Investment Plans 203 views May 21, 2021

Searching for a life insurance plan that can protect your hard-earned savings as well as provide comprehensive financial protection to your family up to age 100? Well, your search ends with the Aditya Birla Sun Life Insurance Vision LifeSecure Plan. This plan from Aditya Birla Sun Life allows policyholders to grow their savings over time and protect their loved ones financially. When you choose this plan, you ensure complete peace of mind as it is designed to provide long-term financial security.

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Let’s have a look at its prominent features mentioned below so that you can know more about it.

  1. Growth in savings via regular bonuses
  2. Financial protection up to age 100
  3. Flexibility to choose the policy term according to needs
  4. Discount on choosing higher sum assured
  5. Loan against policy
  6. Multiple rider options to enhance insurance coverage
  7. A 15 or 30-day free look period
  8. Tax benefits under Income Tax Act, 1961

This page could be a good read for you if you want to know about these features of Aditya Birla Sun Life Insurance Vision LifeSecure Plan in detail. Here, we will discuss the same along with its eligibility.

Let’s Discuss the Features and Benefits of Aditya Birla Sun Life Insurance Vision LifeSecure Plan in Detail

Aditya Birla Sun Life Insurance Vision LifeSecure Plan is a traditional participating whole life plan that helps individuals achieve their financial goals via providing them a steady income & life cover until age 100. We are going to discuss the prominent features and benefits of this plan below. Please check!

Death Benefit

If a policyholder dies during the policy term, Aditya Birla Sun Life Insurance Vision LifeSecure Plan will provide a death benefit to the nominee, which will be as follows.

  1. Sum assured on Death, plus
  2. Accumulated regular bonuses as on date of death, plus
  3. Terminal Bonus (if any)

Here, the sum assured on death will always be higher of the sum assured or 10 times the annualized premium. Also, the death benefit cannot be less than 105% of the total premiums paid up to date of death.

Important Note: If an insured person survives until the end of the policy term, the insurance cover will continue till the life insured reaches the age of 100. In case of survival to the age of 100 or death after the policy term, the sum assured on death will be payable. 

Maturity Benefit

If a policyholder survives until the end of the policy term, he/she will get the maturity benefit that will be the sum of the following amounts.

  1. Sum assured
  2. Accumulated regular bonuses
  3. Terminal bonus (if any)

Also, the policy continues even after the payment of maturity benefits to the policyholder.

Regular Bonuses

Aditya Birla Sun Life Insurance declares a simple reversionary bonus at the end of each financial year during your policy term. This bonus amount adds to your policy on each anniversary. Do remember that regular bonuses may vary from one year to another as they depend on several factors and present economic conditions.

Rider Benefits

If you want to widen the coverage of your insurance plan, you can choose from the following rider by paying an additional premium.

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

Note: Between Accidental Death and Disability Rider and Accidental Death Benefit Rider Plus, you can opt for either of them and not both. 

Flexible Policy Term

You can choose from multiple policy term options ranging from 15 to 35 years with the Vision LifeSecure Plan.

Multiple Sum Assured Options and Discount Facility

Under Vision LifeSecure Plan, the sum assured chosen at the time of the inception of the policy cannot be changed later. This plan provides multiple sum assured options and you can get a discount on the premium on choosing higher sum assured. To know more, check the below table.

Sum Assured BandSum Assured (in INR)Premium Rebate per INR 1,000 Sum Assured
Band 12,00,000 to 3,99,999Nil
Band 24,00,000 to 5,99,9992
Band 36,00,000 to 7,99,9993
Band 48,00,000 +3.75

What will the Minimum Premium Amount?

The minimum premium amount for Aditya Birla Sun Life Insurance Vision LifeSecure Plan stands at INR 12,000 per annum. You can also choose to pay the premium semi-annually, quarterly or monthly as per your affordability. You can get a discount of 3% and 1.5% on choosing annual and sem-annual payment frequency, respectively.

Loan Against Policy Facility

If the life insured is alive and the policy has acquired a surrender value, you can get a loan against your policy. Under this facility, you can take a minimum loan amount of INR 5,000. The maximum can be 85% of the surrender value of your policy.

Tax Benefits

Policyholders can also enjoy tax benefits on the premium paid towards the policy and maturity benefits received under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively.

Aditya Birla Sun Life Insurance Vision LifeSecure Plan Eligibility Criteria

Don’t forget to check the important conditions related to the Vision LifeSecure Plan eligibility criteria mentioned below.

  1. The minimum entry age stands at one year, while it can go up to 60 years.
  2. The age at the time of maturity can be as low as 18 years.
  3. The maximum maturity age can be 75 years.

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