ABSLI Assured Savings Plan

ABSLI Vision LifeIncome Plan

Build a legacy of financial security – steady income, comprehensive protection, and lifelong peace of mind.
Build a legacy of financial security – steady income, comprehensive protection, and lifelong peace of mind.
Tax Benefits Income for Life
Safety for your loved ones

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Give 1.62 lakh for 8 years and get Rs 50.30 lakhs @ 4% and Rs. 87.04 lakhs1 @ 8% at maturity
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Why buy ABSLI Vision LifeIncome Plan?

ABSLI Vision LifeIncome Plan is suitable for you, if your key objective is secured savings, earning a steady income till age 100 and providing your family with comprehensive financial protection.

The ABSLI Vision LifeIncome Plan offers:
  • iconbullet Income for life – 5% of the Sum Assured guaranteed plus bonus every year after the Premium Paying Term
  • iconbullet Safety for your loved ones – Comprehensive financial protection of your family with whole life cover to age 100.
  • iconbullet Rider Option - For added protection, you can enhance your insurance coverage during the policy term by adding riders
  • iconbullet Tax Benefits - Tax benefits5 under Section 80C, 80D and Section 10(10D)** of the Income Tax Act, 1961

Benefits of ABSLI Vision LifeIncome Plan

Savings Plan
Survival Benefit
In the event the life insured survives to the end of the premium paying term, we shall pay to you
Maturity Benefit
Maturity Benefit
In the event the life insured survives to the end of the policy term, we shall pay to you
Death Benefit
Death Benefit
In the unfortunate event of the death of the life insured during the premium paying term, we shall pay to the nominee
Reduced Paid-Up Benefits
If you discontinue paying premiums after having paid for at least two full years, your policy will not lapse but will continue on a Reduced Paid-Up basis.

Riders

Entry Age (age last birthday)

30 days* – 60 years

Policy Term

Whole Life to Age 100

Premium Paying Term

8 | 10 | 12 | 15 to 40 years

Minimum

Attained Age at end of Premium Paying Term is 18 or more

Maximum

Attained Age at end of Premium Paying Term is 75 or less

Minimum Sum Assured

Rs. 200,000

Minimum Premium

For PPT 8 | 10 | 12 years - Rs. 25,000 p.a.

For PPT 15 to 40 years - Rs. 3,880 p.a.

Premium Frequency

Annual, Semi-annual, Quarterly, Monthly



* risk commences from the first policy anniversary
At inception, you need to choose the Sum Assured which represents the life cover during the entire policy term. Your premium will depend on the amount of the Sum Assured you select. For easy reference, your Sum Assured is banded as follows:



Sum Assured Band

Band 1

Band 2

Band 3

Sum Assured (Rs.)

200,000 to 399,999

400,000 to 799,999

800,000 +

How does ABSLI Vision LifeIncome Plan Work?

Some benefits are guaranteed and some benefits are variable with bonuses based on the future performance of the participating business and economic conditions. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance. In the illustration below, the Sum Assured is fully guaranteed. The Total Death Benefit is not guaranteed and is determined using assumed future investment returns of 4% and 8% as set by the Life Insurance Council.

Entry Age

35 years

Annualized Premium*

Rs. 21,603

Gender

Male

Premium Paying Term

15 years

Policy Term

Whole Life to age 100

Payment Frequency

Yearly

Sum Assured

Rs. 250,000

 

 

 

Policy Year End

Annualized Premiums

Paid to Date

Guaranteed

Non-Guaranteed Benefits

Total

Death

Benefit

Survival

Benefit

Maturity

Benefit

Reversionary

Bonus

Cash Bonus

Death Benefit

Maturity Benefit

at 4% p.a.

at 8% p.a.

at 4% p.a.

at 8% p.a.

at 4% p.a.

at 8% p.a.

at 4% p.a.

at 8% p.a.

1

21,603

250,000

-

-

375

10,750

-

-

250,375

260,750

-

-

2

43,205

250,000

-

-

750

21,500

-

-

250,750

271,500

-

-

3

64,808

250,000

-

-

1,125

32,250

-

-

251,125

282,250

-

-

4

86,410

250,000

-

-

1,500

43,000

-

-

251,500

293,000

-

-

5

108,013

250,000

-

-

1,875

53,750

-

-

251,875

303,750

-

-

6

129,615

250,000

-

-

2,250

64,500

-

-

252,250

314,500

-

-

7

151,218

250,000

-

-

2,625

75,250

-

-

252,625

325,250

-

-

8

172,820

250,000

-

-

3,000

86,000

-

-

253,000

336,000

-

-

9

194,423

250,000

-

-

3,375

96,750

-

-

253,375

346,750

-

-

10

216,025

250,000

-

-

3,750

107,500

-

-

253,750

357,500

-

-

15

324,038

330,032

-

-

5,625

161,250

5,625

161,250

335,657

491,282

-

-

16 to 64

324,038

330,032

12,500

-

-

-

375

10,750

330,407

340,782

-

-

65

324,038

330,032

12,500

330,026

-

-

375

10,750

330,407

340,782

411,276

411,276

* Premiums exclude underwriting extra premium, frequency loadings on premiums, the premiums paid towards the riders, if any and Goods and Service Tax.
This is not a benefit illustration. Please visit our website or ask your financial advisor for the complete benefit illustration for your policy.

