Tata AIA Life Insurance launched Shubh Family Protect on Thursday, a term insurance plan that combines an immediate lump-sum payout with monthly income for beneficiaries lasting 10 to 30 years. The company positions this as a first-of-its-kind product addressing how families manage large payouts after a policyholder’s death.
The plan allows policyholders to nominate multiple beneficiaries, including spouses, children and parents. Monthly income options include fixed or inflation-adjusted payments. The product also covers terminal illness, paying 50 per cent of the sum assured upfront while waiving future premiums.
Sujeet Kothare, Chief of Products, Marketing, Corporate Communications & Business Mid Office at Tata AIA, said the plan provides families with financial security and flexibility. He highlighted the zero GST on premiums for individual life insurance policies as making the product more accessible.
Tata AIA reported total premium income of ₹31,484 crore for FY25, up 23 per cent from FY24. The joint venture between Tata Sons and AIA Group ranks among the top three private insurers in individual weighted new business premium, with ₹8,511 crore in IWNBP income. The company also leads in persistency performance, ranking first in four out of five cohorts.
The insurer operates as part of the Tata Group and AIA Group, which spans 18 markets across Asia-Pacific.