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ABSLI Assured Income Plus Plan

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What is ABSLI Assured Income Plus?

ABSLI Assured Income Plus is a non-linked non-participating individual savings life insurance plan. It that provides the benefit of life insurance cover along with a regular income for 20, 25 or 30 years to ensure fulfilment of Your family’s long-term goals and aspirations

Key Features

  1. Long-Term Income: Get guaranteed1 regular income for 20, 25 or 30 years to ensure fulfilment of your recurring needs in the long term.
  2. Twin Benefit Options: Flexibility to choose between benefit options i.e. a) Income only Benefit or b) Income with Lumpsum Benefit– in line with Your financial needs
  3. Loyalty Additions: Loyalty Additions as an additional boost to the Income Benefit pay-out.
  4. Guaranteed Lumpsum Benefit: Guaranteed Lumpsum Benefit, if applicable, shall be payable at the end of the benefit payout period, to boost your savings.
  5. Commutation Option: Flexibility to receive a discounted value of future survival benefits as a lump sum based on Your needs.
  6. Customizable Benefits: Option to enhance Your insurance cover with appropriate riders at a nominal extra cost.
  7. Tax Benefits2

1Provided all due premiums are paid.

2Tax benefits are subject to changes in tax laws. Please consult your tax advisor for more details.

Product Specifications
Type of Plan A Non-Linked Non-Participating Individual Savings Life Insurance Plan
Coverage All Individuals (Male | Female | Transgender)
Age of the Life Insured at Entry (age as on last birthday) Minimum 1* year (subject to minimum maturity age of 18 years)
* In case the Life Insured is a minor, the Policy will automatically vest once the life insured attains the age of majority. The risk coverage for the minors will start from the Date of Commencement of Risk
Maximum 60 years
Maturity Age of the Life Insured (age as on last birthday) Minimum 18 years
Maximum 77 years
Premium Payment Term (PPT), Policy Term (PT) and Benefit Payout Period
Premium payment term Policy term Benefit payout period*
5 years 5 | 6 | 7 | 8 | 9 | 10 years 20, 25, 30 years
6 years 6 | 7 | 8 | 9 | 10 | 11 years 20, 25, 30 years
8 years 8 | 9 | 10 | 11 | 12 | 13 years 20, 25, 30 years
10 years 10 | 11 | 12 | 13 | 14 | 15 years 20, 25, 30 years
12 years 12 | 13 | 14 | 15 | 16 | 17 years 20, 25 years
*The Benefit Payout Period commences after the end of the Policy Term, during which the Survival Benefit is payable to the Policyholder. It is chosen at policy inception and cannot be changed thereafter.
Premium Payment Modes and Modal Factors Annual | Semi-Annual | Quarterly | Monthly
Mode Annual Semi-annual Quarterly Monthly
Modal Factors 0.0% 1.0% 1.5% 3.5%
Minimum Annualized Premium Rs. 50,000
Maximum Annualized Premium No Limit (subject to Board Approved Underwriting Policy)
Minimum Sum Assured Rs. 5,50,000
Maximum Sum Assured Subject to Board Approved Underwriting Policy
Benefit Options The Policyholder at policy inception can choose from the following two options:
  1. Income only Benefit
  2. Income with Lumpsum Benefit
The Benefit Option is chosen at inception and cannot be changed thereafter
Benefit Payout Frequency The Benefit Payout Frequencies available are Annual, Semi-Annual, Quarterly, Monthly

What benefits does the Plan offer?

Survival Benefit

On surviving till the end of policy term, Income Benefit is payable to you for 20, 25 or 30 years at the end of the period (monthly, quarterly, half yearly or annually) as per the Benefit Payout Frequency chosen

A. Income only Benefit Option

Income Benefit, expressed as a percentage of Annualized Premium, will be paid to you which varies by Your age at entry, premium amount, premium payment term and benefit pay out period.

