Key Features
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Guaranteed1 Income: Get regular flow of guaranteed1 income for your chosen Benefit Payout Period to safeguard your savings.
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Loyalty Additions: Loyalty Additions as an additional boost to your Income Benefit pay-out
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Commutation Option: Flexibility to receive a discounted value of future survival benefits as a lump sum based on your needs.
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Customizable Benefits: Option to enhance your insurance cover through riders, which are available at a nominal extra cost
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Death Benefit
In case of death of the Life Insured anytime during the Policy Term, provided the Policy is in-force and not under Lapsed or Reduced Paid Up mode, we will pay the “Sum Assured on Death” to your nominee/beneficiary:
“Sum Assured on Death” is defined as higher of:
- 150% of Total Premiums paid till the date of death
- Sum Assured
The nominee/beneficiary will have an option to receive the Death Benefit in annual/monthly installments payable at the end of the year/month instead of a lump-sum, over a period of 5 years as per the percentages given below:
Installment Frequency
Annual
Monthly
Installment
as % of Death Benefit)21.758%
1.8492%
Total payments
(as % of Death Benefit)108.792%
110.952%
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Survival Benefit
On surviving till the end of Policy Term, Income Benefit is payable to you for 6, 8, 10 or 12 years at the end of the period (monthly, quarterly, half yearly or annually) as per the Benefit Payout Frequency chosen.
- Income Benefit:
Income Benefit, expressed as a percentage of Annualized Premium, will be paid to you, which varies by your Age at entry, Premium amount, Premium Payment Term and Benefit Payout Period.
- Loyalty Addition:
We will enhance your Income Benefit every year during the Benefit Payout Period by adding a Loyalty Addition, provided all premiums have been paid during the Premium Paying Term.
Please Note: Loyalty Addition is applicable only for policies that have paid all the due premiums under the policy.
- Benefit Payout Frequency:
At policy inception, you will have the option to receive the Income Benefit in annual or semi-annual or quarterly or monthly frequency.
- Income Benefit:
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Maturity Benefit
At the end of the Policy Term, You will have the flexibility to use the commutation option wherein, at any time on or after end of the Policy Term, if you would like to get a lump sum instead of the Income Benefits, the commuted value of the outstanding benefits shall be paid as a lump sum.
This lump sum will be at least equal to the Total Premiums Paid less Survival Benefit, if any, already paid. The commutation option can also be exercised by the Nominee/legal heir after the death of the Policyholder.
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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: 1* year
* 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 policy issue date.Maximum: 60 years
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Maturity Age of the Life Insured (age as on last birthday)
Minimum: 18 years
Maximum: 77 years
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Premium Payment Term (PPT), Policy Term (PT) and Benefit Payout Period
Premium Payment Term (PPT)
Policy Term (PT)
Benefit Payout Period
6 years
6/7/8/9/10/11 years
6/8/10/12 years
8 years
8/9/10/11/12/13 years
6/8/10/12 years
10 years
10/11/12/13/14/15 years
6/8/10/12 years
12 years
12/13/14/15/16/17 years
6/8/10/12 years
Note:-
1. The PPT and PT once chosen at policy inception, cannot be changed thereafter.
2. 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 Frequency and Modal Factors
Annual | Semi-Annual | Quarterly | Monthly
Mode
Annual
Semi-annual
Quarterly
Monthly
Modal Factors
0.0%
3.5%
5.0%
6.0%
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Minimum Annualized Premium
₹ 50,000
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Maximum Annualized Premium
No Limit (subject to Board Approved Underwriting Policy)
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Minimum Sum Assured
₹3,50,000
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Maximum Sum Assured
No Limit (subject to Board Approved Underwriting Policy)
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Premium bands
The benefits under this product vary by premium bands as mentioned below:
Premium Bands
Band 1
Band 2
Band 3
Band 4
Band 5
Band 6
Annualized Premium
(in Rs.)50,000 to 74,999
75,000 to 1,49,999
1,50,000 to 2,99,999
3,00,000 to 4,99,999
5,00,000 to 24,99,999
25,00,000+
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Riders
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ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V02)
Provides 100% of Rider Sum Assured as an additional lump sum amount in case of death due to accident of Life Insured
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ABSLI Critical Illness Rider (UIN: 109B019V03)
Provides lump sum on survival of 30 days from the date of diagnosis of any of the specified critical illnesses.
