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Aditya Birla Sun Life Insurance Company Limited

ABSLI Income Shield Plan

A non-linked non – participating term insurance plan


Designed for salaried professionals and entrepreneurs a like, Aditya Birla Sun Life Insurance Income Shield Plan provides the financial support needed to protect your loved ones even in case of death or other unforeseen circumstances. It ensures that the family continues to earn the same monthly salary or income necessary to enjoy the same lifestyle as earlier. Give your family the shield they deserve to protect their dreams.

Key Benefits of the plan

  • Complete financial protection at an affordable cost
  • 4 plan options to suit your protection needs
  • EVA benefit – a benefit exclusive for females
  • Flexible Premium Paying Terms & IncomeBenefit Term
  • Enhance your insurance with appropriate rider option

In the event of death of the life insured during the policy term, monthly income depending on the chosen plan option will be paid to the nominee over the Income Benefit Term. The first payout will be made on the acceptance of the death claim and subsequent monthly payouts will be made on each policy monthiversary throughout the Income Benefit Term.

The monthly income benefit payable on death is equal to 1.25% of the Sum Assured. The total monthly income payable on death over the Income Benefit Term will be the assured benefit to be paid on death under this plan.

The Sum Assured on Death is the highest of:

  • 10 times of the annualised premium for all ages; or
  • 105% of the total premiums paid up to the date of death; or
  • Assured benefit to be paid on death.

Annualized premium shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

Total Premiums paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes

A benefit exclusively for women where we ensure freedom from paying premiums for a year incase the life insured delivers a baby during the policy term. At that stage the top priority for a mother is to bond with the new born without working about financial obligations. Although this benefit will be offered under all plan options, the life insured (if females) can avail of this benefit only once during the policy term. Post the one year waiver, the premiums are to be paid when due to enjoy the policy benefits for the rest of the policy term.

There is no maturity benefit payable under this plan.

For Regular Pay

Not applicable

For Limited Pay

If you discontinue paying premiums aer having paid premiums for at least four full years, your policy will not lapse but will continue on a Reduced Paid –Up basis. Under Reduced Paid-Up, your Sum Assured shall be reduced in proportion to the premiums actually paid to the total premiums payable during the premium paying term.

Once the policy has become Reduced Paid-Up, the monthly income payable on death of the life insured is amended to 1.25% of the reduced Sum Assured as on date of Death. If Plan Option 2 or Plan Option 4 is chosen the monthly income payable on death of the life insured will continue to be increased by 5% p.a. simple every year. The pemium waiver on Critical Illness or Total Permanent Disability or for EVA benefit shall not be applicable on RPU policies.

For added protection, you can enhance your insurance coverage during the policy term by adding ABSLI Accidental Death Benefit Rider Plus
(UIN:109C023V02) for a nominal extra cost.

Please refer to the detailed brochure on rider, consult your financial advisor or visit our website for further details.


At inception, you choose the sum assured, plan option and how long you want to pay. The plan options available are given below

Plan Options
Option 1 On death we will pay the nominee a level monthly income# during the Income Benefit Term
Option 2 On death we will pay the nominee a monthly income increasing at 5% p.a. (simple) during the Income Benefit Term
Option 3 On death we will pay the nominee a level monthly income during the Income Benefit Term Additionally on diagnosis of a Critical Illness^ or diagnosis of Total Permanent Disability^ whichever is earlier, the future premiums will be waived off and the policy will continue till the end of policy term
Option 4 On death we will pay the nominee a monthly income increasing at 5% p.a.(simple) during the Income Benefit Term

Additionally on diagnosis of a Critical Illness^ or diagnosis of Total Permanent Disability^ whichever is earlier, the future premiums will be waived off and the policy will continue till the end of policy term

Plan option once selected cannot be changed during the policy term.

# Monthly Income is 1.25% of the chosen Sum Assured

^ Explained in detail later in the brochure


Entry Age (age last birthday) 18 – 50 Years
Maximum Maturity Age 75 Years
Premium Paying Term (PPT) Regular Pay
Limited Pay – 6 | 10 Years
Policy Term 10 – 40 Years
Income Benefit Term 10 – 20 Years
Sum Assured Minimum – Rs. 500,000
Maximum – No Limit
Pay Mode Annual, Half-yearly, Quarterly & Monthly

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Disclaimer

This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-linked non – participating term insurance plan. All terms & conditions are guaranteed throughout the policy term. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. For more details on risk factors, terms and conditions, please refer to the sales brochure before concluding the sale. 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 will commence on the policy issue date. 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. Aditya Birla Sun Life Insurance Company Limited (Formerly Birla Sun Life Insurance Company Limited)Registered Office: One Indiabulls Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. IRDAI reg no.109 CIN: U99999MH2000PLC128110 ADV/11/19-20/1175 VER1/NOV/2019

UIN: 109N105V02

Toll free (Within India):

1800 270 7000

Outside India: :

+91 22 66917777

(Call charges apply)

Between 9 am to 9 pm, All 7 Days

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care.lifeinsurance@adityabirlacapital.com

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