What are the benefits of TATA AIA Fortune Maxima?

TATA AIA Fortune Maxima is a non-participant ULIP plan that claims to help investors to create the wealth to achieve their financial goals. It is a whole-life individual plan that offers both wealth creation and life-long coverage to its customers.

But will it increase your wealth? Let’s discover here.

Features of TATA AIA Fortune Maxima:

It is a ULIP plan.
Option to pay your premium as lumpsum or limited period.
Loyalty Additions regularly to Increase Investments.
Option to choose between 11 funds to invest.
Option to customize your plan with 3 additional unit deduction riders.
Select between Enhanced Systematic Money Allocation and a Regular Transfer Investment Portfolio Strategy.
Tax benefits under Sections 80C and 10 (10D) of the Income Tax Act of 1961.

Benefits of TATA AIA Fortune Maxima:

Maturity Benefit:

If the policyholder survives throughout the policy term, then the policyholder will get the fund value as on the date of maturity.

Death Benefit:

If the policyholder passes away, unfortunately, then the nominee or the legal heir of the policyholder will get the death benefit as the highest of the following.

Basic Sum Assured excluding the partial withdrawal if any
The fund value as on the date of the death of the policyholder.
105% of the total premium paid.

In addition to this, the highest of the following:

The authorized Top-up Sum Assured or
Policy’s Top-up Premium Fund Value or
105% of the total Top-up premium paid.

Loyalty Additions:

For the regular premium payment option, 0.20% loyalty extra units will be credited from the 11th policy term onwards.

For a lumpsum premium payment option, the loyalty extra units at the rate of 0.35% will be deposited from the 6th policy term onwards.

Eligibility of TATA AIA Fortune Maxima:

Minimum Issue Age	0 years (30 days)
Maximum Issue Age	60 years
Policy Term	100 minus Issue age
Premium Paying Term	Single Pay
Premium Paying Term	Limited Pay –7/8/9/10/12/15 and 20 years
Pay Mode	Single, Annual, Semi-Annual, Quarterly, Monthly
Minimum Premium	Single Pay – 1,00,000 Limited Pay – 50,000 per annum
Maximum Premium	Single Pay – 5,00,000 Limited Pay – 5,00,000 per annum
Minimum/Maximum Basic Sum Assured	For Single Pay – 1.25 times the Single Premium
Minimum/Maximum Basic Sum Assured	For Limited Pay – Higher of (10AP) OR (0.5Policy Term*AP)

What are the investment avenues of TATA AIA Fortune Maxima?

TATA AIA Fortune Maxima gives the option to choose between 11 funds to invest or the following “Portfolio Strategy”!
Enhanced Systematic Money Allocation & Regular Transfer (Enhanced SMART)

11 Funds options:

Fund Name	Risk Profile	Asset Allocation
		Equity	Debt	Money Market
Multi Cap Fund	High	60-100%	0-40%	0-40%
India Consumption Fund	High	60-100%	0-40%	0-40%
Top 50 Fund	High	60-100%	–	0-40%
Top 200 fund	High	60-100%	–	0-40%
Super Select Equity Fund	High	60-100%	0-40%	0-40%
Large Cap Equity Fund	High	80-100%	–	0-20%
Whole Life Mid Cap Equity Fund	High	60-100%	–	0-40%
Whole Life Aggressive Growth Fund	Medium to High	50-80%	20-50%	0-30%
Whole Life Stable Growth Fund	Low to Medium	30-50%	50-70%	0-20%
Whole Life Income Fund	Low	–	60-100%	0-40%
Whole Life Short-Term Fixed Income Fund (ULIF 013 04/01/07 WLF 110)	Low	–	60-100%	0-40%
		Govt Sec	Money market
Discontinued policy fund		60-100%	0-40%

Enhanced SMART option:

Under the Enhanced SMART option, the policyholder has the option to choose two funds: debt oriented fund and an equity-oriented fund.
Here the premium you paid will be transferred into debt oriented fund and then it will be systematically transferred into the equity fund that the policyholder chooses.

Debt oriented funds	Equity oriented funds
Whole Life Income Fund	Multi Cap Fund
Whole Life Short-Term Fixed Income Fund (ULIF 013 04/01/07 WLF 110)	India Consumption Fund
	Top 50 Fund
	Top 200 fund
	Super Select Equity Fund
	Large Cap Equity Fund
	Whole Life Mid Cap Equity Fund

Other Benefits of TATA AIA Fortune Maxima:

The flexibility of Partial Withdrawals:

There are 4 partial withdrawals allowed per year. The policyholder can withdraw Rs. 5000 per year.

