Tata AIA Life Insurance introduced its Shubh Family Protect term insurance plan on Thursday, which offers a combination of an immediate lump-sum payout and a monthly income for beneficiaries, extending from 10 to 30 years. This innovative product aims to address the challenges families face in managing large payouts following the death of a policyholder.
The plan allows policyholders to appoint multiple beneficiaries, such as spouses, children, and parents. Beneficiaries can choose from monthly income options that include fixed or inflation-adjusted payments. Notably, the plan also covers terminal illness, providing 50% of the sum assured upfront and waiving future premiums.
Sujeet Kothare, Chief of Products, Marketing, Corporate Communications & Business Mid Office at Tata AIA, emphasized the plan’s role in offering financial security and flexibility to families. He noted that the absence of Goods and Services Tax (GST) on premiums for individual life insurance policies enhances the product’s accessibility.
For the fiscal year 2025, Tata AIA reported a total premium income of ₹31,484 crore, representing a 23% increase from the previous fiscal year. The joint venture between Tata Sons and AIA Group ranks among the top three private insurers in individual weighted new business premium, achieving ₹8,511 crore in income from individual weighted new business premium (IWNBP). The company also excels in persistency performance, leading four out of five cohorts.
Operating under the Tata Group and AIA Group, Tata AIA has a presence in 18 markets across the Asia-Pacific region.
Published on October 23, 2025.
