Tata AIA Launches Shubh Flexi Income Plan for Smart Financial Planning and Life Cover
Tata AIA Life Insurance has introduced the Shubh Flexi Income Plan, a life insurance savings solution designed to offer a flexible pathway to financial security and wealth creation. This non-linked, participating life insurance savings plan provides individuals with customizable financial strategies to suit their individual needs.
The Shubh Flexi Income Plan features three distinct options, each catering to different financial objectives:
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Endowment Option: This option is structured for long-term savings, offering a lump sum payout at maturity. It’s particularly well-suited for major financial milestones, such as purchasing a home or funding a child’s education.
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Early Income Option: This option provides yearly cash bonuses starting from the first policy year, offering a steady stream of income for those seeking a regular cash flow.
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Deferred Income Option: Designed for individuals focused on long-term wealth accumulation, this option offers cash bonuses after the premium payment term, allowing policyholders to defer payouts for enhanced financial growth.
Beyond its wealth-building capabilities, the Shubh Flexi Income Plan includes crucial protective features to safeguard policyholders and their families:
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Waiver of Premium Option: In the event of the policyholder’s demise, all future premiums are waived, while the policy benefits continue to be in effect.
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Cover Continuance Benefit: This feature ensures the policy remains active even after the policyholder’s passing, with all bonuses and benefits payable to the beneficiaries.
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‘Sub wallet’ Feature: This allows policyholders to accumulate their bonuses in a wallet, enabling interest earnings and the future use of those funds for premium payments.
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Smart Lady Benefit: This provides special discounts for female policyholders.
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Family Discount: Additional discounts are available to family members and nominees of existing policyholders.
“For the financial year 2024, the company declared Rs 1,465 crore bonus, 24 per cent higher than the previous year’s Rs 1,183 crore. This consistent performance ensures that policyholders benefit from enhanced wealth growth over time,” according to a press release from the company.
“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 Sujeet Kothare, Executive Vice President, Head – Products, Business Mid Office and Digital Marketing, Tata AIA Life.
The plan offers a structured approach for planning:
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For Young Professionals: It offers opportunities for early investment to build wealth and secure long-term financial objectives.
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For Parents and Families: Customized solutions assist in planning for major milestones, including children’s education and weddings.
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For Retirement Planners: It provides a dependable income stream, ensuring financial stability and a comfortable post-retirement life.
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