Investment Plans 313 views May 19, 2020

ABSLI Jeevan Bachat Plan

Everyone knows that the future is uncertain and so it is better to be prepared for the future financially. But you can’t accumulate wealth in a day because it is a lengthy process and drop by drop makes an ocean. Therefore, if you really care for your loved ones then you must go through the features and benefits of the ABSLI Jeevan Bachat Plan. In this plan, you can invest your savings every month or year and get a handsome return in the future. You are free to choose the policy term in this policy as per your needs and you can take this policy for an individual of 1 year as well.

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Key Features of ABSLI POS Jeevan Bachat Plan

  1. Get Death Benefits and maturity benefits in this plan.
  2. You have the right to choose the Policy Term and Premium Paying Term.
  3. Get tax Benefits under Section 80C of the Income Tax Act 1961.
  4. Flexibility of choosing the minimum Sum Assured.
  5. Pay the amount of premium monthly, quarterly, half-yearly, and yearly or in a single installment.

Benefits of POS Jeevan Bachat Plan

You must explore the benefits of this plan and find out the monetary benefits that you will enjoy in the future. There are various benefits available in this plan that is going to amaze you.

Death Benefits

If in case, the policyholder dies during the policy term then all the death benefits will be paid to the nominee. The death benefit will consist of the Sum Assured on Death and the Guaranteed Addition accrued up to the date of the death. After the payment of the death benefits to the nominee, the policy will be terminated.

If you have chosen limited pay then Sum Assured on Death will be the highest of the following:-

  1. 10 Times of the Annualized Premium.
  2. Maturity Sum Assured.
  3. 105% of the total premiums paid up to the date of the death.

If you have chosen Single pay then Sum Assured on Death will be the highest of the following:-

  1. Sum Assured as the absolute amount payable on death.
  2. Maturity Sum Assured.
  3. 125% of the Single Premium Paid.

Maturity Benefits

If in case, the insured survives the policy term then he is entitled to receive the Sum Assured on Maturity. The insured will receive the Maturity Sum Assured and the Guaranteed Additions accrued till the date of maturity.

Guaranteed Additions

The Guaranteed Additions will accrue on a monthly basis after the completion of the premium paying term. It will be added into your value and the amount of the guaranteed additions is given either on the date of maturity or on the death of the insured whichever is earlier. If the insured dies during the premium paying term then no guaranteed additions will be given to the nominee. The amount of the guaranteed additions depends on the guaranteed additions rate and the maturity sum assured. So while taking the ABSLI POS Jeevan Bachat Plan you have to consult the advisor for the rate of the Guaranteed Additions.

Reduction in Premium

If you have paid all the premiums for 2 years regularly for the premium paying term of 6 years and 9 years then your policy will not lapse even if you discontinue paying the amount of premium. Similarly, at 3 years of premium payment is required for the premium paying term of 12 years. The company will not lapse the policy but the amount of your premium will be reduced as per your convenience and the benefits will also be reduced proportionately.

Surrender Benefits

After the regular payment of premium for 2 years, 2 Years, and 3 years for the premium paying term of 6 years, 9 years, and 12 years respectively you can surrender the policy. The company will compute the surrender value and gives you the money once you surrender the policy. The surrender value is a certain percentage of all the premiums paid. Your ABSLI Jeevan Bachat Plan will be terminated once the surrender value is paid to you.

Loan Benefits

If your policy has a surrender value then you can take a loan against it. The minimum amount of loan that can be taken through the policy is 5000 and a maximum of 85% of the Surrender Value. The company will charge the applicable interest on the loan amount that you have borrowed. 9.30% is the current rate of interest chargeable on the loan amount.

Options for the Amount of Premium

There are various options for the amount of premiums. The amount of premium in the Single Pay Option differs from the Limited Pay Option in the ABLSI Jeevan Bachat Plan.

Option 1- Band 1

In this option, the amount of Single Pay Premium starts from 10000 to 49999 and the amount of Limited Pay Premium is from 5000 to 19999.

Option 2- Band 2

In this option, the amount of Single Pay Premium starts from 50000 to 79999 and the amount of Limited Pay Premium is from 20000 to 39999.

Option 3- Band 3

In this option, the amount of Single Pay Premium starts from 80000 to 100000 and the amount of Limited Pay Premium is from 40000 to 50000.

Eligibility of the ABSLI POS Jeevan Bachat Policy

ParticularsDetails
Minimum Age of Entry1 Year
Maximum Age of Entry55 Years
Premium Paying TermSingle Pay
Limited Pay- 6 Years, 9 Years, and 12 Years
Policy Term· 10 Years, 15 Years, and 20 Years for Single Pay and 6 Years Premium Paying Term.
· 15 Years and 20 Years for the premium paying term of 9 Years and 12 Years.

Minimum Maturity Age18 Years
Maximum Maturity Age65 Years
Minimum Amount of Premium for Single Pay10000
Maximum Amount of Premium for Single Pay100000
Minimum Amount of Premium for Limited Pay5000
Maximum Amount of Premium for Limited Pay50000
Minimum Sum Assured for Single Pay12500
Maximum Sum Assured for Single Pay1000000
Minimum Sum Assured for Limited Pay50000
Maximum Sum Assured for Limited Pay500000
Premium Paying FrequencySingle, Monthly, Quarterly, Semi-Annually and Annually.

Advantages of Choosing Aditya Birla Sun Life Insurance

  1. All the Policies and their details are available online.
  2. The company gives you a free-look period of 15 days.
  3. A Grace period of 30 days is also provided by the company if you are unable to pay the amount of premium.
  4. Round the Clock support by the company.
  5. Free to choose any option from multiple options.

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