Fortune Guarantee Pension Policy Document1

Tata AIA Life Insurance Fortune Guarantee Pension (UIN:110N161V02)
Non-linked, Non-participating Annuity Plan (Individual)
Tata AIA Life Insurance Fortune Guarantee Pension

2. PART B
Tata AIA Life Insurance Fortune Guarantee Pension is a non-linked, non-participating, annuity plan
(Individual).
2.1. Basic definitions

1) “Age” means age as on the last birthday; i.e. the age of the Annuitant in completed years as on Date
of Commencement of Policy and is as shown in the Policy Schedule;
2) “Annuitant” means the Primary Annuitant or Secondary Annuitant under the Policy and is shown in
the Policy Schedule;
3) “Annuity Amount” shall be the amount of annuity payable to the Annuitant, as per the Frequency
of Annuity Payment chosen by the Annuitant at the proposal stage and is as shown in the Policy
Schedule. As per the Frequency chosen, the Annuity Amount shall be payable–
Frequency Annuity Instalment (per frequency)
Annually in arrears Yearly Annuity
Half-yearly in arrears 98% of Yearly Annuity x ½
Quarterly in arrears 97% of Yearly Annuity x ¼
Monthly in arrears 96% of Yearly Annuity x 1/12
Annually in advance 93% of Yearly Annuity
(except for Option 1)
4) “Assignee” is the person to whom the rights and benefits under the Policy are transferred by way of
an Assignment;
5) “Assignment” is the process of transferring the rights and benefits under the Policy to an Assignee
in accordance with the provisions of Section 38 of Insurance Act, 1938 as amended from time to time;
6) “Claimant” means the person entitled to receive the Policy benefits and includes the Policyholder,
the nominee, the assignee, the legal heir, the legal representative(s) or the holder(s) of succession
certificate as the case may be;
7) “Date of Inception/Commencement of Policy” is the date as mentioned on the Policy Schedule;
8) “Deferred Life Annuity” means an option where the Annuity Amount shall accrue upon expiry of
the Deferment Period and shall be payable as per the Frequency of Annuity Payment chosen by You.
9) “Deferment Period” is the period measured in years from the Date of Commencement of the Policy,
during which no Annuity Amount is payable and is chosen at the inception of the Policy under Options
3 and 4. The Deferment Period chosen can be:
a) Single Pay: Between 1 to 10 years.
b) Regular Pay: Equal to Premium Payment Term.
c) Limited Pay: Between (Premium Payment Term + 1) to (Premium Payment Term + 5 years);
10) “Distance Marketing” shall mean and includes every activity of solicitation (including lead
generation) and sale of insurance products through the following modes:
i. Voice mode, which includes telephone-calling;
ii. Short Messaging service (SMS);
iii. Electronic mode which includes e-mail, internet and interactive television (DTH);
iv. Physical mode which includes direct postal mail and newspaper & magazine inserts;
and,
v. Solicitation through any means of communication other than in person.
Distance Marketing will include sales through Direct Sales (other than in person).
11) “Extra Premium” means an additional amount charged by Us, as per Our Underwriting Policy (if
any), which is determined on the basis of disclosures made by You in the Proposal Form or any other
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information received by Us including medical examination report of the Annuitant;

12) “Grace Period” means a period of 15 (Fifteen) days from the due date of the first unpaid Premium
for monthly Premium payment mode and 30 (Thirty) days from the due date of first unpaid Premium
for all other Premium payment mode, except Single Pay;
13) “Guaranteed Additions” means the additions which are guaranteed and payable in accordance with
Clause 3.1 of Part C, under Option 3 or 4 (as chosen).
14) “IRDAI” means the Insurance Regulatory and Development Authority of India;
15) “Nominee” means the person named in the Policy Schedule who has been nominated by the
Annuitant in accordance with Section 39 of the Insurance Act, 1938 as amended from time to time to
receive benefits in respect of this Policy;
16) “Policy” means the contract of annuity entered into between You and Us as evidenced by this
document, the Proposal Form, the Policy Schedule and any additional information/document(s)
provided to Us in respect of the Proposal Form along with any written instructions from You subject
to Our acceptance of the same and any endorsement issued by Us;
17) “Policy Anniversary” refers to the annual anniversary of the Date of Commencement of Policy;
18) “Policy Schedule” means the Policy schedule and any endorsements attached to and forming part of
the Policy and if any updated Schedule is issued, then, the Schedule latest in time;
19) “Premium” means the amount specified in the Policy Schedule, payable by You/Annuitant, to secure
the benefits under the Policy, excluding applicable tax, cesses or levies, if any;
20) “Purchase Price” means total of all the Premiums payable, excluding Extra Premium, any rider
premium and taxes, cesses or levies, if any;
21) “Primary Annuitant” refers to the primary person entitled to receive the Annuity payment;
22) “Proposal Form” means the form filled in and completed by You for the purpose of obtaining
insurance coverage under the Policy;
23) “Reduced Paid-up” means a Policy which has acquired Surrender Value, if subsequent Premiums
remain unpaid at the end of Grace Period, the Policy will be converted into a Reduced Paid-up Policy
by default;
24) “Revival Period” means a period of 5 (five) years from the due date of the first unpaid Premium;
25) “Secondary Annuitant” refers to the person entitled to receive the annuity payment in the event of
death of the Primary Annuitant under a Joint Life option, if applicable and can be the
spouse/child/parent/parent-in-law or sibling of the Primary Annuitant or a person under any other
relationship provided there is insurable interest between the Annuitants, as defined in the
Underwriting Policy;
26) “Surrender Value” means an amount payable on Surrender of this Policy, which will be in
accordance with Clause no. 4.2.1;
27) “Total Premiums Paid” means total of all the Premiums received, excluding any Extra Premium,
any rider premium and applicable taxes, cesses or levies, if any;
28) “Underwriting Policy” means our then prevailing Underwriting Policy as approved by Our board of
directors;
29) “We”, “Us”, “Our” or “Company” refers to Tata AIA Life Insurance Company Limited;
30) “Yearly Annuity” means annuity paid in respect of annual frequency annually in arrears;
31) “You” or “Your” means the holder of this Policy.
Whenever the context requires, the masculine form shall apply to feminine and singular terms shall include
the plural.
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3. PART C
3.1. Benefits
Tata AIA Life Insurance Fortune Guarantee Pension is a non-linked, non-participating, annuity plan
(Individual) for individuals, which provides for payment of regular annuity as per the frequency of payment
chosen by the Annuitant.
We shall pay the Annuity Amount to the Annuitant as per the option chosen by You at the inception of the
Policy. The annuity option once chosen by You cannot be changed. The Options 1, 2, 3 and 4 are available in
case of both single life and joint life basis. In case of joint life, the Primary Annuitant will be the primary
person entitled to receive the Annuity Amount. After the death of the Primary Annuitant, the Secondary
Annuitant, if applicable, will be entitled to receive the Annuity Amount. In case of Joint Life, the death benefit
shall be payable on later of the deaths of the two Annuitants.
3.1.1. Option 1: Immediate Life Annuity

Under this Option, the payment of Annuity Amount shall commence immediately as per the chosen
Frequency of Annuity Payment.
A. Survival Benefit
(i) Single Life –
Annuity Amount shall be paid to the Annuitant as long as the Annuitant is alive. The payment of
Annuity Amount shall cease upon death of the Annuitant.
(ii) Joint Life –

Annuity Amount shall be paid to the Annuitant as long as one of the Annuitants is alive. The
payment of Annuity Amount will cease on later of the deaths of the two Annuitants.
No benefit for death, maturity or surrender shall be payable under this Option.
3.1.2. Option 2: Immediate Life Annuity with Return of Purchase Price

(Point of Sale Product Variant available with Single Life)
Under this Option, the payment of Annuity Amount shall commence immediately as per the chosen
Frequency of Annuity Payment.
A. Survival Benefit
(i) Single Life –
Annuity Amount shall be paid to the Annuitant as long as the Annuitant is alive. The payment
of Annuity Amount will cease on death of the Annuitant.
(ii) Joint Life –

Annuity Amount shall be paid to the Annuitant as long as one of the Annuitants is alive. The
payment of Annuity Amount will cease on later of the deaths of the two Annuitants.
B. Death Benefit (Return of Purchase Price)

(i) Single Life –
Death benefit equal to the Total Premiums Paid shall be payable as a lump sum to Claimant,
on the death of the Annuitant.
(ii) Joint Life –

Death benefit equal to the Total Premiums Paid shall be payable as a lump sum to Claimant,
on the later of the deaths of the two Annuitants.
No maturity benefit shall be payable under this option.
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3.1.3. Option 3: Deferred Life Annuity (GA-I) with Return of Purchase Price
A. Survival Benefit
(i) Single Life –
After expiry of Deferment Period, Annuity Amount shall be paid to the Annuitant as long as the
Annuitant is alive. The payment of Annuity Amount shall cease on death of the Annuitant.
(ii) Joint Life –

After expiry of Deferment Period, Annuity Amount shall be paid to the Annuitant as long as one
of the Annuitants is alive. The payment of Annuity Amount will cease on later of the deaths of
the two Annuitants.

