Tata AIA Launches Onam Payout Policy with Regular Income and Health Benefits

Tata AIA Life Insurance has launched a new life insurance plan, 'Shubh Onam', that merges financial protection with annual festive payouts and long-term health benefits. 

The product combines income assurance through yearly Onam payments and access to wellness services under Tata AIA Health Buddy, offering a unique proposition for policyholders and their families.

Shubh Onam: Yearly Festive Payouts with Assurance

The Shubh Onam policy is part of Tata AIA’s Shubh Flexi Income Plan and offers annual Onam payouts from the 1st policy year. This flexible income plan ensures a lump sum payout at regular intervals along with life insurance coverage.

One of the key features is the continuance benefit, which waives future premiums in case of the policyholder's death while continuing the payouts for 15 years to the nominee or family.

Built-In Health Services via Tata AIA Health Buddy

Aside from financial income, policyholders also get access to Tata AIA Health Buddy. This health feature offers a wide range of benefits, including health checkups, dental care, women’s health support, in-clinic consultations, and lifestyle coaching. In case of the policyholder’s demise, these services also continue for 15 years, ensuring uninterrupted health support for their family.

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Maturity Benefits and Long-Term Assurance

At the end of the policy term, Shubh Onam offers a maturity benefit, providing a final payout to policyholders who survive the entire policy duration. This makes the plan suitable for long-term planners looking to combine savings, annual payouts, and life cover under a single policy construct.

As per news reports, Amit Dave, Chief Distribution Officer – Proprietary Business and Allied Channels, Tata AIA Life Insurance, stated: "With the Shubh Onam solution, we want to empower our consumers to embrace this cherished tradition while ensuring their loved ones are financially secure and have access to essential health and wellness services."

Conclusion

The Tata AIA Shubh Onam plan creates a unique blend of annual festive rewards, health services, and life insurance continuity. With automatic continuance benefits and healthcare access even after an untimely demise, this plan is tailored to secure families during financially sensitive times while also enhancing their quality of life through long-term wellness support.

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