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Investment Plans 2869 views April 30, 2020
Nowadays everyone is worried about their future in the context of education, career, job, financial problems, and many other things. Each and every future needs can only be fulfilled if you have sufficient funds. So it is better to make an investment now so that you can easily live your future. One such plan is ABSLI Secure Plus Plan that guarantees you a regular yearly income in the future. You can create a backup of funds for the future and fulfill any kind of need. Therefore, you must explore all the details of this plan and see how it can help you in the future. There are various benefits of this investment policy but before that, you must explore the key features of the plan.
Table of Contents
There are various benefits of this policy. You have to decide the benefit before taking the policy. There are two types of Income Benefit Options so you must explore all of them and then it would be easy for you to decide the best plan.
There are two types of income benefits in this policy. Once you complete the term of the policy, you will start receiving an annual income. Let’s see the Income Benefit Options of the ABSLI Secure Plus Plan.
Option A
In this option, you will receive income on a yearly basis for 6 years after the expiry of the Policy Term. There is a percentage decided by the company on the basis of which you will receive the Yearly income. The percentage of the annualized premium will be paid to you as an income and it will keep on increasing every year until 6 years. You can see the Income Benefits of Option A as follows:-
Option B
In Option B of the income benefit, you will receive a double amount of the annualized premium every year for up to 12 years. It means that your income after the expiry of the policy term would be 200% of the Annualized Premium payable up to 12 years.
Years in which the Payment has been Made | Percentage of the Annualized Premium |
---|---|
First Year | 200% of the Annualized Premium |
Second Year | 200% of the Annualized Premium |
Third Year | 200% of the Annualized Premium |
Fourth Year | 200% of the Annualized Premium |
Fifth Year | 200% of the Annualized Premium |
Sixth Year | 200% of the Annualized Premium |
Seventh Year | 200% of the Annualized Premium |
Eighth Year | 200% of the Annualized Premium |
Ninth Year | 200% of the Annualized Premium |
Tenth Year | 200% of the Annualized Premium |
Eleventh Year | 200% of the Annualized Premium |
Twelfth Year | 200% of the Annualized Premium |
In case of the death of the insured, the nominee is entitled to receive the sum assured. The Sum Assured payable to the nominee will be the highest of the following:-
If in case the insured is a minor and dies before the age of 18 years then 2% of the annualized premium will be paid as an additional income benefit.
If the insured’s age is above 18 years and he dies then the company will pay the additional sum assured to the nominee as an Accidental Death Benefit with a maximum of INR 1 Crore.
You have the option to receive the income benefit at once in a lump sum amount at the time of the maturity of the policy. It simply means that you can take the computed value of the income benefits as a lump sum amount. The Computed value will be calculated at a discounting rate of 9% and it is not fixed. IRDAI can change the discounting rate.
You can Add Riders in the ABSLI Secure Plus Plan. The Rider option gives you extra coverage for other risks that might take place in the future. So you must go through all the rider options that you can add in this plan.
In case of an emergency, you can surrender the policy and take the surrender amount as per the premiums paid until the date of surrender. But you cannot surrender the policy unless and until you have paid the premiums regularly for at least two years.
You can also take a loan against the ABSLI Secure Plus Plan with a minimum of INR 5000. The maximum loan that you can take against the policy is 85% of the surrender value and the company will charge interest as applicable.
Particulars | Details |
---|---|
Age of Entry | 5 Years to 50 Years |
Maximum Age of Maturity | 63 Years |
Policy Term | 13 Years |
Premium Paying Term | 12 Years |
Minimum Annual Premium | INR 50000 per annum |
Minimum Monthly Premium | INR 36000 per annum |
Payment Period for Option A | 6 Years |
Payment Period for Option B | 12 Years |
Sum Assured | It depends on the Age of Entry and the Amount of Premium you have decided to pay. |
Minimum Sum Assured | INR 522000 |
Premium Payment Mode | Yearly and Monthly only |