Indian insurers launch new pension and wealth management plans

Indian life insurance providers Aditya Birla Sun Life Insurance (ABSLI) and Tata AIA Life Insurance have launched new products aimed at integrating wealth creation, protection, and retirement planning.

ABSLI introduced the Smart Wealth Pension Plan, an equity-linked retirement fund. The plan offers various options including Advantage, Prime, and Elite, with customers able to choose between five funds and four investment strategies. Features include a potential tax-free withdrawal of up to 60% of the corpus at maturity and an annuity booster. The plan is available to individuals aged 18 to 75.

Tata AIA Life Insurance launched the Tata AIA Shubh SIP, a unit-linked insurance plan (ULIP) designed to address evolving financial priorities. The plan allows for market-linked corpus building alongside family protection and systematic retirement withdrawals. Tata AIA has partnered with the digital platform Policybazaar to offer this product online.