(i) In case of death during the Deferment Period, the Death Benefit payable to the Claimant shall
be the higher of:
1. Total Premiums Paid (excluding loading for Modal Premiums, if any) up to the date of death
+ Accrued Guaranteed Additions; or
2. 105% of Total Premiums Paid (excluding loading for Modal Premiums, if any) up to the
date of death
(ii) In case of death after the Deferment Period, the Death Benefit payable to the Claimant shall be:
Total Premiums Paid (excluding loading for Modal Premiums, if any) up to date of death + Max
(Accrued Guaranteed Additions − Total Annuity Amount paid till date of death, 0)
Where,
Guaranteed Additions accrue at the rate of ‘1/12th of the Yearly Annuity’ during the Deferment
Period, at the end of each completed month after the Date of Commencement of Policy, subject to the
payment of all due Premiums and forms a part of the Death Benefit. Guaranteed Additions shall cease
to accrue if the Policy is lapsed or is converted into a Reduced Paid-up Policy.
3.1.4. Option 4: Deferred Life Annuity (GA-II) with Return of Purchase Price
A. Survival Benefit
(i) Single Life –
After expiry of Deferment Period, Annuity Amount shall be paid to the Annuitant as long as the
Annuitant is alive. The payment of Annuity Amount shall cease on death of the Annuitant.
(ii) Joint Life –

After expiry of Deferment Period, Annuity Amount shall be paid to the Annuitant as long as one
of the Annuitants is alive. The payment of Annuity Amount will cease on later of the deaths of
the two Annuitants.

(i) In case of death during the Deferment Period, the Death Benefit payable to the Claimant shall
be the higher of:
1. Total Premiums Paid (excluding loading for Modal Premiums, if any) up to the date of death
+ Accrued Guaranteed Additions; or
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2. 105% of Total Premiums Paid (excluding loading for Modal Premiums, if any) up to the date
of death
(ii) In case of death after the Deferment Period, the Death Benefit payable to the Claimant shall be:
Total Premiums Paid (excluding loading for Modal Premiums, if any) up to date of death + Max
(Accrued Guaranteed Additions − Total Annuity Amount paid till date of death, 0)
Where,
Guaranteed Additions accrue at the rate of ‘1/12th of 6% of the Total Premiums Paid (excluding
loading for Modal Premiums, if any)’ during the Deferment Period, at the end of each completed
month after the Date of Commencement of Policy, subject to the payment of all due Premiums and
forms a part of the Death Benefit. Guaranteed Additions shall cease to accrue if the Policy is lapsed
or is converted into a Reduced Paid-up Policy.
3.2. Payment of Benefits –

- The benefits under Policy shall be payable to the Claimant.
- The frequency chosen by You at the proposal stage for receiving the Annuity Amount can be
changed at Policy Anniversary, except where the minimum annuity limit as prescribed by the
IRDAI (Minimum Limits for Annuities and other Benefits) Regulations, 2015 cannot be
complied.
- The Annuity Amount shall be paid as per the chosen payment Frequency of Annuity Payment -
a. from the Date of Inception, if You have chosen Option 1 or 2.
b. from the end of Deferment Period, if You have chosen Option 3 or 4.
Thus, the pay-out shall be made as below:
Frequency Annuity Amount Pay-out would start after
Annually in arrears One year from the purchase/end of Deferment Period
Half-yearly in arrears Six months from the purchase/end of Deferment Period
Quarterly in arrears Three months from the purchase/end of Deferment Period
Monthly in arrears One month from the purchase/end of Deferment Period
Annually in advance Date of purchase/end of Deferment Period
(except for Option 1)
- In case of Frequency of Annuity Payment other than Annually in arrears, the Death Benefit shall
be paid after deducting any Annuity Pay-outs made during the Policy Year in which the death has
occurred.
- Payment of Death Benefit (If applicable as per the Option chosen):
a) Single Life – Death benefit (as applicable) shall be payable as a lump sum to Nominee, on
the death of the Annuitant.
b) Joint Life – Death benefit shall (as applicable) be payable as a lump sum to Nominee, on
the later of the deaths of the two Annuitants.
3.3. Payment of Premium

 You can pay Premium at any of Our offices or through our website www.tataaia.com or by any other
means, as informed by Us. Any Premium paid by You will be deemed to have been received by Us
only after the same has been realized and credited to Our bank account.
 Collection of advance Premium shall be allowed within the same financial year for the Premium due
in that financial year. However, where the Premium due in one financial year is being collected in
advance in earlier financial year, the Company may collect the same for a maximum period of three
months in advance of the due date of the Premium.
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 The Premium so collected in advance shall only be adjusted on the due date of the Premium.
3.4. Change of frequency of Premium payment

You may change the frequency of Annuity Amount payments by written request. Subject to Our minimum
Premium requirements, Premiums may be paid on monthly, quarterly, half-yearly or annual mode at the
Premium rates applicable on the Date of Commencement of Policy. Alteration in the frequency of Premium
payment may lead to a change in the Premium.
The loading on Premium shall be applicable as below:

Mode Modal Loading
Single Premium Multiply Annual Premium Rate by 1
Annual Multiply Annual Premium Rate by 1
Half – Yearly Multiply Annual Premium Rate by 0.51
Quarterly Multiply Annual Premium Rate by 0.26
Monthly Multiply Annual Premium Rate by 0.0883
3.5. Default in Premium Payment

After payment of the first Premium (except in case of Single Premium Policy), failure to pay a subsequent
Premium on or before its due date will constitute a default in Premium payment.
3.6. Grace period

The Premium is due and payable by the due date specified in the Schedule. If the Premium is not paid by the
due date, You/Annuitant may pay the same during the Grace Period without any interest. The Policy will
remain in force during this period.
3.7. Top-up Annuity

You may apply for an increase in Annuity Amount any time after six months after the Date of Commencement
of the Policy (base plan) by paying an additional Purchase Price/Premium as a Single Pay, provided the Policy
is in-force and no due premiums are outstanding. The following terms and conditions shall apply:
 Any such Top-up shall be subject to the product criteria prevailing then, with respect to minimum &
maximum Age at Entry and minimum & maximum Deferment Period (as applicable as per the Option
chosen by the Policyholder). However, the minimum Annuity instalment limits shall not be applicable
for this option.
 The named Annuitant(s) in the Top-Up must be same as that of the base Policy.
 The prevailing annuity rate for revised Purchase Price slab and attained Age of the Annuitant(s) shall
be considered to arrive at the additional Purchase Price/Premium.
 You shall have the choice to match the timing of the Top-up Annuity with that of base annuity. For
example: if You opt for 10-year deferment period and pays top-up after 2.5 years, then prevailing
annuity rates for deferment period of 7 years and 8 years would be used to derive the annuity rate for
7.5 years.
 Each top-up tranche will be treated as independent in its own right. Hence:
o Any Top-up tranche can be surrendered independent of the base Policy or other top-up tranche(s).
o Benefit payable on Death, Survival or Surrender would be calculated separately for the base Policy
and Top-up tranche(s) and the total would be payable.
 If the base Policy is surrendered, all Top-up tranche(s) will also be surrendered at the same time.
 The Annuity Amount under the base Policy shall remain unchanged.
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3.8. Change in address of Annuitant(s) or Nominee(s)

In order to provide better services, We request You to intimate us in the event of any change in the address of
the Annuitant(s) or the Nominee(s).
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4. PART D
4.1. Free look period

You have a free look period of 15 days from the date of receipt of the policy document and period of 30
days in case of Policy obtained through electronic or Distance Marketing mode, to review the terms and
conditions of the Policy and if You disagree to any of those terms or conditions, You have the option to
return the Policy to the Us for cancellation by providing Us a written notice stating the reasons for Your
objection, and be entitled to a refund of the Premiums paid (without interest) after deducting the stamp duty
and medical examination costs (including taxes, cesses or levies) which have been incurred for issuing the
Policy and any Annuity Amount already paid. Such notice must be signed and received directly by the
Company within 15 days or 30 days (as applicable) from the date of receipt of the policy document.
However, the following exceptions apply:

i) If the Policy is purchased through proceeds from subscribers NPS funds as detailed under Clause 4.5 of
Part D, the proceeds from cancellation in the free-look period shall only be transferred back to the
Central Record Keeping Agency from where the money was received.
ii) if the policy has been purchased as QROPS as detailed under Clause 4.6 of Part D, the proceeds from
cancellation shall only be transferred back to the fund house from where the money was received.
4.2. Non-forfeiture provisions

