Tata AIA Life Insurance Company Limited, a joint venture between Tata Sons Private Limited and AIA Group Ltd., has launched an exclusive term insurance plan titled “Shubh Shakti”, specially designed to cater to the evolving needs of women. This woman-centric offering is a major step toward enhancing the financial inclusion and empowerment of women in the Indian insurance ecosystem.
In an industry where female participation is still emerging, Shubh Shakti stands out for being purpose-built for women, considering their specific life stages, healthcare needs, and familial responsibilities. The plan not only makes term insurance more accessible but also more affordable and supportive during critical life events such as childbirth and health challenges.
Affordable Premiums with Special Discounts
One of the most notable features of the plan is its premium structure. Women policyholders are entitled to pay approximately 15% lower premiums than men under the same policy terms. This gender-based pricing is applied annually across the tenure of the policy, encouraging more women to take active steps towards protecting their families’ financial future.
To further support single mothers, the plan offers an additional 1% lifetime discount over the discounted premium available to other women. This thoughtful inclusion acknowledges the dual burden single mothers often carry—managing both parenting and earning responsibilities.
Maternity Support with Premium Holidays
The Shubh Shakti plan offers unmatched flexibility during maternity. Recognizing the financial and emotional demands of childbirth, policyholders are allowed to take two premium holidays of up to 12 months each—once during pregnancy and once post-childbirth. During these periods, policy coverage continues uninterrupted, ensuring women are not penalized for taking necessary time for their health and newborn care.
Comprehensive Health Support
Going beyond life coverage, Shubh Shakti includes a wide range of health-related support services tailored specifically for women. The policy offers:
- Support for Polycystic Ovarian Disease (PCOD)
- In Vitro Fertilization (IVF) counseling
- Weight-management and wellness programs
- Vaccinations for Human Papillomavirus (HPV), flu, and cervical cancer
- Annual health checkups
These features ensure the policy not only provides financial security but also encourages women to proactively manage their health.
Educational Security for Children
Understanding the importance of education in securing a child’s future, the policy offers an optional add-on that guarantees monthly income for up to three children until the age of 25. This feature ensures that even in the absence of the policyholder, the educational aspirations of their children are not compromised.
Built-In Waivers and Protections
In the unfortunate event of the accidental death of the policyholder or the death of the husband, the plan includes waiver of future premium payments, relieving families of financial burdens during difficult times.
Shubh Shakti marks a pivotal moment in the insurance industry, merging financial empowerment with empathy for women’s needs. With this launch, Tata AIA Life Insurance reiterates its commitment to promoting gender-sensitive financial products and empowering women to safeguard their future and that of their loved ones
