ABSLI Assured Savings Plan

ABSLI Assured Savings Plan

Savings Plan for secured future and assured returns.
Savings Plan for secured future and assured returns.
Guaranteed Benefits Guaranteed1 Benefits
Tax Benefits Tax Benefit2

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Give ₹5000/month for 6 years and Get ₹5.61 lakhs4

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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.
Buy ABSLI Assured Savings Plan Online

Benefits of ABSLI Assured Savings Plan

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

Death Benefit
Death Benefit
The death benefit is payable to the nominee only if the life insured passes away during the term of the policy and if the policy is in-force. The benefit varies depending on the year of the policy.
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 installment premiums are paid, a lump sum maturity benefit shall be paid. It includes guaranteed maturity benefit plus the accrued loyalty additions.
Death Benefit
Joint Life Protection
Joint Life Protection is payable for the limited pay policies. If the options is chosen from the inception of the policy, then the primary life insured and the secondary life insured(spouse) are covered under the same policy. The coverage for the secondary life insured will be 20% of the sum assured of the primary life insured.
Death Benefit
Tax Benefit
The policyholder is entitled to the tax benefit on the premiums paid and on the benefits received under the policy. The tax benefits are subject to tax laws prevailing at the time of the payment of the premium.

Savings plan without riders is insufficient cover

Make your plan better with rider3 plans and save smart

How does ABSLI Assured Savings Plan work?

Learn with an example. Lead by an example.

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.
  • 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/-.
  • Total Maturity Benefit payable in a lump sum at policy maturity i.e. at the end of 16th Policy year will be ₹16,40,000/-
  • 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.
  • 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.
  • Total amount payable to the nominee will be sum assured on death along with loyalty additions. Sum assured on death will be ₹12,50,000/-. Total amount payable will be ₹12,50,000 + ₹3,92,000 = ₹16,42,000/-
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Type of Plan

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

Coverage

All Individuals (Male | Female | Transgender)

Benefit Option

Lumpsum Payout at Policy Maturity

Minimum Annualized Premium

Single Pay: Rs.100,000
6-12 Pay: Rs.30,000

Maximum Annualized Premium

No Limit (subject to Board Approved Underwriting Policy)

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

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


Premium Payment Frequency and Frequency Loadings

Frequency

Annual

Semi-annual

Quarterly

Monthly

Modal Factors

0.0%

3.5%

5.0%

6.0%


Premium Bands

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?

We will not be able to cover you for these:

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, 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.
  • 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).
  • 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
  • on 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; or
  • the date on which the policy is terminated due to the outstanding loan amount exceeds the Surrender value.
For a joint life policy
  • on 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; or
  • the date on which the policy is terminated due to the outstanding loan amount exceeds the Surrender value.
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.
Free Look Period is the time when you can return your policy to Us within 15 days (30 days in case of electronic policies and the policies issued under the provisions of IRDAI Guidelines on Distance Marketing (1) 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, if any, and stamp duty charges while issuing your policy in accordance to IRDAI (Protection of Policyholders Interest) Regulations, 2017.

(1) Distance Marketing includes every activity of solicitation (including lead generation) and sale of insurance products through the following modes:
  1. Voice mode, which includes telephone-calling;
  2. Short Messaging services (SMS);
  3. Electronic mode which includes e-mail, internet, and interactive television (DTH);
  4. Physical mode which includes direct postal mail and newspaper & magazine inserts; and
  5. Solicitation through any means of communication other than in person.
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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 There are exclusions attached to the rider. Please refer to the brochure.

    4 Scenario: Healthy female age 21, investment for 6 years, maturity benefit after 12 years, payment frequency monthly, Sum Assured Rs.7,86,792 lakhs, monthly investment Rs.5000/-. You give Rs.3.60 lakhs and get Rs.5,60,989 lakhs.

    This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-participating traditional 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.Customer Helpline Numbers: 1-800-270-7000 (Toll Free) between 10 am to 7 pm

    UIN: 109N134V03. ADV/3/21-22/2413