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Insurance Plans 345 views May 18, 2020
Nowadays every individual is worried about his future that how he will accumulate the funds for future needs. It is really necessary to plan your retirement and start accumulating funds from today. Savings is not only the option to accumulate funds but you should start making an investment. You can take a look at the ABSLI Monthly Income plan that helps you to accumulate funds for your future and you can receive monthly income after your retirement. You can fulfill the needs of the future using this income and live a joyful life after your retirement. So, before taking this plan, you must explore all the features and benefits of the plan so that it becomes easy for you to understand each and every detail of the plan.
Table of Contents
There are some benefits in this policy that are added to your assured value and cover the risks like death, accidental death during the policy term. So you must look at all the benefits of this policy and see how they work.
In this benefit, you will receive a certain percentage of the Sum Assured as a monthly income after the completion of the deferment period. You will receive the monthly income until the Income Benefit Period expires and you have to choose any one option of the ABSLI Monthly Income Plan among the two plans.
Option 1- Level Income Benefit
In this plan, the company will pay you 1% of the sum assured as the monthly income benefit and it will remain the same throughout the Income Benefit Period.
Option 2- Increasing Income Benefit
In this option, you will get an income benefit of 1% of the sum assured in the first years and it will increase by 5% p.a. from the next year until the completion of the Income Benefit Period.
In the second, third, and fourth income benefit year you will receive 1.05%, 1.10%, and 1.15% of the sum assured as the monthly income benefit. In this option, your monthly income will not remain the same every year, but it will increase every year.
If the insured dies before the commencement of the Income Benefit Period then the death benefits paid will be the highest of the following:-
If the insured dies after the commencement of the Income Benefit Period then the death benefits paid will be the highest of the following:-
If the insured dies due to accident then an additional benefit equal to the Sum Assured chosen will be payable in a lump sum to the nominee as an Accidental Death Benefit.
The Maturity Benefit will include both of the following amounts if the insured successfully survives the policy term of the ABSLI Monthly Income Plan.
After the payment of the maturity benefits, your policy will be terminated.
You can take additional coverage in this policy. It simply means that you can add riders in the Monthly Income Plan.
If in case you are unable to pay the premium of the policy after paying the premiums for 2 years regularly, then your policy will not lapse. The company will reduce the amount of your premium as per your convenience and your policy will continue. The income benefits and the sum assured will also be reduced in the proportion with the reduced premiums.
After the full payment of premiums for 2 years, you can surrender the ABSLI Monthly Income Plan. The Company will calculate the surrender value of the policy depending upon the percentage of premiums paid up to date. The surrender value will depend on the premium paying term and the year in which the policy is surrendered.
If your policy has a surrender value then you can take a loan against it. You are eligible to take a policy loan of a minimum of ₹5000 and a maximum of 85% of the surrender value. The company will charge interest on the policy loan and give you a certain time to repay the loan so that your policy remains unaffected.
There are basically three options that you can choose for the amount of the Sum Assured.
Option 1- Band 1
In this option, the amount of Sum Assured will be a minimum of ₹4 Lacs and a Maximum of 599999.
Option 2- Band 2
In this option, the amount of Sum Assured will be a minimum of ₹6 Lacs and a Maximum of 799999.
Option 3- Band 3
In this option, the amount of Sum Assured will be a minimum of ₹8 Lacs and there is no limit for the Maximum amount of Sum Assured.
|Age of Entry||18 Years to 55 Years for the Premium Paying Term of 10 Years
18 Years to 55 Years for the Premium Paying Term of 12 Years
|Premium Paying Term||10 Years and 12 Years|
|Deferment Period||Deferment Period Starts after the Completion of the Premium Paying Term and it is 0 Years, 5 Years, and 10 Years.|
|Income Benefit Period||Income Benefit Period Starts after the Completion of the Deferment Period and it is of 10 Years, 15 Years, and 20 Years|
|Income Benefit Options||Level and Increasing|
|Policy Term||Minimum-20 Years
Maximum- 37 Years
Policy Term Includes Premium Paying Term, Deferment Period, and Income Benefit Period.
|Minimum Sum Assured||4 Lacs|
|Premium Paying Frequency||Monthly, Quarterly, Half-Yearly, and Yearly|
Aditya Birla Sun Life Insurance Company was incorporated on the 14th of August 2000. Then it has started its operation from 17th January 2001. ABSLI is a joint venture of Aditya Birla Group and Sun Life Financial working in Canada on a ratio of 51:49. This company has a wide range of insurances whether health plan, investment plan, or term plan. It deals with all types of insurances.
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