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Aditya Birla Sun Life Insurance (ABSLI) Assured Income Plus
Guaranteed Income, Assured Tomorrow
About ABSLI (Aditya Birla Sun Life Insurance) Assured Income Plus Plan
You consistently put in the effort to meticulously plan and manage your finances, all to provide lasting security and stability for your family, even when you are no longer around to do so. In the fast-paced and unpredictable world we live in today, securing a substantial life insurance policy combined with a reliable long-term income stream is essential to adapt to your family’s evolving needs.
This strategic approach not only acts as a safety net but also serves as a vital financial cushion to protect against unforeseen circumstances. Ultimately, these measures ensure that your loved ones continue to thrive, regardless of the challenges they may face in the future.
Introducing ABSLI Assured Income Plus, a comprehensive non-linked, non-participating individual savings life insurance plan designed to meet your family’s financial security needs. This innovative plan not only offers the invaluable benefit of life insurance coverage but also guarantees a consistent and reliable income stream for 20, 25 or even 30 years.
By choosing this plan, you are taking a significant step towards ensuring that your family’s long-term goals and aspirations are thoroughly fulfilled, providing peace of mind and financial stability for the future. Secure your loved ones’ well-being today while making their dreams a reality with ABSLI Assured Income Plus.
Key Features of the ABSLI Assured Income Plus Plan
The ABSLI assured Income Plus plan boasts several impressive key features like -
- Shortened premium payment duration.
- Receive a guaranteed regular income for 20/25/30 years, based on your chosen premium payment term.
- You have the flexibility to select between the “Income Only Benefit” option and the “Income Benefit with Return of Premium (RoP)” option.
- Enhance your earnings with loyalty rewards programmes.
- Enhance your coverage with affordable add-on riders for just a nominal fee.
Eligibility Criteria of ABSLI Assured Income Plus
The ABSLI Assured Income Plus plan offers not only life insurance coverage but also a reliable guaranteed income stream tailored to various policy terms. Its inclusive eligibility criteria make it accessible to a broad spectrum of individuals seeking financial security through this insurance product.
| Eligibility Criteria | Details |
|---|---|
| Age of the Life Insured at Entry | Minimum: 1 year (subject to minimum maturity age of 18 years) Maximum: 60 years |
| Maturity Age of the Life Insured | Minimum: 18 years Maximum: 77 years |
| Premium Payment Term (PPT) |
|
| Minimum Annualized Premium | ₹50,000 |
| Maximum Annualized Premium | Unlimited, contingent upon Board-approved underwriting policies |
| Minimum Sum Assured | ₹5,50,000 |
| Maximum Sum Assured | ₹25,00,000 (pending approval by the underwriting policy established by the Board) |
| Premium Payment Modes | Annual, Semi-Annual, Quarterly, Monthly |
| Benefit Payout Frequency | Annually, Semi-Annually, Quarterly, Monthly |
| Riders Available | ABSLI Accidental Death and Disability Rider, Critical Illness Rider, Hospital Care Rider |
Additional Benefits and Details
Here are some additional benefits and details of the ABSLI Assured Income Plus plan -
- Rider Options: Policyholders have the opportunity to enhance their coverage by adding various riders, such as:
- Accidental Death Benefit Rider: Offers an extra lump sum payment in the event of an accidental death.
- Critical Illness Rider: This provides a one-time payment upon diagnosis of designated critical illnesses.
- Surgical Care Rider: Eliminates future premium payments if surgery is required for specified conditions.
- Loan Facility: You can secure a loan against your policy, providing you with essential funds during emergencies. The loan amount can be as high as 80% of the policy’s surrender value.
- Tax Benefits: The premiums paid and benefits received from this policy may be eligible for tax deductions per sections 80C and 10(10D) of the Income Tax Act, depending on the current tax regulations.
- ABSLI Waiver of Premium: This provides essential financial relief during challenging times. If a policyholder is diagnosed with a critical illness, becomes disabled, or faces death, the inability to pay premiums due to financial strain or loss of income is alleviated. This rider effectively cancels all future premium payments, significantly easing the financial burden on the policyholder and their family.
