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Aditya Birla Sun Life Insurance (ABSLI) Fixed Maturity Plan
Assured Growth, Fixed Maturity
About ABSLI (Aditya Birla Sun Life Insurance) Fixed Maturity Plan
As you hustle through the demands of your day-to-day life, where responsibilities often weigh heavily upon your shoulders, your dreams serve as a crucial source of escape from the harsh realities you face. These aspirations not only provide a much-needed respite but also infuse you with a sense of hope and purpose.
Whether you find yourself yearning for that first house to call your own, fantasizing about driving a luxury car or nurturing the desire to start your own successful business, it is these dreams that fuel your motivation and keep you pushing forward despite the challenges. They remind you that beyond obligations lies a world of possibilities worth striving for.
Introducing the ABSLI Fixed Maturity Plan, an innovative savings plan designed to provide life insurance cover but also offer significant savings benefits. This comprehensive plan aims to ensure that your loved ones are protected from any financial crises that may arise due to unforeseen and unfortunate events, giving you peace of mind. Additionally, it assists you in accumulating a lumpsum amount that can be pivotal in helping you realize all your dreams and aspirations for the future. Make a smart choice today to secure both your family’s well-being and your financial goals.
Key Features of the ABSLI Fixed Maturity Plan
The key features of the ABSLI fixed maturity plan are as follows -
- Assured Maturity Benefit: Receive a secure lump sum payment at maturity, regardless of market fluctuations.
- Your Loved Ones Secured Financially: Obtain extensive risk coverage to ensure their security in the event of the life insured’s passing.
- Flexibility: A wide range of policy terms and sum-assured multiples tailored to meet your specific needs.
- Increased Advantage: Enjoy an improved maturity benefit with elevated premium contributions.
Eligibility Criteria of ABSLI Fixed Maturity Plan
This table highlights the essential eligibility criteria for the ABSLI fixed maturity plan -
| Criteria | Details |
|---|---|
| Age of Life Insured (Entry Age) | The minimum requirement is 8 years, with the policy vesting upon reaching adulthood if the insured person is a minor. |
| 60 years for Option A and 50 years for Option B. | |
| Maturity Age of Life Insured | Minimum: 18 years |
| Maximum: 70 years (Option A) / 60 years (Option B) | |
| Policy Term | 5 to 10 years |
| Premium Payment Term | Single Pay |
| Sum Assured Multiple | Option A: 1.25 to 1.77 times the single premium |
| Option B: 10 to 10.42 times the single premium | |
| Minimum Annualized Premium | ₹12,000 |
| Minimum Sum Assured | ₹15,000 |
| Maximum Annualized Premium | No limit (subject to Board Approved Underwriting Policy) |
| Premium Bands | Premium bands vary from 12,000 rupees to 5,00,000 rupees and beyond |
Additional Benefits and Details
The ABSLI Fixed Maturity plan offers an exceptional blend of savings and protection, enhanced by its valuable additional benefits.
Guaranteed Maturity Benefit (GMB):
- Upon completion of the policy term, a substantial lump sum payment is issued.
- The GMB represents a percentage of the single premium paid, not including taxes or additional underwriting premiums.
- The GMB factors for Option A and Option B differ according to age and premium bands, each with its own distinct set of criteria.
Death Benefit:
- If death occurs during the policy term, beneficiaries will receive a greater amount between the sum assured upon death and the surrender value.
- The death benefit amount is calculated as a multiple of the single premium and this multiple varies depending on the individual’s age and the selected plan option.
Policy Loan:
- Once a surrender value is established, you can take out loans against the policy.
- The maximum loan amount you can secure is 80% of the surrender value for Option A and 65% for Option B.
Surrender Benefit:
- The policy may be surrendered at any time following its issuance.
- The surrender value is defined as the greater amount between the Guaranteed Surrender Value (GSV) and the Special Surrender Value (SSV), both of which are established by the company.
Tax Benefits: This plan provides the opportunity for tax benefits on both the premiums paid and the benefits received, per the current tax regulations.
Flexibility: This plan provides a range of policy terms and sum-assured multiples to meet diverse financial requirements.
Enhanced Maturity Benefit: Opting for higher premiums results in a boosted maturity benefit, yielding superior returns on substantial investments.
Risk Cover: This offers your loved ones financial protection through a robust life insurance policy, ensuring they are supported in the event of your passing during the policy term.
Documents Required to Buy ABSLI Fixed Maturity Plan
The ABSLI Fixed Maturity Plan mandates the submission of specific documents to guarantee adherence to eligibility requirements and streamline the application process. Each document plays a vital role in confirming the applicant’s identity, assessing financial capability and providing other essential information necessary for issuing the policy.
| Document Type | Description |
|---|---|
| Identity Proof | A valid government-issued identification is required, such as a Passport, Aadhar Card, PAN Card, or Driving License. |
| Address Proof | Please provide recent utility bills or any government-issued documentation that confirms your address. |
| Age Proof | A birth certificate, passport, PAN card, or any official document that verifies your age. |
| Income Proof | To confirm your financial capability, please provide your recent salary slips, Income Tax Returns, or Form 16. |
| Photographs | Recent photos in passport size. |
| Medical Reports | Requirements vary by age and the amount of coverage desired; this may also involve submitting medical examination reports. |
| Application Form | A completed and signed policy application form. |
| Other Documents | Any supplementary documents requested by the insurance provider, such as bank statements and employment information. |
Policy Details of ABSLI Fixed Maturity Plan
Here are the policy details of ABSLI fixed maturity plan according to the details available in the official brochure-
Plan Type: A Non-Linked, Non-Participating Individual Savings Life Insurance Plan.
