Tata AIA Life Insurance has launched the Shubh Flexi Income Plan, a non-linked, participating life insurance savings plan designed to offer flexible financial security and long-term wealth creation.
The plan provides three options tailored to different financial goals:
- The Endowment option for long-term savings, providing a lump sum payout at maturity, making it ideal for major financial milestones such as purchasing a home or funding a child’s education;
- The Early Income option which delivers yearly cash bonuses starting from the first policy year, ensuring a steady cash flow for those seeking regular income;and
- The Deferred Income option for individuals focused on long-term wealth accumulation, providing cash bonuses after the premium payment term and allows policyholders to defer payouts for enhanced financial growth.
Beyond wealth creation, the Shubh Flexi Income Plan includes essential protective features to offer financial security to policyholders and their families such as:
- Waiver of premium option: In case of the policyholder’s demise, all future premiums are waived while the policy benefits continue.
- Cover continuance benefit: This ensures that the policy remains active even after the policyholder’s passing, with all bonuses and benefits still payable to beneficiaries.
- ‘Sub wallet’ feature: It allows policyholders to accumulate bonuses in a wallet, which earns interest and can be used for future premium payments.
- Smart lady benefit: It offers special discounts for female policyholders.
- Family discount: This extends additional discounts to family members and nominees of existing policyholders.
“For the financial year 2024, the company declared a INR1,465 crore bonus, 24% higher than the previous year’s INR1,183 crore. This consistent performance ensures that policyholders benefit from enhanced wealth growth over time,” according to a press release.
“The Shubh Flexi Income Plan is designed to empower individuals to take control of their financial future, offering guaranteed benefits and the agility to adapt to life’s changing needs. Our vision is to ensure that every policyholder feels confident in their journey towards financial independence, knowing they have a partner who understands their aspirations and supports them at every stage,” said Mr Sujeet Kothare, Executive Vice President, Head – Products, Business Mid Office and Digital Marketing, Tata AIA Life.