Documents Required to Buy ABSLI Assured Income Plus Policy
The ABSLI Assured Income Plus policy mandates the submission of specific documents to comply with regulatory standards and accurately evaluate the applicant’s eligibility.
| Document Type | Description |
|---|---|
| Identity Proof | Acceptable forms of government-issued identification include the Aadhar card, Passport, Voter ID card and Driver’s License |
| Address Proof | A utility bill, bank statement or any official government document that verifies the applicant’s address |
| Age Proof | A birth certificate, school-leaving certificate or any official government document that confirms your age |
| Income Proof | Documents such as salary slips, bank statements and income tax returns that serve to validate the applicant’s income |
| Photographs | A few recent passport-sized photographs, typically 2 to 3 copies |
| Medical Reports (if required) | Medical examination reports may be necessary depending on the applicant’s age and health condition |
| Policy Application Form | The application form for the ABSLI Assured Income Plus policy has been completed |
| Nominee Details | Documents for information and identification of the designated nominee(s) in the policy |
Policy Details of ABSLI Assured Income Plus Plan
Here are all the key pointers of the ABSLI assured income plan -
- Plan Type: A non-linked, non-participating individual savings life insurance plan.
- Benefit Options:
- Option 1: Income Only Benefit.
- Option 2: Income with Lump Sum Benefit.
- Income Benefit:
- Guaranteed regular income for 20, 25, or 30 years.
- Additional Loyalty Additions are added to the income benefit during the payout period.
- Lump Sum Benefit (for Income with Lump Sum Benefit option):
- A guaranteed lump sum is payable at the end of the benefit payout period.
- Enhanced by 100% if all due premiums are paid.
- Premium Payment Term and Policy Term:
- Premium payment term options: 5, 6, 8, 10, 12 years.
- Policy term: 5 to 17 years depending on the premium payment term chosen.
- Minimum Sum Assured: ₹5,50,000.
- Premium Payment Modes: Annual, Semi-Annual, Quarterly, Monthly.
- Premium Amount:
- Minimum annualized premium: ₹50,000.
- No upper limit, subject to underwriting.
- Death Benefit: Higher of 10 times the annualized premium, 150% of total premiums paid, or the sum assured.
- Loan Facility: Loan available against the policy once it acquires surrender value, with a maximum loan amount of 80% of the surrender value.
- Policy Revival: The policy can be revived within five years from the first unpaid premium date, subject to conditions.
- Riders Available:
- ABSLI Accidental Death Benefit Rider.
- ABSLI Critical Illness Rider.
- ABSLI Surgical Care Rider.
- ABSLI Hospital Care Rider.
- ABSLI Waiver of Premium Rider.
- Free Look Period: 15 days (30 days for policies sold through distance marketing).
- Surrender Value: The policy acquires a surrender value after two full years of premium payments.
How to File ABSLI Assured Income Plus Claim?
This table offers a detailed guide on filing a claim with Aditya Birla Life Insurance, outlining the necessary steps, required documents and methods for submission.
