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Aditya Birla Sun Life Insurance (ABSLI) Guaranteed Milestone Plan
Milestones Secured, Dreams Achieved
About ABSLI (Aditya Birla Sun Life Insurance) Guaranteed Milestone Plan
In life, it is a common aspiration for individuals to prioritize the well-being and happiness of their family members above all else. You put in tremendous effort, working diligently to earn a living that allows you to fulfil every dream and desire that your loved ones hold dear, no matter the obstacles you might face.
Given the unpredictable nature of today’s world, with economic uncertainties and unforeseen challenges, it becomes essential for you to take proactive steps to safeguard your family’s financial future and make certain that their dreams remain within reach and are protected for years to come. Ultimately, your commitment to their security and happiness drives you to make the best decisions possible for tier long-term welfare.
Presenting the ABSLI Guaranteed Milestone Plan, a thoughtful financial solution that acknowledges the significance of ensuring your family’s happiness and well-being, which is undoubtedly a top priority for you. This innovative plan is designed to support you in fulfilling your financial responsibilities and commitments, even in the unfortunate event of your absence. It aims to provide peace of mind and security, allowing you to focus on what truly matters - caring for and protecting your loved ones. By choosing this plan, you can rest assured that your family’s future is well-prepared and safeguarded.
Key Features of the ABSLI Guaranteed Milestone Plan
Here are some key features of the ABSLI Guaranteed Milestone plan -
- Benefits are fully secured and guaranteed to be paid upon death or at maturity.
- Guaranteed additions that enhance your corpus each year.
- Enjoy the option to include your spouse in your coverage with Joint Life Protection, available for an additional premium.
- The ability to select the policy term that best suits your needs.
- Enjoy the freedom to enrich your insurance coverage with tailored rider options by paying a nominal additional premium.
Eligibility Criteria of the ABSLI Guaranteed Milestone Plan
These criteria establish the essential minimum and maximum requirements for prospective policyholders, detailing the premium and policy terms associated with the ABSLI Guaranteed Milestone plan.
| Criteria | Details |
|---|---|
| Entry Age (Last Birthday) | 30 days to 60 years |
| Policy Term | 12, 14, 16, 18, 20, 22, 24, 26 years |
| Premium Paying Term (PPT) |
|
| Minimum Maturity Age | 18 years |
| Minimum Annualized Premium | ₹15,000 |
| Premium Modes | Annual, Semi-Annual, Quarterly, Monthly |
| Modal Loading | Annual: 0%, Semi-Annual: 2.00%, Quarterly: 3.00%, Monthly: 4.00% |
| Sum Assured | 15 times the annual premium |
| Minimum Sum Assured | ₹2,25,000 |
| Minimum Sum Assured on Maturity | ₹90,000 |
Additional Benefits and Details
These extra benefits significantly elevate the policy’s value, providing flexibility, financial security and opportunities for personalization.
- Fully Guaranteed Benefits: Both death and maturity benefits are fully guaranteed, ensuring your financial security.
- Guaranteed Additions: Guaranteed additions are annual enhancements designed to increase the policyholder’s savings steadily over time.
- Flexibility to Choose:
- You have the flexibility to choose the policy term and the premium payment method, allowing for a tailored experience that meets your unique requirements.
- The joint-life protection option enables policyholders to extend coverage to their spouses by paying an additional premium.
- Rider Options:
The policy provides an excellent opportunity to bolster your insurance coverage by adding riders, including -- ABSLI Accidental Death and Disability Rider
- ABSLI Critical Illness Rider
- ABSLI Surgical Care Rider
- ABSLI Hospital Care Rider
- ABSLI Waiver of Premium Rider
- ABSLI Accidental Death Benefit Rider Plus (Note: Riders are not available under Joint Life Protection)
- Reduced Paid-Up Benefits: Should you decide to discontinue paying premiums after two full years, your policy will automatically convert to a reduced paid-up policy. In this scenario, both the benefits and coverage will be recalibrated based on the premiums you have already paid.
- Loan Facility: This policy enables you to secure loans against their surrender value, with a minimum loan amount of 5,000 rupees and a maximum of up to 85% of the surrender value.
- Surrender Options: A policy becomes eligible for a surrender value after the premiums have been paid for a minimum of two full years. The policyholder is entitled to choose between the guaranteed surrender value or the special surrender value, whichever amount is greater.
- Revival Option: A lapsed policy can be reinstated within five years from the date of the first unpaid premium, provided that the outstanding dues and accrued interest are paid.
- Grace Period: A 30-day grace period (15 days for monthly plans) is offered for premium payments, allowing you to maintain your policy coverage during this time.
- Tax Benefits: Premium payments and benefits received may qualify for tax benefits under current tax regulations.
