Source: BL
Context:
Tata AIA Life Insurance has introduced Health SIP, a unit-linked health insurance plan (ULIP) that integrates health protection with wealth creation, alongside Health Buddy, a 24×7 virtual health companion.
Key Highlights:
- Health SIP – Features:
- Combines health coverage with investment opportunities.
- Zero premium allocation charges with maturity boosters to enhance fund value.
- Tax-free withdrawals from the 6th policy year for health expenses.
- Critical illness protection with premium lock-in of up to 30 years.
- Variants:
- Health SIP Plus: Includes Accidental Total & Permanent Disability benefits.
- Health SIP Plus Pro: Adds Terminal Illness with Term Booster for extra protection.
- Health Buddy – Features:
- 24×7 virtual health support via mobile app.
- Offers preventive health check-ups, women’s health support, dental consultations, and access to 24+ medical specialties.
- Includes diagnostic discounts, medical second opinions, and fitness guidance.
- Marketed as India’s first 24×7 health and wellness companion from a life insurer.
What is Health SIP?
- Health SIP works on the principle of Systematic Investment Plan (SIP) used in mutual funds but applied to health insurance.
- Instead of paying a lump-sum premium, policyholders can pay monthly or periodic instalments towards their health insurance.
- It combines elements of insurance + savings to reduce financial stress.
