Insurance Plans May 2, 2020

ABSLI Vision MoneyBack Plus Plan

Everyone wants to increase their wealth but it is not possible without investment. In order to increase enhance your wealth, it is mandatory to make investments. On the other hand, the protection for future financial risks is also needed; therefore the only option left is to take an investment insurance plan. One such plan is ABSLI Vision MoneyBack Plus Plan that guarantees you a fixed return after every 4 and 5 years. You will receive a guaranteed percentage of the sum assured on a period of 4 or 5 years depending upon your choice. So, you must explore all the features and benefits of this plan and see how it can help you in wealth maximization.

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Key Features of Vision MoneyBack Plus Policy

  1. Get Guaranteed Return after a specific tenure.
  2. Secure yourself and your family’s financial risks.
  3. Decide the Policy Term and the Sum Assured as per your needs.
  4. Various Options to Decide the period of return.
  5. Enjoy Tax Benefits under Section 80C and 80D of the Income Tax Act.

Benefits of ABSLI Vision MoneyBack Policy

There are some exclusive benefits of this plan that will help you to enhance your wealth and give financial protection to your loved ones.

Guaranteed Survival Benefits

In this benefit, you’ll be entitled to receive MoneyBack after a period of every 4 and 5 years depending upon the option you choose. The Return will be a percentage of the Sum Assured as discussed in the below options.

Option 1- MoneyBack after every 4th Policy Year with a Policy term of 20 Years

Premium Paying Term- 10 Years

Survival Benefit YearPercentage of the Premium
4th Policy Anniversary10% of the Sum Assured
8th Policy Anniversary15% of the Sum Assured
12th Policy Anniversary20% of the Sum Assured
16th Policy Anniversary25% of the Sum Assured
20th Policy Anniversary30% of the Sum Assured

Option 2- MoneyBack after every 5th Policy Year with a Policy term of 20 Years

Premium Paying Term- 10 Years

Survival Benefit YearPercentage of the Premium
5th Policy Anniversary15% of the Sum Assured
10th Policy Anniversary20% of the Sum Assured
15th Policy Anniversary25% of the Sum Assured
20th Policy Anniversary40% of the Sum Assured

Option 3- MoneyBack after every 4th Policy Year with a Policy term of 24 Years

Premium Paying Term- 12 Years

Survival Benefit YearPercentage of the Premium
4th Policy Anniversary10% of the Sum Assured
8th Policy Anniversary15% of the Sum Assured
12th Policy Anniversary20% of the Sum Assured
16th Policy Anniversary25% of the Sum Assured
20th Policy Anniversary30% of the Sum Assured
24th Policy Anniversary35% of the Sum Assured

Option 4- MoneyBack after every 5th Policy Year with a Policy term of 25 Years

Premium Paying Term- 12 Years

Survival Benefit YearPercentage of the Premium
5th Policy Anniversary15% of the Sum Assured
10th Policy Anniversary20% of the Sum Assured
15th Policy Anniversary25% of the Sum Assured
20th Policy Anniversary30% of the Sum Assured
25th Policy Anniversary45% of the Sum Assured

Death Benefits

If in case the insured dies during the policy term then the nominee will get all of the following death benefits:-

  1. Sum Assured on Death.
  2. Accrued Regular Bonus up to the date of the death.
  3. Terminal Bonuses.

The Sum Assured will be the maximum of the Sum Assured at the time of inception of the policy and it will be subject to a minimum of 105% of the total premiums paid up to date.

Maturity Benefits

You will also receive maturity benefits in the ABSLI Vision MoneyBack Plus Plan if you successfully survive the policy. The maturity benefits will include the following sum of money:-

  1. Accrued Bonuses till the date of maturity.
  2. Terminal Bonus.

Premium Reduction Benefits

In this benefit, the company will reduce the amount of premiums if you are unable to pay premiums. But in order to enjoy this benefit, you will have to pay all the premiums for 2 years and your policy will not lapse if you discontinue the payment of premiums. The company will reduce the amount of your premium and accordingly the Sum Assured and the Death benefits. You will receive the accrued bonuses until the date when you discontinued the premium and then after that, the company will reduce the bonus in the proportion with the reduced premium.

Enhance Insurance Coverage

You can add riders to this policy and enhance the coverage of the insurance. The rider options available in this policy are:-

  1. Accidental Death and Disability Rider.
  2. Surgical Care Rider.
  3. Hospital Care Rider.
  4. Waiver of Premium Rider.
  5. Critical Illness Rider.
  6. Accidental Death Benefit Rider Plus.

Surrender Benefits

In case of an emergency, you have the option to surrender the policy and take the surrender amount as per the premiums paid until the surrender date. But you can only surrender the policy if you have paid the premiums regularly for at least two years.

Loan Benefits

You can also take a loan against this MoneyBack Plus Plan with a minimum of INR 5000. You can take a maximum loan against the policy of 85% of the surrender value and the company will charge interest as applicable.

About the ABSLI Vision MoneyBack Plus Plan

ParticularsDetails
Minimum Age of Entry13 Years
Maximum Age of Entry45 Years
Policy Term20 Years, 24 Years, and 25 Years
Minimum Sum AssuredINR 1 Lac
Premium Paying ModeMonthly, Quarterly, Half Yearly, and Yearly
For Semi-Annual PaymentsA Rebate of 2% on Premium
For Annual PaymentsA Rebate of 5% on Premium

Benefits of Choosing Aditya Birla Sun Life Insurance

  1. The Company Deals with all kinds of queries of the customers related to the insurance.
  2. All types of insurance plans are available online.
  3. The Company gives you a 15 days lookup period after taking the plan.
  4. Get deductions under Section 80C and 80D of the Income Tax Act 1961.
  5. If you are unable to pay the premium on the due date then the company gives you 30 days grace period.

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