The flexibility of Top-ups:

Each top-up premium has 5 years lock-in period. It is not allowed during the last 5 years of the policy term. The policyholder can top up their premium 5 times per year. The minimum top-up premium amount in TATA AIA Fortune Maxima is Rs. 5000.

Top-up Sum Assured:

The policyholder can top up their sum assured when they top up their premium.

Top-up Sum Assured = 1.25 * Top-up premium

The flexibility of Premium Mode:

The policyholder can pay their premium on yearly, half-yearly, quarterly, and monthly modes.

Monthly Premium = 0.0833 of Annualised Premium,

Quarterly Premium = 0.25 of Annualised Premium,

Semi-annual premium = 0.50 of Annualised Premium

The flexibility of Additional Coverage:

The policyholder has the option to choose the optional riders.

Tata AIA Life Insurance Waiver of Premium (Linked) Rider
Tata AIA Life Insurance Waiver of Premium Plus (Linked) Rider
Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider

If the policyholder pays their premium as lumpsum then they have an additional option to choose from.

Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) (ADDL) Linked Rider.

Charges of TATA AIA Fortune Maxima:

Premium Allocation Charge:

Premium Allocation Charge as a % of Annualised Premium
Premium Payment Term	% of Annualised Premium
1	6.00%
2	6.00%
3 to 5	5.50%
6 to 7	4.50%
8 to 10	3.50%
11 year onwards	2.00%
Single pay	3% of Single Premium
Top-up premium	1.5% of top-up premium

Policy Administration Charge:

For the regular premium term, 0.75% p.a. will be deducted throughout the policy term.

For the lumpsum premium option, 0.90% p.a. will be deducted throughout the policy term.

Fund Management Charge:

Sr.No	Fund Name	Fund Management Charge per annum
1	Multi Cap Fund	1.20%
2	India Consumption Fund	1.20%
3	Top 50 Fund	1.20%
4	Top 200 fund	1.20%
5	Super Select Equity Fund	1.20%
6	Large Cap Equity Fund	1.20%
7	Whole Life Mid Cap Equity Fund	1.20%
8	Whole Life Aggressive Growth Fund	1.10%
9	Whole Life Stable Growth Fund	1.00%
10	Whole Life Income Fund	0.80%
11	Whole Life Short-Term Fixed Income Fund (ULIF 013 04/01/07 WLF 110)	0.65%
12	Discontinued policy fund	0.50%

Mortality Charge:

Mortality charge = Sum at Risk (SAR) multiplied by the appropriate Mortality Rate for the month, calculated using the Life Assured’s age achieved.

Sample Age	Mortality Charges per 1000 Sum at Risk (Rs) (per annum)
25	1.494
35	1.07
45	1.911
55	5.567

Discontinuance Charge:

For regular premium charge:

Policy year	Maximum Discontinuance Charges for the policies having annualized premium up to 50,000/-	Maximum Discontinuance Charges for the policies having annualized premium above 50,000/
1	Lower of 20% of Annualised Premium or Regular Premium Fund Value subject to a maximum of 3000	Lower of 6% of Annualised Premium or Regular Premium Fund Value subject to a maximum of 6000
2	Lower of 15% of Annualised Premium or Regular Premium Fund Value subject to a maximum of 2000	Lower of 4% of Annualised Premium or Regular Premium Fund Value subject to a maximum of 5000
3	Lower of 10% of Annualised Premium or Regular Premium Fund Value subject to a maximum of 1500	Lower of 3% of Annualised Premium or Regular Premium Fund Value subject to a maximum of 4000
4	Lower of 5% of Annualised Premium or Regular Premium Fund Value subject to a maximum of 1000	Lower of 2% of Annualised Premium or Regular Premium Fund Value subject maximum of 2000
5 and onwards	Nil	Nil

For lumpsum premium payment:

