Investment Plans 688 views April 30, 2020

ABSLI Secure Plus Plan

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.

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Exclusive Features of Secure Plus Policy

  1. There are various options to choose the income benefits.
  2. This policy has an inbuilt Accidental Death benefit.
  3. You can also add the rider option in this plan.
  4. In option A, you can enhance your future income 6 times.
  5. Enjoy 200% of the Annual Premium as an income benefit if you choose option B.
  6. The Premiums of this Investment Insurance Plan is also nominal.

Benefits of ABSLI Secure Plus Policy

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.

Income Benefits

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:-

  1. 100% of the Annualized Premium as an Income Benefit in the First Year.
  2. 200% of the Annualized Premium as an Income Benefit in the Second Year.
  3. 300% of the Annualized Premium as an Income Benefit in the Third Year.
  4. 400% of the Annualized Premium as an Income Benefit in the Fourth Year.
  5. 500% of the Annualized Premium as an Income Benefit in the Fifth Year.
  6. 600% of the Annualized Premium as an Income Benefit in the Sixth Year.

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 MadePercentage of the Annualized Premium
First Year200% of the Annualized Premium
Second Year200% of the Annualized Premium
Third Year200% of the Annualized Premium
Fourth Year200% of the Annualized Premium
Fifth Year200% of the Annualized Premium
Sixth Year200% of the Annualized Premium
Seventh Year200% of the Annualized Premium
Eighth Year200% of the Annualized Premium
Ninth Year200% of the Annualized Premium
Tenth Year200% of the Annualized Premium
Eleventh Year200% of the Annualized Premium
Twelfth Year200% of the Annualized Premium

Death Benefits

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:-

  1. 10 times the Annualized Premium.
  2. 105% of the Total Premium Paid until death.
  3. Sum Assured that has to be paid on death.

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.

Maturity Benefit

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.

Take Riders Benefits

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.

Critical Illness Rider

  1. Surgical Care Rider
  2. Hospital Care Rider
  3. Waiver of Premium Rider

Surrender Benefits

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.

Loan Benefits

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.

Eligibility Criteria of ABSLI Secure Plus Plan

ParticularsDetails
Age of Entry5 Years to 50 Years
Maximum Age of Maturity63 Years
Policy Term13 Years
Premium Paying Term12 Years
Minimum Annual PremiumINR 50000 per annum
Minimum Monthly PremiumINR 36000 per annum
Payment Period for Option A6 Years
Payment Period for Option B12 Years
Sum AssuredIt depends on the Age of Entry and the Amount of Premium you have decided to pay.
Minimum Sum AssuredINR 522000
Premium Payment ModeYearly and Monthly only

Reasons for Choosing Aditya Birla Sun Life Insurance

  1. It resolves all kinds of queries of the customers related to the insurance.
  2. All insurance policies are available online.
  3. It gives you a 15 days lookup period.
  4. Enjoy tax benefits under Section 80C and 80D of the Income Tax Act 1961.
  5. Get 30 days grace period if you are unable to pay the premium on the due date.

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