ABSLI Assured Savings Plan

ABSLI Assured Savings Plan

Savings Plan for secured future and assured returns.
Guaranteed Benefits Guaranteed1 Benefits
Tax Benefits Tax Benefit2
Invest ₹1.2 lakhs/year for 10 years
Get ₹30.48 lakhs4 lumpsum at maturity.
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Why buy ABSLI Assured Savings Plan?

Aditya Birla Sun Life Insurance Assured Savings Plan provides life insurance cover with guaranteed savings. This plan offers lump sum benefits at maturity along with loyalty additions to financially support your family in case of any unfortunate event.

Key Features
  • iconbullet Loyalty Additions to boost maturity corpus.
  • iconbullet Option to cover your spouse by choosing Joint Life Protection.
  • iconbullet Comprehensive life insurance cover
  • iconbullet Guaranteed1 maturity benefits
  • iconbullet Option to enhance your cover with riders.

Benefits of ABSLI Assured Savings Plan

ABSLI Assured Savings Plan for life cover and savings, to manage crises in life.

Death Benefit
Death Benefit
In the event of death of the Life Insured during the Policy Term and provided that the Policy is In-force, the Death Benefit will be payable to the Nominee(s)/ Legal heir(s).
Death Benefit
Maturity Benefits
On Survival of the Life Insured till the end of the Policy Term provided the Policy is in-force and all due Instalment Premiums under the Policy have been paid
Death Benefit
Joint Life Protection
This option is available only for Limited Pay Policies. If this option has been chosen at inception of the Policy, then under this option, two lives, the Primary Life Insured and the Secondary Life Insured (spouse) are covered under the same Policy.
Death Benefit
Tax Benefit
The policy holder may be entitled to certain applicable tax benefits on premiums paid and on benefit(s) received under his/her policy.

Savings plan without riders is insufficient cover

Make your plan better with rider3 plans and save smart

How does ABSLI Assured Savings Plan work?

ABSLI Assured Savings Plan
  • Mr. Sharma, aged 35 years, purchased ABSLI Assured Savings Plan. He chose the policy premium paying terms 8 years, policy term 16 years with lumpsum benefit option.
  • Mr. Sharma decided to pay his premiums annually with annualised premium of ₹1,00,000/- (exclusive of taxes). Total premium paid for 8 years will be equal to ₹8,00,000/-.
  • Mr. Sharma survives through the Policy Term and receives Guaranteed Maturity Benefit and Accrued Loyalty Additions at the end of Policy term.
  • Mr. Sharma, aged 35 years, purchased ABSLI Assured Savings Plan. He chose these at the inception of the policy premium paying terms 8 years, policy term 16 years with lumpsum benefit option.
  • Mr. Sharma decided to pay his premiums annually with annualised premium of ₹1,00,000/- (exclusive of taxes). Total premium paid for 8 years will be equal to ₹8,00,000/-
  • He died in the beginning of the 12th policy year. In this scenario, Mr. Sharma’s nominee will receive death benefit and the policy will terminate.
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Product Specifications

Type of Plan

A Non-Linked Non-Participating Individual Savings Life Insurance Plan

Coverage

All Individuals (Male | Female | Transgender)

Benefit Option

Lumpsum Payout at Policy Maturity 

Premium Payment Term (PPT) & Policy Term (PT)

 

 

Premium Payment Term (Years)

Policy Term (Years)

Minimum

Maximum

Single Pay

5

20

5

10

35

6

12

7

13

8

14

9

15

10

16

11

17

12

18

 

 

Age of the Life Insured at Entry (Age as on last birthday)

Minimum

Single Life: 30 days*

Joint Life: 18 years

* In case the Life Insured is a minor, the Policy will automatically vest in favour of Life Insured after attainment of majority of the Life Insured. For policies issued on minor life, the date of commencement of risk shall be the date of commencement of the policy.

Maximum

Single life: 65 years

Joint Life: 50 years

Single Pay Option B: 50 years

Maturity Age of the Life Insured (Age as on last birthday)

Minimum

18 years

Maximum

85 years

Single Pay Option B: 70 years

Minimum Annualized Premium

Single Pay: Rs.100,000

5 Pay: Rs.20,000

6-12 Pay: Rs.30,000

Maximum Annualized Premium

No Limit (subject to Board Approved Underwriting Policy)

Premium Payment Frequency and Frequency Loadings

 

Frequency

Annual

Semi-annual

Quarterly

Monthly

Modal Factors

0.0%

3.5%

5.0%

6.0%

 

 

Premium Bands

The benefits under this product vary by premium bands as mentioned below:

Annualized Premium

Band 1

Band 2

Band 3

Band 4

Band 5

Band 6

Single Pay

NA

NA

100,000 to 199,999

200,000 to 499,999

500,000 to 24,99,999

25,00,000 & above

Limited Pay

Upto 49,999

50,000 to
99,999

100,000 to 199,999

200,000 to 499,999

500,000 to 24,99,999

25,00,000 & above

What’s not Covered?

Suicide Exclusion

notcovered
In case of death due to suicide within 12 months from the date of commencement of the risk or from the date of revival of the policy, as applicable, the nominee(s)/ Legal heir(s) or the beneficiary of the Policyholder shall be entitled to receive the total premiums paid till date of death or surrender value available on the date of death, whichever is higher, provided the policy is In-force.
notcovered
For Joint Life Protection, the suicide exclusion described above applies in the event of death of either the Primary Life Insured or the Secondary Life Insured.

How to initiate Claim?

3 quick steps, everything online.

