Mumbai: Private insurer Tata AIG Life Insurance Company on Wednesday announced the launch of its unit-linked child plan - Tata AIG Life Insurance Gyan Kosh- with in-built benefits to ensure financial protection.
“Tata AIG Life Insurance Gyan Kosh with its two protection options and inbuilt benefits is designed to help parents not only assemble their desired savings but also protect it in case of any exigencies. The plan ensures that in the unfortunate event of the death or disability of insured, the journey of their loved ones towards success and happiness is not hampered by any financial constraints,” Tata AIG Life Insurance Company managing director and CEO, Suresh Mahalingam, said in a statement in Mumbai.
Gyan Kosh is the company’s first ULIP child plan after the September guidelines.
This plan is a non-participating ULIP endowment insurance plan with in-built benefits to ensure financial protection and financial goals for children like education, marriage and funds for setting up a business, among others.
“We expect this product to be popular and contribute 10% of the total overall portfolio monthly from July onwards,” Tata AIG Life Insurance Company senior vice president - marketing, product development, agency sales training and corporate communications - Vijay Sinha, told PTI.
The private insurer has three traditional children plan, Assured Carrier Builder, Assure Educare and Star Kid and a multi-purpose product which includes child benefit called MahaLife Gold.
MahaLife Gold is a very popular product, he said adding that it contributes about 35% of the over portfolio of the company.