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Aditya Birla Sun Life Insurance Company Limited
Aditya Birla Sun Life Insurance Company Limited
ABSLI Income Suraksha Plan
Pay annual premium of Rs. 20.7 K/ per year
Get death benefit of Rs. 1 Lakh as monthly income*
What Is ABSLI Income Suraksha Plan?
Key Features:
Customize your protection by choosing from two plan options
Shield your family from inflation with increasing income under Increasing Income Protection Option
Flexibility to opt for Limited or Regular Premium Payment Term
Enhance your insurance with appropriate rider options, on payment of additional premium
Benefits Of ABSLI Income Suraksha Plan
Death Benefit
In case of unfortunate demise of the Life Insured during the Policy Term, Death Benefit will be paid to the Nominee(s)/legal heir(s)/assignee as per the Plan Option chosen (as explained in the below-mentioned section).
Commutation Benefit
At any time after the death of the life insured, if the nominee would subsequently like to get a lump sum instead of the income payouts, a discounted value of the outstanding income instalments shall be paid as a lump sum.
Term Plan With Riders Offer Added Protection
You can enhance your insurance coverage during the Policy Term by adding following riders for a nominal extra cost. You can only opt for either ABSLI Accidental Death and Disability Rider or ABSLI Accidental Death Benefit Rider Plus. Please refer to detailed brochures on riders, consult your financial advisor or visit our website for further details.
ABSLI Accidental Death And Disability Rider
(UIN: 109B018V03)
It provides 100% of Rider Sum Assured as an additional lump sum amount in case of death due to accident of Life Insured or in the event of disability due to accident.
Download Brochure
ABSLI Critical Illness Rider
(UIN: 109B019V03)
It provides lump sum on survival of 30 days from the date of diagnosis of any of the specified critical illnesses.
Plan Options
You shall choose one Plan Option at the inception of the Policy. The option once selected cannot be changed later. Premium payable will vary depending upon the Option chosen. You will have to choose the Monthly Income, Policy Term, Premium Payment Term and mode of premium payment while choosing the plan option.
Fixed Income Protection
Option 1
Under this option on death of the Life Insured, the nominee will be paid the Monthly Income chosen at inception during the Income Payout Period.
Increasing Income Protection
Option 2
Under this plan option, the Monthly Income chosen at inception will increase at 5% p.a., compounded annually. On death of Life Insured, the nominee will be paid the then applicable monthly income, and such income will continue to increase at every policy anniversary.
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Type of Plan |
A Non-Linked Non-Participating Life Individual Pure Risk Premium 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 |
21 Years. | ||||||||||
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Maximum |
55 years | |||||||||||
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Maturity Age of the Life Insured (age as on last birthday) |
Minimum |
31 years | ||||||||||
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Maximum |
70 Years | |||||||||||
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Premium Payment Term (PPT) & Policy Term (PT) |
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Premium Payment Modes and Modal Factors |
Annual | Semi-Annual | Quarterly | Monthly
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Sum Assured |
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Discount |
*Annual income of Rs. 5,00,000 or above. This discount will apply to the first-year premium only
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How to choose your Plan? |
ABSLI provides you the flexibility to choose from below two plan options basis your needs and requirements. Step 1: Choose Your Plan Option ü Fixed Income Protection ü Increasing Income Protection Step 2: Choose the Monthly Income, Premium Payment Term and Policy Term Plan option, Monthly Income, Policy Term, Premium Payment Term and mode of premium payment chosen at inception cannot be changed thereafter. Premium will vary depending upon the Option chosen at inception.
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How Does This Plan Work?
Use Case 1
Use Case 2
Mr. Bhatt, 35 years old non - smoker, opts for ABSLI Income Suraksha Plan. He chooses Plan Option 1 - Fixed Income Protection for a monthly income of Rs. 1,00,000.
He chooses a Policy Term of 30 years and Premium Payment Term of 30 years.
Unfortunately, he dies during the 15th Policy year.
How to Initiate Claim?
3 quick, everything online
1
Fill basic details
2
Claim intimation
3
Document submission
Frequently Asked Questions
The ABSLI Income Suraksha Plan is a plan designed to provide financial protection to your family and help you live worry free.
This plan is available on the Leap application platform through sales channel’s intervention as well as on website.
Depending upon the smoking status of the life insured, he/she will be classified as Non-Smoker or Smoker. The proposed life insured will be classified as Non-Smoker, if he/she has not consumed tobacco products in the last 12 months. This includes any nicotine products like cigarette, cigars, chewable tobacco or any other classified stimulants.
This plan offers preferential premium rates for all Female lives. Also, Policyholder get discounted premium rates for non – smoker status.
No, Plan Option once chosen at inception; cannot be changed anytime during the Policy Term.
At any time after the death of the life insured, if the nominee would subsequently like to get a lump sum instead of the income payouts, a discounted value of the outstanding income instalments shall be paid as a lump sum. The discounted value shall be calculated using a discount rate of 9.55% p.a., or such other rate as determined by ABSLI (subject to prior approval from IRDAI) from time to time, taking into account the expected future economic environment at the time. Lumpsum Amount=Commutation Factor x Monthly Income chosen at Inception The Commutation Factor will depend on the Plan Option, Income Payout Frequency, Policy Term and the outstanding Income Payout Period. The outstanding Income Payout Period is calculated as number of whole months from the date of commutation to the end of the Income Payout Period.
Yes, Riders can be attached any time during tenure of the policy subject to: -minimum outstanding term of 5 years on date of attachment of rider and -Board approved underwriting policy.
No, there is no loan facility against this policy.
As per extant tax laws, this plan offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, subject to fulfillment of the other conditions of the respective sections prescribed therein. Tax benefits are subject to changes in tax laws. You are advised to consult your tax advisor for details.
Common Application Form – Major (E app) for ABSLI Income Suraksha Plan needs to be filled.
Yes, this plan can be offered to NRIs provided the client is residing in the standard residency country.
*Age 35 (Life Insured), Male, Non Smoker,
Option 1: Fixed Income Protectio
PT: 30 years, PPT: Regular Pay
Monthly Income Chosen: Rs. 1,00,000
Annual Premium: Rs. 20,760 p.a., Rs. 1,868 p.m. Premiums exclusive of GST.
Monthly Income payable to the nominee in case of death of the life insured for the remaining policy term or minimum 10 years.
This Policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-linked non-participating individual life pure risk premium 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. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. This brochure contains only the salient features of the plan. For further details please refer to the Policy contract. This product shall also be available for sales through online channel. 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.
Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
ABSLI Income Suraksha Plan:- Age 35 (Life Insured), Male, Non Smoker,
Option 1: Fixed Income Protection, PT: 30 years, PPT: Regular Pay
Monthly Income Chosen: Rs. 1,00,000
Annual Premium: Rs. 20,760 p.a., Rs. 1,868 p.m. Premiums exclusive of GST.
On death of the Life Insured, monthly income of Rs. 1,00,000 is paid to the Nominee every month during Income Payout Period.
UIN: 109N146V01
ADV/8/24-25/1345
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