Tata AIA Life Insurance has launched the Shubh Flexi Income Plan, a non-linked, participating life insurance savings plan that offers flexible payout options, combining wealth creation with financial protection. The plan is designed to cater to individuals at different life stages, including young professionals, families, and retirement planners.
Policyholders can choose from three payout options based on their financial goals: the Endowment option, which provides a lump sum at maturity; the Early Income option, which offers annual cash bonuses from the first year; and the Deferred Income option, which starts cash bonuses after the premium payment term, allowing policyholders to defer payouts for potential growth.
The plan also includes built-in protection features, such as a waiver of premium, which ensures that future premiums are waived in case of the policyholder’s death, and a cover continuance benefit, which keeps the policy active with death benefits and bonuses even after the policyholder’s demise. Additionally, the plan offers a sub-wallet feature, which allows policyholders to accumulate bonuses that can be used for future premium payments.
Tata AIA is one of India’s leading life insurers and has declared a ₹1,465 crore bonus for participating policyholders in FY24, a 24% increase from the previous year. The company is positioning the Shubh Flexi Income Plan as a flexible financial solution that can be tailored to meet the unique needs of individuals at different life stages.
The plan also offers discounts to female policyholders and family members of existing policyholders, making it a more accessible and affordable option for these groups. Overall, the Shubh Flexi Income Plan is a comprehensive life insurance savings plan that offers a range of benefits and features to help individuals achieve their financial goals and secure their financial future. With its flexible payout options and built-in protection features, the plan is an attractive option for those looking for a life insurance plan that can adapt to their changing needs over time.