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Aditya Birla Sun Life Insurance (ABSLI) Assured Savings Plan
Guaranteed Returns, Secured Tomorrow
About ABSLI (Aditya Birla Sun Life Insurance) Assured Savings Plan
The Aditya Birla Sun Life Insurance (ABSLI) Assured Savings Plan is a comprehensive financial product that not only provides robust life insurance coverage but also ensures guaranteed savings for the policyholder. This well-structured plan includes beneficial lump sum payouts upon maturity, which can significantly aid in fulfilling long-term financial goals.
Additionally, it comes with the advantage of loyalty additions that help bolster the savings further, offering added financial security to your family in the event of unforeseen circumstances. Overall, it stands out as an excellent option for those looking to combine insurance protection with disciplined savings.
Key Features of ABSLI Assured Savings Plan
Listed below are all the key features of the ABSLI assured savings plan provided the policyholder has no premiums due -
- Benefits of Guaranteed Maturity: Receive a lump sum benefit to fulfil your life’s significant milestones, all without any concerns.
- Additions to Loyalty Programmes: Loyalty Additions enhance your policy by increasing your maturity corpus, granted that all premiums have been paid on time.
- Enhance Your Maturity Collection: Increase your maturity returns by opting for higher premium-paying policies.
- Financial Stability for Your Cherished Ones: Ensure financial security for your loved ones by securing comprehensive risk coverage that provides support in the event of the life insured’s passing.
- Option for Joint Life Protection: Safeguard your spouse under the same policy with ABSLI’s Joint Life Protection Plan.
- Flexibility: Select from a range of premium payment options, policy durations and sum-assured multiples tailored to fit your specific needs.
- Bolster Your Defense: Secure extra risk coverage by adding riders for a supplementary premium.
Eligibility Criteria of ABSLI Assured Savings Plan
The ABSLI Assured Savings Plan offers an ideal combination of life coverage and savings advantages, guaranteeing financial security for both policyholders and their beneficiaries. With its flexible premium payment options and varied policy durations, this plan meets a wide range of financial objectives.
| Eligibility Criteria | Details |
|---|---|
| Type of Plan | Non-Linked Non-Participating Individual Savings Life Insurance Plan |
| Entry Age | Minimum: 30 days; Maximum: 65 years |
| Maturity Age | Minimum: 18 years; Maximum: 85 years |
| Citizenship | You must be an Indian citizen living in India at the time of the policy purchase |
| Premium Payment Term (PPT) | Available options are Single Pay, Limited Pay (with terms of 5 to 10 years) and Regular Pay (spanning 10 to 20 years) |
| Policy Term (PT) | The duration varies between 6 to 20 years, depending on the chosen Premium Payment term |
| Sum Assured | The minimum and maximum sum assured differs depending on the selected plan option and the terms of premium payment. |
| Joint Life Protection Option | This offer is applicable for Limited Pay Policies and includes a provision to cover the spouse, providing a benefit that amounts to 20% of the sum assured for the primary life insured |
| Riders Available | Accidental Death Benefit, Critical Illness Benefit, Hospital Cash Benefit, Surgical Benefit, Premium Waiver Benefit |
| Tax Benefits | You can avail of tax deductions under Section 80C for the premiums you have paid and the benefits you receive may also be exempt from tax under Section 10(10D) |
Additional Benefits and Details
Listed below are some additional benefits and details of the ABSLI assured savings plan apart from the ones listed above -
- Loan Facility: Policyholders have the option to secure loans against their policies under specific conditions, allowing them to access liquidity when necessary without having to surrender their policy.
- Grace Period: A 30-day grace period (15 days for monthly premium payments) is established to allow policyholders to make premium payments without the risk of losing coverage due to minor delays.
- Surrender Value: Should a policyholder choose to cancel their policy before maturity, they may be entitled to a surrender value, provided they have paid premiums for a designated period, per the stipulations outlined in the policy document.