Policy year	Maximum Discontinuance Charges for the policies having Single Premium up to R 3,00,000/-	Maximum Discontinuance Charges for the policies having Single Premium above R 3,00,000/-
1	Lower of 2% of Single Premium or Single Premium Fund Value subject to a maximum of 3000/-	Lower of 1% of Single Premium or Single Premium Fund Value subject to a maximum of 6000/
2	Lower of 1.5% of Single Premium or Single Premium Fund Value subject to a maximum of 2000/-	Lower of 0.70% of Single Premium or Single Premium Fund Value subject to a maximum of 5000/-
3	Lower of 1% of Single Premium or Single Premium Fund Value subject to a maximum of 1500/-	Lower of 0.50% of Single Premium or Single Premium Fund Value subject to a maximum of 4000/
4	Lower of 0.5% of Single Premium or Single Premium Fund Value subject to a maximum of 1000/-	Lower of 0.35% of Single Premium or Single Premium Fund Value subject to a maximum of 2000/
5 and onwards	Nil	Nil

Partial Withdrawal Charge:

There is no partial withdrawal charge.

Fund Switching Charge:

There are 12 switching charges free per policy term after that the policyholder needs to pay Rs. 100 per switch.

Premium Re-direction Charge:

There is no Premium Re-direction Charge.

Insight on Charges:

Though some charges like fund management charges are reasonable, some charges like mortality charges and switching charges are unreasonable. And compare to other ULIP plans, they are quite expensive. So, even if you manage to get 8% of investment return, you still lose more than you earned here.

Discontinuance Policy:

During the lock-in period:

a. For lumpsum payment option:

The policyholder has the option to surrender the policy anytime during the lock-in period. However, the fund value will be credited to the Discontinued Policy Fund after deducting the charges. The policy will continue in the discontinued policy fund till the end of the lock-in period.

b. Regular Premium Payment Option:

If the policyholder fails to pay the premium within the grace period, then the fund value will be moved to the discontinued policy fund until the revival period of three years.

After the lock-in period:

a. For lumpsum payment option:

The policyholder can surrender the policy anytime and get the fund value as on the date of surrender.

b. Regular Premium Payment Option:

If the policy is terminated owing to non-payment of premiums after the lock-in period after the grace period has expired, the policy will be changed into a reduced paid-up policy with the paid-up sum insured.

“Reduced paid-up sum assured = Basic Sum Assured * (total number of premiums paid / original number of premiums payable)”

Surrendering/Cancelling the TATA AIA Fortune Maxima during the free look period:

If the policyholder is not satisfied with the terms and conditions of the TATA AIA Fortune Maxima policy then they can return the policy by giving the written statement within 15 days from the date of the TATA AIA policy purchased.

It will be extended up to 30 days if the policy is purchased through distance mode.
You can read the TATA AIA Fortune Maxima brochure here for more details

How to surrender TATA AIA Fortune Maxima after the free look period?

For lumpsum payment option:

The policy can be surrendered anytime.

Regular Premium Payment Option:

a. Before the lock-in period:

The fund value after deducting the charges will be paid after the lock-in period of 5 years.

b. After the lock-in period:
The fund value as of the date of complete withdrawal shall be paid to the policyholder.

Advantages of TATA AIA Fortune Maxima:

You have the option to choose from 11 funds.
Top-up premiums increase the value of your investment.
The addition of loyalty will increase the fund’s worth.
When the premium-paying period has expired, there is an extended life cover (up to 100 years).
There are no fees for partial withdrawals or premium redirection.
The SMART method safeguards the entire investment from market volatility.

Disadvantages of TATA AIA Fortune Maxima:

No liquidity during the lock-in period of 5 years.
The policyholder will not be able to wholly or partially surrender or withdraw funds invested in linked insurance products until the end of the fifth year.
The loan option is not available.
The premium will be invested in funds after deducting the charges.

Research Methodology on TATA AIA Fortune Maxima:

We have seen all the necessary details that we need to know about TATA AIA Fortune Maxima.

But still, this information does not give clarity to deciding whether to purchase this plan or not.

So, now let’s dig out more information by calculating the IRR of TATA AIA Fortune Maxima by using the online calculator provided by TATA AIA and compare it to other investments, whether it gives us a better return or not.

