ABSLI Assured FlexiSavings Plan

ABSLI Assured FlexiSavings Plan

Guaranteed returns plan with unlimited withdrawals
Guaranteed returns plan with unlimited withdrawals
Guaranteed Annual Income Guaranteed¹ Annual Income
Income Boosters of 5% Income Boosters of 5%

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Give ₹500004 for 5 years and Get ₹4.88 lakhs

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Why buy ABSLI Assured FlexiSavings Plan?

Aditya Birla Sun Life Insurance Assured FlexiSavings Plan offers life cover protection with guaranteed1 annual income and 10% additional benefit on premiums paid. You get unlimited withdrawal facility from savings to meet emergency expenses

Key Features

  • iconbullet Guaranteed1 Annual Income benefits after the completion of deferred period5.
  • iconbullet Income Booster of 5% of the accrued amount each year.
  • iconbullet Flexibility to choose between 2 benefit options: a) Income only benefit b) Income benefit with Return of Premium
  • iconbullet Loyalty Additions
  • iconbullet Enjoy a 10% additional benefit on total premiums paid.
Endowment Plan by ABSLI - ABSLI Assured Income Plus

Benefits of ABSLI Assured FlexiSavings Plan

ABSLI Assured FlexSavings Plan provides you benefit of annual income along with the flexibility of unlimited withdrawals.

Savings Plan
Survival Benefit
The policyholder gets many benefits after surviving the policy term provided all premiums are paid and the policy is in force. The policy gives you annual income accrued at the beginning of each year after the completion of the deferred period. The plan offers income booster of 5% of the accrued amount after the completion of the deferred period. You also get loyalty additions as a percentage of accrued amount at the end of the policy term. Read the policy brochure for more details.
Savings Plan
Maturity Benefit
The maturity benefit is a combination of the accrued amount, the loyalty addition, and the enhanced return of premium. It is payable at the end of the policy term.
Savings Plan
Death Benefit
The nominee will receive the death benefit as a lump sum amount if the life insured passes away during the policy term. This pay-out includes the sum assured on death, plus the accrued amount (if any). Read the policy brochure for more details.
Savings Plan
Tax Benefit
Get tax benefit2 under Section 80 C of Income Tax Act, 1961. The tax benefits are subject to changes in tax laws. Consult your financial advisor for the same.

Guaranteed Returns Plan is incomplete without riders

Riders make your plan better for life

Particulars

Minimum

Maximum

Type of Plan

A non-linked, non-participating, individual life insurance plan.

Coverage

All Individuals (Male|Female|Transgender)

Entry Age of the Life Insured

  • 4 years for a policy term of 26 years
  • 6 years for a policy term of 22 years
  • 8 years for a policy term of 20 years
  • 11 years for a policy term of 15 &17 years

60 years

Maturity Age of the Life Insured

18 years

86 years

Premium Paying Term

5years|8 years|10 years|12 years

Deferred Period

2 years after completion of PPT

Policy Term (PT)

  • For PPT of 5 years: PT of 15 & 17 years
  • For PPT of 8 years: PT of 20 years
  • For PPT of 10 years: PT of 22 years
  • For PPT of 12 years: PT of 26 years

Payment Mode

Annual, semi-annual, quarterly, and monthly modal loading is applicable as per the rates given below:

  • Annual: 0%
  • Semi-annual: 1%
  • Quarterly: 1.5%
  • Monthly: 3.5%

Minimum Annualized Premium

Rs.50,000 p.a.

Maximum Annualised Premium

No Limit (subject to board approved underwriting policy)

Minimum Sum Assured

Rs.5,50,000/-


How does ABSLI Assured FlexiSavings Plan Work?

Learn with an example.

