ABSLI Assured FlexiSavings Plan

A substantial investment plan would help our money multiply by itself and provide us with a second regular income source. In this regard, a flexible savings plan is nothing but a particular savings plan that would help everyone save money towards meeting their goals. ABSLI Assured FlexiSavings Plan is a unique plan by the reputed Aditya Birla Sun Life Insurance (ABSLI).

ABSLI Assured FlexiSavings Plan is a savings oriented plan with guaranteed benefits. It also gives investors the flexibility to access their accumulated funds through unlimited withdrawals. As per ABSLI Assured FlexiSavings Plan Reviews, this plan also protects the policyholder and his / her family members with a life cover. 

ABSLI Assured FlexiSavings Plan Details:

Parameters  Details 
Policy Tenure PPT-5:  17 years  PPT-8: 20 years  PPT -10: 22 years  PPT-12:  26 years 
Premium Paying Term 5 years, 8 years, 10 years, 12 years
Premium Paying Mode Monthly, Quarterly, Semiannually, and Annually 
Grace Period 30 days(15 days for Monthly mode)
Entry Age 4-60 years; minimum age as per policy term chosen
Maturity Age of the Life Insured 18-86 years 
Sum Assured Min – Rs. 5,50,000  Max: As per underwriting terms
Liquidity  The loan is available under the plan once policy acquired surrender value

Benefits of the ABSLI Assured Flexi Savings Plan

Here are the core benefits of ABSLI Assured Flexi Savings Plan:

Maturity Benefit: The maturity benefits linked with this ABSLI Assured FlexiSavings Plan would be paid to the insured to survive the policy period after making all the pertinent premiums and additional payments. The Maturity Benefit, in this case, would be the amount accrued under the plan plus any Loyalty Additions or premium return benefits, payable at the end of the policy period. 

Death Benefit: In case of the policyholder's unfortunate death during the fixed period, the beneficiary or nominee shall receive 100% of the sum assured. The ABSLI Assured FlexiSavings Plan has defined the Death Sum Assured as greater of the following: 

  • 150 % of entire Premiums paid till policyholder's death date 
  • 10 X Annualized Premium
  • Basic Sum Assured 

Surrender Benefit: There is no surrender benefit associated with the ABSLI Assured FlexiSavings Plan. 

Staggered Death Benefit: In case of the life insured's death during the fixed period, the beneficiary or nominee can choose to receive the Death Benefit either in Annual/ Monthly installments or a lump-sum amount for the next 10 years. As per the beneficiary's choice, percentages of Death Benefit payments will be given out as mentioned in the policy document.

Tax Benefits: The benefits received through the ABSLI Assured FlexiSavings Plan are eligible for tax benefits as applicable in individual cases, U/S 10(10D) and 80C of the Income Tax Act, 1961.

     * Tax benefits are subject to change.

The Premium for ABSLI Assured FlexiSavings Plan

The ABSLI Assured FlexiSavings Plan could be paid as either a single payment option or a limited pay option. 

The minimum annualized premium amount for the single pay option would be * Rs. 50,000 p.a, while the maximum amount shall be subject to subject to the Underwriting Policy, approved by the board of Aditya Birla Sun Life Insurance (ABSLI).

*Standard T&C Apply

Those interested to invest in ABSLI Assured FlexiSavings Plan could use the ABSLI Assured FlexiSavings Plan calculator available online to get an estimate about the premium sum to be paid. 

Additional Riders for ABSLI Assured FlexiSavings Plan

The following riders are available:

  • ABSLI Accidental Death Benefit Rider Plus
  • ABSLI Hospital Care Rider
  • ABSLI Critical Illness Rider
  • ABSLI Surgical Care Rider
  • ABSLI Waiver of Premium Rider

Eligibility for ABSLI Assured FlexiSavings Plan

The Minimum Age Criteria of the Life Insured, depending on the different Policy Terms under the policy, are mentioned below:

  • Policy Term 26 years-4 years 
  • Policy Term 22 years-6 years 
  • Policy Term 20 years-8 years 
  • Policy Term 17 years-11 years 
  • The Maximum Age of the Life Insured at Entry is 60 years. 
  • Maturity Age- 18-86 years

What are the documents required to buy ABSLI Assured FlexiSavings Plan?

To buy the ABSLI Assured FlexiSavings Plan policy, the documents that people have to provide are Identity proof, address proof, proof of income, and recent photographs.

Ex: PAN card/Aadhaar card/Driving license/Voter's Identity Card/Ration card/Passport, etc.

How to buy ABSLI Assured FlexiSavings Plan online?

In today's digital age, everyone can buy an online ABSLI Assured FlexiSavings Plan extremely conveniently. Applicants can visit the parent insurance company's website to select the required insurance plan, choose any riders or benefits, select age & premium paying modes, and pay the ABSLI Assured FlexiSavings Plan premium accordingly. 

Exclusions of ABSLI Assured FlexiSavings Plan

ABSLI Assured FlexiSavings Plan is quite a comprehensive plan, and it does have a suicide exclusion clause in-built in the policy.   

As per the suicide exclusion, if the life assured dies by suicide within a year of the plan in force or from the date of revival of the plan, the policy would immediately terminate the contract. However, the company would pay the Surrender Value or Accumulated total of regular and additional premiums, whichever is higher or applicable. 

FAQ's

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