Planning for retirement using the ABSLI Guaranteed Milestone Plan
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Did you know that when it comes to retirement planning, life insurance can help you in many ways? Unfortunately, most people tend to overlook the importance of a life insurance policy and dismiss its ability to help secure their finances in their golden years. But you don't have to count yourself among them, because today, we're going to let you in on a secret.
Endowment plans - the all-rounders in the life insurance category - can help make your post-retirement life convenient and financially sound.
Need more proof to be convinced? Well, why not take the case of one of our very own endowment plans and see how it can be a valuable asset in your retirement plan. Say hello to the ABSLI Guaranteed Milestone Plan.
What is the Guaranteed Milestone Plan?
Over the course of your life, you may have many different milestones, right? After all, milestones and goals give you something to look forward to. Broadly speaking, there are some life goals that are common to nearly everybody. Let's take a look at these milestones.
- Getting your first job
- Getting married
- Buying your first house
- Having a child or two (or more)
- Buying the car of your dreams
- Sending your children off to school
- Enrolling your children in a prestigious college
- Saving up for retirement
- Finally retiring after a fulfilling career
Now, these milestones may not be in the same order. And some of them may not even feature on your list. But whatever your own individual goals may be, the Guaranteed Milestone Plan from ABSLI can help you fulfill them.
It is an endowment plan that gives you guaranteed benefits on maturity or on the policyholder's death. Check out the eligibility criteria and the policy particulars for this plan.
30 days to 60 years (age last birthday)
Minimum maturity age
Premium payment mode
Annual, semi-annual, quarterly or monthly
12, 14, 16, 18, 20, 22, 24 and 26 years
Premium paying term
How can you plan for retirement using this endowment plan?
The Guaranteed Milestone Plan can help you save up for retirement. It also offers various other benefits that can help you secure your life after you've retired. Here is how you can plan for your retirement using this endowment policy.
Save in a disciplined manner
When it comes to retirement planning, saving consistently and in a disciplined manner matters a great deal. The Guaranteed Milestone Plan allows you to do just this over the premium payment term, which can range from 6 years to 12 years depending on the policy term.
By saving up consistently over this period, in the form of premiums, you get to build a sizable retirement corpus that will be paid out to you at the end of the policy term.
Make use of the maturity benefits to meet life's milestones
If you survive the policy term, the Guaranteed Milestone Plan pays out the sum assured on maturity. This is a guaranteed sum of money, and you will know the exact amount assured by the plan at the time of purchase itself. So, you can plan your life goals in such a manner that the payout coincides with your retirement age.
For example, say you are 30 years old now. And you wish to retire at 55 years of age. In that case, you can choose the Guaranteed Milestone Plan and opt for a policy term of 24 years, so you will receive the maturity benefits when you are 54 years of age - just ready to retire as planned.
Boost your corpus with guaranteed additions
The Guaranteed Milestone Plan gives you more than just a guaranteed payout on maturity. You also receive guaranteed monthly additions to your policy. This boosts the death benefit or the maturity benefit you will receive. The only condition involved here is this - you must pay your premiums on time.
The exact amount of additions made to your corpus depend on various factors such as:
- The premium amount you choose to pay
- The premium band you choose
- The sum assured
- The entry age
- The policy term
This additional payout further enhances your retirement fund, so you can enter the next phase of your life without any worry about financial security.
Secure your finances against rising healthcare costs
You can also use the Guaranteed Milestone Plan to protect your finances against the single major financial expense associated with retired life. We're talking about steep medical costs, of course. As people get older, the chances of developing critical illnesses or other medical conditions increase. The need for hospital care or surgical intervention also rises.
If the costs associated with these needs worries you, the Guaranteed Milestone Plan can be of great help here. To protect your finances, you simply need to choose from the following customizable benefits that the plan offers at a nominal extra cost.
- ABSLI Critical Illness Rider (UIN: 109B019V03)
- ABSLI Surgical Care Rider (UIN: 109B015V03)
- ABSLI Hospital Care Rider (UIN: 109B016V03)
The riders listed above specifically help cushion you from unexpected medical bills and help you plan for retirement. In addition to that, the plan also offers the following riders to choose from.
- ABSLI Accidental Death and Disability Rider (UIN: 109B018V03)
- ABSLI Waiver of Premium Rider (UIN: 109B017V03)
- ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V02)
There are exclusions attached to the riders. Please refer rider brochure for more details.
Protect both yourself and your spouse
This endowment policy also offers a Joint Life Protection Option. Under this option, both you and your spouse are covered by the insurance plan. The sum assured applicable for your spouse will be 20% of the sum assured applicable to you. You can choose this feature at the time of policy purchase.
This option can be useful if both you and your spouse contribute to the family's income. That way, you are both protected in the retirement phase of life, in case something unfortunate occurs. So, consider this option and weigh in on it when you are planning for retired life.
Leave behind a sizable inheritance for your family
If you already have enough of a corpus saved up for your retirement through other investment channels, you may still want to create a sizable inheritance for your surviving family members. The Guaranteed Milestone Plan can help you meet this life goal easily, thanks to the guaranteed death or maturity benefits and the guaranteed additions it offers.
See how one plan can help you secure your finances in so many ways? With the beneficial features explained above, you can ensure that your post-retirement life is carefree and comfortable, just like it should be. And the secret to achieving that life in planning for your future today!
ABSLI Guaranteed Milestone Plan (UIN: 109N106V10) is a non-participating traditional insurance plan.
ABSLI Guaranteed Annuity Plus
This plan guaranteed income for life which enables you to enjoy a dream retirement life. (UIN: 109N132V02)
- Guaranteed Lifelong income with a choice of multiple annuity options
- Deferred Annuity option to build regular income stream for future with deferment period upto 15 years
- Option to increase annuity through Top-up option
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