ABSLI Assured FlexiSavings Plan
  • Mr. Sharma, aged 35 years invests Rs.1 lakh in ABSLI Assured FlexiSavings Plan. He opted for a 12 years premium payment term and a 26 years policy term.
  • Income Booster is 5% p.a. on Accrued Amount. Under the plan, annual income accrual is 105% of Annualised Premium.
  • The total premium paid in 12 years is equal to Rs.12 lakhs.
  • After surviving the policy term Mr. Sharma will receive a Guaranteed Income Benefit of Rs.35,13,579/-. The amount is deduced from Accrued Amount (Rs.17,54,863/- made of Annual Income + Income Booster)+ Enhanced Return of Premium Paid which is Rs.13,20,000/-.Apart from this, the policy also earns Loyalty Additions 25% of Accrued Amount Rs.4,38,716/-.
  • Mr. Sharma, aged 35 years invests Rs.1 lakh in ABSLI Assured FlexiSavings Plan. He opted for a 12 years premium payment term and a 26 years policy term.
  • Income Booster under the insurance policy is 5% p.a. on Accrued Amount. Annual income accrual is 105% of Annualised Premium.
  • Mr. Sharma died in the 6th policy year. After his death, his nominee will receive the death benefit.
  • Total premium paid for 6 years is Rs.6 lakhs. But the nominee will get the sum assured on death which is Rs.13,50,000/- and the policy will terminate.
  • Mr. Sharma, aged 35 years invests Rs.1 lakh in ABSLI Assured FlexiSavings Plan. He opted for a 12 years premium payment term and a 26 years policy term.
  • The Income Booster is 5% p.a. on Accrued Amount. Annual income accrual is 105% of Annualized Premium.
  • Mr. Sharma died in the 20th year of the policy, in this case, the nominee will receive death benefit as the total sum assured on death plus accrued amount till the date of death.
  • Total death benefit is equal to Rs.25,14,201/-.
ABSLI Assured FlexiSavings Plan

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What’s not Covered?

We do not cover you for these risks:
— If the Life Insured, whether minor or major, dies by suicide within 12 months of the effective date when the policy starts or the policy is revived, the policy shall terminate immediately. In such cases, the Company shall pay: Higher of Surrender Value or (total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums paid excluding applicable taxes) in case the policy has acquired a surrender value; or Total premiums Paid plus underwriting extra premiums paid plus loadings for modal premiums paid excluding applicable taxes in case the policy has not acquired a surrender value.

How to initiate Claim?

3 quick steps, everything online.

