![ABSLI Vision LifeIncome Plus Plan](/Assets/Project/ABCL/images/revamp-transparent.webp)
Whole Life Insurance
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![Life Cover Up to Age 100 years](/Assets/Project/ABCL/images/revamp-transparent.webp)
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Give ₹50,000 for 8 years and Get ₹7.91 lakhs3
Types of Whole Life Insurance Policies
There are six main types of whole life insurance policies:
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Benefits of whole life insurance
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Riders for Whole Life Insurance
As is the case with many types of life insurance policies, whole life insurance can also be enhanced with the help of riders⁴ . Riders are basically add-ons that provide additional coverage to the policyholder in exchange for added premium amounts. The riders⁴ applicable for whole life insurance include:
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Frequently Asked Questions on Whole Life Insurance
- Accidental death benefit
- Premium payment waiver
- Permanent/partial disability benefits
- Income benefits
- Critical Illness Cover
- You are the sole breadwinner in your family and have many dependents
- You want to ensure financial security in your future in the form of dividends or a lump sum amount
- You want to secure your retirement period and live independently
- You want to save on taxes
- You can pay higher premiums.
- The minimum entry age can be as low as 30 days old (this can depend on the policy under evaluation)
- The maximum entry age is 60 years old, with a premium payment period of 10 years.
- The policy can be purchased by Citizens of India.
- Policyholders can enjoy tax benefits² on premiums under Section 80C of the Income Tax Act.
- Further tax benefits² are applicable on the maturity amount as well, under Section 10(10D).
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Disclaimer
¹ Provided all due premiums are paid.
² Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
³ Scenario: Age 21, healthy male, premium paying term 8 years, policy term 18 years, income benefit option=short term income, annual premium Rs.4lakhs (Rs.50,000X8), Guaranteed Income Benefit of Rs.4,84,270/- in monthly instalments, Lump Sum maturity payout Rs.3,06,747 with returns @8%.
ABSLI Vision LifeIncome Plus Plan (UIN: 109N131V01) is a non-linked participating individual life insurance savings plan.
⁴ There are exclusions attached to the rider. Please refer to the brochure.
ADV/7/22-23/807