Tata AIA Life Insurance has launched a new term insurance plan called Shubh Family Protect, which offers a unique combination of an immediate lump-sum payout and monthly income for beneficiaries for 10 to 30 years. This product is positioned as a first-of-its-kind solution that addresses the challenges families face in managing large payouts after a policyholder’s death. The plan allows policyholders to nominate multiple beneficiaries, including spouses, children, and parents, and offers flexible monthly income options, including fixed or inflation-adjusted payments.
One of the key features of the plan is its coverage for terminal illness, which pays 50% of the sum assured upfront and waives future premiums. According to Sujeet Kothare, Chief of Products, Marketing, Corporate Communications & Business Mid Office at Tata AIA, the plan provides families with financial security and flexibility. The company also highlights the zero GST on premiums for individual life insurance policies, making the product more accessible to customers.
Tata AIA has reported strong financial performance, with total premium income of ₹31,484 crore for FY25, representing a 23% increase from FY24. The company ranks among the top three private insurers in individual weighted new business premium, with ₹8,511 crore in IWNBP income. Additionally, Tata AIA leads in persistency performance, ranking first in four out of five cohorts.
The launch of Shubh Family Protect is part of Tata AIA’s efforts to provide innovative and customer-centric solutions to the market. As a joint venture between Tata Sons and AIA Group, the company operates as part of a larger network that spans 18 markets across Asia-Pacific. With its strong financial performance and commitment to innovation, Tata AIA is well-positioned to continue growing and expanding its offerings in the life insurance market. The Shubh Family Protect plan is a significant addition to the company’s product portfolio and is expected to resonate with customers looking for flexible and comprehensive term insurance solutions.