ABSLI Monthly Income Plan

You have the option to choose one of the Income Benefit Options at policy inception.

Level Income Benefit; and
Increasing Income Benefit

You have the option to enhance your protection by opting for ABSLI Waiver of Premium Rider which waives off future premiums in case of occurrence of Critical Illness & Total and Permanent Disability. You can also opt for ABSLI Critical Illness Rider separately to enhance your coverage on diagnosis of specified Critical Illnesses.

*Please refer the rider brochure for further details.
Your premium will vary depending on the above choices.

You may choose one of the following Income Benefit Option at the inception of this monthly income policy:

• Level Income Benefit - Under this option, the income benefit paid will be 1% of the Sum Assured per month and will remain fixed throughout the Income Benefit Period (IBP).
• Increasing Income Benefit - Under this option, the income benefit paid will start at 1% of the Sum Assured per month and then such amount of income benefit will increase at 5% per annum simple, every 12 months during the Income Benefit Period (IBP).

As per extant tax laws, tax benefits may be eligible under Section 80C, 80(D) and Section 10(10D) of the Income Tax Act, 1961, subject to fulfillment of the other conditions of the respective sections prescribed therein. Tax laws are subject to amendments from time to time.

As per the current provision of Section 194DA of the Act; the policy proceeds are subject to TDS if conditions prescribed under Section 10(10D) are not met.

You are advised to consult your tax advisor for applicability of tax benefits on premiums paid and benefits received.

No, Income Benefit Option- Level or Increasing Income Benefit needs to be chosen at inception.

The premium paying term is 10/12 years. You can choose between annual, semi-annual, quarterly & monthly modes for making premium payment.