care@investkraft.com
+91-9797971876
+91-9797971876
Aditya Birla Sun Life Insurance (ABSLI) Nishchit Ayush Plan
Nishchit Growth, Nishchit Future
About ABSLI (Aditya Birla Sun Life Insurance) Nishchit Ayush Plan
The Aditya Birla Sun Life Insurance (ABSLI) Nishchit Ayuhs Plan is a well-structured, non-linked and non-participating individual savings life insurance plan designed to offer comprehensive financial support. It not only provides essential life insurance coverage but also guarantees a regular income and a substantial benefit, ensuring that you have a steady financial resource.
This plan empowers you to achieve your personal life goals and fulfil your responsibilities, all while safeguarding your family’s financial future in case of your untimely absence. By choosing this plan, you will take a meaningful step toward securing peace of mind for both yourself and your loved ones.
Key Features of the ABSLI Nishchit Ayush Plan
- Non-Linked, Non-Participating Insurance Plan: This life insurance policy is specifically crafted for individual savings, remaining independent of the stock market and sharing in company profits.
- Guaranteed Regular Income: It provides a reliable income stream starting from either the 1st or 2nd policy anniversary and continues until the conclusion of the policy term.
- Guaranteed Lump Sum Benefit: At the policy’s maturity, a guaranteed lump sum is disbursed, providing you with financial security and peace of mind.
- Flexible Plan Customization: Policyholders have the opportunity to tailor their policy by selecting from a range of options, including income benefits, income variants (either level or increasing), premium payment terms, policy durations and deferment periods, ensuring the plan perfectly aligns with their individual needs.
- Life Insurance Protection: Offers extensive life coverage throughout the entire duration of the policy.
- Income Variants: Select either a fixed income choice or an escalating income option that increases by 5% every five years.
- Flexible Income Payout Frequency: Policyholders have the choice to receive their income on an annual, semi-annual, quarterly or monthly basis, with differing income percentages associated with each payout frequency.
- Death Benefit: If the insured passes away during the policy term, the nominee will receive either a lump sum payment or staggered payments. The death benefit offered will be the greater amount between the sum assured and 105% of the total premiums paid.
- Maturity Benefit: If you survive until the conclusion of the policy term, you will receive a guaranteed lump sum benefit. This amount is determined by the premiums you have paid and the relevant lump sum factors.
- Rider Benefits: Enhance your coverage by adding optional riders, including accidental death benefits, critical illness, surgical care, hospital care and waiver of premium.
- Premium Payment Flexibility: Policyholders have the convenience of choosing to pay their premiums annually, semi-annually, quarterly or monthly.
- Policy Term and Premium Payment: Policy terms and premium payments differ according to the chosen option, with long-term income plans offering durations of up to 85 years and whole-life income plans extending as long as 100 years.
- Eligibility: The eligibility criteria dictate that individuals can enter for long-term income beginning at 30 days of age, while the entry age for whole-life income starts at 30 years. The maximum entry age allowed is 55 years.
