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Insurance Plans India 2719 views April 18, 2020
Everyone wants to protect the future of their families after them and it can be only possible through a life insurance plan. Therefore the Aditya Birla Sun life insurance has introduced a plan that will help you secure the future of your family and loved ones after your demise. The name of the plan is ABSLI Income Shield Plan, which is especially for entrepreneurs and salaried individuals. This plan ensures your family a monthly salary after your death. In your livelihood, you are supporting your family with a fixed monthly income and after your demise, this life insurance plan will give the monthly income to your family. The feature of the policy justifies the name that is an Income shield plan.
Table of Contents
Now, you must explore all the benefits of the Income Shield Plan and see how you can secure the future of your family. Go through the types of benefits of this policy.
After the death of the insured, the nominee will get the sum assured in the form of monthly income. The monthly income payout may vary depending upon the plan you have chosen. The nominee will receive the first income after he claims the death of the insured and then he will receive the sum of money every month under the Income benefit term.
The Monthly Income of the Nominee will be 1.25% of the sum assured.
Annualized premium will only comprise of the basic premium amount, excluding taxes, riders premium, extra premium and underwriting.
The Sum Assured that will be paid to the nominee will be the highest value among the three given below:-
If the policy taker is a woman, there is a leverage for paying the premium for 1 year. It simply means that a woman who is pregnant and delivers a baby during the policy term gets a premium waiver for 1 year. This benefit can be enjoyed only in the whole policy term. Once the period of 1 year expires, the insured will have to continue paying the premium of the ABSLI Income Shield Plan. This benefit will help you deal with the financial needs that occur during baby delivery.
If in case you are unable to pay the premiums after 4 years of regular payments, your term insurance policy will not lapse. On the other hand, you can continue the plan but the premium of the policy will be reduced and the sum assured will also be reduced in proportion with the paid-up premiums.
You can also customize the Aditya Birla Sun Life Insurance Plan by adding Accidental Death benefits. The premium of the policy and the sum assured will also increase if you add the rider option in the policy.
You can choose any of the following options while taking the Income Shield Plan.
During the Income Benefit Term, the nominee will get 1.25% of the sum assured as the monthly income after the death of the insured.
During the Income Benefit Term, the nominee will get the monthly income and it will be increased by 5% per annum every year after the death of the insured.
The Company will pay the monthly income to the nominee after the death of the insured and additionally, if the insured is diagnosed with a critical illness or permanent disability, the remaining premiums of the policy will be waived off while the policy will continue till the end of the term.
The Company will pay the monthly income to the nominee and increase it by 5% per annum every year after the death of the insured and additionally, if the insured is diagnosed with a critical illness or permanent disability, the remaining premiums of the policy will be waived off while the policy will continue till the end of the term.
Terms and Conditions
If you have taken the plan according to the following details then see the amount of premium you will have to pay:-
Amount of Premium
|Option1||INR 6120||INR 5680|
|Option 2||INR 7120||INR 6620|
|Option 3||INR 6360||INR 5900|
|Option 4||INR 7440||INR 6880|
Income Received by the Nominee
|Age of Entry||18 Years to 50 Years|
|Maximum Age of Maturity||75 Years|
|The term for Paying Premiums||Regular Pay
Limited Pay 6 Years/ 10 Years
|Term of the Policy||10 Years to 40 Years|
|Term of Income Benefit||10 Years to 20 Years|
|Sum Assured||Minimum- INR 5 Lacs
Maximum- No Limit
|Premium Payment Mode||Monthly, Quarterly, Half-Yearly, and Yearly|
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