Key Features
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Fully Guaranteed2 Returns on your investment
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Long term regular income for 20, 25 or 30 years to ensure fulfilment of your recurring needs
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Flexibility to choose from Income only Benefit or Income Benefit with Return of Premium (RoP)
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Loyalty Additions
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Survival Benefit
After the completion of the Policy Term, you will receive Income Benefit as per the benefit pay out frequency chosen.
Income only Benefit Option
Income Benefit as a percentage of annualized premium, will be paid to you depending on your entry age, premium amount, premium payment term and benefit pay out period.
Income Benefit (as a percentage of Annualized Premium) paid annually has been given below:
Premium Payment Term (PPT) 6 years 8 years 12 years Benefit Pay out Period 20 years 25 years 30 years 20 years 25 years 30 years 20 years 25 years Age at entry <=50 years AP < Rs. 1,00,000 42.50% 38.75% 36.25% 62.50% 56.25% 53.75% 120.00% 108.75% Age at entry <=50 years AP >= Rs. 1,00,000 44.375% 40.625% 38.125% 65.00% 58.75% 56.25% 125.00% 113.75% Age at entry > 50 years AP < Rs. 1,00,000 38.75% 33.75% 31.25% 56.25% 50.00% 47.50% 108.75% 97.50% Age at entry > 50 years AP >= Rs. 1,00,000 40.625% 35.625% 33.125% 58.75% 52.50% 50.00% 113.75% 102.50% Income Benefit with Return of Premium (RoP)
Income Benefit as a percentage of annualized premium, will be paid to you depending on your ent_ age, premium amount, premium payment term and benefit pay out period. Additionally, under this option, the total premiums paid by you will also be returned at the end of the Benefit Pay out Period.
Income Benefit (as a percentage of Annualized Premium) paid annually has been given below:
Premium Payment Term (PPT) 6 years 8 years 12 years Benefit Payout Period 20 years 25 years 30 years 20 years 25 years 30 years 20 years 25 years Age at entry <=50 years AP < Rs. 1,00,000 27.50% 28.75% 30.00% 42.50% 43.75% 45.00% 87.50% 88.75% Age at entry <=50 years AP >= Rs. 1,00,000 29.375% 30.625% 32.25% 45.00% 46.25% 47.50% 93.75% 95.00% Age at entry > 50 years AP < Rs. 1,00,000 22.50% 23.75% 25.00% 36.25% 37.50% 38.75% 78.75% 80.00% Age at entry > 50 years AP >= Rs. 1,00,000 24.375% 25.625% 26.875% 38.75% 40.00% 41.25% 85.00% 86.25% Loyalty Addition
You get Loyalty Addition as a percentage of Income Benefit or Return of Premium, every year during the Benefit Pay out Period. The below table shows the detailed percentages.:
Annualized Premium (AP) Loyalty Addition As a % of Income Benefit and RoP (if any) Premium Payment Term: 6 years Premium Payment Term: 8 years and 12 years AP < Rs. 1.5 lakhs 35.75% 30.50% Rs. 1.5 lakhs to < Rs. 3 lakhs 36.50% 32.50% Rs. 3 lakhs to < Rs. 5 lakhs 37.75% 33.40% AP > = Rs. 5 lakhs 39.25% 34.85% In case of death of the Life Insured during the Benefit Payout Period, the Income Benefit, RoP, if any, and Loyalty Addition will continue to be paid to the nominee.
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Maturity Benefit
At the end of the Policy Term, you will have the flexibility to use the commutation option wherein, if you would like to get a lump sum instead of the Income Benefits (and RoP, if any), the commuted value of the outstanding benefits shall be paid as a lump sum. The lump sum benefit is calculated using factors determined by a discount rate of 8.70%. The Company may revise the factors based on the then prevailing market conditions subject to prior IRDAI approval.
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Death Benefit
In case of the life insured’s unfortunate demise during the policy term, the death benefit will be paid to the nominee.