4.2.1. Surrender Benefit:
No Surrender Benefit shall be payable under Option 1.
If You have chosen Option 2, 3 or 4, the Policy shall acquire a Surrender Value basis the Premium
Payment Mode as defined below.
Premium Payment Mode Surrender Value payable
Single Pay At any time after Date of Commencement of Policy
Regular / Limited Pay Provided at least 2 full years’ Premiums have been paid
4.2.1.1. Surrender Value:

I. Option 2
Special Surrender Value shall be payable as below:
Special Surrender Value =

F2 factor × Yearly Annuity × RPU Factor
+ F3 factor × Total Premiums Paid (excluding loading for Modal Premiums)
The maximum Special Surrender Value shall not exceed the amount of Death Benefit
payable under Option 2.
II. Option 3 or 4 (As chosen by the Policyholder)

During Deferment Period
The Surrender Value payable is higher of the Guaranteed Surrender Value or Special
Surrender Value.
Guaranteed Surrender Value:
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Guaranteed Surrender Value = Guaranteed Surrender Value Factor * Total Premiums Paid
(excluding loading for Modal Premium, if any)
Special Surrender Value:

Special Surrender Value = (F1 factor × Special Surrender Value immediately at the end
of the Deferment Period*)
*assuming no further premiums paid
The maximum Special Surrender Value shall not exceed the amount of Death Benefit
payable under the chosen Option.
Post Deferment Period

Surrender Value will be Special Surrender Value as defined below, subject to a maximum
limit to the extent of Death Benefit under Clause 3.1 of Part C (as applicable):
Special Surrender Value =

F2 factor × Yearly Annuity × RPU Factor
+ F3 factor × Total Premiums Paid (excluding loading for Modal Premiums)
To know the applicable GSV and SSV Factors, please refer to Annexure 5 & 6 respectively.
Given that the pricing interest rate reflects the prevailing market conditions, We may revise the SSV
factors from time to time subject to the Asset and Liability committee’s (ALCO) approval. However,
any change in the methodology/formula for calculating SSV factors shall be subject to IRDAI
approval. Any change in SSV factors shall be filed with the Authority.
4.2.1.2. Payment of Surrender Benefit Post Deferment Period

In case of Frequency of Annuity Payment other than annually in arrears, the Surrender Benefit shall
be paid after deducting any Annuity pay-outs made during the Policy Year.
4.2.2. Lapsation of Policy

If the due Premium is not paid within the Grace Period and if at least 2 (two) full years’ Premiums have not
been paid (except in case of Single Pay Policy), the Policy will lapse from the due date of first unpaid Premium
and no benefits will be payable.
4.3. Reduced Paid-up:

Provided the Policy has acquired Surrender Value, if subsequent Premium remain unpaid at the end of Grace
Period, the Policy (except a Single Premium Policy) will be converted into a Reduced Paid-up Policy by
default.
Reduced Paid-up policy is a default non-forfeiture benefit. Reduced Paid-Up Policy, shall continue as Reduced
Paid-up Policy unless revived within Revival Period by payment of all due Premium together with interest as
mentioned in Clause 4.4 (“Revival”) of Part D.
“Reduced Paid-up (RPU) Factor” shall be a ratio calculated as the total period for which Premiums have
already been paid divided by the maximum period for which Premiums were originally payable.
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In case of Reduced Paid-up Policy, the benefit shall be payable as under:
a. Death Benefit
Death Benefit (As per the Option chosen and mentioned in the Part C) shall be payable.
b. Survival Benefit:
The Survival Benefit (As per the Option chosen and mentioned in the Part C), multiplied by the RPU
Factor shall be payable.
c. Surrender Benefit:
This benefit is same as per Clause 4.2.1 of Part D.
4.4. Revival
If there is default in Premium Payment beyond the Grace Period and subject to the Policy not having been
surrendered, it may be revived in accordance with Underwriting Policy within Revival Period but before the
end of Deferment Period, subject to: (i) Your written application for revival; (ii) production of Insured’s
current health certificate and other evidence of insurability; and (iii) payment of all overdue Premiums with
interest.
The evidence of insurability and any medical requirements or health declarations requested at the time of
revival will be in line with the Underwriting Policy.
The applicable interest rate for revival is determined using the SBI (State Bank of India) domestic term
deposit rate for tenure ‘1 year to less than 2 years’, plus 2%. Any alteration in the formula will be subject to
prior approval of IRDAI. The interest rate applicable is reviewed every six months and gets updated as per
the given formula. The simple interest rate applicable as on 1st October 2021, is 7% p.a. [i.e. SBI interest
rate of 5% (which rate may be revised from time to time) + 2%].
Upon revival, the benefits of the Policy shall be restored with effect from the date of revival. Any Guaranteed
Additions not accrued on account of the Policy being in lapse or Reduced Paid-up status shall accrue on the
Date of Revival.
4.5. Utilization of Return of Purchase option for NPS subscribers

In case this annuity option is purchased as a default option by a Government sector NPS subscriber through
funds accumulated in his/her NPS scheme, the utilization of Death Benefit shall be as per Pension Fund
Regulatory and Development Authority (Exits and Withdrawals Under the National Pension System)
Regulations, 2015, as amended from time to time.
Annuity can be taken by NPS subscriber subject to regulations, guidelines or other directions issued or
prescribed by Pension Fund Regulatory and Development Authority (PFRDA), as applicable from time to
time.
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The Company offers an additional annuity of 1% of the annuity rate to such NPS subscribers at the time of
purchasing annuity.
4.6. Option to purchase this plan as QROPS (Qualifying Recognized Overseas Pension Scheme):
This plan can be purchased as QROPS, through transfer of UK tax relieved assets subject to listing and terms
and conditions prescribed by HMRC (Her Majesty Revenue & Customs) such as:
i. Minimum entry age for annuity payment shall be 55 years (last birthday).
ii. If the Policy is cancelled during the Free Look Period, the proceeds from cancellation shall only
be transferred back to the fund house from where the money was received.
iii. Other terms and conditions of HMRC shall also apply as applicable from time to time.
4.7. Loan (Available under Option 2, 3 or 4)

You may avail loan under the Policy at any time after 6 months from the Date of Commencement of Policy.
Under a joint life Policy, the loan can be availed by the Primary Annuitant or the Secondary Annuitant in
case of death of the Primary Annuitant. We may accept Your application for loan, if:
o the loan amount does not exceed 80% of surrender value
o the loan amount plus interest till end of Deferment Period (if any) would not exceed 90% of the
Total Premiums Paid (excluding loading for Modal Premiums) assuming no further Premiums are
payable, if any.
o the effective annual interest amount payable on loan immediately (if You have chosen Option 2) or
post the end of Deferment Period (if You have chosen Option 3 or 4), does not exceed 50% of the
annual Annuity Amount payable under the Policy assuming no further Premiums are payable, if
any.
The due loan interest shall be recovered from the Annuity Amount payable under the Policy, as part of
Survival Benefit. The loan interest will accrue as per the Frequency of Annuity Payment under the Policy
and it will be due on the date of annuity. The loan outstanding shall be recovered from the claim proceeds
under the Policy. However, the Annuitant has the flexibility to repay the loan principal at any time during
the course of the Policy.
For in force and fully paid up policies, the policy will not be foreclosed if the outstanding loan amount
including interest exceeds the surrender value. However, for other than in-force and fully paid up policies,
if the outstanding loan amount including interest exceeds the surrender value, the policy will be foreclosed
after giving intimation and reasonable opportunity to the policyholder to continue the policy.
Interest rate applicable to policy loan will be equal to the prevailing SBI (State Bank of India) domestic term
deposit interest rate for tenure ‘1 year to less than 2 years’ + 2%. This formula will be reviewed annually
and only altered subject to prior approval of IRDAI. The interest rate on loans are verified & updated on our
company's systems every six months (on 1st April & 1st Oct every year) as per the given formula. The
current interest rate for Loan from 1st October 2021 is 7% p.a. (i.e. SBI interest rate of 5% + 2%)
compounding annually.
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5. PART E
Not Applicable for this Product
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6. PART F
6.1. Fraud, Misstatement or Suppression