- Free-Look Period: The policy includes a generous free-look period of 15 days or 30 days for policies purchased through electronic or distance marketing. This allows policyholders to carefully review their policy and return it if they are not completely satisfied.
Documents Required to Buy ABSLI Guaranteed Milestone Plan
This table outlines the crucial documents required to acquire the ABSLI Guaranteed Milestone Plan -
| Document Type | Details |
|---|---|
| Application Form | To begin the purchasing process, you must submit a completed application form |
| Identity Proof | You may provide any of the following forms of identification:
|
| Address Proof | Accepted forms of identification include a Driver’s License, Voter ID, Passport or Aadhar Card |
| Passport-sized Photograph | A current passport-sized photograph is required for identification purposes |
| Income Proof (if applicable) | To determine eligibility, you may need to provide recent salary slips, bank statements or income tax returns |
| KYC Compliance Documents | To ensure compliance with regulations, additional documentation may be necessary for Know Your Customer (KYC) verification. |
Policy Details of ABSLI Guaranteed Milestone Plan
These are the core aspects of the ABSLI Guaranteed Milestone Plan as outlined in the brochure.
- Guaranteed Benefits:
- Guaranteed benefits upon death or at maturity.
- Guaranteed additions accumulate annually, enhancing your total wealth each year.
- Joint Life Protection: Includes the option to cover a spouse by paying an additional premium for enhanced security.
- Premium Payment:
- Select from a policy durations of 12, 14, 16, 18, 20, 22, 24, or 26 years.
- Premium payment terms are determined by the selected policy duration, which can range from 6 to 12 years.
- Modal premium options: Annual, Semi-Annual, Quarterly, and Monthly.
- Death Benefit (Single Life):
- Sum Assured on Death will be the highest of:
- Absolute amount on death.
- 105% of total premiums paid up to the death date.
- 10 times the annualized premium.
- Payments to the nominee are distributed in 10 equal annual instalments.
- Sum Assured on Death will be the highest of:
- Death Benefit (Joint Life):
- Upon the passing of the primary life insured, the spouse is entitled to receive death benefits either as a lump sum or in instalments.
- The policy remains in effect for the spouse without the need for any additional premium payments.
- Maturity Benefit: Upon reaching maturity, the policyholder will receive the Sum Assured in addition to any Guaranteed Additions that have accrued over the policy term.
- Premium Bands:
- Minimum annualized premium: ₹15,000.
- Premium bands are determined by the frequency of payments, whether they are made annually, semi-annually, quarterly or monthly.
- Policy Loans: Once your policy accumulates a surrender value, you can access a loan facility. The minimum loan amount is 5,000 rupees, with the option to borrow up to 85% of the surrender value.
- Surrender Value:
- Policies gain a surrender value once premiums have been paid for a minimum of 2 years.
- The surrender value is determined by taking the greater amount between the Guaranteed Surrender Value and the Special Surrender Value.
- Revival and Grace Period: Policyholders have the opportunity to reinstate lapsed policies within a five-year window by settling overdue premiums along with accrued interest,
- Riders (Optional):
- ABSLI Accidental Death and Disability Rider
- ABSLI Critical Illness Rider
- ABSLI Surgical Care Rider
- ABSLI Hospital Care Rider
- ABSLI Waiver of Premium Rider
- Tax Benefits: You may qualify for certain tax benefits s per the current tax law.
- Exclusions: The suicide exclusion is applicable for 12 months following the commencement or revival of the policy.
How to File ABSLI Guaranteed Milestone 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 essential inclusions and exclusions outlined in the ABSLI Guaranteed Milestone plan brochure.
What's Included
- Non-linked, non-participating life insurance policy
- The sum assured on death will be the greater of the absolute amount, 105% of the total premiums paid or 10 times the annualized premium
- Interest accumulates monthly and is payable upon death or maturity
- The total amount guaranteed upon maturity, along with the accumulated guaranteed additions
- Includes coverage for both primary and secondary lives
- If premiums are paid for a minimum of 2 years, the policy remains in effect with benefits reduced in proportion to the premiums contributed
- Choose from annual, semi-annual, quarterly or monthly payment options
- You can obtain a loan of the surrender value once your policy has accumulated enough surrender value
- In the unfortunate event of a suicide within 12 months, the payout will be greater than either the surrender value or the total premiums paid (excluding taxes)
- You have 15 days to review and cancel your policy or 30 days if it is an electronic policy or one sold under distance marketing guidelines
What's Not Included
- N/A
- If death occurs before the start of the risk period, only the premiums paid will be refunded, excluding any taxes
- Once the policy transitions to reduced paid-up status, no new guarantee additions will be made
- N/A
- Riders for joint life protection cannot be obtained and this option can only be discontinued upon the death of one of the insured individuals
- Guaranteed additions remain intact but no new decisions will accrue. Meanwhile, riders will terminate under Reduced Paud-up status
- N/A
- The policy is considered terminated if the outstanding loan reaches or surpasses the surrender value without any repayment mode
- The full death benefit is not payable if the policyholder commits suicide within 12 months of the policy’s inception or revival
- N/A
ABSLI Assured Guaranteed Milestone 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 Guaranteed Milestone Plan, offered by Aditya Birla Sun Life Insurance, is a traditional life insurance policy that is both non-linked and non-participating. This plan ensures financial protection for your loved ones in two key ways -
- Life cover: It offers a guaranteed payout to beneficiaries in the event of the policyholder’s untimely death within the policy term.
