Tata AIA Life Insurance has launched Tata AIA Shubh SIP, a unit-linked insurance plan (ULIP) designed to integrate wealth creation, life protection, and retirement planning into a single solution.
The insurer has partnered with online platform Policybazaar to distribute the product digitally.
The policy provides exposure to market-linked investments alongside Loyalty Additions and Maturity Boosters.
For long-term and retirement planning, the product offers a Retirement/Whole Life option that allows policyholders to initiate an automatic Systematic Withdrawal Plan (SWP) starting at age 60.
The plan also includes Nominee Continuation Rights, which allow beneficiaries to maintain policy management – including fund switches, transfers, and partial withdrawals – following the death of the life assured.
Mr Jeelani Basha, Chief Business Officer – Partnership Distribution and Group Business at Tata AIA Life Insurance, stated that the plan is intended to address changing financial priorities across different life stages within a single framework, reported Insurance Asia.