The plan returns 110 per cent of total premiums paid, back to the policyholder during policy maturity. It also offers a one-time loyalty addition on the accumulated amount under the policy.
Aditya Birla Sun Life Insurance (ABSLI), today launched Assured FlexiSavings Plan, that offers fully guaranteed benefits and allows policyholders instant access to their money by giving them the flexibility to make unlimited withdrawals from their policy.
The company claims the flexibility to make unlimited withdrawals is hitherto unseen in the insurance market, making this product a market differentiator. Besides life cover, this policy provides guaranteed benefits to provide for future goals while empowering policyholders with liquidity at hand, to fulfill short-term goals or unplanned money needs.
Aditya Birla’s Assured FlexiSavings Plan is a guaranteed, non-linked non-participating life insurance plan. This plan provides annual Income to the policyholder which is accumulated for 10 years or 12 years till the end of the policy term. If the annual incomes are not withdrawn they grow with a 5 per cent Income Booster added every year to augment savings. Additionally, the specialty of this plan is that it provides flexibility to withdraw the accrued amount as and when needed, with no restrictions or charges on withdrawals. Moreover, the plan returns 110 per cent of total premiums paid, back to the policyholder during policy maturity. It also offers a one-time loyalty addition on the accumulated amount under the policy.
Kamlesh Rao, MD, and CEO, Aditya Birla Sun Life Insurance said, “During unprecedented times, most people become risk-averse while enhancing their liquidity provisioning. This results in customers taking a conservative approach, which leaves them with limited options for saving and growing their hard-earned money. This Assured FlexiSavings Plan aims at locking in the benefit of long-term guaranteed returns while unlocking the flexibility of withdrawals or liquidity, as and when required. Guaranteed tax-free returns with liquidity along with life cover, will enable customers to continue achieving their financial milestones in a break-free and stress-free manner.”
The Assured FlexiSaving Plan offers mainly up to 105 per cent of annual premium added every year (depending upon the premium payment term chosen by the policyholder), along with 5 per cent Income booster annually which enhances the accrued amount further. Depending on the premium payment term and policy term chosen by the policyholder the plan also offers up to 25 per cent loyalty addition on the total accrued amount is added to the policy at the end of the policy term, and 110 per cent of total premiums paid is additionally paid as maturity benefit in addition to the accrued amount under the policy.
The company says the plan is designed for customers who are looking for guaranteed wealth and ease of liquidity while protecting their loved ones during the time of uncertainties. Besides offering guaranteed returns and instant access to money, it also provides protection with a comprehensive life cover across the policy term, additional riders, and a variety of Premium Payment Terms.