Any fraud, mis-statement or suppression of a material fact under the Policy shall be dealt in accordance with
Section 45 of the Insurance Act, 1938 as amended from time to time. The simplified version of the provisions
of Section 45 of the Insurance Act, 1938 is enclosed in Annexure 4 for reference.
6.2. Exclusions
6.2.1. Suicide (Applicable only under Option 3 and 4 and during the Deferment Period)
In case of death due to suicide within 12 months:
 From the Date of Commencement of Risk under the Policy or from the date of revival of the Policy, as
applicable, the Nominee or beneficiary of the Policyholder shall be entitled to at least 80% of the Total
Premiums Paid till the date of death or the Surrender Value available as on the date of death, whichever
is higher, provided the Policy is in force; or
 From the date of exercising the Top-Up Option, the Nominee or beneficiary of the Policyholder shall be
entitled to 80% of the respective Top-Up Premiums paid (excluding any Extra Premium, any rider
premium and taxes). The original Death Benefit (based on the Purchase Price/Premium chosen at the
time of purchase) and any increased Death Benefit purchased by exercising the Top-Up Option
subsequently but prior to 12 months from the date of death (due to suicide) shall remain payable in full.
In case of joint life Policy, the above clause is applicable if any of the two lives commits suicide within 12
months from the Date of Commencement of Risk under the Policy or the exercising of the Top-Up Option,
as applicable.
6.3. Misstatement of Age

Declaration of the correct Age of the Annuitant is important for Our underwriting process and calculation of
Purchase Price payable under the Policy. Any misstatement of Age in the Proposal From shall be dealt with
in accordance with Section 45 of the Insurance Act, 1938.
6.4. Nomination
Nomination allowed as per provisions of Section 39 of the Insurance Act, 1938 as amended from time to
time. The simplified version of the provisions of Section 39 is enclosed in Annexure 3 for reference.
6.5. Assignment
Assignment shall be as per Section 38 of the Insurance Act, 1938 as amended from time to time. The
simplified version of the provisions of Section 38 is enclosed in ‘Annexure 2’ for reference.
6.6. Loss of Policy document

If the Policy document is lost or destroyed, then at the request of the Policyholder, the Company will issue
a duplicate Policy document duly endorsed to show that it is issued following the loss or destruction of the
original Policy document. Upon the issuance of the duplicate Policy document, the original Policy document
immediately and automatically ceases to have any validity. The Company will charge a fee of Rs. 250/-
along with the applicable tax and surcharge/cess, for the issuance of a duplicate Policy document. These
charges are subject to revision by the Company from time to time.
Page 13 of 34
6.7. Taxes
The Purchase Price/Premium under the Policy is exclusive of applicable taxes, duties, surcharge, cesses or
levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Purchase
Price/Premium. 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.
The benefits payable under the Policy shall be governed in accordance with the prevailing provisions of
Income Tax Act, 1961.
6.8. Termination of Policy:

This Policy will terminate upon the happening of any of the following events:
• On the date of payment of refund under a Freelook request.
• On the date of payment of the benefits in accordance with the provisions of this Policy (as applicable).
• In case of Option 1, 2, 3 or 4 (As applicable):
 Single life – Upon the death of the Annuitant
 Joint life – Upon later of the deaths of the two Annuitants
• On the date of payment of Surrender Benefit of this Policy.
• On the date when the loan amount with accrued interest exceeds the Surrender Value.
• On the expiry of the Revival Period, if the Lapsed Policy has not been revived.
6.9. Claims
Notice of Claim – All cases of death must be notified, within a period of 90 days, to us in writing. However,
We may condone delay on merit for delayed claims where the reason for delay is proved to be for reasons
beyond the control of the Claimant. In case of any delay on the part of the Company to process the claim
within extant regulatory timeline, We shall pay interest as may be prescribed by the IRDAI from time to
time.
Please note that all death claims will be payable to the Claimant. Filing Proof of Claim – Affirmative proof
of loss and any appropriate forms as required by us must be completed and furnished to us, at the Claimant’s
expenses, within 90 days after the date the Insured event happens, unless specified otherwise. A list of
primary claim documents listing the normally required documents is mentioned under Clause 6.9.1 of Part
F. Submission of the listed documents, forms or other proof, however, shall not be construed as an admission
of liabilities by the Company.
We reserve the right to require any additional proof and documents in support of the claim.
6.9.1. Claims requirements

Death claims requirements
For processing the claim request under this Policy, We will require the following documents:
Page 14 of 34
Type of Claim Requirement

Death a) Claim Forms
- Part I: Application Form for Death Claim (Claimant's Statement) along
with NEFT form
- Part II: Physician's Statement - to be filled by last attending physician
b) Death Certificate issued by a local government body like Municipal
Corporation
c) Medical Records (Admission Notes, Discharge/Death Summary,
Indoor Case Papers, Test Reports etc)1
d) Claimant's Photo ID with age proof & relationship with the Insured
along with Address proof of the claimant and Cancelled cheque with
name and account number printed or cancelled cheque with copy of
Bank Passbook / Bank Statement
If no nomination - Proof of legal title to the claim proceeds (e.g. legal
succession paper)
If Death due to Accident (to be a) In case of accidental death in addition to the above documents, we
submitted in addition to the above) would require the following documents -
- Postmortem report (Autopsy report) & Chemical Viscera report -
if performed;
- All Police Papers – Panchnama, Inquest, First Information Report
(FIR) and Final Investigation Report.
1
This is applicable if insured was in hospital at the time of death or any time prior to the date of death.
Please submit copies of the following documents certified / attested by the issuing authority. (Original
Seen Verified (OSV) by Branch Personnel will also be accepted) –
- All Police papers – Panchnama, Inquest, First Information Report and Final Investigation Report.
- Medical Records (Admission Notes, Discharge/Death Summary, Indoor Case Papers, Test Reports
etc).
- Postmortem report (Autopsy report) & Chemical Viscera report (certified by Police / Magistrate /
Court will also be accepted)
Copies of the other documents to be submitted by self-attestation of the claimant
Note-
In case the claim warrants any additional requirement, We reserve the right to call for the same.
Notification of claim & submission of the claim requirements does not mean admission of the claim liability
by the Company.
No agent is authorized to admit any liabilities on behalf of the Company, nor to alter this list of documents
or any claims requirements called for by the Company.
6.9.2. Claims Intimation Process

Mentioned below is a list of various mediums through which Claimant can contact us.
a) Online at www.tataaia.com
b) Email - Customercare@tataaia.com
c) Call our helpline number 1-860-266-9966 (local charges apply)
d) Walk into any of the Company branch office
e) Write directly to us on following address:
Tata AIA Life Insurance Company Limited
B - Wing, 9th Floor, I-Think Techno Campus,
Page 15 of 34
Behind TCS, Pokhran Road No.2,

Close to Eastern Express Highway,
Thane (West) – 400 607, Maharashtra.
6.10. Governing Law and Jurisdiction

The Policy will be governed by and enforced in accordance with the laws of India. The competent courts in
India will have exclusive jurisdiction in all matters and causes arising out of the Policy.
Page 16 of 34
PART G
CONSUMER INFORMATION
POLICYHOLDER'S SERVICING
With regards to any query or issue related to the Policy, the Policyholder can contact the Company through
the following service avenues:
- Contact your Tata AIA Life Agent / Distributor
- Call our helpline number 1-860-266-9966 (local charges apply)
- E-mail us at customercare@tataaia.com
- Visit the nearest Tata AIA Life branch or CAMS Service Center
- Log on to Online Customer Portal by visiting www.tataaia.com
- Write to us on the following address:
B- Wing, 9th Floor, I-Think Techno Campus,
GRIEVANCE REDRESSAL PROCEDURE

1) Resolution of Grievances
Customers can register their grievances through Multiple Service Avenues:
- Call our helpline number 1-860-266-9966 (local charges apply)
- Email us at life.complaints@tataaia.com
- Login to online Policy account on www.tataaia.com
- Visit any of the nearest Tata AIA Life branches or CAMS Service Centers
- Contact your Tata AIA Life Agent / Distributor
- Write to us on the following address:
Grievance Redressal Department
B- Wing, 9th Floor, I-Think Techno Campus,
 We shall acknowledge a customer's grievance within 3 (three) business days by providing the
customer with the name of the Grievance Redressal Executive who is responsible to handle the
grievance.
 We shall provide the customer with an equitable resolution within 2 (two) weeks of receipt of
the grievance.
 In case customer wishes to contact us during the course of the assessment, they can contact us
at any of the above-mentioned touch points.
 All Tata AIA Life branches have a Grievance Redressal Officer who can be contacted for any
support during the grievance redressal process.
Page 17 of 34
2) Escalation Mechanism
In case customers are not satisfied with the decision of the above offices, or has not received any response
within the stipulated timelines, they may contact the following officials for resolution:
- 1st level of Escalation: Head - Customer Service
- 2nd level of Escalation: Grievance Redressal Officer (GRO)
For escalations, customers can email to head.customerservice@tataaia.com or write to –

