ABSLI Guaranteed Milestone Plan is a non-linked non-participating life insurance plan. This plan provides life cover with fully guaranteed financial benefits on death or maturity and is the ideal financial solution to plan for your life’s non-negotiable goals.
Key Features of this Plan
- Fully guaranteed1 benefits on death or maturity
- Guaranteed Additions that boost your corpus year on year
- Option to cover your spouse by choosing Joint Life Protection by paying an additional premium
- Flexibility to enhance your insurance cover with appropriate rider options by paying an additional premium.
- Tax Benefits as per Section 80D of the Income Tax Act, 1961 as per current tax laws
Flexibility to choose the policy term
Plan at a glance:
|Entry Age (age last birthday)||30 days5 - 60 years|
|Policy Term||12, 14, 16, 18, 20, 22, 24 & 26 years|
|Premium Paying Term||6 years for policy term of 12/14
8 years for policy term of 16/18
10 years for policy term of 20/22
12 years for policy term of 24/26
|Minimum Maturity Age||18 years|
|Sum Assured||15 X Annualized Premium|
|Minimum Sum Assured||Rs.2,25,000|
|Minimum Sum Assured on Maturity||Rs.90,000|
|Premium Mode||Annual, Semi Annual, Quarterly and Monthly|
5Risk commences from the first policy anniversary
For Single life
In case of the unfortunate demise of the life insured during the policy term, the Sum Assured on Death3 will be paid to the nominee in 10 equal annual instalments.
3For more details regarding this benefit, refer to the product brochure.
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 instalments 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 instalments 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 the primary life insured prior to the secondary life insured
- Applicable death benefit for the respective lives insured shall be paid to the nominee – annual instalments 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
- Sum Assured on maturity
- Accrued Guaranteed Additions
Sum Assured on maturity is the amount which is guaranteed to become payable on maturity of the policy, in accordance with the terms and conditions of the policy and is equal to Total Premiums Paid.
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 entry age of the life insured, Joint Life Protection option and policy term chosen.
Please refer to the product brochure for more details.
A rider is an add-on to the original life insurance policy, which offers benefits over and above the plan subject to certain conditions.
Riders are a way of maximizing the benefits on a current policy at a nominal extra cost. Riders are also a way of customizing a life insurance plan as per the specific needs of the life insured. It can be attached anytime during the tenure of the policy.
- ABSLI Accidental Death and Disability Rider (UIN: 109B018V03)
- ABSLI Critical Illness Rider (UIN: 109B019V03)
- ABSLI Surgical Care Rider (UIN:109B015V03)
- ABSLI Hospital Care Rider (109B016V03)
- ABSLI Waiver of Premium Rider (109B017V03)
- ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V02)
Riders are not available for Joint Life Protection Option.
The policy holder can only opt for either ABSLI Accidental Death and Disability Rider or ABSLI Accidental Death Benefit Rider Plus.
The 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.
Tax benefits are subject to changes in the tax laws.
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. 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 sale. 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)
Birla Sun Life Insurance Company Limited, One Indiabulls Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013.
Registration No. 109
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