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1800-270-7000
Give ₹1 lakh for 6 years and get Guaranteed# Returns of ₹14.48 lacs¹.
Flexible Bonus Payouts
Two options for benefit payouts
Tax Benefits*
Endowment Plan
Why Should You Buy an Endowment Plan?
Long-term savings:
Endowment plans encourage disciplined long-term savings, helping you accumulate a substantial corpus for your future financial needs such as retirement, children's education, or purchasing a home.
Life cover:
Endowment plans provide life insurance cover, ensuring financial security for your dependents in case of your untimely demise during the policy term. The death benefit typically includes the sum assured and any accrued bonuses.
Guaranteed# returns:
Endowment plans offer guaranteed# returns in the form of a sum assured, payable upon maturity or the policyholder's demise during the policy term. Some plans also provide guaranteed# additions or bonuses, enhancing the overall returns.
Tax benefits*:
Premiums paid towards endowment policies are eligible for tax deductions under Section 80C of the Income Tax Act, up to ₹1.5 lakhs per year. The maturity proceeds or death benefits are tax-free under Section 10(10D)**, provided certain conditions are met.
Low risk:
Endowment policies invest primarily in debt instruments, ensuring relatively low risk compared to market-linked investment options. This makes them suitable for conservative investors seeking guaranteed# returns, irrespective of market fluctuations.
Flexibility:
Endowment plans offer various premium payment options, including regular, limited, or single premium payments, allowing you to choose the payment mode that best suits your financial situation.
Additional riders:
You can enhance your endowment policy's coverage by adding optional riders, such as accidental death and disability, critical illness, or waiver of premium riders, catering to your specific needs and requirements.
Peace of mind:
Overall, an endowment plan is a valuable financial planning tool that combines the benefits of life insurance, long-term savings, and tax advantages. By investing in an endowment plan, you can secure your financial future while protecting your loved ones from life's uncertainties. As a result of this, you can enjoy your peace of mind when it comes to taxes, long-term savings and even life insurance.
Types of Endowment Life Insurance Plans
Traditional Endowment Plans
These are the simplest form, offering a guaranteed# sum assured plus potential bonuses. They are low-risk and provide stable returns, making them suitable for conservative investors.
Unit-Linked Endowment Plans
These plans combine life insurance with investment in equity and debt funds. The returns depend on market performance, making them ideal for those who are willing to take on more risk for potentially higher returns.
With-Profit and Without-Profit Plans
'With-profit' plans offer bonuses based on the insurer's performance, while 'without-profit' plans do not. The choice depends on whether you want potential additional returns or prefer a straightforward sum assured.
Full Endowment and Low-Cost Endowment
Full endowment plans aim to provide a sum assured that's equal to or greater than the death benefit at maturity, while low-cost endowments are typically used for mortgage repayment and offer lower premiums.
Our Endowment Plans
ABSLI Akshaya Plan
Whole Life Insurance with Cash Bonus.
Flexible Bonus Payouts
Two options for benefit payouts
Life Cover
Tax Benefits*
Get:
₹14.48 lacs¹
Give:
₹1 lakh for 6 years
Know More
ABSLI Vision MoneyBack Plus Plan
Life Protection with regular income
Guaranteed# survival benefit
Regular income
Enhanced Savings
Customized pay-outs
ABSLI Vision LifeSecure Plan
Comprehensive life protection with long-term financial security
Minimum entry age 30 days
Life cover up to age 100
Regular bonus
Enhanced Savings
ABSLI Income Assured Plan
Guaranteed# Returns to fulfil future dreams
Receive monthly payouts
Guaranteed# Additions
Tax Benefit*
Short premium paying term of 5/7/10 years
Get:
₹8,50,000³
Give:
₹1,49,604/yr
ABSLI Jeevan Bachat Plan
Guaranteed# returns and Life cover worth 10 times of annual premium
Guaranteed# benefit on maturity/death
Guaranteed# additions till maturity
Inbuilt-accidental death benefit
No medical test
Get:
₹26,120⁵
Give Premium:
₹20,900 for 1 year
ABSLI Monthly Income Plan
Monthly income benefit for independent retired life
Financial protection
Income for recurring needs
Inbuilt accidental death benefit
Bonus to boost savings
ABSLI Vision LifeIncome Plus Plan
Comprehensive life cover plus guaranteed# regular income
Whole life cover up to age 100
Guaranteed# regular income
Cash-in-hand option
Flexible Bonus Payouts
ABSLI Vision Endowment Plus Plan
Secured savings and financial protection for family
Life Cover
Sum assured on maturity
Tax Benefit*
Accrued Regular Bonus
Get:
₹3.07 lakhs⁴
Give:
₹31,502 for 7 years
ABSLI Vision LifeIncome Plan
Savings plan with whole life income
Minimum entry age 30 days
Income after retirement
Whole life cover
Lump-sum payout
Get:
₹50.30 lakhs @4% and ₹87.04 lakhs² @8% at maturity
Give for 8 years:
₹1.62 lakhs
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Benefits of an Endowment Policy
Dual Advantage
They provide life cover and act as a savings instrument. This dual benefit means financial protection for your family and a lump sum payout at maturity for your financial goals.
