Tata AIA Life Insurance has introduced a new unit-linked health insurance plan called Tata AIA Health SIP. This plan is similar to unit-linked insurance plans (ULIPs), but it focuses on providing both health insurance and investment opportunities for investors. The key features of the plan include no premium allocation charges, allowing the investor’s premium amount to be directly utilized for health coverage and investment. Additionally, the plan offers tax-free withdrawals from the 6th policy year onwards, maturity boosters for long-term fund value, and critical illness protection with premium lock-in up to 30 years.
The plan is available in two variants: Health SIP Plus and Health SIP Plus Pro. Health SIP Plus includes in-built Accidental Total and Permanent Disability (ATPD) benefits, while Health SIP Plus Pro offers ATPD benefits plus Terminal Illness with Term Booster (TTB) for enhanced protection. To complement the plan, Tata AIA has launched the Tata AIA Health Buddy app, a 24×7 virtual companion available through the Tata AIA Life Insurance app. This app aims to provide consumers with access to world-class health and wellness solutions.
According to Sanjay Arora, Chief of Operations at Tata AIA Life Insurance, the introduction of Tata AIA Health Buddy sets a new benchmark in consumer care by blending health, wellness, and life insurance. The app empowers consumers to live healthier and more fulfilled lives by providing them with protection and enabling them to make informed decisions about their health. With the launch of Tata AIA Health SIP and the Health Buddy app, Tata AIA Life Insurance aims to provide a comprehensive solution for individuals seeking to protect their health and wellbeing while also investing in their future.
The plan’s features and benefits are designed to provide investors with a flexible and secure way to manage their health and financial needs. By offering tax-free withdrawals, maturity boosters, and critical illness protection, the plan provides a safety net for investors and their families. The introduction of the Health Buddy app further enhances the plan’s value proposition, providing consumers with a convenient and accessible way to manage their health and wellness. Overall, the Tata AIA Health SIP and Health Buddy app are innovative solutions that cater to the evolving needs of consumers in the health insurance and investment space.