Eligibility Criteria of ABSLI Nishchit Ayush Plan
The following table outlines the essential eligibility criteria for enrolling in the ABSLI Nishchit Ayush Plan -
| Criteria | Details |
|---|---|
| Minimum Age at Entry | 30 days for generating long-term income and 30 years for securing whole-life income |
| Maximum Age at Entry | 55 years |
| Minimum Sum Assured | ₹2,10,000 |
| Maximum Sum Assured | Subject to the underwriting policy approved by the board |
| Minimum Annualized Premium | ₹30,000 |
| Maximum Annualized Premium | No Limit (subject to Board Approved Underwriting Policy) |
| Premium Payment Term (PPT) | 6, 8, 10, 12 years |
| Policy Term (PT) | It varies on the PPT, typically spanning from 15 to 40 years |
| Premium Payment Modes | Annual, Semi-Annual, Quarterly, Monthly |
| Eligibility for Riders | Enhance your coverage with optional riders for additional protection, such as accidental death, critical illness and more |
| Coverage | For individuals of all identities (male, female and transgender) |
Documents Required to Buy ABSLI Nishchit Ayush Plan
Before you plan to purchase the ABSLI Nishchit Ayush policy, you must collect the following documents -
| Document | Description |
|---|---|
| Proposal Form | A formal document that outlines the critical details of the insurance policy application, detailing the selected terms and coverage options chosen by the applicant. |
| Age Proof | A document that confirms the applicant’s age, such as a birth certificate or passport, is essential for verifying eligibility and accurately calculating premiums for the selected insurance plan. |
| Photo Identity Proof | An official form of identification, such as a passport, Aadhar card or driver’s licence, must feature a photograph to verify the applicant’s identity. |
| Address Proof | A document like a utility bill or bank statement that verifies the applicant’s residential address, ensuring precise contact details for effective communication. |
| Medical Report | A comprehensive health assessment conducted by a qualified medical professional is designed to evaluate the applicant’s health status and determine their risk level for underwriting decisions. |
| Income Proof | Documents such as salary slips and bank statements validate the applicant’s financial status, confirming both the affordability and appropriateness of the selected insurance coverage. |
| PAN/Aadhaar Card | Government-issued identification documents that are crucial for tax purposes, such as the PAN and for verifying identity and address, like Aadhar, are required by regulatory authorities. |
Policy Details of ABSLI Nishchit Ayush Plan
Here is an in-depth analysis of the policy details outlined in the official policy document.
Plan Overview:
- A non-linked, non-participating individual savings life insurance plan that provides immediate liquidity while ensuring long-term income security.
- Offers life insurance coverage that guarantees a steady income while also providing lump sum benefits, ensuring your financial stability.
Key Benefits:
- You have the opportunity to choose between long-term income or whole-life income.
- Guaranteed income begins on the 1st or 2nd anniversary of the policy and continues until the conclusion of the policy term.
- The guaranteed lump sum benefit amount will be payable upon the maturity of the policy.
- Tailor your plan by selecting your preferred income benefits, income variant, premium payment duration, policy term and deferment period.
- Provides comprehensive life coverage for the entire duration of the policy.
- Select from a fixed-income or progressive-income plan.
Premium Details:
- Maximum Premium: No upper limit (subject to Board Approved Underwriting Policy).
- Minimum Sum Assured: 2,10,000 rupees.
- Minimum Premium:
- Income Only Benefit: 50,000 rupees for individuals aged up to 45 years and 1,00,000 rupees for those above 46.
- Other than Income Only Benefit: ₹30,000.
Plan Terms:
- Premium Payment Term (PPT): Options of 6, 8, 10, or 12 years.
- Policy Term (PT): 15 to 40 years depending on premium payment.
- Maturity Age:
- Long-Term Income: Maximum of 85 years.
- Whole Life Income: Maximum of 100 years.
Death Benefit:
- The payment can be made as a single lump sum to the nominee or disbursed in annual or monthly instalments over five years.
- Sum Assured on Death: Higher of:
- Sum Assured.
- 105% of total premiums paid till the date of death.
- Sum Assured Multiples: Select either 7 or 10 times the annualized premium for your coverage.
Survival Benefit:
- Provided all premiums are paid, a guaranteed income will be disbursed annually from the first year of the policy until its maturity.
- Increasing Income Option: Income grows by 5% every five years.
Rider Benefits:
Expand your coverage by adding the following riders for a minimal additional fee:
- ABSLI Accidental Death Benefit Rider Plus.
- ABSLI Critical Illness Rider.
- ABSLI Surgical Care Rider.
- ABSLI Hospital Care Rider.
- ABSLI Waiver of Premium Rider.
Payout Options:
- Income can be received Annually, Semi-Annually, Quarterly, or Monthly.
- The payout percentages fluctuate based on the frequency.
How to File ABSLI Nishchit Ayush 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
What's Not Included
ABSLI Nishchit Ayush 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.
ABSLI Nishchit Aayush Plan is a dedicated individual savings life insurance policy that is neither linked nor participatory. It offers life coverage, ensuring guaranteed regular income and lump sum benefits. This plan is designed to provide financial security for policyholders’ families, safeguarding their future even in the policyholder’s absence.