Disciplined Saving
Regular premium payments encourage disciplined saving habits, essential for long-term financial planning.
Financial Security
In the event of the policyholder's untimely demise, the family receives financial support, ensuring their lifestyle is not disrupted.
Maturity Benefits
The sum assured plus any bonuses on maturity can fund major life goals like education, a home, or retirement.
Tax Benefits*
Premiums paid and benefits received are usually eligible for tax benefits* under prevailing tax laws, adding to their attractiveness as a financial tool.
Flexibility
Many plans offer add-ons or riders for additional protection like critical illness cover, accident cover, etc., making them customizable to individual needs.
Salient Features of an Endowment Policy
Maturity Benefit
One of the hallmark features is the maturity benefit, a lump sum payment received at the end of the policy term, provided the policyholder survives the term.
Death Benefit
In case of the policyholder's demise during the term, the nominee receives a death benefit, ensuring financial support for the family.
Policy Term
The duration of these policies is flexible, typically ranging from 10 to 30 years, allowing policyholders to align the term with their long-term financial goals.
Premium Payment Options
Endowment plans offer various premium payment options, including regular pay, single pay, or limited pay, catering to different financial situations.
Bonuses
Participating endowment policies may earn bonuses based on the insurer's performance, adding to the policy's value.
Loan Facility
Many endowment policies allow you to borrow against the policy, providing financial flexibility in times of need.
Riders/Add-ons
Additional coverage options like critical illness riders, accidental death benefits, etc., can be added for more comprehensive protection.
Why Should You Buy an Endowment Policy?
Financial Security for Family
It ensures that your family's financial needs are taken care of in your absence, providing peace of mind.
Goal-Based Saving
The lump sum received at maturity can be aligned with specific financial goals like funding education, buying property, or securing a comfortable retirement.
Forced Savings Discipline
Regular premium payments instil a habit of disciplined saving, which is crucial for long-term wealth accumulation.
Stable Returns with Low Risk
Endowment policies are ideal for those who prefer a stable and relatively low-risk savings instrument compared to direct market-linked investments.
Tax Benefits**
The premiums paid and the benefits received (both death and maturity) usually offer tax benefits** under prevailing tax laws.
Flexibility and Customization
The variety of plans available and the option to add riders mean you can tailor the policy to your specific needs and life circumstances.
Things to Consider Before Buying an Endowment Policy
Financial Goals
Understand your long-term financial objectives. Endowment policies are best suited for goals that are 10 or more years away.
Risk Appetite
Assess your risk tolerance. Endowment policies are generally low-risk, but if you're looking for higher returns, you might want to consider other options.
Policy Terms and Conditions
Read the fine print. Understand the terms regarding the maturity benefit, death benefit, surrender value, and policy loans.
Premium Affordability
Ensure that the premium fits comfortably within your budget. Remember, defaulting on premiums can lead to a policy lapse.
Inflation
Consider the impact of inflation on your future financial needs. Ensure that the sum assured is adequate to meet your future goals.
Riders/Add-Ons
Explore additional coverage options to enhance your policy. Riders with critical illness or disability can offer added protection.
Reputation of Insurer
Choose a reliable insurer with a high claim settlement ratio, like ABSLI.
Tax Implications
Understand the tax benefits** and implications as per prevailing laws to make an informed decision.
What are the Eligibility Criteria for Buying an Endowment Plan?
Age:
Depending on the plan, the lowest age to enrol is typically 18 years old, while the maximum age to enrol can range anywhere from 55 to 65 years old.
Policy Term:
The length of the policy term varies from plan to plan, however, it usually lasts anywhere from 10 to 30 years or even longer.
Premium Payment Term:
Depending on the plan, premium payment terms may include regular, restricted, or single payments.
What are the Riders for life insurance endowment plan?
