1800-270-7000
Aditya Birla Sun Life Insurance Company Limited
Aditya Birla Sun Life Insurance Company Limited
ABSLI Vision Endowment Plus Plan
Secure Your Savings and Protect your Loved Ones
Accrued regular bonuses to augment your savings
Comprehensive financial protection of your family
Give Rs.31,502 for 7 years /- and get Rs.3.07 lakhs¹.
Why Buy ABSLI Vision Endowment Plus Plan?
Growth in your savings – Augment your savings by accrued regular bonuses starting from the first policy year.
Safety of your loved ones – Comprehensive financial protection of your family which can be enhanced by choosing death benefit Option A or B
Flexible premium payment option- You may choose to pay your premium annually, semi-annually, or monthly as per your convenience.
Rider Option - For added protection, you can enhance your insurance coverage during the policy term by adding riders
Benefits Of ABSLI Vision Endowment Plus Plan
Death Benefit
In the unfortunate event of the death of the life insured during the policy term, the death benefit payable to the nominee shall be
Maturity Benefit
In the event the life insured survives to the end of the policy term, we shall pay to you
Riders
|
Entry Age (age last birthday) |
30 days* – 60 years (subject to maximum maturity age of 70 years) |
|
Policy Term |
10 – 40 years |
|
Premium Paying Term |
7 | 10 | 15| 20 years | Regular Pay |
|
Minimum Sum Assured |
Rs. 100,000 |
|
Minimum Premium |
Rs. 2,495 p.a. |
|
Premium Frequency |
Annual, Semi-annual, Quarterly & Monthly |
Your premium will depend on the amount of the Sum Assured you select. For easy reference, your Sum Assured is banded as follows:
|
Sum Assured Band* |
Band 1 |
Band 2 |
Band 3 |
Band 4 |
|
Sum Assured (Rs.) |
100,000 to 199,999 |
200,000 to 399,999 |
400,000 to 799,999 |
800,000 + |
How Does ABSLI Vision Endowment Plus Plan Work?
Some benefits are guaranteed#, and some benefits are variable with returns based on the future performance of ABSLI. If your policy offers guaranteed# benefits, then these will be clearly marked “guaranteed” in the table on this page. If your policy offers variable benefits, then the illustrations on this page will show two different rates of assumed future investment returns of 8% p.a. and 4% p.a. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back. as the value of your policy is dependent on a number of factors including future investment performance.
|
Age |
35 years |
|
|
|
Annualized Premium |
Rs. 18,430 |
|
Gender |
Male |
|
|
|
Premium Paying Term |
10 years |
|
Policy Term |
20 years |
|
|
|
Payment Frequency |
Yearly |
|
Sum Assured |
Rs. 250,000 |
|
|
|
Death Benefit |
Option A |
|
Policy |
Annualized Premiums |
Guaranteed |
Guaranteed |
Total Death Benefit |
Maturity Benefit | ||
|
Year End |
Paid to Date |
Death Benefit |
Maturity Benefit |
at 4% p.a. |
at 8% p.a. |
at 4% p.a. |
at 8% p.a. |
|
1 |
18,430 |
250,000 |
|
2,52,375 |
2,61,500 |
|
|
|
2 |
36,860 |
250,000 |
|
2,54,750 |
2,73,000 |
|
|
|
3 |
55,290 |
250,000 |
|
2,57,125 |
2,84,500 |
|
|
|
4 |
73,720 |
250,000 |
|
2,59,500 |
2,96,000 |
|
|
|
5 |
92,150 |
250,000 |
|
2,61,875 |
3,07,500 |
|
|
|
6 |
110,580 |
250,000 |
|
2,64,250 |
3,19,000 |
|
|
|
7 |
129,010 |
250,000 |
|
2,66,625 |
3,30,500 |
|
|
|
8 |
147,440 |
250,000 |
|
2,69,000 |
3,42,000 |
|
|
|
9 |
165,870 |
250,000 |
|
2,71,375 |
3,53,500 |
|
|
|
10 |
184,300 |
250,000 |
|
2,73,750 |
3,65,000 |
|
|
|
11 |
184,300 |
250,000 |
|
2,76,125 |
3,76,500 |
|
|
|
12 |
184,300 |
250,000 |
|
2,78,500 |
3,88,000 |
|
|
|
13 |
184,300 |
250,000 |
|
2,80,875 |
3,99,500 |
|
|
|
14 |
184,300 |
250,000 |
|
2,83,250 |
4,11,000 |
|
|
|
15 |
184,300 |
250,000 |
|
2,85,625 |
4,22,500 |
|
|
|
16 |
184,300 |
250,000 |
|
2,88,000 |
4,34,000 |
|
|
|
17 |
184,300 |
250,000 |
|
2,90,375 |
4,45,500 |
|
|
|
18 |
184,300 |
250,000 |
|
2,92,750 |
4,57,000 |
|
|
|
19 |
184,300 |
250,000 |
|
2,95,125 |
4,68,500 |
|
|
|
20 |
184,300 |
250,000 |
1,75,085 |
2,97,500 |
4,80,000 |
2,22,585 |
4,05,085 |
How To Initiate Claim?
