Key Features
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Flexibility to choose from 2 Income Options
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Flexibility to choose your premium amount
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Inbuilt Accidental Death Benefit
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Tax Benefits1 under Section 80C, 80D and Section 10(10D) of the Income Tax Act, 1961
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Income Benefit
After the completion of your policy term, you will start receiving payouts at the end of each year which are fully guaranteed. These payouts are a pre-defined percentage of the annualized premium paid by you. You can choose one of the following options at inception to receive the Income Benefit payouts:
Option A – Receive income increasing from 100% to 600% of annualized premium at the end of each year for 6 years
Option B – Receive income upto 215% of annualized premium at the end of each year for 8, 10 or 12 years
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Death benefit
In case of life insured’s unfortunate demise during the policy period, a pre-determined death benefit will be paid to your nominee. The policy will stand terminated once the death benefit is paid.
In case of life insured’s unfortunate demise due to an accident during the Policy period then in addition to the death benefit, an Accidental Death Benefit will be paid to your nominee, subject to a maximum limit of Rs. 1 crore. The accidental death benefit is not applicable for minors, till the time they attain 18 years of age.
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Maturity Benefit
If you survive till the end of the policy term, on maturity date, you can choose to receive the commuted value of the Income Benefit as a lumpsum. The commuted value currently shall be calculated using a discounting rate of 9.00% per annum.
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Customisable Benefit
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 Waiver of Premium Rider (UIN: 109B017V03) -
Reduced Paid–Up Benefit
If you discontinue paying premiums after having paid premiums for at least two full policy years, your policy will not lapse but continue on a Reduced Paid-Up basis.
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Entry Age
4 years - 50 years (age last birthday)
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Maximum Maturity Age
64 years (age last birthday)
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Policy Term, Premium Paying Term & Payment Period
Plan Option
PPT
(in years)PT
(in years)Payment Term
(in years)A
12
13
6
B
8
8
8
9
10
10
10
10
11
12
12
12
12
13
14
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Minimum Premium
Rs. 50,000 p.a. for annual mode, Rs. 36,000 p.a. for monthly mode
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Sum Assured
Sum Assured will be determined based on your entry age and the premium amount you commit to pay in a policy year.
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Minimum Sum Assured
Rs. 5,22,000
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Premium Mode
Annual | Monthly
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Riders
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ABSLI Critical Illness Rider (UIN: 109B019VO3)
Get benefit amount as a lumpsum upon diagnosis of any of the 4 specified critical illnesses.
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ABSLI Surgical Care Rider (UIN: 109B015V03)
Get lump sum benefit amount to cover surgical expenses
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ABSLI Hospital Care Rider (UIN: 109B016V03)
Get daily cash benefit, additional ICU benefit and lumpsum recuperating benefit upon hospitalization
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ABSLI Waiver of Premium Rider (UIN: 109B017V03)
All future premiums waived in case of permanent disability, death or 4 specified major illness
FAQs
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What are the prime benefits of this plan?
ABSLI SecurePlus Plan offers Income Benefit which is a pre-defined percentage of your Annualized premium.
Option A – Receive income increasing from 100% to 600% of annualized premium at the end of each year for 6 years after the completion of policy term.
Option B – Receive Income Benefit as fixed percentage of Annualized Premium for 8, 10 or 12 years.
This plan also offers Death Benefit and Inbuilt Accidental Death Benefit on unfortunate demise of life insured or due to accident.
Through customisable benefit, you can enhance your insurance cover during the policy term by adding riders.
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How does this plan work?
Example: Mr. Shetty aged 35 years, chooses premium amount of Rs. 1 lakh and he pays for 12 years. (Total premium paid Rs. 12 lakh)
After the completion of Policy Term which is 13 years, he starts receiving Income Benefit based on his choice.
If he chooses Option A, then from Year 14 till year 19, for 6 years he will get 100% to 600% of his annualized premium which in total is Rs. 21 lakh.
If he chooses Option B, then from Year 14 till year 25, for 12 years he will get 215% of his annualized premium which in total is Rs. 25.8 lakhs.
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What happens if I stop paying my premiums?
If you are unable to pay premiums by due date, you will be given a grace period of 30 days and during this grace period all coverage under your policy will continue.
If you don’t pay premiums within the grace period, the following will be applicable
- If you have not paid premiums for two full policy years, then policy will lapse and all benefits under this policy will cease immediately.
- If you have paid premiums for two full policy years, then policy will continue on a Reduced Paid-Up Basis.
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What is the amount I will get after the policy gets matured?
You will receive Income Benefit after the Policy Term based on the option chosen by you.
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Do I need to pay tax on this policy?
As per extant tax laws, this plan offers tax benefits1 under Section 80C, 80D and Section 10(10D) of the Income Tax Act, 1961, subject to fulfilment of the other conditions of the respective sections prescribed therein. 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.
1Tax benefits are subject to changes in the tax laws. You are advised to consult your tax advisor for the same.
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1Tax benefits are subject to changes in the tax laws. You are advised to consult your tax advisor for the same.
Disclaimer:
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 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 more details on risk factors, terms and conditions, please refer to the sales brochure before concluding the sale. Tax benefits are subject to changes in the tax laws. For more details and clarification call your ABSLI Insurance Advisor or visit our website. Aditya Birla Sun Life Insurance Company Limited (Formerly Birla Sun Life Insurance Company Limited). Registered Office: One World Center Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013.
Call Centre: 1-800-270-7000 www.adityabirlasunlifeinsurance.com IRDAI reg no.109
CIN: U99999MH2000PLC128110 VER1/NOV/2019
UIN: 109N102V04 ADV/7/21-22/739