  • Fill basic details
  • Claim intimation
  • Document submission

Frequently Asked Questions

Know more about ABSLI Assured Savings Plan in detail here:

Yes, savings plans provide the tax benefit under the plan as per existing tax laws, please consult your tax advisor for details
Key features of ABSLI Assured Savings Plan are:
  • Get Guaranteed¹ Maturity benefits to cater to your life’s milestones worry free.
  • Receive Loyalty Additions post premium payment term to boost your maturity corpus, provided all due premiums have been paid.
  • Get Higher maturity benefit for higher premium paying policies.
  • Get Comprehensive risk cover in case of death of life insured.
  • Get Cover for your Spouse in the same policy through the Joint Life Protection option.
  • Flexible Premium Payment Terms, Policy Terms and Sum Assured Multiples for customizing policy benefits.
  • Additional risk cover through Riders.
Buying your life insurance policy early in life at a younger age is better because the premium at this point is more affordable. You will be taken as a low risk individual for the insurance company. At an early age, you can take the advantage of low premium rates.
YES, this plan can be taken on single life as well as on joint life basis (only under the limited pay option).Under the Joint Life Protection option, two lives i.e. Customers (primary life insured) and their spouse (secondary life insured) are covered under the same policy and have joint ownership of the policy. The sum assured applicable for the spouse shall be equal to 20% of applicable sum assured of primary life insured. Customers can opt for this option at the inception of the policy subject to the attained age of primary life insured & secondary life insured is less than or equal to 50 years. No riders can be opted under this option and this option cannot be discontinued except due to the unfortunate demise of either of the lives who are insured.
The minimum maturity age is 18 Years. The maximum maturity age is 85 Years and 70 Years for Single Pay Option B.
No, Customer cannot increase or reduce his premium amount during the policy tenure.
The Maximum Sum Assured on Death for Policies sourced through the POS channel is ₹25,00,000/-
Yes, enhanced guaranteed1 maturity benefits will be provided for employees of Aditya Birla Group companies, Agents of Aditya Birla Sun Life Insurance and Employees of Corporate Agents and Brokers, buying their policies directly from ABSLI.
Yes. Customers can take a loan against the policy once it acquires a surrender value.
  • The minimum loan amount is Rs. 5,000 and the maximum is 80% of the then applicable Surrender Value less any outstanding Policy loan balance. On exercising this option, the Policy shall automatically get assigned to the Company to the extent of the outstanding Policy loan balance.
  • We shall charge interest on the outstanding loan balance at a rate declared by us from time to time based on prevailing market conditions.
  • The death benefit, maturity benefit or surrender benefit will be reduced by the outstanding loan balance (if any).
  • When the policy is in-force, if the outstanding policy loan plus Loan interest exceeds the surrender value, then the Policy will not be terminated, and the company will inform the Policyholder of the same with a 90-days advance notice to repay such outstanding Loan balance along with applicable interest.
If Customer discontinues paying premiums, after having paid premiums for at least 2 full policy years, policy will not lapse but continue on a Reduced Paid-Up (RPU) basis. Under Reduced Paid-Up:
  • The RPU Sum Assured, RPU Sum Assured on Death and RPU Guaranteed Maturity Benefit shall be equal to the Sum Assured, Sum Assured on Death and Guaranteed Maturity Benefit respectively multiplied by the RPU Factor. Where, “RPU Factor '' means the ratio of the number of Instalment Premium paid on date, over the total number of Instalment Premium originally due for the Policy Term.
  • The Policy will not be entitled for any Loyalty Additions once it has been converted into Reduced Paid-Up Policy.
  • Rider benefit, if any, will cease.
The policy shall immediately and automatically terminate on the earliest occurrence of any of the following events:

For a single life policy
  • date of payment of free look cancellation amount; or
  • the date of payment of Surrender Value; or
  • the date of settlement of Death Benefit; or
  • the date of payment of Maturity Benefit; or
  • the date on which the Revival Period ends after Your Policy has lapsed as per Premium Discontinuance provision
For a joint life policy
  • date of payment of free look cancellation amount; or the date of payment of Surrender Value; or
  • the date of payment of Maturity Benefit; or
  • the date on which the Revival Period ends after Your Policy has lapsed as per Premium Discontinuance provision
On termination of this Policy, all other benefits, including Riders attached to the Policy will immediately and automatically terminate.
The “Common Application Form MAJOR” & “Common Application Form MINOR” would be used for this plan. In case of Joint Life Protection Option, the “Joint Life Addendum Form” will also have to be used.
No, the policyholder can avail any one discount at any given time while sourcing the policy.
Yes, Tax benefits are available under the plan as per existing tax laws, please consult your tax advisor for details.
Policyholder will have the right to return his/her Policy to Us within 30 days from the date of receipt of the Policy, in case he/she disagrees with the terms & conditions of his/her Policy. We will refund the premium paid post receipt of written notice of cancellation (along with reasons thereof) together with the original Policy document from his/her end. 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, if any and stamp duty charges while issuing his/her Policy in accordance with IRDAI (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024.
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  • Disclaimer

    For more details on risk factors, terms and conditions please read sales brochure carefully before concluding the sale.

    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 There are exclusions attached to the rider. Please refer to the brochure.

    4 Scenario: Healthy male age 25 years, premium paying term 10 years, policy term 20 years, payment frequency annually, Sum Assured Rs. 16.2 lakhs, Premium Rs.1.2 lakhs/year excluding GST), you get Rs. 30,48,000/- by age 45

    This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a Non-Linked Non-Participating Individual Savings Life Insurance 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. All policy benefits are subject to policy being In-force.< br> Customer Helpline Numbers: 1-800-270-7000 (Toll Free) between 10 am to 7 pm

    UIN: 109N134V09 . ADV/5/24-25/209