Tata AIG Life launches child ULIP

MUMBAI: Private insurer Tata AIG Life on Wednesday launched a unit-linked life insurance plan (ULIP) for children's education, InvestAssure Superstar.

In the case of the parent's (proposer's) unfortunate demise, the sum assured would be paid to the nominee and further premiums would be paid by the company through the inbuilt Waiver of Premium (WOP), among other benefits.

The fund under the policy would also continue to grow till maturity, the company said in a statement in Mumbai.

Besides the WoP, the plan offers investors Systematic Money Allocation and Regular Transfer (SMART)- a solution for managing investment.

SMART enables simple switching of a part of the customer's investment from the accumulation to the target fund of his or her choice.

Tata AIG Life InvestAssure Superstar offers a flexible policy term between 10-25 years.

The policy can be bought by anyone between the ages of 18-55 years and the maximum maturity age is 65 years.