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ABSLI Guaranteed Milestone Plan
A non-linked non – participating life insurance plan

Nothing is more important that your family's happiness. You work hard to earn and strive to fulfil everything your loved ones wish for. In today's unpredictable times, having your family's future and dreams secured is very essential. Presenting the Aditya Birla Sun Life Insurance Guaranteed Milestone Plan that recognises the value of family's happiness. Now, protection for your family is guaranteed, even in your absence.

How does the plan work?

  • STEP 1: Choose your premium
  • STEP 2: Choose your policy term

Key features

  • Fully guaranteed benefits on death or maturity.
  • Guaranteed Additions that boost your corpus year on year.
  • Flexibility to cover your spouse also by choosing Joint Life Protection.
  • Flexibility to choose the policy term.
  • Flexibility to enhance your insurance cover with appropriate rider options..

For Single Life

In case of the unfortunate demise of the life insured during the policy term, the Sum Assured on Death will be paid to the nominee in 10 equal annual instalments.

Sum Assured on Death will be highest of:

  • Sum Assured(15 x annual premium); or
  • 105% of the total premiums paid as on the date of death (excluding loadings for modal premiums, applicable taxes, any applicable rider premiums and underwriting extras, if any); or
  • Maturity Sum Assured(1)

On acceptance of the death claim we shall pay immediately the first annual installment along with the excess amount, if any, of Maturity Sum Assured plus accrued Guaranteed Additions

In case the nominee would like to get a lump sum payment instead of the annual installments, we will pay the discounted value of the outstanding annual installments as a

In case where the death of the Life Insured takes place prior to risk commencement date, only

For Joint Life

Under this option, two lives i.e. you (primary life insured) and your spouse (secondary life insured) are covered under the same policy and also jointly own the policy. The sum assured applicable for your spouse shall be equal to 20% of your applicable sum assured. You can opt for this option at the inception of the policy subject to the attained age of primary life insured & secondary life insured is less than or equal to 50 years. No rider can be opted under this option and this option cannot be discontinued except due to the unfortunate demise of either of the lives who are insured.

Unfortunate death of the primary life insured prior to the secondary life insured:

  • Death benefit shall be paid in annual installments to the spouse (secondary life insured) and the same can be opted as lump sum payment as explained above
  • Secondary life insured will become the sole policyholder and receive the maturity benefit
  • Life cover for the secondary life insured will continue without any future premiums to be paid
  • On subsequent death of the secondary life insured during the policy term the applicable death benefit shall be paid to the nominee as a lump sum. On maturity date the maturity benefit shall be paid to the nominee.

Unfortunate death of the secondary life insured prior to the primary life insured

  • Applicable death benefit shall be paid immediately to the primary life insured as a lump sum
  • Primary life insured will become the sole policyholder. Policy will continue with all benefits (including the insurance cover on primary life insured) with premiums to be paid when due.
    Maturity benefit shall be paid to the primary life insured on maturity date
  • On subsequent death of the primary life insured during the policy term, the applicable death benefit shall be paid to the nominee in annual installments and the same can be opted as lump sum payment as explained above. On maturity date the maturity benefit shall be paid to the nominee

Unfortunate death of both the primary and secondary life insured together

  • Applicable death benefit for the respective lives insured shall be paid to the nominee - annual installments for the death benefit of primary life insured and lump sum for the death benefit of secondary life insured respectively
  • Policy will continue without any future premiums to be paid and on maturity date the maturity benefit shall be paid to the nominee

 

In the event the life insured survives to the end of the policy term, we shall pay to you

  • Maturity Sum Assured(1) ; plus
  • Accrued Guaranteed Additions

(1) Maturity Sum Assured is the sum of all the premiums payable (excluding loadings for modal premiums, applicable taxes, any applicable rider premiums and underwriting extras, if any) paid by you.

Guaranteed Additions will accrue on monthly basis to the policy on each policy month till maturity; provided all due premiums have been paid and shall be payable in event of death of life insured or policy maturity whichever is earlier. Guaranteed Additions per annum shall be determined based on the premium amount you commit to pay, premium band, sum assured, the ent Age of the life insured, Joint Life Protection option and policy term chosen. In case of Joint Life Protection option, the Guaranteed Additions shall accrue on the sum assured applicable for the prima life insured and shall be payable on policy maturity. Please ask your financial advisor for an illustration of the Guaranteed Additions applicable to your policy or refer to your policy contract for further details.

For added protection, you can enhance your insurance coverage during the policy term by adding riders for a nominal extra cost.

Please refer to detailed product brochure and rider brochures, consult your financial advisor or visit our website for further details.

For more details on the above mentioned benefits, please refer to the product brochure.

Please click here to Download product brochure
Please click here to download policy contract
Disclaimer

This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-participating traditional insurance plan. All terms & conditions are guaranteed throughout the policy term. 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. The insurance cover for the life insured (including minors) will commence on the policy issue date. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the. For further details please refer to the policy contract. 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. Aditya Birla Sun Life Insurance Company Limited (Formerly Birla Sun Life Insurance Company Limited) Registered Office: One Indiabulls Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. IRDAI reg no.109 CIN: U99999MH2000PLC128110 ADV/3/17-18/1905 VER1/MAR/2018

UIN: 109N106V01