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ABSLI Surgical Care Rider (UIN: 109B015V03)
Provides lump sum benefit in case of hospitalization for a minimum period of 24 hours for undergoing medically necessary surgery in India.
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ABSLI Hospital Care Rider (UIN: 109B016V03)
Provides daily cash benefit in case of hospitalization for a minimum period of 24 hours for medically necessary treatment of any Illness or Injury payable from the first day for the duration of hospitalization.
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ABSLI Waiver of Premium Rider (UIN: 109B017V03)
Waives off all future premiums of the base plan and the attached riders throughout the rest of the premium payment in case of diagnosis of Critical Illness, Disability or Death (only if Life Insured is a minor i.e. below 18 years of age and is different from the Policyholder).
There are exclusions attached to the riders. Please refer rider brochure for more details.
FAQs
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What are the key features of ABSLI SecurePlus Plan?
Key features of ABSLI SecurePlus Plan are:
- Guaranteed1 Income: Regular flow of guaranteed1 income for the chosen Benefit Payout Period to safeguard savings.
- Loyalty Additions: Loyalty Additions as an additional boost to the Income Benefit pay-out.
- Commutation Option: Flexibility to receive a discounted value of future survival benefits as a lump sum based on ones needs.
- Customizable Benefits: Option to enhance the insurance cover through riders, which are available at a nominal extra cost.
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What is the age criteria for this Plan?
Anyone meeting the following criteria is eligible for ABSLI SecurePlus Plan:
– Age at entry: 1 to 60 years (age last birthday)
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What is the age criteria for this Plan?
ABSLI SecurePlus Plan has a maximum maturity age of 77 years.
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What is the minimum and maximum Sum Assured under this plan?
The minimum Sum Assured is Rs. 3,50,000. There is no limit on the maximum Sum Assured, however it is subject to the Board Approved Underwriting Policy.
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What is the Premium Payment Term, Policy Term & Benefit Payout Period available under the plan?
The Premium Payment Term, Policy Term & Benefit Payout Period applicable is as follows:
Premium Payment Term (PPT)
Policy Term (PT)
Benefit Payout Period
6 years
6/7/8/9/10/11 years
6/8/10/12 years
8 years
8/9/10/11/12/13 years
6/8/10/12 years
10 years
10/11/12/13/14/15 years
6/8/10/12 years
12 years
12/13/14/15/16/17 years
6/8/10/12 years
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Can Income Benefits under this plan be received semi-annually, quarterly, monthly?
Yes, the customer/policyholder can opt to receive the Benefit Payout Frequency in Annual or Semi-Annual or Quarterly or Monthly instalments.
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What is the minimum premium under the plan?
The minimum annualized premium is Rs. 50,000 for all PPTs.
The premium amount chosen will be payable every year for the premium paying term.
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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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Can Policyholder avail of tax benefits under this plan?
As per extant tax laws, this plan offers tax benefits2 under Section 80C, 80D (for specific rider premium) and Section 10(10D) of the Income Tax Act, 1961. Please note that all the tax benefits2 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.
There are exclusions attached to the riders. Please refer rider brochure for more details.
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Does this plan cover death due to COVID19?
Yes, provided there is no non-disclosure on the COVID Q. Please ensure that the COVID questionnaire is filled.
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Disclaimer:
1 Provided all due premiums are paid.
2 Tax benefits are subject to changes in the tax laws. You are advised to consult your tax advisor for the same.
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. 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. UIN: 109N102V05 ADV/12/21-22/1818