Tata AIA Life Insurance Company Limited,
B-Wing, 9th Floor, I-Think Techno Campus,
Thane (West) – 400 607, Maharashtra
We request our customers to follow the escalation mechanism in case of non-receipt of response or
unsatisfactory response from the concerned persons mentioned above.
If You are not satisfied with the response or do not receive a response from us within 15 (fifteen) days, You
may approach the Grievance Cell of the Insurance Regulatory and Development Authority of India (IRDAI)
on the following contact details:
IRDAI Grievance Call Centre (IGCC) TOLL FREE NO: 155255 or 18004254732 (Toll free).
Email ID: complaints@irdai.gov.in
You can also register Your complaint online at http://www.igms.irda.gov.in /

Address for communication for complaints by fax/paper:
Consumer Affairs Department - Grievance Redressal Cell.
Insurance Regulatory and Development Authority of India
Sy.No.115/1, Financial District, Nanakramguda,
Gachibowli, Hyderabad – 500 032.
 Insurance Ombudsman:
Where the redressal provided by the Company is not satisfactory despite the escalation above, the customer
may represent the case to the Ombudsman for Redressal of the grievance, if it pertains to the following:
a) Delay in settlement of claim
b) Partial or total rejection of claim
c) Dispute with regard to premium
d) Misrepresentation of Policy terms and conditions
e) Legal construction of the Policy in so far as dispute relates to claim
f) Grievance relating to Policy servicing
g) Issuance of Policy which is not in conformity with proposal form
h) Non- issuance of Your insurance document and
i) Any other matter resulting from the violation of provisions of the Insurance Act, 1938 or the
regulations, circulars, guidelines or instructions issued by the IRDAI from time to time or the
Page 18 of 34
terms and conditions of the Policy contract, in so far as they relate to issues mentioned
hereinabove.
Please refer to our website www.tataaia.com for further details in this regard.
The list of Ombudsman address is attached as Annexure 1

The complaint should be made in writing duly signed by the complainant or through his legal heirs, nominee
or assignee, and shall state clearly the name and address of the complainant, the name of the branch or office
of the Company against whom the complaint is made, the facts giving rise to the complaint, supported by
documents, the nature and extent of the loss caused to the complainant and the relief sought from the
Insurance Ombudsman. As per provision 14(3) of the Insurance Ombudsman Rules, 2017, the complaint to
the Ombudsman can be made, within a period of one year provided it is not simultaneously under any
litigation:
 Only if the grievance has been rejected by the Grievance Redressal Machinery of the Company;
or
 the complainant had not received any reply within a period of one month after the Company
received his representation; or
 the complainant is not satisfied with the reply given to him by the Company.
Page 19 of 34
Page 20 of 34
Annexure 1
NAMES OF OMBUDSMAN AND ADDRESSES OF OMBUDSMAN CENTRES
Office of the Jurisdiction of Office
Details
Ombudsman Union Territory,District)
AHMEDABAD Office of the Insurance Ombudsman,
Jeevan Prakash Building, 6th floor,
Gujarat,
Tilak Marg, Relief Road,
Dadra & Nagar Haveli,
Ahmedabad – 380 001.
Daman and Diu.
Tel.: 079 - 25501201/02/05/06
Email: bimalokpal.ahmedabad@cioins.co.in
BENGALURU Office of the Insurance Ombudsman,
Jeevan Soudha Building,PID No. 57-27-N-19
Ground Floor, 19/19, 24th Main Road,
JP Nagar, Ist Phase, Karnataka.
Bengaluru – 560 078.
Tel.: 080 - 26652048 / 26652049
Email: bimalokpal.bengaluru@cioins.co.in
BHOPAL Office of the Insurance Ombudsman,
Janak Vihar Complex, 2nd Floor,
6, Malviya Nagar, Opp. Airtel Office,
Near New Market, Madhya Pradesh
Bhopal – 462 003. Chattisgarh.
Tel.: 0755 - 2769201 / 2769202
Fax: 0755 - 2769203
Email: bimalokpal.bhopal@cioins.co.in
BHUBANESHWAR Office of the Insurance Ombudsman,
62, Forest park,
Bhubneshwar – 751 009.
Orissa.
Tel.: 0674 - 2596461 /2596455
Fax: 0674 - 2596429
Email: bimalokpal.bhubaneswar@cioins.co.in
CHANDIGARH Office of the Insurance Ombudsman,
S.C.O. No. 101, 102 & 103, 2nd Floor, Punjab,
Batra Building, Sector 17 – D, Haryana,
Chandigarh – 160 017. Himachal Pradesh,
Tel.: 0172 - 2706196 / 2706468 Jammu & Kashmir,
Fax: 0172 - 2708274 Chandigarh.
Email: bimalokpal.chandigarh@cioins.co.in
CHENNAI Office of the Insurance Ombudsman,
Fatima Akhtar Court, 4th Floor, 453,
Tamil Nadu,
Anna Salai, Teynampet,
Pondicherry Town and
CHENNAI – 600 018.
Karaikal (which are part of
Tel.: 044 - 24333668 / 24335284
Pondicherry).
Fax: 044 - 24333664
Email: bimalokpal.chennai@cioins.co.in
DELHI Office of the Insurance Ombudsman,
2/2 A, Universal Insurance Building,
Asaf Ali Road,
Delhi.
New Delhi – 110 002.
Tel.: 011 - 23232481/23213504
Email: bimalokpal.delhi@cioins.co.in
GUWAHATI Office of the Insurance Ombudsman, Assam,
Jeevan Nivesh, 5th Floor, Meghalaya,
Nr. Panbazar over bridge, S.S. Road, Manipur,
Page 21 of 34

Details
Guwahati – 781001(ASSAM). Mizoram,
Tel.: 0361 - 2132204 / 2132205 Arunachal Pradesh,
Fax: 0361 - 2732937 Nagaland and Tripura.
Email: bimalokpal.guwahati@cioins.co.in
HYDERABAD Office of the Insurance Ombudsman,
6-2-46, 1st floor, "Moin Court",
Lane Opp. Saleem Function Palace, Andhra Pradesh,
A. C. Guards, Lakdi-Ka-Pool, Telangana,
Hyderabad - 500 004. Yanam and
Tel.: 040 - 67504123 / 23312122 part of Territory of Pondicherry.
Fax: 040 - 23376599
Email: bimalokpal.hyderabad@cioins.co.in
JAIPUR
Office of the Insurance Ombudsman,
Jeevan Nidhi – II Bldg., Gr. Floor,
Bhawani Singh Marg,
Jaipur - 302 005. Rajasthan.
Tel.: 0141 - 2740363
Email: Bimalokpal.jaipur@cioins.co.in
ERNAKULAM Office of the Insurance Ombudsman,

2nd Floor, Pulinat Bldg.,
Opp. Cochin Shipyard, M. G. Road, Kerala,
Ernakulam - 682 015. Lakshadweep,
Tel.: 0484 - 2358759 / 2359338 Mahe-a part of Pondicherry.
Fax: 0484 - 2359336
Email: bimalokpal.ernakulam@cioins.co.in
KOLKATA Office of the Insurance Ombudsman,
Hindustan Bldg. Annexe, 4th Floor,
4, C.R. Avenue, West Bengal,
KOLKATA - 700 072. Sikkim,
Tel.: 033 - 22124339 / 22124340 Andaman & Nicobar Islands.
Fax : 033 - 22124341
Email: bimalokpal.kolkata@cioins.co.in
LUCKNOW Districts of Uttar Pradesh :
Laitpur, Jhansi, Mahoba, Hamirpur,
Banda, Chitrakoot, Allahabad,
Mirzapur, Sonbhabdra, Fatehpur,
Office of the Insurance Ombudsman, Pratapgarh, Jaunpur,Varanasi,
6th Floor, Jeevan Bhawan, Phase-II, Gazipur, Jalaun, Kanpur, Lucknow,
Nawal Kishore Road, Hazratganj, Unnao, Sitapur, Lakhimpur, Bahraich,
Lucknow - 226 001. Barabanki, Raebareli, Sravasti, Gonda,
Tel.: 0522 - 2231330 / 2231331 Faizabad, Amethi, Kaushambi,
Fax: 0522 - 2231310 Balrampur, Basti, Ambedkarnagar,
Email: bimalokpal.lucknow@cioins.co.in Sultanpur, Maharajgang,
Santkabirnagar, Azamgarh,
Kushinagar, Gorkhpur, Deoria, Mau,
Ghazipur, Chandauli, Ballia,
Sidharathnagar.
Page 22 of 34