Exclusions: We will pay the total premiums paid till date or surrender value available on the date of death, if higher in the event the life insured dies due to suicide, within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as may be applicable provided the policy is inforce.

How to initiate Claim?

3 quick steps, everything online.

  • Fill basic details
  • Claim intimation
  • Document submission

Vision LifeIncome Plan FAQs

ABSLI Vision LifeIncome Plan is a traditional participating insurance plan. It is a perfect combination of regular guaranteed payouts, long-term savings and life insurance benefit. By way of its guaranteed regular income, bonus accumulation, and a guaranteed life insurance benefit this product offers the ultimate three-in-one solution for your financial needs.
This is a Sum Assured based plan; the premium amount payable depends on the gender, entry age of the life insured, the sum assured, the premium paying mode and the method of payment (ECS). The minimum premium payable is Rs. 1,00,000 p.a. for PPT 8 | 10 | 12 years and Rs. 3,880 p.a. for PPT 15 to 40 years. There is no maximum limit on the premium subject to underwriting.

Yes, you are eligible for premium rebates i.e. you pay lesser than the premium based on your choice of ‘Sum Assured’ ‘premium payment mode’ and ‘premium payment method’.

Sum Assured Rebate

For higher Sum Assured, you will get a premium rebate as explained below.

Sum Assured Band

Band 1

Band 2

Band 3

Sum Assured (Rs.)

200,000 to 399,999

400,000 to 799,999

800,000 +

Premium Rebate per 1000 SA

nil

2.50

3.50

 

Modal Rebate

You will get a modal rebate of 3% and 1.5% if your mode of premium payment is annual or semi-annual.

The premium is calculated based on tabular rate; which is then reduced by Sum Assured rebate, as applicable and modal rebate, as applicable. Refer below example for clarity.

 

ECS Rebate

ECS rebate is 3.0% irrespective of the payment mode. This rebate cannot be clubbed with the Modal rebate, i.e. In case of ECS opted on yearly and half yearly mode the total rebate offered will be 3.0%

No, you cannot increase or reduce your premiums during the policy tenure.
You can pay your policy premium annually, semi-annually, quarterly or monthly.
For annual and semi-annual installments - cash (up to Rs. 50,000), cheque, credit card, and direct debit.
Quarterly installments – ECS or credit card offline only
Monthly installments – ECS or salary deduction only (minimum two months premium required)
ECS includes standing instruction, direct debit and other automated payment modes.
ABSLI shall declare a bonus on 1st of July every year and this bonus rate shall be applicable to all the policies having policy anniversary between 1st July to 30th June of the following year. Bonus is either represented as a percentage or can also be expressed as per 1000 of sum assured. For e.g. a bonus rate of 3% can also be defined as 30 per 1000 sum assured.
The bonus rate declared by ABSLI will depend on the actual experience regarding various factors and the prevailing economic conditions hence it may vary from year to year.
Example: On 1st July 2013; ABSLI declares a bonus of  46 per 1000 sum assured
The annual rate as declared by ABSLI shall be added to all policies having policy anniversaries between 1st July 2013 and 30th June 2014. Once this bonus is added to a policy on its policy anniversary it becomes payable under all circumstances in the policy under the policy.
While the interim bonus shall be payable to all policies resulting in claims (death claims) between 1st July 2013 to 30th June 2014.

If all the due premiums have been paid in full you shall be eligible to participate in the profits of the par fund and bonuses (if any) may be added to your policy during the policy term.

 This product has following bonuses

Simple Reversionary Bonus:

ABSLI may declare a rate of reversionary bonus at the end of every financial year.  The Reversionary Bonus declared is expressed either as a percentage or per 1000 of the sum assured of the policy. Provided the policy is in effect for the full sum assured, the declared reversionary bonus shall be added to the policy on its policy anniversary date immediately following the date of bonus declaration. In case of surrender the surrender value of the attached bonuses will be payable.

This reversionary bonus, once added to the policy shall vest and will be payable as part of the survival, death or maturity benefit as the case may be.