- Maturity benefit: A guaranteed amount will be paid at the policy’s maturity date, which includes the assured sum along with any accumulated guaranteed additions.
A.
This plan is ideal for individuals seeking:
- Life insurance protection: It offers reassurance, ensuring that your loved ones will be financially protected in your absence.
- Guaranteed savings: Guaranteed savings provide a secured lump sum payout at maturity, empowering you to reach your long-term financial aspirations.
- Investment option: This option provides the potential for growth through assured additions.
A.
The minimum and maximum sum assured are influenced by your age and the duration of the policy. For precise information, please visit the BSLI website or get in touch with an agent.
A.
You have the option to pay your premiums on a monthly, quarterly, semi-annual or annual basis. Keep in mind that the frequency of your premium payments will influence your total premium cost.
A.
In the event of a claim, it is essential to submit the necessary documents to ABSLI within the designated timeframe. The insurer will carefully assess your claim and process it by the terms of your policy.
A.
ABSLI has established protocols to manage claims and payments for policyholders living overseas. For further details, please reach out to the insurer directly.
A.
The ABSLI Guaranteed Milestone Plan stands out from other offerings because of its commitment to providing guaranteed benefits and ensuring financial security. While other plans may present various features or potential for higher returns through investment options, this plan prioritizes stability and reliability.
A.
Yes, there might be a waiting period before certain benefits - such s accidental death and critical illness benefits - take effect. For specific details, please consult the policy document.
A.
The ABSLI Guaranteed Milestone Plan is an excellent choice for individuals who value guaranteed benefits and financial security. However, it may not appeal to those looking for higher returns or investment opportunities. To ensure you find the plan that aligns best with your financial goals, it is recommended to compare this option with other alternatives in the market.
A.
Unfortunately, you cannot withdraw funds from the plan before its maturity. However, you do not have the option to surrender the policy in exchange for a surrender value.
A.
Guaranteed additions refer to fixed payments that are consistently added to the sum assured of your policy at specified intervals. In contrast, bonuses are supplementary benefits that may be contingent and are not necessarily guaranteed.
A.
Yes, you might be eligible to claim multiple benefits if you are affected by various illnesses that fall under different riders or the primary policy. However, please note that specific terms and conditions will be applicable.
A.
In certain instances, you may have the option to switch your plan to another ABSLI plan. However, this ability will hinge on the specific terms outlined in your policy and the availability of alternative plans.
A.
The suicide clause in the ABSLI Guaranteed Milestone Plan can differ based on the policy’s duration. Typically, if a suicide occurs within a designated timeframe from the start of the policy, the death benefit may be either diminished or completely excluded. It is advisable to consult the policy document for precise information.
A.
Yes, you have the opportunity to buy multiple ABSLI Guaranteed Milestone plans to enhance your coverage and boost your financial security. Keep in mind that each plan will come with its own premium, as well as specific terms and conditions.
A.
Your eligibility for the ABSLI Guaranteed Milestone plan may be influenced by your health status. If you have any pre-existing medical conditions, you might be required to undergo a medical examination or supply additional details to the insurer. The insurer will carefully evaluate your health profile to establish your eligibility and premium rates.
A.
The refund policy for the ABSLI Guaranteed Milestone Plan depends on the stage of your policy. If you are dissatisfied with the plan within a specified timeframe, you may qualify for a refund of the premiums you have paid, contingent upon certain conditions. Be sure to consult the policy document for complete details.
A.
The ABSLI Guaranteed Milestone Plan is designed to offer a guaranteed sum assured, either at maturity or in the event of death, along with guaranteed additions. In contrast, the ABSLI Guaranteed Income Plan delivers a reliable income stream over a predetermined period.
A.
Yes, you can still secure a loan against your policy, even if you have previously borrowed against it. However, the amount you can obtain will be determined by the surrender value of your policy and any existing loan balances.
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