ABSLI Vision LifeIncome Plus Plan

PROTECTING your regular income the way you want it is now possible


Get guaranteed regular income PLUS cash-in-hand even while paying premiums PLUS life cover up to a maximum of age 100


Aditya Birla Sun Life Insurance Vision LifeIncome Plus Plan provides the benefit of a comprehensive life insurance cover for a lifetime, up to a maximum of age 100 along with a guaranteed regular income.

In addition to these, the plan also offers flexible bonus payouts which can be taken as cash-in-hand even while paying premiums or can be accumulated to build a corpus to fulfil your life goals.

Key Features

  • *Guaranteed regular income for a period you choose
  • Option to get cash-in-hand even while paying premiums
  • Life cover up to a maximum of age 100
  • Option to enhance your insurance cover through riders
  • Survival Benefit

    Depending on the plan option chosen, provided all due premiums are paid survival benefit will be paid out –

    Short Term Income –

    A Guaranteed Income Benefit of 1% of Sum Assured will be payable to you at the beginning of every month during the Benefit Payout Period till the end of Policy Term. If the Benefit Payout Frequency chosen is annual, the Annual Guaranteed Income Benefit payable at the beginning of each year will be equal to  96% x 12 x Monthly Guaranteed Income Benefit.

    Long Term Income –

    Guaranteed Annual Income as per the table below will be payable to you at the end of every year during the Benefit Payout Period:–

     

    Benefit Payout Period

    Guaranteed Annual Income as a %age of Sum Assured

    20 years

    8.50%

    25 years

    7.00%

    30 years

    5.50%

     

    If the Benefit Payout Frequency chosen is monthly, the Monthly Guaranteed Income Benefit payable at the end of each month will be equal to  96% x 1/12 x Annual Guaranteed Income Benefit.

    Whole Life Income –

    The Guaranteed Annual Income Benefit payable to you at the end of every year during the Benefit Payout Period will be as per the table below –

     

    Premium Payment Term (years)

    Entry Age

    (years)

    Maturity Age (years)

    Guaranteed Annual Income as a %age of Sum Assured

    8

    All

    85

    2.95%

    10

    3.30%

    12

    3.65%

    15

    4.00%

    8

    Less than 45

    100

    2.52%

    10

    2.62%

    12

    2.72%

    15

    2.82%

    8

    45 and above

    100

    2.95%

    10

    3.30%

    12

    3.65%

    15

    4.00%


  • Death Benefit

    Short Term Income –

    In case of death of the life insured anytime during the policy term, the nominee will receive – (a) Sum assured on death and (b) Policy continuance benefit i.e means all future premiums of the policy will be waived off, guaranteed income benefit and future Paid Up Additions, if any  will be paid out on due dates.

    Long Term Income –

    In case of death of the life insured anytime during the policy term, the nominee will receive Sum Assured on Death, Terminal Bonus and Accrued Paid-up Additions, if any and the policy will terminate

    Whole Life Income –

    In case of death of the life insured anytime during the policy term, the nominee will receive Sum Assured On Death, Terminal Bonus and Accrued Paid-Up Additions, if any and the policy will terminate

  • Maturity Benefit

    On survival of the Life Insured till the end of the Policy Term, if the Policy is in-force and all due Installment Premiums have been paid, the following will be payable:

    1. Accrued Paid Up Additions (if any)
    2. Terminal bonus (if any)

    Under ‘Whole Life Income’ Benefit Option, in addition to the above, Sum Assured will be payable at the end of the Policy Term.

  • Coverage

    All Individuals (Male | Female | Transgender)

  • Benefit Options

    At policy inception, You will have the option to choose from the below mentioned Benefit Options:

    1. Short Term Income
    2. Long Term Income
    3. Whole Life Income
    The Benefit Option once chosen cannot be changed thereafter. 
  • PPT, Benefit Payout Period and Policy Term (PT)

    Short Term Income

    Premium Payment Term

    Benefit Payout Period

    Policy Term

    8 years

    10 years

    18 years

    10 years

    10 years

    20 years

    12 years

    10 years

    22 years

    15 years

    10 years

    25 years


    Long Term Income:

    Premium Payment Term

    Benefit Payout Period

    Policy Term

    8 years

    20 | 25 | 30 years

    28 | 33 | 38 years

    10 years

    20 | 25 | 30 years

    30 | 35 | 40 years

    12 years

    20 | 25 | 30 years

    32 | 37 | 42 years

    15 years

    20 | 25 | 30 years

    35 | 40 | 45 years


    Whole Life Income:

    At inception, you have the flexibility to choose coverage till age 85 or age 100 years.

    Premium Payment Term

    Benefit Payout Period

    Policy Term

    8 years

    Coverage till Age 85:

    85 less (Age at entry + PPT), subject to a maximum of 30 years

     

    Coverage till Age 100:

    85 less (Age at entry + PPT), subject to a maximum of 30 years

    Coverage till Age 85:

    85 years less Age at Entry

     

     

     

    Coverage till Age 100:

    100 years less Age at Entry

    10 years

    12 years

    15 years


     The Policy Term once chosen at inception cannot be changed thereafter for all Benefit Options

     

  • Minimum Entry Age (age as on last birthday)

    30 days*

    * 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 Entry Age (age as on last birthday)
    Short Term Income
     Long Term Income  Whole Life Income
     

    60 years

     

    55 years

     

    55 years

     


  • Minimum Maturity Age

    18 years

  • Maximum Maturity Age (age as on last birthday)
     Short Term Income and Long Term Income  Whole Life Income Till Age 100  Whole Life Income Till Age 85
     85 years  100 years  85 years

  • Minimum Annualized Premium

    Rs. 50,000

  • Maximum Annualised Premium

    No Limit (subject to Board Approved Underwriting Policy)

  • Premium Payment Frequency and Frequency Loadings
    Annual | Semi-Annual | Quarterly | Monthly
  • Benefit Payout Frequency

    Annual | Monthly

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Riders

  • 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.

