Download the Policybazaar app
to manage all your insurance needs.
ABSLI SecurePlus Plan
Despite the best financial planning by an individual anticipating the best for self and the family, unforeseen eventualities might cause it to go awry. To prevent such a possibility, investing in ABSLI SecurePlus Plan makes sense, as it provides for Guaranteed Back-Up Income, which practically supplements regular income to help overcome economic instability.
Returns as high
as 7.1%##
Includes life cover
Completely Tax free^
as 7.1%##
Includes life cover
Completely Tax free^
We are rated~
7.7 Crore
Registered Consumer
50
Insurance Partners
4.2 Crore
Policies Sold
In-built life cover
Get Guaranteed returns upto 7.1%* With Life Cover
ABSLI SecurePlus Policy is a traditional non-participating life insurance product that ensures increasing assured income with flexibility to choose a suitable Income Benefit and the premium to be paid every year. Additionally, the policyholder is benefited with an in-built Accidental Death Benefit clause.
ABSLI SecurePlus Plan Details:
|
Parameters |
Particulars |
|
Policy Tenure |
13 years |
|
Premium Paying Term |
12 years |
|
Premium Paying Mode |
Regular in Annual or Monthly Premium |
|
Entry Age |
Minimum: 5 years at last birthday Maximum: 50 years at last birthday |
|
Maturity Age |
63 years |
|
Grace Period |
30 days for all modes from the premium due date |
|
Sum Assured |
Minimum: Rs. 5, 22, 000 The Sum Assured is determined by the policyholder's age plus the amount committed to pay every year. |
|
Liquidity |
A loan is granted against the policy provided it has acquired a surrender value. |
Benefits of ABSLI SecurePlus Plan
The key benefits offered by ABSLI SecurePlus Plan are as follows:
- Income Benefit: The policyholder has 2 options for the benefit to choose from for perceived requirements.
- Income Benefit Option A: Receive increasing income for 6 years, which is 100% to 600% of the Annualized Premium, starting after the end of the policy term
- Income Benefit Option B: Receive fixed 200% of the Annualized Premium after the end of policy term for 12 years
The Guaranteed Income Benefit will be paid at the end of every year for the period defined in the above options.
- Death Benefit: If the policyholder expires during the policy term and the ABSLI SecurePlus Policy status is active, the nominee will be paid the Sum Assured. If the policyholder meets an accidental death during the policy term, the in-built Accidental Death Benefit will be paid additionally to the nominee with a cap of Rs.1 Crore.
- Maturity Benefit: On survival on the maturity date, the policyholder can choose to receive the commuted value of Income Benefit in lump-sum. The discounting rate of commuted value currently is 9% per annum but is not guaranteed, and any change is subject to IRDAI approval.
- Reduced Paid-Up Benefit: If the payment of premium is discontinued after the first two annual installments, the policy will not lapse but continue at Reduced Paid-Up basis where the Sum Assured Benefits on Death, Accidental Death, and Income shall be reduced proportionately to the actual premium paid as compared to the total premium payable during the policy term.
- Tax Benefit: As per extant tax laws, the benefit is confined to Sections 80C, 80D, and 10(10D) of the Income Tax Act, 1961, subject to fulfilling conditions prescribed in respective sections.
*Tax benefit is subject to changes in tax laws
The Premium for ABSLI SecurePlus Plan
As stated earlier, the ABSLI SecurePlus Plan provides for Annual and Monthly frequency premium payment mode only. Accordingly, a sample minimum premium amount for respective frequency is listed below:
- Annual Mode: Rs.50,000 per annum
- Monthly Mode: Rs.36,000 per annum
*Standard T&C Apply
Additional Riders for ABSLI SecurePlus Plan
The following Riders can be added to enhance protection coverage at a nominal additional cost:
- ABSLI Critical Illness Rider
- ABSLI Surgical Care Rider
- ABSLI Hospital Care Rider
- ABSLI Waiver of Premium Rider
Eligibility for ABSLI SecurePlus Plan (H3)
Entry Age:
- Minimum: 5 years
- Maximum: 50 years
Maturity Age:
- 63 years (age last birthday)
What are the Documents Required to Buy this Policy?