Key Features:
- Guaranteed Maturity Benefit: A lump sum benefit is provided at maturity, irrespective of market conditions.
- Life Insurance Coverage: Provides financial security for your loved ones in case of the policyholder's death.
- Flexibility: Options for different policy terms and sum assured multiples.
- Enhanced Benefits: Additional benefits are provided for higher premiums.
Eligibility and Terms:
- Entry Age:
- Minimum: 8 years
- Maximum: 60 years for Option A, 50 years for Option B.
- Maturity Age:
- Minimum: 18 years
- Maximum: 70 years for Option A, 60 years for Option B.
- Policy Term: 5 to 10 years.
- Premium Payment Term: Single Premium.
- Sum Assured Multiple:
- Option A: 1.25 to 1.77 times the single premium.
- Option B: 10 to 10.42 times the single premium.
Premium:
- Minimum Premium: ₹12,000
- Minimum Sum Assured: ₹15,000
- Maximum Premium: No limit (subject to the company's underwriting policy).
Benefits:
- Maturity Benefit: Guaranteed lump sum benefit at the end of the policy term.
- Death Benefit: The higher of the sum assured on death or surrender value is paid to the nominee.
- Surrender Benefit: The higher Guaranteed Surrender Value or Special Surrender Value is paid in case of policy surrender.
Policy Loan: Loans can be availed once the policy has acquired a surrender value, up to 80% for Option A and 65% for Option B.
Tax Benefits: Premiums paid and benefits received may be eligible for tax benefits under prevailing tax laws.
How to File ABSLI Fixed Maturity 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
This table highlights the key inclusions and exclusions of the plan as detailed in the official brochure.
What's Included
- Receive a lump sum payment upon maturity, regardless of market fluctuations
- Extensive risk coverage to safeguard against the possibility of the insured’s death
- Choose from a variety of policy terms and coverage amounts tailored to meet your unique needs
- Enjoy increased maturity benefits with higher premium payments
- The nominee or legal heir will receive the greater amount between the sum assured upon death or the surrender benefit as the death benefit
- Once the surrender value is attained, you can access loans of up to 80% for Option A and 65% for Option B
- You will receive a greater amount between the Guaranteed Surrender Value and the Special Surrender Value
- Premiums paid and benefits received are eligible for tax incentives, as per the current tax regulations
What's Not Included
- Benefits will not be disbursed if death results from a suicide attempt within the first 12 months of the policy’s inception
- Policyholders have the option to cancel their policy within 15 days to 30 days if they're dissatisfied with its terms
- This policy will automatically conclude upon the disbursement of the maturity benefit, surrender value or death benefit
- The policy can be challenged on the grounds of fraud or misrepresentation within three years f its issuance
- Rebates are strictly prohibited unless explicitly stated in the insurer’s prospectus or official tables
- Policyholders are required to adhere to the Insurance Act when making any changes to assignments or nominations
- Policies cannot be challenged after 3 years from the date of issuance or the start of coverage unless there is evidence of fraud.
- N/A
ABSLI Fixed Maturity 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 Fixed Maturity Plan is an innovative single-premium life insurance savings solution. By making a one-time payment, you secure guaranteed benefits that will be available upon the maturity of your policy.
A.
If you exceed the maximum age outlined in the plan, no additional benefits will be available. Therefore, it is essential to plan your financial goals strategically.
A.
While the plan may not require any initial fees, charges could still be associated with specific actions, such as surrendering or modifying the policy. For a comprehensive overview of these fees, please consult the policy documents.
A.
The ABSLI Fixed Maturity Plan is primarily designed as a single premium plan, requiring you to pay the full premium upfront. Unfortunately, it does not offer flexibility in adjusting the payment frequency.
A.
The ABSLI fixed maturity plan operates as a single premium plan, eliminating the necessity for a grace period.
A.
In the event of the policyholder’s death within the policy term, the nominee will receive the death benefit, usually amounting to the sum insured.
A.
You might have the opportunity to alter the nominee for the policy, as long as you adhere to the terms and conditions specified in the policy documents. This change usually necessitates the approval of the insurer.
A.
If the policyholder is deemed legally incompetent, the designated nominee on the policy is authorized to exercise their rights and manage the policy on their behalf.
A.
When a policyholder’s marital status changes, it is crucial to inform the insurance company promptly. This will help maintain accurate records and prevent any potential complications when making a claim.
A.
When a policyholder finds themselves in a legal dispute, it is crucial to promptly supply the insurer with all pertinent documentation and court orders. This ensures that the claims process remains smooth and unaffected.
A.
The ABSLI Fixed Maturity Plan permits partial surrender under specific conditions, although this option is typically restricted. For comprehensive information, it is recommended to review the policy documents.
A.
The ABSLI Fixed Maturity Plan is primarily a single premium plan, requiring you to pay the full premium upfront. While there may be some limited options for modifying the payment method - such as utilizing an alternative payment instrument or channel - flexibility in this aspect is restricted.
A.
The ABSLI Fixed Maturity Plan offers limited possibilities for transferring or gifting the policy to another individual. This process usually necessitates the insurer’s approval and may come with specific conditions.
A.
While the ABSLI Fixed Maturity Plan does offer a lump sum payment upon maturity but it may not be the ideal choice for those focused on long-term retirement planning. Consider exploring alternative financial products such as retirement annuities or pension plans, which can provide extensive benefits and greater flexibility.
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