Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), today announced the launch of its new plan ABSLI Assured Income Plus. ABSLI Assured Income Plus will offer guaranteed monthly income to fulfil monetary requirements of an individual and their family’s recurring needs for up to 30 years while building a financial safety net.
The Assured Income Plus plan is a non-linked, non-participating individual savings plan that will offer several options providing enough flexibility to customize the product as per one’s requirements.
It comes with two-income benefit options and allows the flexibility of 3 premium paying term options of 6, 8, and 12 years. While the Income Only benefit option enables customers to fulfil their income needs, the Income Benefit with Return of Premium option helps in creating a legacy for the loved ones, in addition to recurring income. Policyholders could opt to receive the benefits annually, semi-annually, quarterly, or monthly for a period of 20, 25 or 30 long years, according to an individual’s financial milestones.
It also offers flexibility to commute all future incomes and Return of Premium, if any, as lumpsum, to address an untimely monetary need. Additionally, the plan gives enhanced risk coverage with a comprehensive rider suite at a nominal cost.
ABSLI Assured Income Plus also offers Sum Assured in a lump-sum to the nominee, in case of unfortunate death of the Life Insured anytime during the Policy Term. Moreover, the nominee will have the flexibility to receive the amount of Death Benefit in Annual/ Monthly instalments instead of a lump-sum, over a period of 10 years.
Kamlesh Rao, MD and CEO of Aditya Birla Sun Life Insurance, said, “The Assured Income Plus is an insurance policy aiming to offer guaranteed regular income that can cater to the customer’s short and long-term financial requirements. It is designed specifically for customers who are looking for an additional/alternate source of guaranteed long-term income. Besides these, the policy also offers a comprehensive life cover across the policy term. The goal of this product is to assist people to upgrade their lifestyle and fulfil their financial aspirations without compromise through a guaranteed inflow of recurring income stream”.
Plan at a glance:
| Entry Age | Min: 11 years for Policy Term of 7 years 9 years for Policy Term of 9 years 5 years for Policy Term of 13 years Max: 60 years | ||||||||||||
| Premium Paying Term | 6 years | 8 years | 12 years | ||||||||||||
| Premium Payment Term (PPT), Policy Term (PT) and Benefit Payout Period |
*The Benefit Payout Period commences after the end of the Policy Term, during which the Survival Benefit is payable to the Policyholder. It is chosen at policy inception and cannot be changed thereafter. | ||||||||||||
| Minimum Premium | Rs. 50,000 | ||||||||||||
| Minimum Sum Assured | Rs. 5,50,000 | ||||||||||||
| Benefit Payout Frequency | Annual | Semi-Annual | Quarterly | Monthly |