Tata AIA introduces ‘Shubh Family Protect’ to secure multiple family members under one plan
Tata AIA Life Insurance has unveiled its latest product, Shubh Family Protect, a first-of-its-kind term insurance solution designed to cover multiple family members under a single plan. This innovative policy seeks to simplify financial protection for Indian households, especially nuclear and joint families, by providing comprehensive life coverage through one unified plan.
A standout feature of Shubh Family Protect is its “multi-life” cover, allowing a primary policyholder to add up to three family members—such as a spouse, children, or parents—under the same policy. This approach reduces the hassle of managing multiple insurance policies and ensures a holistic financial safety net for the entire family.
In addition to life cover, the plan offers multiple riders, including coverage for critical illness, accidental death, and terminal illness. Policyholders can also opt for return of premium on survival, enhancing the plan’s appeal for those looking to balance protection with savings.
Flexible premium payment options, high coverage amounts, and the ability to choose policy terms make it customizable for various income groups and financial goals. The policy also includes tax benefits under sections 80C and 10(10D) of the Income Tax Act.
Speaking on the launch, Tata AIA emphasized that Shubh Family Protect was developed after extensive consumer research, aiming to provide peace of mind to Indian families by addressing their collective protection needs in a streamlined manner. The plan also integrates Tata AIA’s digital servicing platform, allowing seamless policy management and claims assistance.
This launch reflects Tata AIA’s continued commitment to innovation and customer-centricity in the Indian insurance landscape, especially as families increasingly seek simplified, bundled insurance solutions that combine security with convenience.
LIC launches Protection Plus, Bima Kavach plans
The Life Insurance Corporation of India (LIC) on Wednesday launched two new plans – Protection Plus and Bima Kavach.
The corporation, in a statement, said Protection Plus is a non-par, linked, life, individual sav-ings plan, which offers life insurance cover-cum -savings throughout the term of the policy.
Bima Kavach is a non-par, linked, life, individual pure risk plan, which provides financial pro-tection to the family of the insured in case of his/her unfortunate death during the policy term.
Protection Plus
Besides providing life insurance cover, this plan offers flexibility to choose the type of invest-ment fund, increase/ decrease the sum assured and pay top-up premiums. Partial withdrawal is allowed after five years from the date of commencement.
Under this plan, the proposer can choose the amount of premium he/she desires to pay, based on which the basic sum assured will be decided. The base premium can be paid as regular pay or limited pay.
Bima Kavach
LIC said this plan offers flexibility to choose from two death benefit options – level sum assured and increasing sum assured. It also offers flexible premium payment options – single, limited and regular.
“The life assured can select a policy term, which can extend up to 100 years, ensuring long-term protection. There is also an option to receive the benefits in instalments, providing added financial convenience.
“Another key highlight of this plan is the option available to the life assured to enhance the life cover at predefined life-stage events (marriage or birth of a child), which is available under the level sum assured option with regular premium payment,” said LIC.
