Here's How You Can Benefit From The ABSLI Assured Income Plus

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Financial security is on everybody's wishlist. That's why a major part of financial planning involves preparing for the uncertainties in life. This includes setting up multiple streams of income, so you can rely on them in case of a paycut, a job loss or even in case you've retired. In addition to this, you also need a financial cushion that can offer financial security to your family. A life insurance plan offers this advantage in the form of a life cover.

The Assured Income Plus from Aditya Birla Sun Life Insurance combines both these advantages in one single policy. So, with just one purchase, you get the benefit of a life cover and assured long-term income. Interested to learn how you can benefit from this savings plan from ABSLI? We'll give you all the details.

What is the ABSLI Assured Income Plus Plan?

The Assured Income Plusfrom Aditya Birla Sun Life Insurance is a non-linked, non-participating savings plan that gives you life insurance coverage for the term you choose. It also offers the added advantage of a long term guaranteed1 income. This makes the plan ideal for you if you do not just want a lump sum payout at the end of the policy term, but prefer a steady stream of income instead. The income payouts start much earlier, so you can supplement your primary income and meet your family's growing needs easily.

The policy at a glance

The ABSLI Assured Income Plus comes with simple product specifications and eligibility criteria. Here's a closer look at the policy.

Policy term

  • 7 years
  • 9 years
  • 13 years

Premium payment term (PPT)

  • 6 years if the policy term is 7 years
  • 8 years if the policy term is 9 years
  • 12 years if the policy term is 13 years

Benefit payout period

  • 20, 25 or 30 years if the PPT is 6 years
  • 20, 25 or 30 years if the PPT is 8 years
  • 20 or 25 years if the PPT is 12 years

Minimum entry age

(age as on last birthday)

  • 11 years if the policy term is 7 years
  • 9 years if the policy term is 9 years
  • 5 years if the policy term is 13 years

Maximum entry age

(age as on last birthday)

60 years

Minimum maturity age

(age as on last birthday)

18 years

Maximum maturity age

(age as on last birthday)

73 years

Premium payout modes

  • Annual
  • Semi-annual
  • Monthly
  • Quarterly

Benefit payout frequency

  • Annual
  • Semi-annual
  • Monthly
  • Quarterly

The key features of the ABSLI Assured Income Plus

The Assured Income Plus Plan comes with the following key features.

  • Limited premium payment term
  • Guaranteed1 regular income for a period of 20, 25 or 30 years, depending on the premium payment term
  • Flexibility to choose between the 'Income only Benefit' option and the 'Income Benefit with Return of Premium (RoP)' option
  • Loyalty additions to boost your payouts
  • Option to enhance your cover with add-on riders at a nominal cost

Here's how you can benefit from the ABSLI Assured Income Plus

By investing in this plan, you can benefit in a number of ways. The benefits extend to you and your family. Check out the key benefitsthat the Assured Income Plus offers.

Survival benefits under the policy

The survival benefits guaranteed by this plan act as a reliable source of income for you. They are paid out for 20, 25 or 30 years as applicable, provided you survive the policy term. The payouts start at the end of the policy term, and you can choose from the following two benefit options.

  • Income only Benefit
  • Income Benefit with Return of Premium (RoP)

Under the 'Income only Benefit' option, the income benefit is paid out to you as a percentage of the annualized premium. Under the 'Income Benefit with Return of Premium (RoP)' option, in addition to the income benefit, you will also receive all the total premiums paid by you at the end of the benefit payout period.

By paying your premiums for a very short period (6, 8 or 12 years), you get to enjoy assured income over the long term, for up to 30 years. And depending on the life stage you are in, the income payouts from this plan can help you in many ways. Here are some of them.

  • You can enjoy some extra income in addition to your main income
  • You can make use of the added income to settle your debts sooner
  • The income helps you meet your family's growing needs
  • You can meet emergency expenses with these funds
  • The payouts can replace your income if you're retiring

Maturity benefits under the policy

If you want to receive your benefits all at once instead of having them spread across 20, 25 or 30 years, this plan gives you an option to do that. At the end of the policy term, you can choose the commutation option, so you can receive the benefits due to you as a lump sum amount. You can also choose to receive the payout immediately, at the end of the policy term, or at any point after that.

