Tata AIA Life Insurance has introduced a new participating whole life savings plan called Shubh Maha Life. This non-linked insurance product is designed to provide high life cover during an individual’s peak earning years, followed by tax-free retirement income. The plan’s coverage is flexible and reduces during retirement as financial dependencies decline. It also offers lifetime income through equity participation investments.
Shubh Maha Life is available in four packages: Gold, Plus, Gold Health, and Plus Health. The plan offers coverage of up to 30 times the annual premium, with additional riders such as accidental death benefits and disability protection. Premium discounts are available for certain groups, including women (2%), families and existing customer nominees (4%), and Tata Group employees (20%).
Policyholders have the option to choose from three payout structures: lifetime retirement income, deferred income for milestone funding, or a lump sum payment at maturity. The plan also integrates Tata AIA’s Health Buddy services, which include teleconsultations and health check-ups.
According to Sujeet Kothare, Chief of Products at Tata AIA, the Shubh Maha Life plan demonstrates the company’s commitment to going beyond traditional insurance. Tata AIA, a joint venture between Tata Sons and AIA Group, has reported significant growth, with total premium income of ₹31,484 crore for FY25, representing a 23% year-on-year increase.
The launch of Shubh Maha Life is likely to appeal to individuals seeking a comprehensive life insurance plan that provides both protection and savings benefits. The plan’s flexibility and customization options allow policyholders to tailor their coverage to suit their changing needs over time. With its focus on providing lifetime income and retirement benefits, Shubh Maha Life is positioned as a long-term solution for individuals seeking to secure their financial future.