Details
MUMBAI Office of the Insurance Ombudsman,
3rd Floor, Jeevan Seva Annexe,
S. V. Road, Santacruz (W), Goa,
Mumbai - 400 054. Mumbai Metropolitan Region
Tel.: 022 - 26106552 / 26106960 excluding Navi Mumbai & Thane.
Fax: 022 - 26106052
Email: bimalokpal.mumbai@cioins.co.in
NOIDA State of Uttaranchal and the following
Districts of Uttar Pradesh:
Office of the Insurance Ombudsman, Agra, Aligarh, Bagpat, Bareilly,
Bhagwan Sahai Palace Bijnor, Budaun, Bulandshehar, Etah,
4th Floor, Main Road, Kanooj, Mainpuri, Mathura, Meerut,
Naya Bans, Sector 15, Moradabad, Muzaffarnagar, Oraiyya,
Distt: Gautam Buddh Nagar, Pilibhit, Etawah, Farrukhabad,
U.P-201301. Firozbad, Gautambodhanagar,
Tel.: 0120-2514250 / 2514252 / 2514253 Ghaziabad, Hardoi, Shahjahanpur,
Email: bimalokpal.noida@cioins.co.in Hapur, Shamli, Rampur, Kashganj,
Sambhal, Amroha, Hathras,
Kanshiramnagar, Saharanpur.
PATNA Office of the Insurance Ombudsman,
1st Floor,Kalpana Arcade Building,,
Bazar Samiti Road,
Bihar,
Bahadurpur,
Jharkhand.
Patna 800 006.
Tel.: 0612-2680952
Email: bimalokpal.patna@cioins.co.in
PUNE Office of the Insurance Ombudsman,
Jeevan Darshan Bldg., 3rd Floor,
Maharashtra,
C.T.S. No.s. 195 to 198,
Area of Navi Mumbai and Thane
N.C. Kelkar Road, Narayan Peth,
excluding Mumbai Metropolitan
Pune – 411 030.
Region.
Tel.: 020-41312555
Email: bimalokpal.pune@cioins.co.in
For further information or latest updated list of Ombudsman Office addresses, kindly visit the IRDAI website
http://www.Policyholder.gov.in/ - Ombudsman / List of Insurance Ombudsmen OR our website
www.tataaia.com
Page 23 of 34
Annexure 2
A. Section 38 - Assignment and Transfer of Insurance Policies
Assignment or transfer of a Policy should be in accordance with Section 38 of the Insurance Act, 1938 as
amended by Insurance Laws (Amendment) Act, 2015.The extant provisions in this regard are as follows:
01. This Policy may be transferred/assigned, wholly or in part, with or without consideration.
02. An Assignment may be effected in a Policy by an endorsement upon the Policy itself or by a separate
instrument under notice to the Company.
03. The instrument of assignment should indicate the fact of transfer or assignment and the reasons for the
assignment or transfer, antecedents of the assignee and terms on which assignment is made.
04. The assignment must be signed by the transferor or assignor or duly authorized agent and attested by at
least one witness.
05. The transfer of assignment shall not be operative as against an Company until a notice in writing of the
transfer or assignment and either the said endorsement or instrument itself or copy there of certified to be
correct by both transferor and transferee or their duly authorised agents have been delivered to the Company.
06. Fee to be paid for assignment or transfer can be specified by the Authority through Regulations.
07. On receipt of notice with fee, the Company should Grant a written acknowledgement of receipt of notice.
Such notice shall be conclusive evidence against the Company of duly receiving the notice.
08. If the Company maintains one or more places of business, such notices shall be delivered only at the
place where the Policy is being serviced.
09. The Company may accept or decline to act upon any transfer or assignment or endorsement, if it has
sufficient reasons to believe that it is
1. not bonafide or
2. not in the interest of the Policyholder or
3. not in public interest or
4. is for the purpose of trading of the Insurance Policy.
10. Before refusing to act upon endorsement, the Company should record the reasons in writing and
communicate the same in writing to Policyholder within 30 days from the date of Policyholder giving a
notice of transfer or assignment.
11. In case of refusal to act upon the endorsement by the Company, any person aggrieved by the refusal may
prefer a claim to IRDAI within 30 days of receipt of the refusal letter from the Company.
12. The priority of claims of persons interested in an Insurance Policy would depend on the date on which
the notices of assignment or transfer is delivered to the Company; where there are more than one instruments
of transfer or assignment, the priority will depend on dates of delivery of such notices. Any dispute in this
regard as to priority should be referred to Authority.
Page 24 of 34
13. Every assignment or transfer shall be deemed to be absolute assignment or transfer and the assignee or
transferee shall be deemed to be absolute assignee or transferee, except
1. where assignment or transfer is subject to terms and conditions of transfer or assignment OR
2. where the transfer or assignment is made upon condition that
1. the proceeds under the Policy shall become payable to Policyholder or nominee(s) in the event
of assignee or transferee dying before the Annuitant OR
2. the Annuitant surviving the term of the Policy
3. Such conditional assignee will not be entitled to obtain a loan on Policy or surrender the Policy.
This provision will prevail notwithstanding any law or custom having force of law which is
contrary to the above position.
14. In other cases, the Company shall, subject to terms and conditions of assignment, recognize the transferee
or assignee named in the notice as the absolute transferee or assignee and such person
1. shall be subject to all liabilities and equities to which the transferor or assignor was subject to at the date
of transfer or assignment and
2. may institute any proceedings in relation to the Policy
3. obtain loan under the Policy or surrender the Policy without obtaining the consent of the transferor or
assignor or making him a party to the proceedings
15. Any rights and remedies of an assignee or transferee of a life Insurance Policy under an assignment or
transfer effected before commencement of the Insurance Laws (Amendment) Act, 2015 shall not be affected
by this section.
[Disclaimer: This is not a comprehensive list of amendments of Insurance Laws (Amendment) Act, 2015
and only a simplified version prepared for general information. Policyholders are advised to refer to
Insurance Laws (Amendment) Act, 2015 for complete and accurate details. ]
Page 25 of 34
Annexure 3
B. Section 39 - Nomination by Policyholder
Nomination of a life Insurance Policy is as below in accordance with Section 39 of the Insurance Act, 1938
as amended by Insurance Laws (Amendment) Act, 2015. The extant provisions in this regard are as follows:
01. The Policyholder of a life Insurance on his own life may nominate a person or persons to whom money
secured by the Policy shall be paid in the event of his death.
02. Where the nominee is a minor, the Policyholder may appoint any person to receive the money secured
by the Policy in the event of Policyholder’s death during the minority of the nominee. The manner of
appointment to be laid down by the Company.
03. Nomination can be made at any time before the maturity of the Policy.
04. Nomination may be incorporated in the text of the Policy itself or may be endorsed on the Policy
communicated to the Company and can be registered by the Company in the records relating to the Policy.
05. Nomination can be cancelled or changed at any time before Policy matures, by an endorsement or a
further endorsement or a will as the case may be.
06. A notice in writing of Change or Cancellation of nomination must be delivered to the Company for the
Company to be liable to such nominee. Otherwise, Company will not be liable if a bonafide payment is made
to the person named in the text of the Policy or in the registered records of the Company.
07. Fee to be paid to the Company for registering change or cancellation of a nomination can be specified
by the Authority through Regulations.
08. On receipt of notice with fee, the Company should grant a written acknowledgement to the Policyholder
of having registered a nomination or cancellation or change thereof.
09. A transfer or assignment made in accordance with Section 38 shall automatically cancel the nomination
except in case of assignment to the Company or other transferee or assignee for purpose of loan or against
security or its reassignment after repayment. In such case, the nomination will not get cancelled to the extent
of Company’s or transferee’s or assignee’s interest in the Policy. The nomination will get revived on
repayment of the loan.
10. The right of any creditor to be paid out of the proceeds of any Policy of life Insurance shall not be affected
by the nomination.
11. In case of nomination by Policyholder whose life is insured, if the nominees die before the Policyholder,
the proceeds are payable to Policyholder or his heirs or legal representatives or holder of succession
certificate.
12. In case nominee(s) survive the person whose life is insured, the amount secured by the Policy shall be
paid to such survivor(s).
13. Where the Policyholder whose life is Annuitant nominates his
Page 26 of 34
1. parents or
2. spouse or
3. children or
4. spouse and children
5. or any of them
6. the nominees are beneficially entitled to the amount payable by the Company to the Policyholder unless
it is proved that Policyholder could not have conferred such beneficial title on the nominee having
regard to the nature of his title.
14. If nominee(s) die after the Policyholder but before his share of the amount secured under the Policy is
paid, the share of the expired nominee(s) shall be payable to the heirs or legal representative of the nominee
or holder of succession certificate of such nominee(s).
15. The provisions of sub-section 7 and 8 (13 and 14 above) shall apply to all life Insurance policies maturing
for payment after the commencement of Insurance Laws (Amendment) Act, 2015.
16. If Policyholder dies after maturity but the proceeds and benefit of the Policy has not been paid to him
because of his death, his nominee(s) shall be entitled to the proceeds and benefit of the Policy.
17. The provisions of Section 39 are not applicable to any life Insurance Policy to which Section 6 of Married
Women’s Property Act, 1874 applies or has at any time applied except where before or after Insurance Laws
(Amendment) Act, 2015., a nomination is made in favour of spouse or children or spouse and children
whether or not on the face of the Policy it is mentioned that it is made under Section 39. Where nomination
is intended to be made to spouse or children or spouse and children under Section 6 of MWP Act, it should
be specifically mentioned on the Policy. In such a case only, the provisions of Section 39 will not apply.
[Disclaimer: This is not a comprehensive list of amendments of Insurance Laws (Amendment) Act, 2015
Insurance Laws (Amendment) Act, 2015 for complete and accurate details. ]
Page 27 of 34
Annexure 4
C. Section 45 – Policy shall not be called in question on the ground of mis-statement after three years
Provisions regarding Policy not being called into question in terms of Section 45 of the Insurance Act, 1938,
as amended by Insurance Laws (Amendment) Act, 2015 are as follows:
01. No Policy of Life Insurance shall be called in question on any ground whatsoever after expiry of 3 yrs
from
1. the date of issuance of Policy or
2. the date of commencement of risk or
3. the date of revival of Policy or
4. the date of rider to the Policy
whichever is later.
02. On the ground of fraud, a Policy of Life Insurance may be called in question within 3 years from
1. the date of issuance of Policy or
2. the date of commencement of risk or
3. the date of revival of Policy or
4. the date of rider to the Policy
whichever is later.
For this, the Company should communicate in writing to the Annuitant or legal representative or nominee
or assignees of insured, as applicable, mentioning the ground and materials on which such decision is based.
03. Fraud means any of the following acts committed by Annuitant or by his agent, with the intent to deceive
the Company or to induce the Company to issue a life Insurance Policy:
1. The suggestion, as a fact of that which is not true and which the Annuitant does not believe to be true;
2. The active concealment of a fact by the Annuitant having knowledge or belief of the fact;
3. Any other act fitted to deceive; and
4. Any such act or omission as the law specifically declares to be fraudulent.
04. Mere silence is not fraud unless, depending on circumstances of the case, it is the duty of the Annuitant
or his agent keeping silence to speak or silence is in itself equivalent to speak.
05. No Company shall repudiate a life Insurance Policy on the ground of Fraud, if the Annuitant/ beneficiary
can prove that the misstatement was true to the best of his knowledge and there was no deliberate intention
to suppress the fact or that such mis-statement of or suppression of material fact are within the knowledge
of the Company. Onus of disproving is upon the Policyholder, if alive, or beneficiaries.
06. Life Insurance Policy can be called in question within 3 years on the ground that any statement of or
suppression of a fact material to expectancy of life of the Annuitant was incorrectly made in the proposal or
other document basis which Policy was issued or revived or rider issued. For this, the Company should
communicate in writing to the Annuitant or legal representative or nominee or assignees of insured, as
applicable, mentioning the ground and materials on which decision to repudiate the Policy of life Insurance
is based.
07. In case repudiation is on ground of mis-statement and not on fraud, the premium collected on Policy till
the date of repudiation shall be paid to the Annuitant or legal representative or nominee or assignees of
insured, within a period of 90 days from the date of repudiation.
Page 28 of 34
08. Fact shall not be considered material unless it has a direct bearing on the risk undertaken by the Company.
The onus is on Company to show that if the Company had been aware of the said fact, no life Insurance
Policy would have been issued to the insured.
09. The Company can call for proof of age at any time if he is entitled to do so and no Policy shall be deemed
to be called in question merely because the terms of the Policy are adjusted on subsequent proof of age of
Life Insured. So, this Section will not be applicable for questioning age or adjustment based on proof of age
submitted subsequently.
[Disclaimer: This is not a comprehensive list of amendments of Insurance Laws (Amendment) Act, 2015.
Insurance Laws (Amendment) Act, 2015 for complete and accurate details.]
Page 29 of 34
Annexure – 5
The GSV Factors
GSV Factors – Limited Pay / Regular Pay