IRR of TATA AIA Fortune Maxima-Explanation with an illustration:

Age(Year)	Policy Term(Year)	Premium Paying Term(Year)	Annual Regular Premium (₹)	Premium Multiple Chosen	Guaranteed Benefits	Higher Rate Illustration (8%)		Lower Rate Illustration (4%)
					Guaranteed Benefits	Non-Guaranteed Benefits		Non-Guaranteed Benefits
					Basic Sum Assured (₹)	Total Maturity Benefit(₹)	Net Yield**@8%	Total Maturity Benefits*(₹)
35	65	Single	100,000	1.25	125,000	58,63,362	6.76%	4,03,034
35	65	7	100,000	17.5	1,750,000	3,39,93,464	6.77%	23,82,834
35	65	10	100,000	17.5	1,750,000	4,58,12,843	6.79%	44,12,1256
35	65	15	100,000	17.5	1,750,000	6,10,63,271	6.81%	65,80,821

Now, let’s calculate the IRR of TATA AIA Fortune Maxima for its worst-case scenario and the best-case scenario.

Annual Premium: Rs. 1,00,000

Premium Term: 15

Policy Term: 65

Here, let’s take the assumed gross return as 4% in the worst-case scenario.

		At 4% p.a
Age	Year	Annualized premium/Maturity Benefit	Death Benefit
36	1	-1,00,000	17,50,000
37	2	-1,00,000	17,50,000
38	3	-1,00,000	17,50,000
…	…	…	…
50	15	-1,00,000	17,50,000
51	16	0
52	17	0
…	…	…
100	65	0
		65,80,821

IRR		2.57%

As you can see in the above illustration, at the end of the policy term, we get an IRR of 2.57%. And the policyholder will get Rs. 65,80,821 as maturity benefit and Rs. 17,50,000, if the policyholder passes away, unfortunately.

Now, let’s calculate the IRR for the best-case scenario.

In the best-case scenario of TATA AIA Fortune Maxima, let’s take the assumed gross return as 8%.

Then,

		At 8% p.a
Age	Year	Annualized premium/Maturity Benefit	Death Benefit
36	1	-1,00,000	17,50,000
37	2	-1,00,000	17,50,000
38	3	-1,00,000	17,50,000
…	…	…	…
50	15	-1,00,000	17,50,000
51	16	0
52	17	0
…	…	…
100	65	0
		6,10,63,271

IRR		6.53%

As you can see in the above illustration, at the end of the policy term, the policyholder will get Rs. 6,10,63,271 as a maturity benefit and the IRR of 6.53% in the best-case scenario.

Investment Options	IRR (Internal Rate of Return)	Maturity Benefit	Death Benefit
Worst case scenario	2.57%	Rs. 65 lacs	Rs. 17.5 lacs
Best case scenario	6.53%	Rs. 6.10 cr	Rs. 17.5 lacs

Here, this policy may seem like giving you a better investment return. But, after calculating the IRR, it gives us a clear picture of what we will get as an investment return.

If we look into it, then you may notice that the IRR in the worst-case scenario is lower than the savings bank account.

And for a long-term investment, it does not help you to create wealth and the power to beat inflation.

In the best-case scenario, we get an IRR that we can get from Bank FDs.

Also, for a long-term investment, it only gives you purchasing power, not the inflation-beating return.

Now, let’s see the IRR of other investments.

Let’s take PPF as a risk-free investment.

TATA AIA Fortune Maxima vs. PPF + Pure Term Insurance:

Overall contribution: Rs. 1,00,000

Pure term insurance contribution:

Annual Premium: Rs. 8,500

Sum Assured: Rs. 75,50,000

Tenure: 15 years

PPF Contribution: Rs. 91,500

Interest rate: 7.10% without investment risk

Then,

		Term Insurance + PPF
Age	Year	Term Insurance Premium + PPF	Death Benefit
36	1	-1,00,000	17,50,000
37	2	-1,00,000	17,50,000
38	3	-1,00,000	17,50,000
…	…	…	…
50	15	-1,00,000	17,50,000
51	16	0
52	17	0
…	…	…
100	65	0
		10,60,89,196

IRR		7.53%

As you can see, at the end of the maturity period (15 years for PPF), we get Rs. 28,81,607 as a maturity benefit. If you want, here you can reinvest this amount as a 70:30 ratio in equity and debt for the next 50 years with a 7.80% assumed interest rate.

	weight	Returns
Equity	30%	12%
Debt	70%	6%
	Weighted average returns	7.80%

If we reinvest this amount for the next 50 years, then we will get an IRR of 7.53% after 65 years and Rs. 10,60,89,196 as investment return.

