Insurance Plans India 1289 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.

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Features of the ABSLI Income Shield Plan

  1. Protect the Future of your family at an affordable premium.
  2. This policy has 4 options to protect your family after your death.
  3. There are special EVA Benefits exclusively for females.
  4. Pay the premium at a flexible tenure and decide the Income benefit Term.
  5. Choose an appropriate rider option to enhance your insurance policy.

Benefits of the Aditya Birla Sun Life Insurance Income Shield Plan

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.

Death Benefit

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:-

  1. 10 Times of the Annualized Premium.
  2. 105% of the total premium paid until the date of death.
  3. Assured Sum that has to be paid after death.

EVA Benefits

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.

Reduced Premiums

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.

Terms and Conditions

  1. Reduced Premiums are not applicable to Critical Illness, Permanent
  2. Disability, and EVA Benefits.
  3. The Monthly income of the nominee after the death of the insured will also be adjusted.

Customization Benefits

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.

Various Options Available in the Income Shield Policy

You can choose any of the following options while taking the Income Shield Plan.

Option 1

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.

Option 2

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.

Option 3

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.

Option 4

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

  1. The option for term insurance plan chosen cannot be changed unless and until the policy expires.
  2. Premiums of the Income Shield Policy

If you have taken the plan according to the following details then see the amount of premium you will have to pay:-

  • Age of the Insured- 35 Years
  • Sum Assured- INR 20 Lakhs
  • Term of the Policy- 20 Years
  • Income Benefit Term- 20 Years

Amount of Premium

Plan OptionMaleFemale
Option1INR 6120INR 5680
Option 2INR 7120INR 6620
Option 3INR 6360INR 5900
Option 4INR 7440INR 6880

Income Received by the Nominee

  1. INR 25000 per month if the individual is choosing Option 1 and Option 3.
  2. INR 25000 per month with an increment of 5% per annum if the individual is choosing Option 2 and Option 4.

Eligibility Criteria of the ABSLI Income Shield Plan

ParticularsCriteria
Age of Entry18 Years to 50 Years
Maximum Age of Maturity75 Years
The term for Paying PremiumsRegular Pay
Limited Pay 6 Years/ 10 Years
Term of the Policy10 Years to 40 Years
Term of Income Benefit10 Years to 20 Years
Sum AssuredMinimum- INR 5 Lacs
Maximum- No Limit
Premium Payment ModeMonthly, Quarterly, Half-Yearly, and Yearly

Reasons for Choosing Aditya Birla Sun Life Insurance

  1. It gives you a 15-day look up period during which you can return the policy if you don’t find the terms and conditions acceptable.
  2. You’ll get a 30-day grace period if you are unable to pay the premium on the due date.
  3. Get Tax benefits under Section 80C of the Income Tax Act.
  4. Buy different types of insurance policies at an affordable premium from Aditya Birla.

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