Riders are additional covers available at extra cost. These additional covers increase the scope of cover under the basic savings insurance. There are exclusions attached to the riders. Please refer rider brochure for more details
Accidental Death and Disability Rider
UIN: 109B018V03
Get additional protection for accident leading to death or disability at a nominal cost
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: 109B019V03
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).
Why should you buy an endowment plan online?
Convenience:
Buying an endowment plan online is convenient and time-saving, allowing you to purchase the policy from the comfort of your home or office, without visiting a physical branch or meeting with an agent.
Wide Range of Options:
When you buy an endowment plan online, you have access to a wide range of plans offered by various insurance providers, allowing you to compare and choose the plan that best suits your financial goals and requirements.
Cost-effective:
Online policies are often more cost-effective than policies purchased through agents or branches, as insurers save on operational costs and pass on the benefits to the policyholders in the form of lower premiums.
Easy Documentation:
Online policies require minimal documentation, reducing the hassle of filling out lengthy application forms and submitting hard copies of documents.
Instant Issuance:
Online policies are often issued instantly or within a few hours of completing the application process, ensuring immediate coverage and eliminating waiting periods.
Transparency:
Buying an endowment plan online offers greater transparency, as insurers provide detailed information about the policy features, benefits, exclusions, and premiums, allowing you to make an informed decision.
Why should you add riders to your endowment plan?
Enhanced Coverage:
Riders offer additional coverage beyond the base policy, catering to specific needs and requirements. For instance, accidental death and disability riders provide coverage in case of accidental death or disability, while critical illness riders provide coverage for specific critical illnesses.
Customization:
Riders allow you to customise your endowment plan based on your financial goals and requirements, ensuring comprehensive coverage.
Cost-effective:
Riders are often cost-effective compared to buying standalone policies, providing additional coverage at a nominal premium.
Tax benefits*:
Premiums paid towards riders are eligible for tax deductions under Section 80C of the Income Tax Act, up to a Rs 1,50,000 per annum.
Flexibility:
You can add riders to your endowment plan at any time during the policy term, allowing you to enhance your coverage based on changing needs and circumstances.
Peace of Mind:
Adding riders to your endowment plan provides peace of mind, knowing that you have additional coverage in case of unforeseen circumstances, such as critical illness, disability, or accidental death.
Looking for Assistance?
Need help with your existing policy?
Call us on our toll-free no. for quick response!
Call us on our toll-free no. for quick response!
1800 270 7000
Frequently Asked Questions
Additional bonuses on endowment policies typically include annual reversionary bonuses and terminal bonuses. These bonuses depend on the insurer's profits and may vary each year. They are added to the maturity benefit or the death benefit, enhancing the overall payout.
You should consider buying an endowment policy if you're looking for a long-term savings and insurance solution that provides guaranteed# returns, life cover, and tax benefits*. It is suitable for individuals with long-term financial goals like retirement, children's education, or purchasing a home.
Premiums paid towards endowment policies are eligible for tax deductions under Section 80C of the Income Tax Act, up to ₹1.5 lakhs per year. The maturity proceeds or death benefits are tax-free under Section 10(10D)**, provided certain conditions are met.
Yes, endowment policies pay out a death benefit to the nominee in case of the policyholder's demise during the policy term. This amount typically includes the sum assured and any accrued bonuses, providing financial security to the dependents.
Yes, the maturity benefit of an endowment policy usually includes the sum assured and any accrued bonuses, such as annual reversionary bonuses and terminal bonuses.
Yes, you can change the beneficiary of your endowment policy by submitting a written request to your insurance provider, along with the necessary documentation.
Endowment plans typically have exclusions related to suicide within a specified period (usually one year) from the policy inception or revival date. In such cases, the nominee receives a limited payout, as specified in the policy terms and conditions.
Yes, endowment plans offer a lump-sum payout upon maturity or in case of the policyholder's demise during the policy term.
Yes, you can discontinue your endowment policy by surrendering it after the completion of the minimum lock-in period (usually 2-3 years). However, discontinuing the policy may lead to surrender charges and a reduced surrender value.
An endowment fund is a long-term investment fund typically established by non-profit organisations, educational institutions, or foundations to generate income for their operations and future projects.
Yes, endowment plans can be an effective retirement planning tool as they encourage long-term savings, provide life cover, and offer guaranteed# returns.
Yes, you can withdraw your endowment policy early after the completion of the minimum lock-in period. However, early withdrawal may result in surrender charges and a reduced surrender value.
Yes, endowment plans offer life cover, ensuring financial security for the policyholder's dependents in case of their demise during the policy term.