Investment Options	IRR (Internal Rate of Return)	Maturity Benefit	Death Benefit
TATA AIA Worst-case scenario	2.57%	Rs. 65 lacs	Rs. 17.5 lacs
TATA AIA Best case scenario	6.53%	Rs. 6.10 cr	Rs. 17.5 lacs
PPF	7.53%	Rs. 10 cr	Rs. 17.5 lacs

This way, we can get an inflation-beating return without taking any investment risk.

Now, let’s calculate the IRR for ELSS, a risk-oriented investment plan.

TATA AIA Fortune Maxima vs. ELSS + Pure Term Insurance:

Overall contribution: Rs. 1,00,000

Pure term insurance contribution:

Annual Premium: Rs. 8,500

Sum Assured: Rs. 75,50,000

Tenure: 15 years

ELSS Contribution: Rs. 91,500

Assumed Interest rate: 12% with investment risk

Then,

		Term Insurance + ELSS
Age	Year	Term Insurance Premium + ELSS	Death Benefit
36	1	-1,00,000	17,50,000
37	2	-1,00,000	17,50,000
38	3	-1,00,000	17,50,000
…	…	…	…
50	15	-1,00,000	17,50,000
51	16	0
52	17	0
…	…	…
100	65	0
		15,32,86,474

IRR		8.20%

Here, after 15 years, we get Rs. 35,85,632 as a post-tax return.

Now, here we can reinvest this amount as a 30:70 ratio in equity and debt for the next 50 years.

So, after 65 years, we can get an IRR of 8.20% in ELSS+ Term investment and Rs. 15,32,86,474 as investment return.

Investment Options	IRR (Internal Rate of Return)	Maturity Benefit	Death Benefit
TATA AIA Worst-case scenario	2.57%	Rs. 65 lacs	Rs. 17.5 lacs
TATA AIA Best case scenario	6.53%	Rs. 6.10 cr	Rs. 17.5 lacs
ELSS + Term	8.20%	Rs. 15 cr	Rs. 17.5 lacs

As you can see, compared to TATA AIA, ELSS gives us a better investment return even after taking investment risk.
Also, the return we get from ELSS gives us an inflation-beating return along with additional corpus to invest in the long term.

Final Verdict on TATA AIA Fortune Maxima:

After calculating the IRR, it gives us a clear picture to make the right investment decision.

Though the TATA AIA Fortune Maxima does not provide the wealth-creating return as it claims.

Compare to other investments, it does not give us an inflation-beating return or purchasing power. Also, it is quite expensive compared to other ULIP plans.

So, it is better to choose an individual investment and separate term insurance plan.

If you want you can choose risk-free investment plans such as PPF and RBI Bonds for long-term investments. If you want to take risks, you can choose mutual funds to get a better return.

As for life protection, you can choose pure term insurance that can give you high life coverage at a low cost.
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Table of Content:

What is TATA AIA Fortune Maxima Plan?

Features of TATA AIA Fortune Maxima:

Benefits of TATA AIA Fortune Maxima:

Maturity Benefit:

Death Benefit:

Loyalty Additions:

Eligibility of TATA AIA Fortune Maxima:

What are the investment avenues of TATA AIA Fortune Maxima?

11 Funds options:

Enhanced SMART option:

Other Benefits of TATA AIA Fortune Maxima:

The flexibility of Partial Withdrawals:

The flexibility of Top-ups:

Top-up Sum Assured:

The flexibility of Premium Mode:

The flexibility of Additional Coverage:

Charges of TATA AIA Fortune Maxima:

Premium Allocation Charge:

Policy Administration Charge:

Fund Management Charge:

Mortality Charge:

Discontinuance Charge:

For regular premium charge:

Partial Withdrawal Charge:

Fund Switching Charge:

Premium Re-direction Charge:

Insight on Charges:

Discontinuance Policy:

During the lock-in period:

After the lock-in period:

Surrendering/Cancelling the TATA AIA Fortune Maxima during the free look period:

How to surrender TATA AIA Fortune Maxima after the free look period?

For lumpsum payment option:

Regular Premium Payment Option:

Advantages of TATA AIA Fortune Maxima:

Disadvantages of TATA AIA Fortune Maxima:

Research Methodology on TATA AIA Fortune Maxima:

IRR of TATA AIA Fortune Maxima-Explanation with an illustration:

TATA AIA Fortune Maxima vs. PPF + Pure Term Insurance:

TATA AIA Fortune Maxima vs. ELSS + Pure Term Insurance:

Final Verdict on TATA AIA Fortune Maxima:

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