ABSLI Assured Income Plus Plan

What is the ABSLI Assured Income Plus Plan?

ABSLI Assured Income Plus Plan is a non-linked, non-participating individual life insurance savings scheme which yields guaranteed income over 20, 25 or 30 years, depending on the choice. Along with the usual income payouts, the plan also provides life insurance cover during the life of the policy and can have a lump sum benefit on some of the variants. 

Eligibility Criteria for ABSLI Assured Income Plus

The table below outlines who can apply for the ABSLI Assured Income Plus plan:

If the guaranteed income plan is issued on a minor’s life, it vests automatically in the life insured once the age of majority is attained.

Features of ABSLI Assured Income Plus

The ABSLI Assured Income Plus plan comes with a number of benefits, such as:

• You can choose between the Income Only and the Income With Lump Sum choices.
• Guaranteed payments of income for a set amount of time
• Optional Guaranteed Lump Sum Benefit at maturity for some options
• You can set the length of the income period, the premium payment term, and the frequency of payouts.
• Life insurance coverage for the entire policy period
• You can choose to turn future income payments into a lump sum, but only if the policy allows it.

This framework guarantees returns for anyone who is looking for best investment plan with high returns. 

Benefits of ABSLI Assured Income Plus

The ABSLI Assured Income Plus has many key benefits:

1.  Death Benefit

   A death benefit will be paid to your nominee if the person whose life is insured dies while the policy is still in effect. The death benefit is the highest of:

   • 10 times the Annualized Premium (excludes rider premium, underwriting extra, modal loading, taxes), or
   • 105% of Total Premiums Paid to date of death (excludes rider premium, underwriting extra, taxes), or
   • Sum Assured

   You can also choose a staggered death benefit, which means that the money will be paid out in instalments over 10 years, depending on the terms of the policy.

2.  Survival Benefit (Guaranteed Income)

   As a survival benefit, you get a guaranteed income with a fixed benefit payout period of 20, 25, or 30 years. After the premium payment period ends, income payments start and last for your chosen income period.

   You can get income:

   • Every year
   • Every six months
   • Every three months
   • Every month

   The income amount depends on the chosen option, premium payment term, income period, and payout frequency. For those comparing structured income products as part of a savings plan, this predictability is a key characteristic.

3.  Loyalty Additions

   The policy can provide Loyalty Additions as an increase to the Income Benefit payout, which is based on the terms and conditions of the policy. These additions, should they be available, are determined at the point of policy inception and are paid together with the income benefit as detailed in the selected option of the benefit.

4.  Maturity Benefit

   Under the Income with Lump Sum option, a Guaranteed Lump Sum Benefit is paid at the end of the benefit payout period, provided all due premiums have been paid. The amount is defined at policy inception based on the selected premium payment term, policy term, and income period.

Riders Under The ABSLI Assured Income Plus

You may enhance protection by adding optional riders, subject to underwriting approval:

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

The total rider premium with this Birla Sun Life Investment plan shall not exceed 30% of the base premium. For health-related riders, the total rider premium may go up to 100% of the base premium, as per policy conditions.

Policy Details Of The ABSLI Assured Income Plus

1. Grace Period

   A grace period of 30 days is available for all premium payment modes except the monthly mode, where the grace period is 15 days. Risk cover continues during this period.

2. Revival

   A lapsed or reduced paid-up policy can be revived within 5 years from the due date of the first unpaid premium, subject to policy terms.

3. Free Look Period

   You may return the policy within 30 days of receipt if you do not agree with the policy terms and conditions.

4. Loan

   When your insurance reaches the surrender value, you can get a loan. The most you can borrow is 80% of the surrender value. The interest rates set by the insurer will apply.

Exclusion of Suicide

In case the life insured commits suicide within 12 months of the effective date of risk commencement or date of revival of the policy, the policy will cease to exist immediately.

The Company will pay in such circumstances:

• The greater of the Surrender Value or

(Total Premiums Paid + underwriting extra premiums paid + loadings for modal premiums paid, without allowance of taxes applicable), In case the policy has attained a surrender value;

OR

• Total Premiums Paid + underwriting extra premiums paid + loadings of modal premiums paid, without taking into consideration the taxes due on them, where the policy has not attained a surrender value.