Tata AIA Life Insurance has launched Tata AIA Shubh SIP, a unit-linked insurance plan (ULIP) aimed at combining market-linked wealth creation, family protection and retirement planning within a single long-term financial solution.
The plan offers market-linked investment opportunities along with Loyalty Additions and Maturity Boosters, subject to applicable policy terms and conditions. Its Waiver of Premium feature includes 1X, 2X and 3X options, while a Family Income Continuation Benefit provides additional monthly income to dependents. The Retirement/Whole Life option enables policyholders to build a retirement corpus and opt for an automatic Systematic Withdrawal Plan (SWP) from age 60, either through a fixed amount or a percentage of the fund value.
Commenting on the launch, Jeelani Basha, Chief Business Officer – Partnership Distribution and Group Business, Tata AIA Life Insurance, said, “Financial priorities do not remain constant throughout life… With Tata AIA Shubh SIP, our aim was to bring these evolving needs together within one flexible solution.”
The plan also provides partial withdrawals, an Automatic Partial Withdrawal Facility, Nominee Continuation Rights and settlement options over 15, 20, 25 or 30 years. Tata AIA has partnered with Policybazaar to offer the product digitally. Vivek Jain, Chief Business Officer – Life Insurance, Policybazaar.com, said the proposition addresses diverse financial needs across life stages.
In Aizawl, the product could add another digital option for consumers seeking long-term insurance and investment solutions, particularly as awareness of structured retirement and family financial planning expands in Mizoram.
