Aditya Birla Sun Life Insurance Company Limited

ABSLI Monthly Income Plan

A non-linked participating life insurance plan


Retirement is certain in everyone's life and hence having funds for the same is a must. The rising cost of living, changing times and needs etc. in such scenario investment towards retirement corpus is a necessity. Presenting ABSLI Monthly Income Plan that helps you plan ahead of time and offers assured monthly tax-free income to take care of your recurring needs and bonuses at maturity thereby protecting your retirement goals.


After completion of the Deferment Period, you shall start receiving monthly income benefit in advance as a percentage of the sum assured over the Income Benefit Period as per the option chosen at inception.

You may choose one of the following Income Benefit Option at inception:

Level Income Benefit - Under this option, the income benefit paid will be 1% of the Sum Assured per month and will remain fixed throughout the Income Benefit Period (IBP).

Increasing Income Benefit - Under this option, the income benefit paid will start at 1% of the Sum Assured per month and then such amount of income benefit will increase at 5% simple p.a. after every 12 months during the Income Benefit Period (IBP).

Please refer to product brochure for more details.

In the event of death of Life Insured before the commencement of Income Benefit Period the Death Benefit will be the highest of:

  • 10 times the Annualized premium*; OR
  • Sum Assured + Total Income Benefit

Where Sum Assured is the absolute amount assured to be paid immediately on death and the Total Income Benefit is an undiscounted total absolute amount of income benefit payable during the income benefit period. The Income benefit due.will commence for the fixed Income Benefit Period from the date of death. PLUS

  • Bonuses will continue to accrue on full Sum Assured till the end of the Income Benefit Period and total bonuses including Terminal Bonus (if any) will be paid at the end of Income Benefit Period.

In the event of death of Life Insured on or after commencement of the Income Benefit Period the Death Benefit will be the highest of:

  • 10 times the Annualized premium*; OR
  • Sum Assured + Outstanding Income Benefit

Where Sum Assured is the absolute amount assured to be paid immediately on death and the outstanding Income Benefit is an undiscounted absolute amount of outstanding income which will continue to be paid for the remaining Income Benefit Period. PLUS

  • Bonuses will continue to accrue on full Sum Assured till the end of the Income Benefit Period and total bonuses including Terminal Bonus (if any) will be paid at the end of Income Benefit Period.

Please refer to product brochure for more details.

In the event of death of a Life Insured due to an accident, additional benefit equal to the Sum Assured chosen will be paid immediately in lump sum to the nominee as an Accidental Death Benefit.

In the event the Life Insured survives to the end of the policy term, the maturity benefit will be:

  • Attached bonuses accrued till maturity date; plus
  • Terminal bonus (if any)

The policy shall be terminated once the maturity benefit is paid.

For added protection, you can enhance your insurance coverage during the policy term by adding following riders for a nominal extra cost.

ABSLI Waiver of Premium Rider (UIN: 109C017V03)

ABSLI Critical Illness Rider (UIN: 109B019V03)

Please refer to detailed brochures on riders, consult your financial advisor or visit our website for further details.

If you discontinue paying premiums after having paid for at least two full year's premiums, your policy will not lapse but will continue on a Reduced Paid-Up basis. Under Reduced Paid-Up, your sum assured and income benefit shall be reduced in proportion to the premium actually paid to the total premiums payable during the premium paying term.

Your regular bonuses accrued till the due date of first unpaid premium will not be reduced; however any bonus payable in the year of premium discontinuance shall be reduced proportionately to the unpaid premiums in that policy year. There will be no further accrual of bonuses in the policy.

Please refer to product brochure for more details.


Entry Age (age last birthday) 18 years - 55 years (For Premium Paying Term of 10 years)
18 years - 53 years (For Premium Paying Term of 12 years)
(subject to maximum maturity age of 80 years )
Premium Paying Term (PPT) 10 | 12 years
Deferment Period (DP) Deferment Period shall start after the completion of PPT
0 |5 |10 years
Income Benefit Period (IBP) Income Benefit Period shall start after the completion of Deferment Period
10 | 15 | 20 years
Income Benefit Option Level | Increasing
Policy Term Minimum - 20 years | Maximum - 37 years
Policy Term = Premium Payment Term + Deferment
Period + Income Benefit Period
Minimum Sum Assured Rs. 4,00,000*
Premium Frequency Annual, Semi-annual, Quarterly & Monthly

* For entry ages between 51 to 55 years the minimum Sum Assured will be Rs.6,00,000.


Rahul is 35 years old and pays annual premium of Rs.81,422 (exclusive of GST) with premium paying term of 10 years, deferment period of 10 years and income benefit (level income) of 10 years and policy term of 30 years sum assured chosen is 10 lacs.

Some benefits are guaranteed and some benefits are variable with bonuses based on the future performance of the participating business and economic conditions. If your policy offers guaranteed returns then these will be clearly marked "guaranteed" in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future performance of the participating business. In the illustration below, the Sum Assured and Income Benefit are fully guaranteed. The total death benefit is not guaranteed and is determined using assumed future investment returns of 4%(1) and 8%(2).

The assumed rates of 4%(1) and 8%(2) are not guaranteed and they are not the upper or lower limits of what one might get back as the value of the policy is dependent on a number of factors including future investment performance.

Disclaimer

This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a participating non-linked life insurance plan. All terms & conditions are guaranteed throughout the policy term, except for the bonuses which would be declared at the end of each financial year. Goods and Service Tax (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 sub-standard lives, smokers or people having hazardous occupations etc. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. 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) Reg. Office: One Indiabulls Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841 Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. IRDAI Reg No. 109 Call Centre: 1-800-270-7000 www.adityabirlasunlifeinsurance.com CIN: U99999MH2000PLC128110 UIN: 109N122V02 ADV/12/19-20/1269 VER1/DEC/2019

UIN: 109N122V02

Toll free (Within India):

1800 270 7000

Outside India: :

+91 22 66917777

(Call charges apply)

Between 9 am to 9 pm, All 7 Days

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care.lifeinsurance@adityabirlacapital.com

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