Savings Products
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Benefits of Savings Plan
Death and survival benefits
Death within the policy term ensures a pay-out for the life insured’s family. If the life insured survives the term, they receive the \sum assured along with any accumulated bonuses.
Gain from regular bonuses
The insurer may share a part of its profit with you in the form of bonuses. Reversionary and terminal bonuses boost your final pay-out.
Suitable for Long-term savings
An endowment policy or moneyback policy can help you build savings for the long run.
Tax Benefits
Enjoy tax exemption of premiums paid, maturity and final pay-out under section 80C and 10(10D) of the Income Tax Act, 19611
Things to Consider Before Buying an Endowment Plan
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Get an early start
The earlier you buy an endowment or money-back plan, the better it is for you. Such plans encourage disciplined savings over the long term. This gives your money more time to grow into a large corpus and you have life cover for a longer period.
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Seek flexibility in premium payments
Endowment plans often come with flexible payment options. Annual premium payments work perfectly well for salaried individuals. However, those with irregular earnings could benefit from a single-premium or limited-premium payment option.
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Review the returns on offer
Check the nature of returns from your endowment or money-back plan. Some plans offer guaranteed returns which are payable on death or maturity. Non-guaranteed returns include bonuses which are variable and depend on the performance of the investment.
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Assess the potential for bonuses
Inquire about the amount of bonus you could get from your savings plan. Note that insurers declare bonuses based on their performance. When profits are made, the insurer distributes a part of it through bonuses.
Riders
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ABSLI Accidental Death Benefit Rider Plus (UIN: 109A024V01)
Get additional protection for accident leading to death at a nominal cost.
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ABSLI Accidental Death and Disability Rider (UIN: 109B018V03)
Get additional protection for accident leading to death or disability at a nominal cost.
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ABSLI Critical Illness Rider (UIN : 109B019VO3)
Get benefit amount as a lumpsum upon diagnosis of any of the 4 specified critical illnesses.
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ABSLI Hospital Care Rider (UIN: 109B016V03)
Get daily cash benefit, additional ICU benefit and lumpsum recuperating benefit upon hospitalization
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ABSLI Surgical Care Rider (UIN: 109B015V03)
Get lump sum benefit amount to cover surgical expenses
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ABSLI Waiver of Premium Rider (UIN: 109A039V01)
All future premiums waived in case of permanent disability due to illness or accident, any of the specified critical illnesses or death.
Frequently Asked Questions
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What is the right time to buy an endowment or moneyback plan?
There’s no fixed time to buy an endowment or moneyback plan. However, the sooner you buy, the better it is as it gives more time to your money to grow and helps you build a bigger corpus, enabling disciplined savings in the process.
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Can I buy endowment or moneyback policy for my child?
Yes, you can. In this case, you can buy the policy to fund the future education expenses of your child & plan a grand wedding for him/her. Also, your child (once major) would receive the pay-out in case of your death during the policy term.
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Can I surrender my endowment or moneyback plan before completion of the policy term?
Yes, you can. However, for your policy to acquire a surrender value, you need to have paid premiums of at least two years.
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How to buy endowment or moneyback policy online?
To buy endowment or moneyback policy online, visit the website of your insurer, fill up the proposal form with all relevant details along with the required documents and pay online. The soft copy of the policy will be sent to your registered email id.
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Are there any tax benefits on endowment or moneyback plans?
Yes, there are tax benefits on endowment or moneyback plans. The premiums paid qualify for tax exemption under section 80C, while the maturity or death benefit pay-out qualify for tax exemption under section 10(10D) subject to changes in the tax laws.
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Which is the best endowment or moneyback plan that I can buy?
The best endowment or moneyback policy is one which helps you save in a disciplined manner to accumulate a corpus for essential life goals, along with providing an adequate financial cushion to your dependents in your absence. It should be flexible in terms of premium payment and pay-outs along with guaranteed additions. Explore our endowment or moneyback policies
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How does an endowment or moneyback plan work?
Working of an endowment or moneyback plan is simple. A part of the premium paid goes towards paying life cover while the other half is invested in safe avenues to generate returns.
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Is endowment or moneyback plan a good investment?
Definitely it is. It not only helps you to save in a disciplined manner for important life goals but also gives your family a financial protection in your absence.
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1Tax benefits are subject to changes in tax laws. Please consult your tax advisor for the same
2For more details please refer to the sales brochure. Some benefits are guaranteed and some benefits are variable with bonuses based on the future performance of the participating business and economic conditions.
3Provided all premiums are paid. For more details please refer to the sales brochure
Disclaimer
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.
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc.
Aditya Birla Sun Life Insurance Company Limited Registered Office: One World Center Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. IRDAI Reg No. 109 www.adityabirlasunlifeinsurance.com CIN: U99999MH2000PLC128110 Toll free no. 1800-270-7000
ADV/9/20-21/1067