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ABSLI Monthly Income Plan

A non-linked participating life insurance plan


Retirement is certain in everyone's life and hence having funds for the same is a must. The rising cost of living, changing times and needs etc. in such scenario investment towards retirement corpus is a necessity. Presenting ABSLI Monthly Income Plan that helps you plan ahead of time and offers assured(l) monthly tax-free(2) income to take care of your recurring needs and bonuses(3) at maturity thereby protecting your retirement goals.

(1)Subject to payment of all due premiums
(2)Tax benefits are subject to changes in tax laws
(3)Please refer to product brochure for more details

 

After completion of the Deferment Period, you shall start receiving monthly income benefit in advance as a percentage of the sum assured over the Income Benefit Period as per the option chosen at inception.

You may choose one of the following Income Benefit Option at inception:

Level Income Benefit - Under this option, the income benefit paid will be 1% of the Sum Assured per month and will remain fixed throughout the Income Benefit Period (IBP).

Increasing Income Benefit - Under this option, the income benefit paid will start at 1% of the Sum Assured per month and then such amount of income benefit will increase at 5% simple p.a. afer every 12 months during the Income Benefit Period (IBP).

Please refer to product brochure for more details.

In the event of death of Life Insured before the commencement of Income Benefit Period the Death Benefit will be the highest of:

  • 10 times the annualized premium; OR
  • Maturity Sum Assured; OR
  • Sum Assured + Total Income Benefit

Where Sum Assured will be paid immediately on death and Income Benefit will commence for the fixed Income Benefit Period from the date of death.

PLUS

  • Bonuses will continue to accrue till the end of the Income Benefit Period and total bonuses including Terminal Bonus (if any) will be paid at the end of Income Benefit Period.

In the event of death of Life Insured on or after commencement of the Income Benefit Period the Death Benefit will be the highest of:

  • 10 times the annualized premium; OR
  • Maturity Sum Assured; OR
  • Sum Assured + Outstanding Income Benefit

Where Sum Assured will be paid immediately on death and Income Benefit will continue to be paid for the remaining Income Benefit Period.

PLUS

  • Bonuses will continue to accrue till the end of the Income Benefit Period and total bonuses including Terminal Bonus (if any) will be paid at the end of Income Benefit Period.

Please refer to product brochure for more details.

In the event of death of a Life Insured due to an accident, additional Sum Assured equal to the base Sum Assured chosen will be paid immediately in lump sum to the nominee as an inbuilt accidental death benefit.

In the event the Life Insured survives to the end of the policy term, the maturity benefit will be:

  • Attached bonuses accrued till maturity date; plus
  • Terminal bonus (if any)

The policy shall be terminated once the maturity benefit is paid.

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

ABSLI Waiver of Premium Rider (UIN: 109BO17VO2)

ABSLI Critical Illness Rider (UIN: 109B019V03)

Please refer to detailed brochures on riders, consult your financial advisor or visit our website for further details.

If you discontinue paying premiums afer having paid for at least three full year's premiums, your policy will not lapse but will continue on a Reduced Paid-up basis. Under Reduced Paid-Up, your sum assured and income benefit shall be reduced in proportion to the premium actually paid to the total premiums payable during the premium paying term. Your regular bonuses accrued till the due date of first unpaid premium will not be reduced; however any bonus payable in the year of premium discontinuance shall be reduced proportionately to the unpaid premiums in that policy year. There will be no further accrual of bonuses in the policy.

Please refer to product brochure for more details.

Entry Age (age last birthday) 18 years - 55 years (For Premium Paying Term of 10 years)
18 years - 53 years (For Premium Paying Term of 12 years)
(subject to maximum maturity age of 80 years )
Premium Paying Term (PPT) 10 | 12 years
Deferment Period (DP) Deferment Period shall start after the completion of PPT
0 |5 |10 years
Income Benefit Period (IBP) Income Benefit Period shall start after the completion of Deferment Period
10 | 15 | 20 years
Income Benefit Option Level | Increasing
Policy Term Minimum - 20 years | Maximum - 37 years
Policy Term = Premium Payment Term + Deferment
Period + Income Benefit Period
Minimum Sum Assured Rs. 4,00,000*
Premium Frequency Annual, Semi-annual, Quarterly & Monthly

* For entry ages between 51 to 55 years the minimum Sum Assured will be Rs.6,00,000.



The above values are illustrative and for a healthy male. The assumed rates of return 4% and 8% are not guaranteed and they are not the upper or lower limits of what one might get back as the value of the policy is dependent on a number of factors including future investment performance.

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 participating non-linked life insurance 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. Goods and Service Tax (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 sub-standard lives, smokers or people having hazardous occupations etc. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. 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) Reg. 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/3/18-19/4485 VER2/MAR/2019

UIN: 109N122V01