Year \
Deferment 5 6 7 8 9 10 11 12 13 14 15 16 17
Period
1 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
2 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30%
3 35% 35% 35% 35% 35% 35% 35% 35% 35% 35% 35% 35% 35%
4 90% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
5 90% 90% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
6 90% 90% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
7 90% 90% 50% 50% 50% 50% 50% 50% 50% 50% 50%
8 90% 90% 70% 63% 60% 58% 57% 56% 55% 54%
9 90% 90% 77% 70% 66% 63% 61% 60% 59%
10 90% 90% 80% 74% 70% 67% 65% 63%
11 90% 90% 82% 77% 73% 70% 68%
12 90% 90% 83% 79% 75% 72%
13 90% 90% 84% 80% 77%
14 90% 90% 85% 81%
15 90% 90% 86%
16 90% 90%
17 90%
GSV Factors – Single Pay

Year \
Deferment 1 2 3 4 5 6 7 8 9 10
Period
1 90% 90% 75% 75% 75% 75% 75% 75% 75% 75%
2 90% 90% 75% 75% 75% 75% 75% 75% 75%
3 90% 90% 75% 75% 75% 75% 75% 75%
4 90% 90% 90% 90% 90% 90% 90%
5 90% 90% 90% 90% 90% 90%
6 90% 90% 90% 90% 90%
7 90% 90% 90% 90%
8 90% 90% 90%
9 90% 90%
10 90%
Page 30 of 34
Annexure – 6
The SSV Factors
F1 Factors - Options 3
Year (n) F1 Factor Year (n) F1 Factor
0* 100% 8 51%
1 92% 9 47%
2 84% 10 43%
3 78% 11 39%
4 71% 12 36%
5 66% 13 33%
6 60% 14 31%
7 55% 15 28%
*for interpolation only
F2, F3 Factors - Options 3
Age (x) F2 Factor F3 Factor Age (x) F2 Factor F3 Factor Age (x) F2 Factor F3 Factor
30 1220.00% 1.14% 61 1134.54% 8.15% 91 724.29% 42.25%

31 1219.12% 1.21% 62 1128.09% 8.68% 92 703.57% 44.00%
32 1218.18% 1.29% 63 1121.25% 9.25% 93 682.73% 45.76%
33 1217.18% 1.37% 64 1114.00% 9.84% 94 661.85% 47.52%
34 1216.11% 1.46% 65 1106.33% 10.48% 95 641.00% 49.29%
35 1214.97% 1.55% 66 1098.21% 11.14% 96 620.26% 51.05%
36 1213.75% 1.65% 67 1089.64% 11.85% 97 599.69% 52.80%
37 1212.45% 1.76% 68 1080.59% 12.60% 98 579.37% 54.53%
38 1211.06% 1.87% 69 1071.04% 13.38% 99 559.35% 56.25%
39 1209.58% 1.99% 70 1060.98% 14.21% 100 539.69% 57.93%
40 1207.99% 2.12% 71 1050.39% 15.09% 101 520.38% 59.60%
41 1206.29% 2.26% 72 1039.27% 16.01% 102 501.40% 61.23%
42 1204.48% 2.41% 73 1027.59% 16.97% 103 482.69% 62.85%
43 1202.54% 2.57% 74 1015.34% 17.99% 104 464.11% 64.46%
44 1200.47% 2.74% 75 1002.52% 19.05% 105 445.51% 66.08%
45 1198.26% 2.92% 76 989.12% 20.16% 106 426.64% 67.72%
46 1195.90% 3.11% 77 975.13% 21.31% 107 407.13% 69.43%
47 1193.38% 3.32% 78 960.56% 22.52% 108 386.49% 71.23%
48 1190.69% 3.54% 79 945.41% 23.78% 109 364.05% 73.19%
49 1187.82% 3.78% 80 929.68% 25.09% 110 338.85% 75.38%
50 1184.76% 4.03% 81 913.38% 26.44% 111 309.55% 77.94%
51 1181.49% 4.30% 82 896.53% 27.84% 112 274.29% 81.00%
52 1178.00% 4.58% 83 879.15% 29.29% 113 230.43% 84.80%
Page 31 of 34
53 1174.28% 4.89% 84 861.25% 30.78% 114 174.15% 89.66%

54 1170.33% 5.21% 85 842.87% 32.32% 115 100.00% 96.04%
55 1166.11% 5.56% 86 824.03% 33.89% 116 0.00% 100.00%
56 1161.62% 5.93% 87 804.77% 35.50%
57 1156.84% 6.32% 88 785.13% 37.15%
58 1151.76% 6.74% 89 765.14% 38.82%
59 1146.36% 7.18% 90 744.84% 40.53%
60 1140.63% 7.65%
F1 Factors - Option 4, Premium Payment Terms 5 to 9