  • Fill
    basic details
  • Claim
    intimation
  • Document submission

Frequently Asked Questions

We have got you answered here for the ABSLI Assured FlexiSavings Plan

The Assured Flexi Savings Plan from ABSLI is a life insurance policy that provides you the guaranteed returns to help achieve your financial goals and the flexibility to access your corpus through unlimited withdrawals.
Yes, death due to Covid-19³ is covered under ABSLI Assured FlexiSavings Plan. The death benefit will be payable to the nominee of the policyholder as mentioned in the policy at the inception.
You can use flexible withdrawals or guaranteed incomes under ABSLI Assured FlexiSavings Plan to pay your child’s fees, family vacation, repay loans, etc
This life insurance savings plan allows you to choose among different premium-payment and policy terms. Select from any of the following options:
  • Premium payment term of 5 years with a policy term of 15 & 17 years
  • Premium payment term of 8 years with a policy term of 20 years
  • Premium payment term of 10 years with a policy term of 22 years
  • Premium payment term of 12 years with a policy term of 26 years
You can also enhance your insurance cover with the help of additional riders.
If you lose the original policy document, the policyholder or the claimant will have to provide the Indemnity Bond for loss of Policy document executed on Rs. 200 stamp paper duly notarized. For more details, you can visit here.
The maturity benefit of this savings insurance plan is a combination of the accrued amount, the loyalty addition, and the enhanced return of premium. It is payable when the policy term ends, provided that all premium installments have been cleared.
Under the ABSLI Assured FlexiSavings Insurance plan, you get various survival benefits as guaranteed income. These are payable after completion of the deferred period, provided that all premium installments have been paid. The survival benefits include the following:
  • Annual Income: Annual Income accrues as a percentage of the annualised premium at the beginning of each year after completion of the deferred period. However, the percentage rates vary based on the premium payment term and the life insured’s age at policy inception.
  • Income Booster: This boosts your accrued amount by 5% at the end of each year. The income booster is applicable only after completion of the deferred period.
  • Loyalty Addition: This is added to your accrued amount once you have cleared all premiums due. The loyalty addition is a percentage of the accrued amount, but the rate varies based on the annualised premium and the premium payment term.
  • Enhanced Return of Premiums (ERoP): At the end of the Policy Term, the Total Premiums Paid by you is payable along with the Accrued Amount and Loyalty Addition, if any. This amount is further enhanced by 10% if all due premiums under your policy have been paid.
If the policyholder passes away during the policy period, the death benefit is paid to the nominee as a lump sum. The pay-out includes the sum assured on death, plus the accrued amount (if any). Here, the sum assured on death is the higher of:
  • 10 times the Annualised Premium,
  • 150% of Total Premiums paid till the date of death, or
  • the Sum Assured
The nominee could also choose to receive the death benefit in annual or monthly instalments instead of a lump sum. Each instalment represents a percentage of the death benefit. The instalments are paid over a 10-year period.
You can withdraw only up to the total accrued amount under this non-participating life insurance policy. However, you can make partial or full withdrawals at any time throughout the policy term.
An early start will give your investment corpus more time to grow. The minimum entry age for this non-linked insurance plan is just 11 years when you choose a policy term of 15 & 17 years.
This plan provides tax benefits² u/s 80C & 10 (10D) of the Income Tax Act, 1961.
² Tax Benefits are subject to changes in the tax laws. Please consult your tax advisor for the same.
Your policy could lapse or get discontinued if you miss the premium due date and then fail to pay the premium within the grace period. In such cases, you could face the following outcomes:
Discontinuance of premium payment before policy acquires a surrender value:
In this case, your insurance cover ceases and no benefits are payable. However, you can revive the policy within five years from the due date of the unpaid premium.
Discontinuance of premium payment after policy acquires a surrender value:
The savings insurance plan becomes a reduced paid-up (RPU) policy from the due date of unpaid premium. This affects the benefits payable to you. The RPU sum assured and RPU annual income are now calculated as the sum assured and the annual income, respectively, multiplied by the RPU factor. Here, the RPU factor is the ratio of:
  • The number of premium instalments paid to date, and
  • The total number of premium instalments originally due for the policy term.
Death benefit for RPU policies: This is the RPU sum assured on death plus the accrued amount, if any. The RPU sum assured on death during the entire policy term is the maximum of:
  • 10 times the annualised premium, reduced in the same proportion as the RPU sum assured to the sum assured
  • 150% of the total premiums paid up to the date of death, or
  • the RPU sum assured
Survival benefit for RPU policies:
  • If the life insured survives till the end of the deferred period, the RPU annual income and income booster is added to the accrued amount. The accrued amount is paid out at the end of the policy term along with total premiums paid.
  • At any time after the deferred period ends, the policyholder can make part or full withdrawals from the accrued amount or collect the RPU annual income when it becomes due.
  • No loyalty addition is payable on RPU policies.
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  • Disclaimer

    1 Provided all due premiums are paid.

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

    3 Our life insurance policies cover COVID -19 claims under life insurance claims, subject to applicable terms & conditions of policy contract and extant regulatory framework.

    4 ABSLI Assured FlexiSavings Plan, healthy male, age 21 years, premium paying term 5 years, policy term 15 years, Annual Premium Rs.50,000 (Rs.2,50,000/-), Get Rs.2,75,000 as enhanced Return of premium on maturity, Get Rs.42,613 as loyalty additions, Income Booster 5%.

    5Deferred period is the time from when a person has become unable to work until the time that the benefit begins to be paid.

    This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). A non-linked non-participating individual life insurance savings 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. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. The insurance cover for the life insured (including minors) will commence on the policy issue date. 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. UIN: 109N126V03 ADV/6/22-23/476