the Board Approved Underwriting Policy (BAUP).
Can I increase the sum assured during the policy tenure?
You can increase the basic sum assured during the policy tenure for the life insurance plans that offer flexible features to increase the sum assured. However, it is subject to individual policy terms and conditions.
Is the sum assured guaranteed?
The sum assured is guaranteed to you or your nominee in the event of the occurrence of the specific insured events subject to the policy conditions.
Can I purchase life insurance online?
You can purchase life insurance online by comparing the different types, features, and benefits offered to decide on a suitable option.
At Tata AIA, you can use our digital features, such as Compare Term Plans, and online calculators, such as the Tata AIA Life Insurance Term Insurance Calculator, to determine the best life insurance policy and the applicable premium for the required sum assured to make a well-informed decision.
Is the sum assured subject to taxation?
The sum assured received as a death benefit, maturity, or surrender benefit with applicable bonus is exempt from tax under the Section 10(10D) of the Income Tax Act 1961 if the premium paid does not exceed 10% of the sum assured if you have purchased the life insurance plan before 1st April 2012 and 20% of the sum assured if you have purchased it after 1st April 2012.
What is the surrender value in life insurance?
Surrender value in life insurance is the maximum amount payable if you decide to surrender your policy during the policy term. It is based on individual life insurance policy terms and conditions.
Is the death benefit the same as the sum assured?
The sum assured is the amount payable to you or your nominee on the occurrence of the insured event. Therefore, the death benefit is the sum assured if death is the only insured event, such as in the pure protection plans.
What is the sum assured paid-up value?
The sum assured paid-up value is the reduced value of the sum assured after you have stopped paying your premium.
What is the difference between the sum assured and the maturity benefit?
Maturity benefit is a sum assured for life insurance plans that cover the two insured events, death and policy maturity. And it is payable at the end of the policy tenure.
Can the sum assured be less than the total premium paid?
The sum assured can be less than the total premium paid. However, according to the IRDAI mandate, the death benefit should not be less than 105% of the premiums paid.
In life insurance plans with death benefits as well as maturity benefits, the total premium paid can be higher than the sum assured. However, the maturity benefit will be much higher than the sum assured at the end of the policy tenure, considering the bonuses that accrue every year, which is a percentage of the sum assured.
Consequently, the total payout - maturity benefits + bonuses + sum assured - will always be higher than the total premium paid.
Disclaimers
The complete name of Tata AIA Sampoorna Raksha Supreme is Tata AIA Life Insurance Sampoorna Raksha Supreme (UIN:110N160V03) - A Non-Linked Non-Participating Individual Life Insurance Plan
The complete name of Tata AIA Fortune Guarantee Plus is Tata AIA Life Insurance Fortune Guarantee Plus (UIN: 110N158V10) - Non-Linked, Non-Participating, Individual Life Insurance Savings Plan.
The complete name of Tata AIA Fortune Guarantee Pension Plan is Tata AIA Life Insurance Fortune Guarantee Pension Plan (UIN:110N161V07) - A Non-Linked Non-Participating Individual Life Insurance Plan
The complete name of Tata AIA Fortune Pro is Tata AIA Life Insurance Fortune Pro (UIN: 110L112V04) - Unit Linked Individual Life Insurance Savings Plan.
^Riders are not mandatory and are available for a nominal extra cost. For more details on benefits, premiums and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/Intermediary/ branch.
*Applicable for specific plan options. Please refer brochure for additional details.
~Applicable for specific plan options. Please refer brochure for additional details.
#Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
+Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess, if any will be charged extra as per prevailing rates. The Tax Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
@“Guaranteed Annual Income” shall be a fixed percentage of the Annualised Premium / Single Premium (excluding discount) payable in a year. Guaranteed Annual Income as per the chosen Income Frequency shall commence after maturity till the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period.
**Return of Premium shall be the return of Total Premiums Paid (excluding loading for modal premiums, discount, any extra premium, rider premium and taxes) by the policyholder and shall be payable at the end of the Income Period irrespective of survival of the life insured(s) during the Income Period.
1Market-linked returns are subject to market risks and terms & conditions of the product. The assumed rate of returns or illustrated amount may not be guaranteed and depends on market fluctuations.
++5 year computed NAV for Multi Cap Fund as of September 2022. Other funds are also available in Tata AIA Life Insurance Fortune Pro.
$The word Guaranteed and Guarantee means the annuity payout is fixed at inception of the policy and will be payable for whole of life or till death of the Annuitant(s).
Tata AIA Life Insurance Company underwrite this product Ltd.
The plan is not a guaranteed issuance plan, and it will be subject to company’s underwriting and acceptance.
Insurance cover is available under this product.
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. The precise terms and condition of this plan are specified in the Policy Contract.
Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid.
In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
Risk cover commences along with policy commencement for all lives, including minor lives.
Policies sourced through PoS Channel will not have any medical examination. This plan is not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
All Premiums and interest payable under the policy are exclusive of the taxes, rider premiums, underwriting extra premiums, loading for modal premiums, if any which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium or interest. Tata AIA Life shall have the right to claim, deduct, adjust, and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.
Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policy holder will not be able to surrender/ withdraw the monies invested in Linked Insurance Products completely or partially till the end of the fifth year.
Tata AIA Life Insurance Company Limited is only the name of the Insurance Company & Tata AIA Life Insurance Fortune Pro is only the name of the Unit Linked Life Insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
The products are underwritten by Tata AIA Life Insurance Company Ltd.
The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
##72,34,092 families protected till 31st March 2023.
~~Applicable to only non-early claims with more than 3 years of policy duration, non-investigation cases, up to Sum Assured of Rs. 50 Lakh. Applicable for branch walk in. Time limit to submit claim to Tata AIA Life Insurance is 2 pm on working days. Subject to submission of complete documents. Not applicable for ULIP policies and open title claims.
The fund is managed by Tata AIA Life Insurance Company Ltd. For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale. The precise terms and condition of this plan are specified in the Policy Contract.
Past performance is not indicative of future performance. Returns are calculated on an absolute basis for a period of less than (or equal to) a year, with reinvestment of dividends (if any).
Investments are subject to market risks. The Company does not guarantee any assured returns. The investment income and price may go down as well as up depending on several factors influencing the market.
Please make your own independent decision after consulting your financial or other professional advisor.
Tata AIA Life Insurance Company Limited is only the name of the Insurance Company & Tata AIA Life Insurance Fortune Pro is only the name of the Unit Linked Life Insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. Please know the associated risks and the applicable charges, from your Insurance Agent or Intermediary or Policy Document issued by the Insurance Company.
Various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. The underlying Fund's NAV will be affected by interest rates and the performance of the underlying stocks.
The performance of the managed portfolios and funds is not guaranteed, and the value may increase or decrease in accordance with the future experience of the managed portfolios and funds.
Premium paid in the Unit Linked Life Insurance Policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the Insured is responsible for his/her decisions.
Please know the associated risks and the applicable charges, from your insurance agent or the Intermediary or policy document issued by the Insurance Company.
IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. THE LINKED INSURANCE PRODUCT DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICY HOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF THE FIFTH YEAR
L&C/Advt/2023/Jul/2418
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