Documents Required to Buy ABSLI Assured Savings Plan
The table below details the key documents necessary for acquiring the ABSLI Assured Savings Plan. Each document plays a vital role in confirming the applicant’s identity, address, income and age - elements that are critical for the efficient processing of the insurance policy.
| Document Type | Description |
|---|---|
| Identity Proof | Government-issued identification documents including the Aadhar card, passport or voter ID |
| Address Proof | Documents such as utility bills, bank statements or rental agreements that verify your current address |
| Income Proof | Salary slips, income tax returns and bank statements are essential for verifying income |
| Age Proof | A birth certificate, a school leaving certificate or any official government document that specifies the date of birth |
| Completed Application Form | The official application form requiring the completion of both personal and financial information |
| KYC Form | The Know Your Customer (KYC) form is essential for ensuring compliance with regulatory standards |
Policy Details of ABSLI Assured Savings Plan
Listed below are the essential policy details of the ABSLI Assured Savings Plan -
- Plan Type: Individual Savings Life Insurance plan that is Non-Linked and Non-Participating.
- Coverage Options: Open to all individuals including males, females and transgender individuals.
- Premium Payment Terms (PPT) & Policy Terms (PT):
- Single Pay Option: Minimum term 5 years, Maximum term 10 years.
- Limited Pay Option: Available for periods of 5 to 12 years, based on the policyholder’s preference.
- You have the flexibility to choose from various premium payment frequencies namely annual, semi-annual, quarterly or monthly.
- Eligibility:
- Minimum age: The minimum age requirement is 30 days for single-life policies and 18 years for joint-life policies.
- Maximum age: The maximum age limit is 65 years for single-life policies and 50 years for joint-life policies.
- Sum Assured:
- The sum assured in the event of death varies based on the chosen policy option (Single or Limited Pay), with the multiples being influenced by the age of the insured individual at the time the policy is initiated.
- The maximum sum assured in the event of death is 25,00,000 rupees.
- Premiums:
- Minimum annualized premium: ₹100,000 for Single Pay, ₹20,000 for 5 Pay, and ₹30,000 for 6–12 Pay policies.
- No upper limit on the premium, subject to underwriting.
- Guaranteed Maturity Benefit:
- After the policy term, a lump-sum benefit is disbursed, encompassing the guaranteed maturity benefit along with any accrued loyalty additions, contingent upon the complete payment of all premiums.
- Loyalty Additions: Loyalty additions begin to accumulate after the second policy year for single-pay plans and at the end of the premium payment term for limited-pay policies, thereby enriching the maturity corpus.
- Joint Life Protection: This policy provides coverage for both the primary insured individual and their spouse with the secondary life coverage amounting to 20% of the primary sum assured.
- Death Benefit:
- If the life insured dies before the conclusion of the policy term, the nominee will receive the sum assured upon death along with any accrued loyalty additions, if applicable.
- In policies featuring the Joint Life Option, if the primary insured passes away first, the future premiums are waived, allowing the policy to remain in effect for the secondary insured.
- Enhancements: Strengthen your coverage with additional riders, including accidental death benefit, critical illness, surgical care, hospital care and waiver of premium.
- Maturity Age:
- Minimum maturity age: 18 years.
- Maximum maturity age: 85 years (for Single Pay B option, 70 years).
- Loans Against Policy: Policyholders have the opportunity to secure loans once they have accumulated a surrender value. The loan amount can reach as much as 80% of this surrender value.
- Surrender Value: The policy attains a surrender value after premiums have been paid for the initial two years in limited pay options. In the case of single pay, the surrender value can be accessed at any time following the policy’s issuance.
- Tax Benefits: The premiums you pay and the benefits you receive could be eligible for tax advantages as per the current tax regulations.
How to File ABSLI Assured Savings Plan 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
What's Included
- Comprehensive life insurance for individuals
- An assured one-time payment will be made to the nominees in the event of death occurring during the policy terms
- A guaranteed maturity benefit along with loyalty additions will be provided if you stay with the policy until it matures
- Loyalty additions that accrue enhance the maturity corpus, provided that all premiums are paid consistently
- An option to include a spouse in the same policy for an extra 20% of the sum assured
- Choose from a variety of payment options, including single pay, limited pay and regular pay modes, to suit your needs
- Eligible tax deductions available under Section 80C for paid premiums
What's Not Included
- If the insured commits suicide in the first 12 months, the nominee gets the higher total premiums paid or surrender value
- Accidental deaths that occur as a result of engaging in illegal activities or dangerous endeavours may not be eligible for coverage
- Intoxication-related deaths that happen while a person is under the influence of drugs or alcohol may be excluded from consideration
- Specific natural disasters could result in limitations or exclusions in coverage
- Fatalities caused by acts of terrorism or armed conflicts might not be included in the coverage
- Failure to pay premiums can lead to a lapse in the policy, resulting in the cessation of benefits unless a grace period is applied
- Each rider may contain unique exclusions and limitations that warrant individual review
ABSLI Assured Savings 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.