 

Example: Assuming policy is bought on 1st January 2013 and ABSLI declares the annual reversionary bonus of 46 per 1000 Sum Assured on 1st July 2013.

The bonus vests on the policy only on policy anniversary. As the policy is brought on 1st Jan 2013, the 1st policy anniversary falls on 1st Jan 2014. The revisionary bonus rate declared in the first year is 46 per 1000 Sum Assured; therefore,

Bonus attached to policy on 1st policy anniversary is 10,00,000 x 46/1000 = Rs. 46,000.

Assuming on 1st July 2014 i.e. the second year ABSLI declares an annual reversionary bonus of 48 per 1000 sum assured

Bonus to be attached on 2nd policy anniversary i.e. on 1st Jan 2015 is 10,00,000 x 48/1000 = Rs. 48,000

As this plan offers simple revisionary bonus, the accrued bonuses at the end of 2nd policy year is Rs. 46,000 + Rs 48,000 = Rs. 94,000

Interim Bonus: The interim bonus is declared annually along with the reversionary bonus. This is a temporary or provisional bonus which is declared and paid for policies where the declared reversionary bonus is yet to be vested but the policy is due for a death claim. In such scenarios the interim bonus will be paid along with the sum assured.

 

Continuing from the previous example:

Assuming on 1st July 2014 ABSLI declares an interim bonus of 42 per thousand of Sum Assured and the annual revisionary bonus of 46 per thousand of Sum Assured

The revisionary bonus will be added to the policy on the policy anniversary i.e. on 1st Jan 2015, however in the interim the life insured dies on 15th Oct 2014 i.e. before the policy anniversary. In this case, the interim bonus declared by ABSLI will form a part of the death benefit. Hence the nominee will receive an interim bonus of = 10,00,000 x 42/1000 = 42,000 as a part of the death benefit.

Accrued bonus in this case shall be 46,000 (in the previous year) + 42,000 (interim bonus in the year of death) = Rs. 88,000

Terminal BonusAt company’s discretion on death or maturity based on the actual experience and the prevailing economic conditions a terminal bonus may be paid.

Participating policies usually take time to build up cash values therefore in the initial years terminal bonus may or may not be paid.
Yes. You are allowed to take up a loan against the policy once your plan acquires a surrender value.
  • The minimum loan amount is Rs. 5,000 and the maximum is 85% of your surrender value.
  • We shall charge interest on the outstanding loan balance at a rate declared by us from time to time based on then prevailing market conditions.
  • Should the outstanding policy loan balance equal or exceed the surrender value of your policy at any time, when your policy is in reduced paid-up status, then the policy shall be terminated without any value.
  • The death benefit, maturity benefit, survival benefit or surrender benefit will be reduced by the outstanding loan balance (if any).
  • You are free to repay all or part of your outstanding policy loan balance at any time, subject to our then current administration guidelines.
Yes, there can be a proposer and s/he can be different from the Life Insured under the plan. In case the proposer and the life insured are different then all the proceeds for the policy will be paid to the proposer. If the policy is taken for the benefit of life insured who is a minor at the time of policy issuance, the policy shall automatically vest to the life insured on his attaining age 18.
Yes, this plan can be offered to NRIs/FNIOs & PIOs, however riders cannot be offered to them.
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  • Disclaimer

    # Provided all due premiums are paid
    1 ABSLI Vision Life Income Plan, healthy male, age 21, Sum Assured Rs.10 lakhs. Annualised Premium of Rs.1.62 lakhs approx for premium payment term: 8 years, policy term: 79 years, lump sum benefit of Rs.12000 @4% or Rs.3.44 lakhs @8% in 8th policy year, guaranteed regular income of Rs.50,000 plus bonus for life from 9th year.
    2 Some benefits are guaranteed and some benefits are variable with bonuses on the future performance of the participating business and economic conditions.
    3 Annualized premium shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.
    4 Total Premiums paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.
    5 Tax benefits are subject to changes in the tax laws. For more details and clarification call your ABSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true.
    This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a traditional participating endowment plan. All terms & conditions are guaranteed throughout the policy term, except for the bonuses which would be declared at the end of each financial year. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. This brochure contains only the salient features of the plan. For further details please refer to the policy contract. As per extant tax laws, this plan offers tax benefits5 under Section 80C, 80D and Section 10(10D)** of the Income Tax Act, 1961, subject to fulfillment of the other conditions of the respective sections prescribed therein.
    **As per Section 10(10D) of the Income-Tax Act, 1961, proceeds from life insurance policy issued on or after 1 April 2023 shall be taxable as income from other sources if the cumulative annual premium payable by taxpayer for life insurance policies exceeds ₹ 5 lacs.
    UIN: 109N079V06
    ADV/7/23-24/1078