ABSLI SecurePlus Plan Benefits
The ABSLI Secure Plus plan offers a wealth of benefits that aid your financial security in many ways. Consider two of its key benefits:
Flexibility to choose the amount you pay every year
Flexibility to choose the Income Benefits: Let us understand this is greater detail, with two pay-out options ingrained in the policy -
Income benefit equal to 100%, 200%, 300%, 400%, 500% and 600% of annual premium (GST and any other applicable taxes, any applicable rider premiums and underwriting extras, if any) will be paid at the end of every year during the Payment Period for 6 years.
Income Benefit equal to 200% of annual premium (excluding GST and any other applicable taxes, any applicable rider premiums and underwriting extras, if any) will be paid at the end of every year during the Payment Period for 12 years.
You start receiving the regular income after completing the policy term. The pay-outs are given at the end of each year during the policy's Payment Period. The pay-outs are guaranteed at the time of purchasing the policy. The quantum of the Income Benefit is chosen by you at the inception of the policy, which leads to income payout during the payment period.
During the policy term, Sum Assured on death is paid to the nominee, which is the higher of the following:
^^ where Maturity Sum Assured is the commuted value of outstanding Income Benefit on maturity date.
10 times of the annual premium (excluding GST and any other applicable taxes, applicable rider premiums and underwriting extras, if any); OR
105% of the total premiums paid as on the date of death (excluding GST and any other applicable taxes, any applicable rider premiums and underwriting extras, if any); OR
Maturity Sum Assured^^; OR
On policy maturity, you can choose to receive the commuted value* of the Income Benefit as a lump sum amount. Once the maturity benefit is paid, the policy shall be terminated. No Income Benefit shall be payable thereafter.
* The commuted value is currently calculated using a discounting rate of 9.00% per annum. This discounting rate is not guaranteed and is subject to change in future with prior IRDAI approval. To know the commuted value for your policy you can get in touch with your advisor, or the nearest branch office.
Accidental Death Benefit:
ABSLI pays an additional Sum Assured to the nominee as an Accidental Death Benefit in the unfortunate event of the policy holder's demise in an accident, during the policy term. The minor nominee is paid this benefit after attaining the age of 18 years. The maximum limit of this payment is Rs 1 crore.
For added protection, you can enhance your insurance coverage during the policy term by adding following riders for a nominal extra cost.
ABSLI Critical Illness Rider (UIN: 109B019V03)
With ABSLI Critical Illness Rider you can safeguard yourself with the increasing cost of medication. ABSLI Critical Illness rider covers 4 major illnesses.
First Heart Attack of Specified Severity
Cancer of Specified Severity
Stroke Resulting In Permanent Symptoms
Major Organ / Bone Marrow Transplant
Download the Rider brochure from here for more details.
Aditya Birla Sun Life Surgical Care Rider (UIN: 109B015V03)
If you are hospitalized for undergoing medical surgery in India for a minimum period of 24 hours and actually undergo that surgery a lump sum benefit will be paid. You can choose your benefit amount from Rs. 3,000 to Rs. 30,000. The rider sum assured will be 50 times this benefit amount.
For a surgery that directly involves brain, heart (including coronary arteries), liver or lung the benefit amount will be five times the chosen benefit amount
For any other valid surgical hospitalization the benefit will be equal to the chosen benefit amount.
You can claim up to 10 times the chosen benefit amount in one policy year and up to 50 times the chosen benefit amount in the entire policy term.
Download the Rider brochure from here for more details.
ABSLI Waiver of Premium Rider (UIN: 109B017V02)
In case life insured / policy holder is unable to pay the policy premiums due to a disability, critical illness or an untimely demise, all future premiums of the base plan and the attached riders will be paid by ABSLI and all policy benefits will continue.
If you are unable to pay your premium in the event of financial difficulties arising due to the following:
Proposer becomes completely disabled due to an illness or accident
Proposer is diagnosed with any of the specified critical illnesses
Death of the proposer (if not the life insured)
then ABSLI will waive off all the future premiums of the base plan and the attached riders throughout the rest of the policy term or until the termination of the policy or till the attained age 70 of the proposer whichever is earlier.
The benefit under this rider is payable only when the base plan is in effect. The cover under this rider will cease after a claim under this rider is paid, however, the cover under the base plan/other rider/s will continue.
ABSLI Hospital Care Rider (UIN: 109B016V03)
With the help of ABSLI Hospital Care Rider you can rest assured knowing that you can boldly face unwanted, unexpected circumstances, without any hassles.
Benefits of Hospital Care Rider are:
Hospital Cash Benefit
Policy Limit (You can claim 100 times the chosen daily cash benefit amount in one policy year and 250 times the chosen daily cash benefit amount in the entire policy term.)
Download the Rider brochure from here for more details
Please refer to detailed brochures on riders, consult your financial advisor or visit our website for further details.
Note - The life insured will be entitled to receive the benefit if the illness does not result either directly or indirectly from any one of the causes listed in the exceptions clause of the respective riders brochures