The ABSLI Assured Savings Plan is a comprehensive life insurance solution that merges savings with guaranteed returns. This plan guarantees a lump sum payout upon maturity, complemented by loyalty additions, thereby ensuring your beneficiaries’ financial security in unforeseen circumstances, as long as all premiums are fully paid.
A.
Aditya Birla Sun Life's interest rates fluctuate according to the selected savings plan and prevailing market conditions. While they generally provide competitive rates to promote savings growth, precise figures are not publicly disclosed and may vary based on each policy's specific terms and conditions.
A.
This plan is perfect for those seeking:
- A single plan that offers both guaranteed savings and life insurance protection.
- A robust long-term savings strategy designed to help you realize your financial aspirations, such as securing a comfortable retirement or funding your child’s education.
- A means to ensure the financial security of their family in the event of unexpected circumstances.
A.
The minimum and maximum sum assured can fluctuate based on your age and various other factors. For precise information, we recommend reaching out to our insurance advisor or an Aditya Birla Sun Life Insurance Advisor.
A.
Yes, you might qualify for tax benefits under Section 80C of the Income Tax Act in India. However, it is important to note that the details of these benefits and the eligibility requirements can change and may differ based on your unique situation. For tailored advice, it is recommended to seek the expertise of a tax professional.
A.
Yes, you can surrender the policy before maturity. However, the surrender value may be lower than the premiums paid, especially in the early years of the policy. The surrender value is calculated based on the policy's terms and conditions.
A.
Yes, you have the option to surrender the policy before it matures. However, it is important to note that the surrender value might be less than the total premiums you have paid, particularly in the initial years of the policy. The calculation of the surrender value is determined by the specific terms and conditions of the policy.
A.
In the event of a claim, it is essential to submit the required documents and information outlined in your policy. While the claims process is typically straightforward, it is recommended to reach out to Aditya Birla Sun Life Insurance for support and guidance.
A.
Yes, you can often adjust specific policy terms like the sum assured, but this is generally subject to approval and may incur additional fees. For detailed information, we recommend consulting with n Aditya Birla Sun Life Insurance advisor.
A.
Should you receive a diagnosis of critical illness that is covered by the policy, you may qualify for a lump sum payment referred to as a critical illness benefit. This benefit is granted alongside the standard death and maturity benefits.
A.
You have the opportunity to nominate one or more beneficiaries who will receive the death benefit in the event of your passing. The nomination process usually requires you to submit relevant information and documents. It is crucial to regularly update your nominee details to guarantee that the death benefit is allocated to the rightful individual.
A.
Yes, you may have the option to modify your premium payment frequency under specific circumstances. However, please note that this could entail additional fees or restrictions. For precise information, it is advisable to reach out to an Aditya Birla Sun Life Insurance advisor.
A.
If you are deemed legally incompetent, the policy will remain active, however, your legal guardian or representative will be responsible for making decisions concerning the policy.
A.
If both the policyholder and the nominee pass away, the death benefit will be disbursed to the secondary nominee. If no secondary nominee has been designated, the benefit will be allocated to the legal heirs of the policyholder.
A.
The eligibility for a death benefit claim may be limited if the policyholder takes their own life within a defined timeframe from the start date of the policy. For detailed information, please consult the policy document.
A.
In the event that the policyholder is reported missing, the insurance policy will remain active. However, the claim for the death benefit may have specific conditions and requirements that need to be met. It is advisable to reach out to Aditya Birla Sun Life Insurance for comprehensive information.
A.
If the policyholder files for bankruptcy, the policy will remain active, however, the creditors of the policyholder may possess certain rights concerning the policy. It is advisable to seek guidance from a legal expert for more detailed information.
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