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Investment Plans 2746 views May 8, 2020
Everyone knows that future is unpredictable so one must take all the necessary steps to secure the future. Usually, some of the individuals prefer taking an endowment plan to cover future financial risks. So, if you are also willing to take protection against the future financial risks then you must take a look at ABSLI Guaranteed Milestone Plan. In this plan, you can cover the risk of your spouse as well under the same plan. It has maturity and death benefits that will give a lump sum amount of return in the end. So, you must explore all the details of this policy to find out whether it will be fruitful for you in the long run or not.
Table of Contents
Here you can explore all the benefits of this policy including death benefits, maturity benefits, rider options and many others.
There are two options for the death benefits that you will have to choose at the time of inception of the policy. You can insure a single life and even the life of your spouse. But the benefits of both of these options might differ.
Option 1- Single Life
If the life of only a single person is insured in the policy then after the death of the policy taker the nominee will receive the Sum Assured on Death in 10 equal instalments.
The Nominee can take the Sum Assured on Death as a lump sum amount instead of taking it in 10 instalments. But in this case, a discounted value will be paid to the nominee instead of the full amount. The Discount will be of 8.75% as decided by IRDAI and it might change as per the guidelines.
The Sum Assured would be the highest of the following:-
If the insured dies prior to risk commencement date then only the premiums paid till date will be payable to the nominee.
Option 2- Joint Life
In this option, you can insure the life of yourself and your spouse under the same insurance plan but the premium might be increased. The Sum Assured in this joint policy of the Spouse will be 20% of the Total Sum Assured. You have to choose this option at the time of inception of the ABSLI Guaranteed Milestone Plan and it can’t be chosen in between. The Age of both the life insured must be less than 50 years. You cannot add rider if you have taken this death benefit of the policy.
There are 3 conditions of the death benefits in this option.
Sudden Death of the Primary Insured before Secondary Insured
Sudden Death of the Secondary Insured before Primary Insured
Sudden Death of the Primary Insured Secondary Insured Together
At the time of the maturity, if the insured is alive then he will receive the following sum of money:-
The company will make guaranteed additions into the ABSLI Guaranteed Milestone Plan on a monthly basis and it depends on the premium you commit to pay, Sum Assured, policy term, age of entry, and the option you have chosen whether Single life or Joint Life.
You can also take additional protection for some of the dangerous rink and add riders to Guaranteed Milestone Plan. But you cannot add riders if you have chosen Joint Life Insurance option.
If you are unable to pay premiums after the payment of premium for 2 regular years then your policy will not lapse. The company will reduce the amount of the premium and your Sum Assured and other benefits will also be reduced proportionately.
You can even surrender the policy in case of an emergency if you have successfully paid all the amount of premiums for at least two years. The surrender value will be calculated on a certain percentage of total premiums paid plus the percentage of the accrued guaranteed additions.
Once your policy has a surrender value, you can take a loan against the ABSLI Guaranteed Milestone Plan. You are eligible for a minimum loan of ₹5000 with a maximum of 85% of the surrender value. The insurance company will charge applicable interest on the outstanding amount.
There are 3 slabs of the annual premiums that you can choose at the time of taking the insurance plan.
Option 1- Band 1
In this option, the amount of the annual premium will be between ₹15000 to ₹49999.
Option 2- Band 2
In this option, the amount of the annual premium will be between ₹50000 to ₹99999.
Option 3- Band 3
In this option, the amount of the annual premium will be ₹100000 and above.
Particulars | Details |
---|---|
Minimum Age of Entry | 30 Days |
Maximum Age of Entry | 60 Years |
Policy Term | 12 Years, 14 Years, 16 Years, 18 Years, 20 Years, 22 Years, 24 Years, and 26 Years |
Premium Paying Term | 6 Years for Policy Term of 12 Years and 14 Years 8 Years for Policy Term of 16 Years and 18 Years 10 Years for Policy Term of 20 Years and 22 Years 12 Years for Policy Term of 24 Years and 26 Years |
Minimum Age of Maturity | 18 Years |
Minimum Amount of Premium | 15000 |
Sum Assured | 15 Times of the Annualized Premium |
Minimum Sum Assured | 225000 |
Minimum Sum Assured on Maturity | 90000 |
Premium Paying Frequency | Monthly, Quarterly, Half Yearly, and Yearly |
There are two main advantages of choosing Aditya Birla for taking the ABSLI Guaranteed Milestone Policy.