No, a ULIP or Unit-Linked Insurance Plan is a life insurance plan that allows you to earn market-linked returns through your investment. On the other hand, a savings plan enables you to save your money in the policy for the policy term and on maturity, offers a guaranteed maturity benefit.

When you buy a ULIP, you start paying the premiums as per the selected premium payment mode and term. Each premium will be split into the life cover and the investment. Throughout the premium payment term, the premium of the investment component will buy fund units of the market funds you have invested in. Until the end of the policy term, these funds can keep growing, and on policy maturity, you will receive the fund value.

You can pay the minimum annualised premium or the maximum limit for investing in your ULIP. The investment amount should be aligned with your expected returns that will be utilised in the future to meet your financial obligations. Hence, determine your future needs, including any emergency needs, so that you can start investing an amount that will give you the desired returns at the end of the investment tenure.

Since ULIPs are flexible and offer a range of policy terms (investment tenures), you can choose any investment tenure that can help you earn the expected returns. Note that ULIPs have a lock-in period of 5 years, and the policy term will be greater than this lock-in term. You can make partial withdrawals from your ULIP after these 5 years. You can choose your investment period as per the policy term as well as the premium payment term of the ULIP.

No, ULIPs do not offer guaranteed returns, as the returns are linked to the market performance and may fluctuate. The amount you receive on maturity is the fund value which reflects how much your investment has grown over the years. You can know the expected returns on your ULIP with a ULIP calculator, but it may not be the same as the actual returns on maturity.

The Enhanced SMART option is a portfolio strategy that comprises a systematic transfer plan which is free of charge. You can choose this option instead of the multiple fund options offered under the ULIP. The Enhanced SMART is available only for the Single Pay or Annual premium mode. If you want to switch between funds, you can only switch between the fund options offered under this strategy.

Withdrawals from the ULIP fund can be made under the Regular/Single Premium mode 5 years from the date of the policy being issued. The minimum amount for partial withdrawal is ₹1,000/-, subject to policy terms and conditions. In case the insured of the ULIP is a minor, they can only make partial withdrawals after the age of 18 years. Any number of partial withdrawals can be made in a policy year provided the total amount of partial withdrawals in a policy year does not exceed 25% of the fund value.

Yes, you can avail of whole life insurance coverage of up to 100 years of age with Tata AIA Fortune Maxima.

The minimum premium payable under this ULIP is as follows:

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  Single Pay – ₹25,000

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  Limited Pay – ₹12,000 p.a.

The following riders^^ are available under the Tata AIA Fortune Maxima:

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  Tata AIA Life Insurance Waiver of Premium (Linked) Rider - Linked, Individual, Health Insurance Rider (UIN:110A026V02)

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  Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider - Linked, Individual, Health Insurance Rider (UIN:110A025V02)

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  Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider – Linked Individual, Health Insurance Rider (UIN:110A027V02)

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  Tata AIA Vitality Protect Plus – A Non-Linked, Non- Participating Individual Health Rider (UIN: 110A048V03 or any later version)

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  Tata AIA Vitality Health Plus – A Non-Linked, Non- Participating Individual Health rider (UIN: 110A047V02 or any later version)

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  Tata AIA Life Insurance Linked Comprehensive Health Rider – A Non-Linked, Non- Participating Individual Health rider (UIN: 110A031V03 or any other later version)

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  Tata AIA Life Insurance Linked Comprehensive Protection Rider – A Non-Linked, Non- Participating Individual Health rider (UIN: 110A032V03 or any other later version) are available under this plan.

When your policy is in force, you can opt for a Top-Up premium wherein you can top-up your policy with additional premiums 4 times a year. The top-up cannot be paid in the last 5 years of the policy term and should be a minimum of ₹5,000 and will be subject to a lock-in period of 5 years.

To file a claim with us, reach out to us via the following channels: 

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  Email us at: customercare@tataaia.com

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  Call our helpline number - 1860-266-9966 (local charges apply)

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  Walk into any of the Tata AIA Life Insurance Company branch offices

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  Write directly to us at:

The Claims Department,

Tata AIA Life Insurance Company Limited

B- Wing, 9th Floor,

I-Think Techno Campus,

Behind TCS, Pokhran Road No.2,

Close to Eastern Express Highway,

Thane (West) 400 607.

IRDA Regn. No. 110

Yes, your nominee can file a claim online or offline from outside India. For an online claim, they can simply upload the required documents online or send us soft copies via email. For an offline claim, the nominee can have their representative in India visit any of our office branches with the documents couriered to them.

Please click here to know the list of documents needed for the claim intimation and settlement process.