Endowment plans can give the policyholder guaranteed# returns (this is offered in the form of a sum assured). This is payable upon maturity or the policyholder's demise during the policy term. Some plans also offer guaranteed# additions or bonuses, enhancing the overall returns.
The tenure of an endowment policy typically ranges from 10 to 30 years or more, depending on the specific plan chosen.
Yes, you can buy an endowment plan for your child. These single premium endowment plans can help you accumulate a corpus for your child's future financial needs, such as higher education or marriage expenses. Additionally, they provide life cover, ensuring financial security for your child in case of your untimely demise during the policy term.
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The ABSLI Promise
98.12%^ Claim Settlement Ratio:
In the year 2022-23, our claim settlement ratio is 98.12%^. Our high claim settlement ratio is a reflection of our commitment to protecting your best interests, always.
Quick, online purchase:
In your fast-paced life, the tedious process of buying insurance can easily get deprioritised. Our quick, online process makes it easy for you to purchase your term plan from the comfort of your home.
Seamless Claims Process:
Our simple, 3-step online claim settlement process and a short TAT (Turn-Around-Time) of just 5.7 days, you can be rest assured that your family gets a hassle-free experience while receiving the claim amount.
Dedicated customer support:
Speak to one of our 79k+ direct selling agents, or visit any of our 363 offices across the country to find the best life insurance product for you. You can also speak to our customer service personnel on our 24X7 toll-free number.
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Disclaimer
* Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details
**Sec 10(10D) benefit is available subject to fulfilment of conditions specified therein
#Guaranteed all due premiums are paid.
For further details regarding the above-mentioned rider, please refer to the respective rider brochure(s) available on our website.
¹ Scenario: ABSLI Akshaya Plan, Age 35, Healthy Male, Premium Payment Term: 6 years, Policy Term: 25 years, Benefit Option: Long Term Income, Premium Rs.1lakh p.a. (Rs.100,000X6), Cash Bonus Payout Frequency: Annual, Sum Assured: Rs 710,000. Assumed @8% p.a., Cash Bonus (if declared) p.a. = Rs 23,004, Total Cash Bonus (if declared) (A)= Rs 5,75,100, Terminal Bonus (If declared) + Sum Assured (B) = Rs 8,73,300, Total Benefit (A+B) = Rs 14,48,400. Assumed @4% p.a., Cash Bonus (if declared) p.a. = Rs 8,520, Total Cash Bonus (if declared) (A)= Rs 2,13,000, Terminal Bonus (If declared) + Sum Assured (B) = Rs 7,95,200, Total Benefit (A+B) = Rs 10,08,200.
² ABSLI Vision Life Income Plan, healthy male, age 21, Sum Assured Rs.10 lakhs. Annualised Premium of Rs.1.62 lakhs approx for premium payment term: 8 years, policy term: 79 years, lump sum benefit of Rs.12000 @4% or Rs.3.44 lakhs @8% in 8th policy year, guaranteed regular income of Rs.50,000 plus bonus for life from 9th year.
³ ABSLI Income Assured Plan, age 21, healthy male, policy term 15 years, premium payment term 5 years, sum assured Rs.5 lakhs, Premium payable every year Rs.1,49,604/-, Income benefit Rs.40,000/- maturity Benefit Rs.8,50,000/- and Death benefit Rs.1,825,900/-.
⁴ 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 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.
⁵ ABSLI Jeevan Bachat Plan, age 20 years, premium payment term 1 year, policy term 10 years, sum assured Rs.2 lakhs, premium payable Rs.20,900/-, maturity benefit Rs.26,120/-, death benefit Rs.2,06,120/-.
ABSLI Akshaya plan is a non-linked participating individual savings life insurance plan (UIN: 109N136V02)
ABSLI Vision MoneyBack Plus Plan s a traditional participating life insurance plan (UIN: 109N093V04).
ABSLI Vision LifeIncome Plan is a traditional participating endowment plan (UIN: 109N079V06).
ABSLI Vision LifeSecure Plan is a traditional participating whole life insurance plan (UIN: 109N087V04).
ABSLI Income Assured Plan is a traditional non-participating savings plan (UIN: 109N089V06).
ABSLI Vision Endowment Plus Plan is a traditional participating endowment plan (UIN: 109N092V05).
ABSLI Jeevan Bachat Plan is a non-linked non-participating life insurance plan (UIN: 109N107V03).
ABSLI Monthly Income Plan is a participating non-linked life insurance plan (UIN: 109N122V02).
ABSLI Vision Lifeincome Plus Plan is a non-link participating individual life insurance savings plan(UIN:109N131V01)
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.
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