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Investment Plans 1960 views May 4, 2020
Aditya Birla Sun Life Insurance Company is one of the best insurance companies that have a number of policies related to health insurance, term insurance, and investment insurance. Nowadays, most of the individuals are interested in an investment insurance plan because it helps to increase the wealth of an individual and on the other hand, gives protection to him and his family members. If you are also looking for such a plan that will not let you down in the future then you must explore ABSLI Vision LifeIncome Plan. In this plan, you will receive a sum of money every year as an income after the expiry of the premium paying term until maturity. This amount of income in the future would be helpful to fulfill all your dreams and not to depend on anyone.
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There are some exclusive features of this policy that you must check before taking the plan. The features of this policy tell you why this plan is the best option for you.
You must explore certain benefits of this policy that can enjoy once you take the plan.
You will get a survival benefit of 5% of the Sum Assured plus accrued bonuses to date once you complete the Premium Paying Term. After the expiry of the premium paying term and your successful survival, you can take the survival benefit in this policy.
In this benefit, you receive the Sum Assured at the time of the maturity of the policy. The maturity benefits will be given to the insured once the policy term is over and if there is any Terminal Bonus then you will receive that too.
There are three conditions in the Death benefits of the ABSLI Vision LifeIncome Plan and the benefits may differ in each death condition. So you must see all the conditions of the death benefits.
You can also take additional insurance coverage on the ABSLI Vision LifeIncome Policy. The Rider options are available at a nominal cost and you see the various Rider options.
If you are unable to pay the premium after paying it for full 3 years then your Vision LifeIncome Plan will not lapse. The company will reduce the amount of premium in the proportion with the Sum Assured and the Bonus. If you have chosen the Premium Paying Term for 8 years then 2 years premium has to be paid to enjoy this benefit.
In case of an emergency, you can surrender the policy and take the surrender value but you will have to pay the amount of premium regularly for at least 3 years. If you are having a premium paying term of 8 years then you will have to pay all the premiums for 2 years. The Surrender value would be the percentage of premiums paid plus accrued bonus and less survival benefits already paid. Your surrender value totally depends on the Premium Paying Term and the year in which the policy has been surrendered.
You can also take a loan against the ABSLI Vision LifeIncome Plan. A minimum loan of INR 5000 can be taken against the policy with a maximum of 85% of the surrender value. The rate of interest will be chargeable by the company on the outstanding amount.
There are three options available in this investment plan depending upon the Sum Assured. You have to choose the Sum Assured at the time of inception of the policy.
Option 1- Band 1
In this option, the value of the sum assured will be between INR 4 Lacs to INR 799999.
Option 2- Band 2
In this option, the value of the sum assured will be between INR 2 Lacs to INR 399999.
Option 3- Band 3
In this option, the value of the sum assured will be INR 8 Lacs and Above.
|Minimum Entry Age||30 Days|
|Maximum Entry Age||60 Years|
|Policy term||Whole Life up to Age 100|
|Minimum Age Attained at the End of Premium Paying Term||18 Years or More|
|Maximum Age Attained at the End of Premium Paying Term||75 Years or Less|
|Minimum Sum Assured||2 Lacs|
|Premium Payment Mode||Monthly, Quarterly, Half-Yearly, Yearly|
If you take this plan at the age of 35 years for a Premium Paying Term of 15 years and the Sum Assured is INR 2.5 Lacs then the amount of premium will be INR 20954. The insured must be male, Policy Term must be Whole Life up to the age of 100 years and the premium paying frequency must be yearly.
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