3 quick steps, everything online.
Vision Endowment Plus Plan FAQs
ABSLI Vision Endowment Plus Plan is a traditional participating endowment plan knitting together savings and protection for you and your family and helps you ensure a secure future for them. The plan benefits can be further customized by adding riders thus enhancing the protection against uncertainties.
You shall be eligible for premium rebate based on your choice of ‘Sum Assured’ and ‘premium payment mode’. Sum Assured Rebate For higher sum assured, you will get a premium rebate as explained below
|
Sum Assured Band |
Band 1 |
Band 2 |
Band 3 |
Band 4 |
|
Premium Rebate per 1000 SA |
nil |
1.00 |
5.00 |
7.00 |
ABSLI shall declare a bonus on 1st of July every year and this bonus rate shall be applicable to all the policies having policy anniversary between 1st July to 30th June of the following year. Bonus is either represented as a percentage or can also be expressed as per 1000 of sum assured. For e.g. a bonus rate of 4% can also be defined as 40 per 1000 sum assured.
The bonus rate declared by ABSLI will depend on the actual experience regarding various factors and the prevailing economic conditions hence it may vary from year to year.
Your policy shall participate in the profits arising out of the ABSLI’s participating business in the form of bonus. The regular bonus rate declared by ABSLI may vary from year to year and will depend on the actual experience regarding various factors and the prevailing economic conditions. Future bonuses are however not guaranteed and will depend upon the future profits of the participating business. The plan offers following bonuses.
Simple Reversionary Bonus:
ABSLI may declare a rate of reversionary bonus at the end of every financial year during the policy term. Provided the policy is in effect for the full sum assured, the declared reversionary bonus shall be added to the policy on its policy anniversary date immediately following the date of bonus declaration. Bonuses once attached to the policy are payable along with the interim bonuses, as applicable on maturity or surrender or death, if earlier.
In case of surrender the surrender value of the attached bonuses will be payable.
Example: Assuming policy is bought on 1st October 2015 and ABSLI declares the annual reversionary bonus of 42 per 1000 Sum Assured on 1st July 2016.
The bonus vests on the policy only on policy anniversary. As the policy is brought on 1st Oct 2015, the 1st policy anniversary falls on 1st Oct 2016. The revisionary bonus rate declared in the first year is 42 per 1000 Sum Assured; therefore,
Bonus attached to policy on 1st policy anniversary is 10,00,000 x 42/1000 = Rs. 42,000.
Assuming on 1st July 2017 i.e. the second year ABSLI declares an annual reversionary bonus of 44 per 1000 sum assured
Bonus to be attached on 2nd policy anniversary i.e. on 1st Oct 2017 is 10,00,000 x 44/1000 = Rs. 44,000
As this plan offers simple revisionary bonus, the accrued bonuses at the end of 2nd policy year is Rs. 42,000 + Rs 44,000 = Rs. 86,000
Interim Bonus:
The interim bonus is declared annually along with the reversionary bonus. This is a temporary or provisional bonus which is declared and paid for policies where the declared reversionary bonus is yet to be vested but the policy is due for a death claim. In such scenarios the interim bonus will be paid so that the customer does not loose on the entitled bonus.
Continuing from the previous example: Assuming on 1st July 2016 ABSLI declares an interim bonus of 4.0% and the simple revisionary bonus of 4.4%
The revisionary bonus will be added to the policy on the policy anniversary i.e. on 1st Oct 2016 (policy issued on 1st Oct 2015), however in the interim the life insured dies on 15th Aug 2016 i.e. before the policy anniversary. In this case, the interim bonus declared by ABSLI will form a part of the death benefit. Hence the nominee will receive an interim bonus of = 10,00,000 x 40/1000 = 40,000 as a part of the death benefit.
Accrued bonus in this case shall be 42,000 (in the previous year) + 40,000(interim bonus in the year of death) = Rs. 82,000
Terminal Bonus: Participating policies usually take time to build up cash values therefore in the initial years terminal bonus may or may not be paid. ABSLI may also pay a terminal bonus on, maturity, surrender or death, if earlier, based on the actual experience and the prevailing economic conditions.
Your policy shall acquire a surrender value provided One Full Year Premium for the first Policy Year =has been received by us. The Policyholder can Surrender the Policy any time before the end of Policy Term. The Policy will terminate after payment of the Surrender Value and thereafter no other benefits under this Policy shall be payable.
Where One Full Year Premium for the first Policy Year has been received by Us and the Policyholder opts to surrender the Policy at any time during the Policy Term, the Surrender Value payable will be equal to the Special Surrender Value. Where the Policyholder opts to surrender the policy in the first policy year, the Surrender Value will be payable only at the end of the first Policy Year.