The maturity benefits paid out will be at least equal to the total premiums you paid, adjusted for any survival benefits you may have received. You can make use of the lump sum payout in many ways, such as:

  • Paying for your children's college expenses
  • Making a down payment on your home loan
  • Making a premium purchase
  • Renovating your house
  • Building your retirement fund

Loyalty additions under the policy

If you've paid all your premiums promptly during the premium payment term, you also get to enjoy loyalty additions under the ABSLI Assured Income Plus. These additions enhance the income payouts you receive every year. The additions depend on the premium charged for your policy. Here's how they are calculated.

Annualized premium

Loyalty additions as a percentage of the income benefit and RoP (if chosen)

Less than Rs. 1.5 lakhs

30.50%

Rs. 1.5 lakhs to less than Rs. 3 lakhs

32.50%

Rs. 3 lakhs to less than Rs. 5 lakhs

33.40%

Rs. 5 lakhs or above

34.85%


Other customizable benefits

The ABSLI Assured Income also gives you a host of other customizable benefits in the form of optional riders2. You can enhance your cover using the following rider options, for just a nominal extra cost.

  • ABSLI Critical Illness Rider (UIN: 109B019V03)

    Here, you get a lump sum payout in case you are diagnosed with any of the critical illnesses specified in the policy. These funds can help you meet the cost of treatment without any financial burden.

  • ABSLI Surgical Care Rider (UIN: 109B015V03)

    This rider offers a lump sum payout in case you need to undergo any medically essential surgery in India. You can use these funds to pay for the surgery and keep your savings and other investments intact.

  • ABSLI Hospital Care Rider (UIN: 109B016V03)

    Hospital care can be expensive, particularly if you're hospitalized for prolonged periods. This rider gives you a daily cash benefit in case of hospitalization for any medically necessary treatment of any illness or injury.

  • ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V02)

    This rider comes into effect if the insured person passes away in an accident. In that case, 100% of the sum assured under this rider is paid as an additional lump sum amount . Plus, if any rider premiums were paid after the date of the accident till the date of death, they will be refunded along with interest.

  • ABSLI Waiver of Premium (UIN: 109B017V03)

    In case of a critical illness diagnosis, disability or death, it will not be possible to continue paying premiums because of financial stress or loss of income. This rider waives off all future premiums in such cases, so the financial burden on the policyholder or their family is greatly reduced.

Death benefits under the policy

The ABSLI Assured Income Plus Plan is a life insurance policy, in essence. So, its life cover continues to be the core benefit your family enjoys. In case something untoward happens to you, your nominee will receive death benefits, which will be the higher of the following:

  • 10 times the annualized premium
  • 150% of the total premiums paid till the date of death
  • The sum assured

The death benefits can help the surviving family members in many ways.

  • They can pay off any debts you may have had
  • The benefits can help them maintain their standard of living
  • They can continue to meet their life goals as planned
  • They can reinvest that money and save up for future goals

Last words

The Assured Income Plus from Aditya Birla Sun Life Insurance benefits you and your family on various levels. At the time of purchase, make sure that you choose the right kind of payout option and the necessary riders, if any, so you can enjoy optimal coverage and benefits. With the advantage of short premium payment terms coupled with long-term assured income, this plan secures your financial future as well as the future of your loved ones.

1Provided all the premiums are paid.
2There are exclusions attached to the riders. Please refer rider brochure for more details.

Disclaimer

ABSLI Assured Income Plus (UIN: 109N127V04) is a non-linked non-participating individual life insurance savings plan. 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. For policies issued on minor life, the date of commencement of risk shall be the date of commencement of the policy. Where a policy is issued on a minor life, the policy will vest after attainment of majority of the Life Insured. Where the Life Insured (whether major or minor) and Proposer/Policyholder is different, on the death of the Proposer/Policyholder, his legal heirs, in accordance with the existing succession laws, will be considered as new Proposer/Policyholder. As there is no death benefit payable on the death of the Proposer/Policyholder, the policy status does not change, and the policy continues.
ADV/10/21-22/1375

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