Investment Plans 415 views May 4, 2020

ABSLI Vision LifeIncome Plan

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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Features of Vision LifeIncome Policy

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.

  1. After the Expiry of the Premium Paying Term, you will get 5% of the Sum Assured plus Bonus every year.
  2. This policy gives financial protection to your family for the whole life until 100 years of age.
  3. Multiple modes of premium payment like annually, half-yearly, and through ECS.
  4. You can add Riders in this policy and can enjoy more benefits.
  5. Get Tax Deductions under Section 80C and 80D of the Income Tax Act.

Benefits of ABSLI Vision LifeIncome Policy

You must explore certain benefits of this policy that can enjoy once you take the plan.

Survival Benefits

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.

Maturity Benefits

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.

Death Benefits

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.

Death During the Premium Paying Term

  1. Amount Payable to the Nominee
  2. The Amount of Sum Assured
  3. Accrued Bonuses up to the date of the death.
  4. Terminal Bonus

Death After the Premium Paying Term

  1. Amount Payable to the Nominee
  2. The Amount of Sum Assured.
  3. Bonus from the Current Policy Year.
  4. Terminal Bonus

Death Before the Risk Commencement Date

  1. Amount Payable to the Nominee
  2. Only the Basic Premiums Paid until the date of the death.

Rider 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.

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

Reduced Premium Benefits

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.

Surrender Benefits

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.

Loan Benefits

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.

Options Available in this Plan

There are three options available in this investment insurance 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.

Details of the ABSLI Vision LifeIncome Plan

ParticularsDetails
Minimum Entry Age30 Days
Maximum Entry Age60 Years
Policy termWhole Life up to Age 100
Minimum Age Attained at the End of Premium Paying Term18 Years or More
Maximum Age Attained at the End of Premium Paying Term75 Years or Less
Minimum Sum Assured2 Lacs
Premium Payment ModeMonthly, Quarterly, Half-Yearly, Yearly

Premium Amount of the Policy

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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