Sum Assured on Death is defined as higher of:
10 times of Annualized Premium b) 150% of Total Premiums paid till the date of death c) Sum Assured
The nominee will have an option to receive the amount of Death Benefit in Annual/Monthly instalments instead of a lump-sum, over a period of 10 years as per the percentages given below:
Instalments Frequency Annual Monthly Instalment (as % of Death Benefit) 12.190% 1.037% Total payments (as % of Death Benefit) 121.90% 124.44% -
Customisable Benefits
You can enhance your insurance cover during the policy term by adding the following riders for a nominal extra cost.
- ABSLI Critical Illness Rider (UIN: 109B019V03)
- ABSLI Surgical Care Rider (UIN: 109B015V03)
- ABSLI Hospital Care Rider (UIN: 109B016V03)
- ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V02)
- ABSLI Waiver of Premium (UIN:109B017V03)
For more details on the plan benefits, please refer the product brochure. There are exclusions attached to the rider, please refer rider brochures for more details
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Type of Plan
A Non-Linked Non-Participating Individual Life Insurance Savings Plan
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Coverage
All Individuals (Male | Female | Transgender)
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Age of the Life Insured at Entry (age as on last birthday)
Minimum: 11* years for Policy Term 7 years 9* years for Policy Term 9 years 5* years for Policy Term 13 years * In case the Life Insured is a minor, the Policy will automatically vest once the life insured attains the age of majority. The risk coverage for the minors will start from the Date of Commencement of Risk.
Maximum: 60 years -
Maturity Age of Life Insured (age at last birthday)
Minimum: 18 years
Maximum: 73 years
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Premium Payment Term (PPT), Policy Term (PT) and Benefit Payout Period
*The Benefit Payout Period commences after the end of the Policy Term, during which the Survival Benefit is payable to the Policyholder. It is chosen at policy inception and cannot be changed thereafter.Premium Payment Term (PPT) Policy Term (PT): PPT + 1 year Benefit Payout Period* 6 years 7 years 20, 25, 30 years 8 years 9 years 20, 25, 30 years 12 years 13 years 20, 25 years -
Premium Payment Modes and Modal Factors
Annual | Semi-Annual | Quarterly | Monthly
Mode Annual Semi-annual Quarterly Monthly Modal Factors 0.0% 1.0% 1.5% 3.5% -
Minimum Annualised Premium
Rs. 50,000
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Maximum Annualised Premium
No Limit (subject to Board Approved Underwriting Policy)
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Minimum Sum Assured
Rs. 5,50,000
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Entry Age of Life Insured (age at last birthday)
Subject to Board Approved Underwriting Policy
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Benefit Options
The Policyholder at policy inception can choose from the following two options:
- Income only Benefit
- Income Benefit with Return of Premium (RoP) [where the Total Premiums paid is returned at the end of the Benefit Payout Period]
The Benefit Option is chosen at inception and cannot be changed thereafter
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Benefit Payout Frequency
Annual | Semi-Annual | Quarterly | Monthly
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FAQs
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What are the significant features of ABSLI Assured Income Plus?
Key features of ABSLI Assured Income Plus are:
- Guaranteed Returns: Full guaranteed benefits offering complete financial security
- Long-Term Income: Regular Income paid for 20, 25 or 30 years to ensure fulfilment of your recurring needs in the long term
- Two Benefit Options: Flexibility to choose from Two Benefit Options: Income only Benefit or Income Benefit with Return of Premium (RoP)
- Loyalty Additions: Loyalty Additions added as an additional boost to your Income Benefits each year and Return of Premium, if any.
- Loyalty Additions: Loyalty Additions added as an additional boost to your Income Benefits each year and Return of Premium, if any.
- Customizable Benefits: Option to enhance your insurance with appropriate rider options by paying an additional premium
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What is the age criteria for this Plan?
Anyone meeting the following criteria is eligible for ABSLI Assured Income Plus:
Age at entry is dependent on Premium Paying Term chosen and is defined as follows:
- 11 years to 60 years for Premium Payment Term of 6 years
- 9 years to 60 years for Premium Payment Term of 7 years
- 5 years to 60 years for Premium Payment Term of 12 years
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What is the maximum maturity age applicable for the policy?
