Tata AIA Life Insurance launched Shubh Maha Life on Monday, a participating whole life savings plan designed to provide high life cover during peak earning years and tax-free retirement income later.
The non-linked insurance product offers flexible coverage that reduces during retirement as financial dependencies decline, while providing lifetime income through equity participation investments. The plan includes long-term critical illness protection on select variants.
Shubh Maha Life comes in four packages: Gold, Plus, Gold Health and Plus Health. Coverage ranges up to 30 times annual premiums, with riders, including accidental death benefits and disability protection. The company offers premium discounts of 2 per cent for women, 4 per cent for families and existing customer nominees and 20 per cent for Tata Group employees.
Policyholders can choose from three payout structures: retirement income for lifetime payments, deferred income for milestone funding or lump sum at maturity. The plan integrates Tata AIA Health Buddy services, including teleconsultations and health check-ups.
“This plan underscores our commitment to going beyond traditional insurance,” said Sujeet Kothare, Chief of Products at Tata AIA.
Tata AIA, a joint venture between Tata Sons and AIA Group, reported ₹31,484 crore total premium income for FY25, up 23 per cent year-on-year.