ABSLI Vision LifeIncome Plus Plan

Eligibility Criteria for the ABSLI Vision Life Income Plus

Before applying to any endowment policy, always go through the eligibility conditions for better clarity. 

In case the life insured is a minor, the policy will automatically vest upon attaining 18 years of age. Risk cover for minors begins from the policy issue date as per the terms.

Features of the ABSLI Vision LifeIncome Plus Plan

Key features include:

• Non-linked participating plan: Benefits are not market-linked, and bonuses depend on the insurer’s surplus declaration.
• Three income options: At the start of the policy, you can choose between Short Term, Long Term, or Whole Life Income as your income option.
• Guaranteed income payout: Guaranteed income is payable during the selected payout period after the Premium Payment Term, subject to due premiums.
• Paid Up Additions and Terminal Bonus: Bonuses, if declared, are added to the account as Paid Up Additions. A Terminal Bonus may be paid upon death, surrender, or maturity.
• Coverage up to age 85 or 100: Whole Life Income allows coverage until age 85 or 100, as selected at inception.
• Flexible premium and payout frequency: Premiums can be paid annually, semi-annually, quarterly, or monthly, and income can be received annually or monthly.

Some of the best guaranteed return plans are different from a pure lump-sum maturity structure because they guarantee income during the policy period.

Benefits of the ABSLI Vision LifeIncome Plus Plan

Below are the benefits of Aditya Birla Sun Life Insurance Vision LifeIncome Plus plan:

1.  Survival Benefit: Guaranteed Income

   If the person whose life is insured lives until the end of the Premium Payment Term and pays all of their payments on time:

   • Short Term Income: 1% of the Sum Assured paid every month (or in an equivalent annual mode) for 10 years, starting after the premium payment period. 
   • Long Term Income: Guaranteed annual income as a predefined percentage of Sum Assured for 20, 25, or 30 years.
   • Whole Life Income: Guaranteed annual income as a predefined percentage of Sum Assured for the selected payout period, with coverage extending to age 85 or 100.

   Income can be received monthly or annually, subject to policy terms.

2.  Maturity Benefit

   If the life insured survives until the end of the policy term and all due premiums are paid, as part of the Aditya Birla Investment Plans, the Vision LifeIncome Plus Plan pays:

   • Accrued Paid Up Additions (if any), and
   • Terminal Bonus (if declared).

   The Sum Assured is likewise due at maturity under the Whole Life Income option.

3.  Death Benefit

   The nominee gets a death benefit if the person whose life is insured dies while the policy is still in effect.

   The Death Benefit is the highest of the following: 

   • Sum Assured on Death
   • 105% of Total Premiums Paid
   • Plus accrued paid-up additions and terminal bonus (if applicable)

   The extra benefits depend on the choice:

   • Policy Continuance Benefit applies under Short Term Income, which means that future premiums are waived and income continues.
   • If you have Long Term or Whole Life Income, you will get the death benefit plus any Paid Up Additions and Terminal Bonus that have built up.

   The death benefit makes sure that your family is financially protected during the policy term.

Riders for the ABSLI Vision LifeIncome Plus Plan

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

The overall rider premium can't be more than 30% of the base premium. For health-related riders, the rider premium may go up to 100% of the base premium, as per policy conditions.

Policy Details of the ABSLI Vision LifeIncome Plus Plan

• Grace Period: A grace period of 30 days is allowed for annual, semi-annual, and quarterly modes. 
• 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 underwriting and payment of outstanding dues.
• Surrender: After paying at least one full year's worth of premiums, the policy gets a surrender value. 
• Loan: You can get a loan once the insurance has a surrender value. The most you can borrow is 80% of the surrender value, plus any interest rates that apply.

Exclusions Under the ABSLI Vision LifeIncome Plus Plan

In case the Life Insured commits suicide within 12 months of:

• The date of policy risk is incurred, or
• The date of the revival of the policy,
• The policy will be discontinued at once.

Where such is the case, the insured gets paid:

• The higher of the Surrender Value in force on the date of death, or
• Total Premiums Paid (including underwriting extra premiums and modal loadings (unless otherwise stated), but omitting any taxes payable)

In case the investment plan has not attained a value of the surrender, the company shall pay Total Premiums Paid (with underwriting extra premiums and mode loadings, but less applicable taxes).