  • ABSLI Critical Illness Rider (UIN : 109B019VO3)

    Provides lump sum on survival of 30 days from the date of diagnosis of any of the specified critical illnesses.

  • 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.

  • 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.

  • 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 brochures for more details

Frequently Asked Questions

  • What are the key features of ABSLI Vision LifeIncome Plus Plan?

    ABSLI Vision LifeIncome Plus Plan provides the following options:

    • Choice of 3 Benefit Options: Flexibility to choose amongst three Benefit Options i.e. Short-Term Income, Long Term Income and Whole Life Income (Till Age 100 or Till Age 85) to cater to Your family’s needs across all life stages.
    • Guaranteed Regular Income: A regular flow of guaranteed income for the number of years you choose.
    • Cash-in-hand even while paying premiums: Complete flexibility to receive Paid Up Additions in cash from the end of the first policy year onwards – for immediate liquidity. Or accumulate the bonus as Paid Up Additions and withdraw when you need it.
    • Life cover up to a maximum of age 100: Get covered for life with a life insurance cover that lasts until your 100th birthday.
    • Waiver of Premiums: Inbuilt benefit* that waives off Your future premiums in case of an eventuality, to ensure Your family’s future remains secure even in Your absence
    • Customizable Benefits: Increase your insurance cover through riders, which are available at a nominal extra cost.

    *Available with ‘Short Term Income’ Option only

  • What is the age criteria under this plan?

    Anyone meeting the following criteria is eligible for this plan:

    • 30 days to 60 years for Short Term Income Option
    • 30 days to 55 years for Long Term Income Option
  • Are there any plan options/benefit options available?

    At policy inception, you will have the option to choose from the below mentioned Benefit Options:

    • Short Term Income – Get Guaranteed Income after Premium Payment Term for 10 years
    • Long Term Income – Get Guaranteed Income after Premium Payment Term for 20, 25 or 30 years
    • Whole Life Income – Get Guaranteed Income after Premium Payment Term till Age 100 or till Age 85 years (subject to max 30 years)

     

    The Benefit Option once chosen cannot be changed.

  • What is the Maximum Maturity Age in this plan?

    The Maximum maturity is 85 years for Short Term Income, Long Term Income and Whole Life Income (Till Age 85).

    The Maximum maturity age is 100 years for Whole Life (Till Age 100).

  • What is the minimum premium available under this plan?

    The minimum premium available under this plan is Rs. 50,000 per annum.

  • What are the bonus utilization options under this plan?

    At inception, you will have the following bonus utilization options available:

    • Paid Up Additions (PUA): Bonuses in the form of Paid Up Additions (if any), will accumulate under the policy from the end of the 1st policy year and onwards.
    • Cash Value of Paid Up Additions (PUA): You can opt to take a Cash Value of Paid Up Additions (if any), which will be payable to you every year from the end of the 1st policy year and onwards.
  • Can policyholder avail tax benefits under this plan?

    As per extant tax laws, this plan offers tax benefits under Section 80C, 80D (for specific rider premium) and Section 10(10D) of the Income Tax Act, 1961, subject to fulfilment of the other conditions of the respective sections prescribed therein. Please note that all the tax benefits 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.

  • Does this plan cover death due to COVID19?

    Yes, provided there is no non-disclosure on the COVID Questionnaire. Please ensure that the COVID questionnaire is filled.

  • What happens in case Life Insured dies by suicide?

    In case the Life Insured, minor or major, dies due to suicide within 12 months from the Risk Commencement Date or date of revival of the policy, the policy shall immediately terminate, and Company shall pay the following to the Nominee:

    1. Where the Policy has acquired the Surrender Value, higher of Surrender Value or (Sum of all Premiums paid plus underwriting extra premiums paid plus loadings for modal premiums paid excluding applicable taxes) till date of death.
    2. Where the Policy hasn’t acquired the surrender value, Sum of all Premiums paid plus underwriting extra premiums plus loadings for modal premiums paid excluding applicable taxes) till date of death.

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*provided all due premiums are paid

Disclaimer:

The Trade Logo “Aditya Birla Capital” Displayed Above Is Owned By ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) And Used By ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the License.

This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-linked participating individual life insurance savings plan. 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 the benefits are payable subject to the terms and conditions of the Policy. All policy benefits are subject to policy being in force. Policyholder and Life Insured can be different under this product. In all situations, it is ensured that the Policyholder has an insurable interest in the Life Insured. For other terms and conditions, request your Agent Advisor or intermediaries for giving a detailed presentation of the product before concluding the sale. Should you need any further information from us, please contact us on the below mentioned address and numbers. In the above scenario, 4% p.a. and 8% p.a. are only assumed investment returns and are not guaranteed. Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed benefits then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy off¬ers variable benefits then the illustrations on this page will show two different rates of assumed future investment returns. 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. Tax benefits are subject to changes in tax laws. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. 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. Registered Office: One World Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. IRDAI Reg No.109. Toll Free No. 1-800-270-7000. Website: www.adityabirlasunlifeinsurance.com. CIN: U99999MH2000PLC128110 UIN: 109N131V01 ADV/5/21-22/144

Need help with life insurance?

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I agree to the Terms of Usage and Privacy Policy and authorize Aditya Birla Sun Life Insurance Company Limited and its associates to call/SMS/Email/WhatsApp me.

Thank you for your details. We will reach out to you shortly.

1800-270-7000 or reach out to us on this number.

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