The requirement of documents to buy ABSLI SecurePlus Plan is limited to Official Valid Documents (OVD) for the following:
- ID Proof
- Age Proof
- Address Proof
- Income Proof
- Bank Account details
- Recent Photograph
People also read: Aditya Birla nifty midcap 150 momentum 50 index fund
How to Buy this Plan Online?
Online ABSLI SecurePlus Plan purchase is offered at the insurer portal. As a first step, the policyholder can check the premium using the ABSLI SecurePlus Plan calculator. In any case, online purchase involves a few steps listed below
- Enter a few necessary details to get a quote
- Enter the Income Benefit Options and sum assured calculated as per the committed premium payment, either Annually or Monthly
- Select the add-on Riders.
- Enter PAN and other personal details
- Register and Pay
- Some additional details and the policy is bought
Exclusions of ABSLI SecurePlus Plan
The policy document and ABSLI SecurePlus Plan Reviews detail the exclusions applicable in the policy. Some of the important ones to keep in mind are:
Death due to suicide: If it occurs within 12 months of inception of risk, total paid premium, or surrender value.
Accidental Death Benefit will not be paid, if death is due to (The list is only indicative)
- Due to illness or infection
- Self-inflicted injury
- Indulgence in criminal acts
- Substance abuse
- Nuclear, War, Terrorism, etc.
- Extreme sports
- Armed Forces
FAQs
-
Q. Is Rider Benefit considered under Reduced Paid-Up ABSLI Secure Plus Policy status?
Ans: Rider Benefit will not be considered under Reduced Paid-Up ABSLI SecurePlus Policy status. -
Q. What conditions are applicable to the Loan against this policy?
Ans: Loan is sanctioned only when the surrender value is acquired, and the minimum amount is Rs.5000, and the maximum is 85% of the surrender value. -
Q. Is Death Benefit higher if the Life Insured is a minor in ABSLI SecurePlus Plan?
Ans: Yes, if the life insured expires before attaining 18 years of age or the commencement of Income Benefit, 2% of Annualized Premium additional one-time benefit is paid. -
Q. Who receives the Death Benefit in case the Life Insured is not the policyholder?
Ans: The Death Benefit on expiry of the Life Insured is paid to the policyholder in such a scenario. -
Q. When does ABSLI SecurePlus Plan acquire surrender value?
Ans: If the policyholder chooses to surrender ABSLI SecurePlus Plan, it acquires surrender value if all premiums are paid for the first two full years. -
Q. How is the Free-look period defined in the ABSLI SecurePlus Plan?
Ans: The regular practice of the right to return the policy is 15 days for offline purchase and 30 days for distant or remote purchase from the date of receipt of the Policy Document. -
Q. Does the policyholder receive a full refund if the policy is returned within the defined Free-Look Period?
Ans: On receipt of the written request for cancellation along with all the documents, the premium is refunded, minus the proportionately calculated risk cost for the period of cover and incidental expenses.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
* Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy male of 18 years old paying Rs. 30,000/- monthly (exclusive of all applicable taxes)
** Fixed deposit rate applicable for 5 year's 1 day to
10 years for investment amount less< 2 Crore ( Not for senior citizens).
*** PPF interest rate applicable for 15 years
for investment amount upto 1.5 Lac
+ Trad plans with a premium above 5 lakhs
would be taxed as per applicable tax slabs post 31st march 2023
#Discount offered by insurance company
## The Guaranteed Returns are dependent on the policy term and premium term availed along with the other variable factors. 7.1% rate of return is for an 18 years old, healthy male for a policy term of 20 years and premium term of 10 years with Rs.10,000 monthly installment premium. All plans listed here are of insurance companies’ funds.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
- SIP Calculator
- Income Tax Calculator
- Compound Interest Calculator
- NPS Calculator
- Show More Calculator