| Online Claim Process | Offline Claim Process |
|---|---|
1. Claim Intimation
| 1. Download and Fill Out Forms
|
2. Claim Processing
| 2. Gather Required Documents
|
3. Claim Decision
| 3. Submit Your Claim
Claims Grievance Redressal Committee
|
Key Inclusions and Exclusions of the Plan
The following table highlights the essential inclusions and exclusions of the ABSLI Assured Income Plus plan, as detailed in the official policy document -
What's Included
- Secure a steady income for 20, 25 and 30 years with our reliable plan
- At the start of the policy, you have the flexibility to select either the Income Only Benefit or the Income with Lumpsum Benefit
- Enhancements to loyalty rewards during the benefit payout period that increase the income benefit each year
- Enjoy the freedom to select your premium payment term, policy duration and benefit payout frequency according to your preferences
- The commutation option provides the opportunity for a one-time lump sum payment instead of receiving regular income benefits
- Riders such as accidental death, critical illness, surgical care, hospital care and waiver of premium are available for your consideration
- A loan facility can be accessed once the policy accumulates a surrender value
- The death benefit can be received either as a lump sum or distributed in instalments over 10 years
- Experience a guaranteed lump sum benefit after the benefit payout period with the Incomw with lump sum benefit option
- Tax laws may offer advantageous benefits on premiums and other associated benefits
What's Not Included
- Suicide resulting in death within the initial 12 months of the policy
- Underwriting may impose an additional premium for individuals classified as substandard lives or those engaged in hazardous occupations
- Policies that have attained Reduced Paid-Ups (RPU) status will not receive any loyalty additions or enhanced benefits
- Discontinuing premium payments before obtaining a surrender value results in the policy lapsing without benefits
- Riders may terminate if the policy is converted to Reduced Paid-Up (RPU) status
- A premium discount will be applied to riders and any claims related to riders in the event of a lapsed base policy
- The policy will be terminated if the outstanding loan amount surpasses the surrender value
- If fewer than 2 years’ worth of premiums have been paid, no benefits will be issued for lapsed policies
- N/A
- Tax benefits may vary as a result of changes in tax legislation
ABSLI Assured Income Plus Plan Contact Details
| Contact Method | Details |
|---|---|
Call | |
| Toll-free within India | 1800 270 7000 |
| Availability | Daily, 10 am - 7 pm |
| General Queries | care.lifeinsurance@adityabirlacapital.com |
| NRI Customers | absli.nrihelpdesk@adityabirlacapital.com |
Registration | |
| Missed Call | +91 7676690033 |
| SMS for Registration | Send 'OPTIN' to 567679 from your registered mobile number |
| WhatsApp Contact | Save +91 8828800040 as 'ABSLI Contact' and say 'Hi' to start a conversation |
Frequently Asked Questions (FAQs)
A.
Aditya Birla Sun Life Insurance Assured Income Plus is a non-linked, non-participating life insurance plan. This means the returns are not linked to the market's performance, and you don't participate in company profits.
A.
This plan may be suitable for individuals seeking:
- Life insurance coverage: Provides peace of mind knowing your loved ones are financially protected.
- Guaranteed income: Offers a predictable income stream to meet long-term financial needs.
- Long-term financial planning: Helps you accumulate wealth and plan for retirement.
A.
The minimum age limit to purchase the Assured Income Plus plan varies depending on the specific plan variant. However, generally, the minimum age is typically 18 years.
A.
The premium payment term for the Assured Income Plus plan can vary depending on the specific plan variant and your chosen premium payment frequency. It typically ranges from a few years to a lifetime.
A.
The "Income Only" option provides guaranteed income payouts for a specified period after the premium payment term ends. The "Income Benefit with Return of Premium (RoP)" option offers the same guaranteed income payouts, but it also returns the total premiums paid at the end of the policy term.
A.
The possibility of converting the Assured Income Plus plan to another plan depends on the specific plan variant and the insurer's guidelines. Some insurers may offer conversion options, allowing you to switch to a different plan based on your changing needs. However, there may be certain conditions and limitations associated with conversions.
A.
You can typically update your contact information or nominee details by submitting a written request to Aditya Birla Sun Life Insurance. The insurer may require you to provide supporting documents to verify the changes. It's important to keep your policy information up-to-date to ensure smooth communication and claim processing.
A.
The possibility of using the Assured Income Plus plan as collateral for a loan depends on the specific plan variant and the lender's requirements. Some lenders may accept life insurance policies as collateral for loans. However, the loan amount and interest rates may vary based on the policy's value and other factors.
A.
In the event of a merger or acquisition involving Aditya Birla Sun Life Insurance, your Assured Income Plus plan will typically be transferred to the new entity. The terms and conditions of the plan are generally expected to remain unchanged, but it's advisable to review any communication from the insurer regarding the merger or acquisition.
A.
Yes, you can typically purchase the Assured Income Plus plan online through Aditya Birla Sun Life Insurance's website. The online application process may involve providing personal details, medical information, and payment details. However, the availability of online purchase options may vary depending on the specific plan variant and your location.
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