0* 100% 8 50%
1 92% 9 46%
2 84% 10 42%
3 77% 11 39%
4 71% 12 36%
5 65% 13 33%
6 60% 14 30%
7 55% 15 27%
F2, F3 Factors - Option 4, Premium Payment Terms 5 to 9
30 1198.31% 1.08% 61 1117.22% 7.86% 91 718.14% 41.67%

31 1197.49% 1.15% 62 1111.03% 8.38% 92 697.79% 43.42%
32 1196.61% 1.22% 63 1104.47% 8.93% 93 677.31% 45.18%
33 1195.68% 1.30% 64 1097.51% 9.52% 94 656.78% 46.95%
34 1194.68% 1.38% 65 1090.14% 10.13% 95 636.27% 48.72%
35 1193.61% 1.47% 66 1082.33% 10.79% 96 615.85% 50.48%
36 1192.47% 1.57% 67 1074.07% 11.48% 97 595.59% 52.24%
37 1191.25% 1.67% 68 1065.35% 12.22% 98 575.56% 53.98%
38 1189.95% 1.78% 69 1056.14% 12.99% 99 555.83% 55.71%
39 1188.55% 1.89% 70 1046.43% 13.81% 100 536.43% 57.40%
40 1187.06% 2.02% 71 1036.20% 14.67% 101 517.39% 59.07%
41 1185.46% 2.15% 72 1025.44% 15.57% 102 498.66% 60.72%
42 1183.76% 2.29% 73 1014.14% 16.52% 103 480.18% 62.35%
43 1181.93% 2.45% 74 1002.27% 17.52% 104 461.83% 63.97%
44 1179.98% 2.61% 75 989.85% 18.57% 105 443.46% 65.60%
45 1177.89% 2.78% 76 976.84% 19.67% 106 424.80% 67.26%
46 1175.67% 2.97% 77 963.26% 20.82% 107 405.51% 68.97%
Page 32 of 34
47 1173.28% 3.17% 78 949.10% 22.01% 108 385.09% 70.79%

48 1170.74% 3.38% 79 934.36% 23.26% 109 362.86% 72.77%
49 1168.02% 3.61% 80 919.04% 24.56% 110 337.88% 74.99%
50 1165.11% 3.85% 81 903.16% 25.90% 111 308.81% 77.57%
51 1162.01% 4.11% 82 886.73% 27.29% 112 273.77% 80.68%
52 1158.70% 4.39% 83 869.77% 28.73% 113 230.12% 84.53%
53 1155.16% 4.68% 84 852.29% 30.22% 114 174.03% 89.47%
54 1151.40% 5.00% 85 834.32% 31.75% 115 100.00% 95.97%
55 1147.38% 5.34% 86 815.90% 33.32% 116 0.00% 100.00%
56 1143.10% 5.69% 87 797.05% 34.92%
57 1138.54% 6.08% 88 777.81% 36.56%
58 1133.69% 6.48% 89 758.22% 38.24%
59 1128.53% 6.91% 90 738.31% 39.94%
60 1123.05% 7.37%
F1 Factors - Option 2 & Option 4 - Single Pay, Premium Payment Terms 10 to 12
0* 100% 8 49%
1 92% 9 45%
2 84% 10 41%
3 77% 11 38%
4 70% 12 35%
5 64% 13 32%
6 59% 14 29%
7 54% 15 27%
F2, F3 Factors - Options 1, 2 & Option 4 -Single Pay, Premium Payment Terms 10 to 12
30 1175.15% 1.02% 61 1098.58% 7.56% 91 711.43% 41.04%

31 1174.39% 1.08% 62 1092.67% 8.06% 92 691.48% 42.78%
32 1173.57% 1.15% 63 1086.40% 8.60% 93 671.39% 44.55%
33 1172.70% 1.22% 64 1079.74% 9.17% 94 651.24% 46.32%
34 1171.78% 1.30% 65 1072.69% 9.77% 95 631.09% 48.10%
35 1170.78% 1.39% 66 1065.21% 10.41% 96 611.02% 49.87%
36 1169.72% 1.48% 67 1057.29% 11.09% 97 591.10% 51.63%
37 1168.58% 1.58% 68 1048.91% 11.81% 98 571.40% 53.38%
38 1167.36% 1.68% 69 1040.06% 12.57% 99 551.97% 55.11%
39 1166.06% 1.79% 70 1030.72% 13.37% 100 532.87% 56.82%
Page 33 of 34
40 1164.67% 1.91% 71 1020.87% 14.22% 101 514.11% 58.50%

41 1163.18% 2.04% 72 1010.50% 15.11% 102 495.65% 60.16%
42 1161.58% 2.17% 73 999.60% 16.05% 103 477.42% 61.80%
43 1159.87% 2.32% 74 988.14% 17.03% 104 459.33% 63.43%
44 1158.04% 2.47% 75 976.13% 18.06% 105 441.19% 65.07%
45 1156.08% 2.64% 76 963.55% 19.15% 106 422.77% 66.74%
46 1153.98% 2.82% 77 950.39% 20.28% 107 403.72% 68.47%
47 1151.74% 3.01% 78 936.67% 21.47% 108 383.54% 70.31%
48 1149.35% 3.22% 79 922.37% 22.70% 109 361.55% 72.31%
49 1146.78% 3.44% 80 907.50% 23.99% 110 336.81% 74.55%
50 1144.04% 3.67% 81 892.07% 25.32% 111 307.99% 77.17%
51 1141.11% 3.92% 82 876.09% 26.70% 112 273.20% 80.32%
52 1137.99% 4.19% 83 859.57% 28.13% 113 229.78% 84.24%
53 1134.64% 4.47% 84 842.55% 29.61% 114 173.90% 89.26%
54 1131.08% 4.78% 85 825.03% 31.13% 115 100.00% 95.88%
55 1127.27% 5.10% 86 807.05% 32.69% 116 0.00% 100.00%
56 1123.21% 5.45% 87 788.64% 34.30%
57 1118.88% 5.82% 88 769.84% 35.93%
58 1114.27% 6.21% 89 750.67% 37.61%
59 1109.36% 6.63% 90 731.19% 39.31%
60 1104.13% 7.08%
Page 34 of 34

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Tata AIA Life Insurance Fortune Guarantee Pension (UIN:110N161V02)

Non-linked, Non-participating Annuity Plan (Individual)

Tata AIA Life Insurance Fortune Guarantee Pension

2.1. Basic definitions

information received by Us including medical examination report of the Annuitant;

3.1.1. Option 1: Immediate Life Annuity

(ii) Joint Life –

3.1.2. Option 2: Immediate Life Annuity with Return of Purchase Price

(ii) Joint Life –

B. Death Benefit (Return of Purchase Price)

(ii) Joint Life –

(ii) Joint Life –

B. Death Benefit (Return of Purchase Price)

No maturity benefit shall be payable under this option.

(ii) Joint Life –

B. Death Benefit (Return of Purchase Price)

No maturity benefit shall be payable under this option.

3.2. Payment of Benefits –

3.3. Payment of Premium

3.4. Change of frequency of Premium payment

The loading on Premium shall be applicable as below:

3.5. Default in Premium Payment

3.6. Grace period

3.7. Top-up Annuity

3.8. Change in address of Annuitant(s) or Nominee(s)

4.1. Free look period

However, the following exceptions apply:

4.2. Non-forfeiture provisions

4.2.1.1. Surrender Value:

Special Surrender Value =

II. Option 3 or 4 (As chosen by the Policyholder)

Guaranteed Surrender Value:

Special Surrender Value:

Post Deferment Period

Special Surrender Value =

4.2.1.2. Payment of Surrender Benefit Post Deferment Period

4.2.2. Lapsation of Policy

4.3. Reduced Paid-up:

In case of Reduced Paid-up Policy, the benefit shall be payable as under:

4.5. Utilization of Return of Purchase option for NPS subscribers

4.7. Loan (Available under Option 2, 3 or 4)

Not Applicable for this Product

6.1. Fraud, Misstatement or Suppression

6.3. Misstatement of Age

6.6. Loss of Policy document

6.8. Termination of Policy:

6.9.1. Claims requirements

Type of Claim Requirement

6.9.2. Claims Intimation Process

Behind TCS, Pokhran Road No.2,

6.10. Governing Law and Jurisdiction

GRIEVANCE REDRESSAL PROCEDURE

For escalations, customers can email to head.customerservice@tataaia.com or write to –

You can also register Your complaint online at http://www.igms.irda.gov.in /

The list of Ombudsman address is attached as Annexure 1

NAMES OF OMBUDSMAN AND ADDRESSES OF OMBUDSMAN CENTRES

ERNAKULAM Office of the Insurance Ombudsman,

NAMES OF OMBUDSMAN AND ADDRESSES OF OMBUDSMAN CENTRES