B. Income with Lumpsum Benefit:

Income Benefit, expressed as a percentage of annualized premium, will be paid to you which varies by Your age at entry, premium amount, premium payment term and benefit pay out period. Additionally, under this option, at the end of the Benefit payout period, a Guaranteed Lumpsum Benefit will also be payable. Where, Guaranteed Lumpsum Benefit refers to the Total Premiums Paid multiplied by the applicable lumpsum factor. Guaranteed Lumpsum Benefit will be further enhanced by 100%, provided all due premiums under the policy have been paid.

C. Loyalty Additions:

For both benefit options, We will enhance Your Income Benefit every year during the benefit payout period by adding Loyalty Addition, provided all premiums have been paid during the Premium Paying Term. Loyalty Addition is defined as a percentage of the Income Benefit as specified in the table below.

Annualized Premium (AP) Loyalty Addition As a % of Income Benefit
Premium Payment Term: 5 Premium Payment Term: 6 Premium Payment Term: 8 Premium Payment Term: 10 Premium Payment Term: 12
AP < Rs. 1.5 lakhs 50.00% 50.00% 50.00% 51.75% 54.25%
Rs. 1.5 lakhs to < Rs. 3 lakhs 55.00% 51.00% 51.75% 52.50% 55.00%
Rs. 3 lakhs to < Rs. 5 lakhs 55.50% 52.25% 53.50% 53.50% 56.00%
AP >= Rs. 5 lakhs 56.00% 54.50% 55.00% 55.00% 56.50%

In case of death of the Life Insured during the benefit payout period, the Survival Benefit, as applicable above will continue to be paid to the nominee/legal heir(s). The nominee/legal heir(s) can also opt to receive a lump sum instead of the Income Benefits and Guaranteed Lumpsum Benefit, if any

Death Benefit

In the unfortunate event of Death of the Life Insured anytime during the policy term, provided the Policy is in-force, Sum Assured on Death shall be payable as a lump-sum to the nominee

Sum Assured on Death is defined as higher of:

a) 10 times of Annualized Premium
b) 150% of Total Premiums paid till the date of death
c) Sum Assured

The Nominee will have an option to receive the amount of Death Benefit in Annual/Monthly instalments payable at the end of the year/month instead of a lump-sum, over a period of 10 years as per the percentages given below:

Instalments Frequency Annual Monthly
Instalment (as % of Death Benefit) 12.12% 1.03%
Total payments (as % of Death Benefit) 121.20% 123.60%

Rider Benefits

You can enhance your insurance cover during the policy term by adding the following riders for a nominal extra cost.

  • ABSLI Critical Illness Rider (UIN: 109B019V03)
  • ABSLI Surgical Care Rider (UIN: 109B015V03)
  • ABSLI Hospital Care Rider (UIN: 109B016V03)
  • ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V02)
  • ABSLI Waiver of Premium (UIN:109B017V03)

There are exclusions attached to the riders. Please refer rider brochure for more details.

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Disclaimer

Free Look Period



You will have the right to return Your Policy to us within 15 days (30 days in case of electronic policies and the policies issued under the provisions of IRDAI Guidelines on Distance Marketing of Insurance products) from the date of receipt of the Policy, in case You are not satisfied with the terms & conditions of Your Policy. We will refund the premium paid once we receive Your written notice of cancellation (along with reasons thereof) together with the original Policy document. We may reduce the amount of the refund by proportionate risk premium for the period of cover and expenses incurred by us on medical examination and stamp duty charges while issuing Your Policy in accordance to IRDAI (Protection of Policyholders Interest) Regulations, 2017.

This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a Non-Linked Non-Participating Individual Savings Life Insurance 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 aer 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. This product shall also be available for sales through online channel. Tax benefits are subject to changes in tax laws. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. 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. UIN: 109N127V07
ADV/8/22-23/1022

For more details on risk factors, terms and conditions please read sales brochure carefully before concluding the sale.

Trade Logo "Aditya Birla Capital" displayed above is owned by ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) and used by ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the license.

Aditya Birla Sun Life Insurance Company Limited, Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company.

Registered Office:
One World Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. Toll free no. 1800-270-7000. www.adityabirlasunlifeinsurance.com
CIN:U99999MH2000PLC128110 Registration No. 109.

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