ABSLI Assured Income Plus has a maximum maturity age of 73 years.
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Are there any plan options/benefit options available in this plan?
Yes, there are 2 Benefit Options available under this plan: Income only Benefit & Income Benefit with Return of Premium (RoP) [where the Total Premiums paid is returned at the end of the Benefit Payout Period]
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What is the minimum Sum Assured under this plan?
The minimum Sum Assured is Rs. 5,50,000/-
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Can the Benefit Payout Frequency be changed during the Policy Term?
Yes, the chosen Benefit Payout Frequency can be changed during the policy term as well as anytime during the Benefit Payout Period.
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Will the policyholder be eligible for Loyalty Additions if he/she has not paid the premiums in full?
No, Loyalty Addition is applicable only for policies that have paid all the due premiums under the policy.
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What happens in case of death of the Life Insured by suicide?
In case the Life Insured, minor or major, dies due to suicide within 12 months from the Risk Commencement Date or date of revival of the policy, the policy shall immediately terminate, and Company shall pay the following to the Nominee:
- - Where the Policy has acquired the Surrender Value, higher of Surrender Value or (Total Premiums paid plus underwriting extra premiums paid plus loadings for modal premiums paid excluding applicable taxes) till date of death.
- - Where the Policy hasn’t acquired the surrender value, Total Premiums paid plus underwriting extra premiums plus loadings for modal premiums paid excluding applicable taxes) till date of death.
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Can policyholder avail of tax benefits under this plan?
As per extant tax laws, this plan offers tax benefits under Section 80C, 80D (for specific rider premium) and Section 10(10D) of the Income Tax Act, 1961, subject to fulfillment of the other conditions of the respective sections prescribed therein. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by policyholder. It is advisable to seek an independent tax advice.
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Does this policy cover death due to Covid 19?
Yes, provided there is no nondisclosure on the COVID Questionnaire. Please ensure that the COVID questionnaire is filled.
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Disclaimer:
Free Look Period
You will have the right to return Your Policy to us within 15 days (30 days in case of electronic policies(1) and the policies issued under the provisions of IRDAI Guidelines on Distance Marketing(2) of Insurance products) from the date of receipt of the Policy, in case You are not satisfied with the terms & conditions of Your Policy. We will refund the premium paid once we receive Your written notice of cancellation (along with reasons thereof) together with the original Policy document. We may reduce the amount of the refund by proportionate risk premium for the period of cover and expenses incurred by us on medical examination and stamp duty charges while issuing Your Policy in accordance to IRDAI (Protection of Policyholders Interest) Regulations, 2017.
(1)In case of electronic issuance of policies, the date of receipt or date of credit of electronic policies shall be determined as below.
For New Electronic Insurance Account (EIA): Date of receipt of the "Welcome Kit" from the Insurance Repository with the credentials to log into the EIA or delivery date of the E-Mail confirming credit of the Insurance Policy by the Insurance Repository into the EIA, whichever is later.
For existing EIA: Delivery date of the E-Mail confirming credit of the Insurance Policy by the Insurance Repository into the EIA.
(2)Distance Marketing includes every activity of solicitation (including lead generation) and sale of insurance products through voice mode, SMS electronic mode, physical mode (like postal mail) or any other means of communication other than in person.
This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-linked non-participating individual life insurance savings plan. 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. For policies issued on minor life, the date of commencement of risk shall be the date of commencement of the policy. Where a policy is issued on a minor life, the policy will vest after attainment of majority of the Life Insured. Where the Life Insured (whether major or minor) and Proposer/Policyholder is different, on the death of the Proposer/Policyholder, his legal heirs, in accordance with the existing succession laws, will be considered as new Proposer/Policyholder. As there is no death benefit payable on the death of the Proposer/Policyholder, the policy status does not change, and the policy continues. This product shall also be available for sales through online channel. Tax benefits are subject to changes in 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: 109N127V05 ADV/12/21-22/1716