However, where all the due Instalment Premiums for the first two Policy Years have been received by Us, the Surrender Value payable will be equal to the higher of Guaranteed Surrender Value and Special Surrender Value.
The Guaranteed Surrender Value is a percentage of Total premiums paid plus the surrender value of accrued regular bonuses. The Guaranteed Surrender Value will vary depending on the premium paying term and the year the policy is surrendered.
Your Policy also acquires a Special Surrender Value (SSV) which is calculated in accordance with applicable IRDAI regulation. Special Surrender Value is not guaranteed and may be revised by the Company from time to time. Any change in method/ formula for calculating the SSV is subject to prior approval from IRDAI.
The policy shall be terminated once the Surrender Value is paid. Please ask your financial advisor for an illustration of the Special Surrender Values applicable to your policy or refer to your policy contract for further details. Kindly refer to the policy contract on the website for the surrender value table.
You may take a loan against your policy after completion of first Policy Year, once the Policy has acquired a surrender value. The minimum loan amount is Rs.5,000 and the maximum is 85% of your surrender value. We shall charge interest on the outstanding loan balance at a rate declared by us from time to time based on then prevailing market conditions. Any outstanding loan balance will be recovered by us from policy proceeds due for payment and will be deducted before any benefit is paid under the policy. Should the outstanding policy loan balance equal or exceed the surrender value of your policy at any time, when your policy is in reduced paid up status, then the policy shall be terminated without value. Note that prior to this happening, we shall give you an opportunity to repay all or part of your outstanding loan balance in order for your policy to continue uninterrupted. If your policy is in fully paid up status or premium paying (in force) and your outstanding policy loan balance equals or exceeds the Surrender Benefit then on that date, your policy shall not be foreclosed.
Yes your benefits will also be reduced. You benefits under the reduced paid-up policy will be Death Benefit
- Reduced Sum Assured on death; plus
- Accrued Bonuses as applicable Maturity Benefit
In the event the life insured survives to the end of the policy term, we shall pay to the policyholder -
- Reduced Maturity Sum Assured Accrued regular bonuses (till due date of 1st unpaid premium)
You can reinstate your policy for its full coverage within five years from the due date of the first unpaid premium by paying all outstanding premiums together with interest as declared by us from time to time and by providing evidence of insurability satisfactory to us. Upon reinstatement, your sum assured, and accrued bonuses to date of reinstatement shall be restored to their full value
Your policy will get terminated on any of the following events:
a. the date of settlement of the Death Benefit; or b. the date of payment of the surrender value, if any; or c. the date of payment of the policy maturity benefit; or d. the date on which the revival Period ends after your policy has lapsed as per Premium Discontinuance provision (a); or e. the date when outstanding loan value exceeds the surrender benefit for the reduced paid up policy; or f. the date of payment of free look cancellation amount.
Yes, there can be a proposer and s/he can be different from the life insured under the plan. In case the proposer and the life insured are different then all the proceeds for the policy will be paid to the proposer.
When this policy has been taken for the benefit of life insured who is a minor at the time of policy issuance, the policy shall automatically vest to the life insured on his attaining age 18.
Other Plans
ABSLI Assured Income Plus
Aditya Birla Sun Life Insurance Assured Income Plus provides the benefit of life insurance cover during the Policy Term and guaranteed income for 20, 25 or 30 years to ensure fulfilment of your family’s long term goals and aspirations.
# Provided all due premiums are paid
¹ ABSLI Vision Endowment Plus Plan, age 21 years, sum assured Rs.200000, premium paying term 7 years- annual, policy terms 10 years, Death benefit option: Option A, annual premium Rs.31,502/- for 7 years, Total maturity benefit including terminal bonus, if any of Rs.2,39,514/- @4% and Rs. 3,07,514 @8% after 10 years for long term financial needs.
² where Sum Assured on maturity is equal to Total premiums paid.
³ Some benefits are guaranteed and some benefits are variable with bonuses based on the future performance of the participating business and economic conditions. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page.
This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a traditional participating endowment plan. All terms & conditions are guaranteed throughout the policy term, except for the bonuses which would be declared at the end of each financial year. 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. The insurance cover for the life insured (including minors) will commence on the policy issue date. This brochure contains only the salient features of the plan. For further details please refer to the policy contract. Tax benefits are subject to changes in the tax laws. For more details and clarification call your ABSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true.
The risk factors of the bonuses projected under the product are not guaranteed. Past performance doesn't construe any indication of future bonuses. These products are subject to the overall performance of the insurer in terms of investments, management of expenses, mortality and lapses."
As per Section 10(10D) of the Income-Tax Act, 1961, proceeds from life insurance policy issued on or after 1 April 2023 shall be taxable as income from other sources if the cumulative annual premium payable by taxpayer for life insurance policies exceeds ₹ 5 lacs.
UIN: 109N092V06
ADV/10/24-25/1858
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