Fortune Elite Plans-fortune-elite-plan

Fortune Elite Plan is a Unit Linked Insurance plan where premiums paid net of allocation charges is invested in unit account which participated in market growth to yield high returns. The plan also provides life insurance coverage for protection needs Key Features It is a unit linked plan with Limited Pay option of premium payment Guaranteed Additions are added from the 10th policy year There are 3 investment options of Return Optimiser Option, Systematic Transfer Option and Self-Managed Option Under the Return Optimiser Option, premiums net of charges is first allocated to Maximizer Fund where it grows. When the Fund Value crosses 110% of the original premium, the excess is transferred to the Income Advantage Fund to protect the return against volatility. Thus, all subsequent excesses are safeguarded in the Income Advantage Fund Under the Systematic Transfer Option, the premium net of charges is first allocated to Liquid Plus Fund and thereafter 1/12th of the fund is transferred monthly to a fund of the policyholders choice The following funds are available for investment under the Self- Managed Option Liquid Plus Income Advantage Assure Protector Builder Enhancer Creator Magnifier Maximizer Multiplier Super 20 Pure Equity Value & Momentum Benefits Guaranteed Additions are added from the 10th policy year and every 5 years thereafter @ 2% of aggregate premiums paid in the last 5 years From the 11th year and every year thereafter, Guaranteed Additions are also added @ 0.35% of the average fund value over the last 12 months The insured will get the total Fund Value on Maturity which also includes top-up Fund Value and Guaranteed Additions On death of the policyholder, higher of the Sum Assured including top-up Sum Assured net of partial withdrawals made 2 years prior to death or the Fund Value including the top-up Fund Value is payable to the nominee if age attained was less than 60 years If age attained was equal to or more than 60 years, higher of Sum Assured including top-up SA net of partial withdrawals made after age 58 years or total Fund Value including top-up Fund Value is payable The minimum death benefit should be equal to 105% of all premiums paid till death Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.