A.
The ABSLI Nishchit Ayush plan offers significant tax advantages, enabling policyholders to claim deductions of up to 1.5 lakh rupees under Section 80C of the Income Tax Act. This benefit applies to premiums paid for life insurance policies, making the plan an attractive option for those looking to save on taxes while investing in their future.
A.
The ABSLI Nishchit Ayush plan welcomes applicants from as young as 30 days to those up to 55 years old. This age range encourages individuals to begin their financial planning early while also being inclusive of older applicants.
A.
Yes, you can cancel your ABSLI policy by submitting a request and required documents. Refunds or penalties depend on the policy’s status at cancellation.
A.
This plan can be suitable for individuals who:
- Desire to secure life insurance coverage for their cherished family members.
- Are looking for a reliable source of steady income to help you achieve specific financial objectives, such as funding your child’s education or planning for retirement.
- Prioritize a plan that offers consistency and reliability regarding benefits.
A.
After purchasing your policy, your ability to modify it may be limited. Possible adjustments include increasing or decreasing the sum assured, altering the frequency of premium payments or adding/removing riders. However, the accessibility of these options and any related fees will depend on the specific terms and conditions of your chosen plan.
A.
Should the life insured take their own life within the first year of the policy, the insurer may either provide a reduced death benefit or terminate the policy altogether, based on the terms outlined in the plan. It is crucial to carefully examine the policy document to understand the specific provisions concerning suicide.
A.
The possibility of obtaining a loan against your policy is contingent upon its specific terms and your eligibility. If permitted, you can generally borrow a designated percentage of the policy’s surrender value. It is important to note that this loan will accrue interest and failing to repay it could have implications for your policy benefits.
A.
The ABSLI Nishchit Aayush Plan provides a premium waiver benefit if the life insured becomes disabled, as defined in the policy. This feature enables you to halt premium payments while still enjoying the advantages of the policy. However, the precise conditions and eligibility criteria for this benefit may differ.
A.
While you can surrender the plan before its maturity, it's important to understand that this could lead to financial penalties. Typically, the surrender value will be less than the total premiums you've paid, and you might face surrender charges as well. Therefore, it's crucial to weigh the financial consequences thoughtfully before deciding to surrender the policy.
A.
If the insured individual is diagnosed with a critical illness that falls under the coverage of the plan's critical illness rider (if it has been purchased), you could receive a lump sum payment. This financial support can be utilized for medical costs or any other financial requirements. It's important to note that the specific critical illnesses covered and the payout amount will be outlined in the terms of the rider.
A.
It is possible to transfer the ownership of the policy to another individual, pending the insurer's approval and any relevant fees. This process usually requires you to fill out a transfer of ownership form and submit the necessary documentation.
A.
The insurer has the authority to revise the policy’s terms and conditions to align with any legal or regulatory changes. Such adjustments may impact your benefits, premiums, or various other elements of the policy. Therefore, it is crucial to thoroughly review any updates to the policy to fully grasp their implications.
A.
If the insurer uncovers any misrepresentation or fraud in the policy application, they have the right to contest the validity of the policy. This could lead to the termination of the policy, and any premiums already paid might be forfeited. Therefore, it's essential to supply accurate information in the application to prevent any potential disputes.
A.
It is possible to increase the sum assured under certain conditions, though this typically requires the insurer's approval and may necessitate additional premium payments. The specific requirements and restrictions will vary based on the terms of your policy and your eligibility.
A.
At maturity, if the life insured is still living, they will receive a guaranteed lump sum benefit outlined in the policy. This benefit usually comprises the total premiums paid along with an assured bonus.
Life Insurance Companies in India
![FD DOT]()
Read our Latest Blog
How to Escape from Early Withdrawal Penalties of Fixed Deposits?
Fixed deposits are popular for investing money as they provide security and steady growth. However, there are times when people need to withdraw their fixed deposits before their maturity date. While this allows for immediate access to funds, it can...
