Aditya Birla Sun Life Insurance Param Suraksha Plan

What is ABSLI Param Suraksha Plan?

The ABSLI Param Suraksha Plan is a unit-linked insurance plan (ULIP) where the premiums paid are invested in various market-linked funds, unlike traditional insurance policies that offer fixed or guaranteed returns. The returns under this plan depend on the performance of the selected funds. 

Eligibility Criteria for Aditya Birla Sun Life Insurance Param Suraksha Plan

Aditya Birla Sun Life Insurance Param Suraksha is designed to be accessible to a wide range of individuals. The eligibility criteria are as follows:

*Subject to Board Approved Underwriting Policy

Key Features of ABSLI Param Suraksha

One of the best guaranteed return plans, this market-linked insurance plan offers life cover along with potential wealth creation based on fund performance. The following are the key features:

1.  Life Insurance Cover

   The Aditya Birla Sun Life Insurance Param Suraksha offers a life insurance cover that is available up to 30 times the annual premium, depending on the age and policy term at the time of purchase. With this coverage, your loved ones are covered to get them financially secured in the event of your untimely death.

2.  Market-Linked Growth

   As a ULIP, the plan has the potential to increase its capital through market-linked returns. The policyholder bears the risk of investment; however, through the appropriate approach, you will be able to increase your wealth over time.

3.  Return of Charges

   The plan provides a return of 2x Premium Allocation Charges from the end of the 10th policy year to the 13th policy year. Additionally, 2x Mortality Charges are added back from the 11th policy year until the end of the policy term. 

4.  Systematic Withdrawal Facility

   ABSLI Param Suraksha offers a systematic withdrawal option, allowing you to withdraw money from your fund value at regular intervals. This feature makes it easier to meet recurring financial needs and is beneficial under the Birla Sun Life ULIP Plan.

5.  Fluid Investment Strategies

   ABSLI Param Suraksha is an investment plan with variable risk and a financial goal, enabling you to choose the investment strategy that suits you best, with 19 fund choices and 5 investment strategies. One way or another, this plan can suit anyone who is risk-averse or willing to take a greater risk in the market.

6.  Tax Benefits

   Premiums paid towards the policy qualify for tax deductions under Section 80C of the Income Tax Act, subject to prevailing regulations. Additionally, the benefits received under the policy are tax-exempt as per current tax laws. This dual tax advantage enhances the plan’s attractiveness, allowing policyholders to build financial security while optimising their tax savings.

Benefits of Aditya Birla Sun Life Insurance Param Suraksha

There are various advantages of opting for the ABSLI Param Suraksha Plan. Here are the key benefits:

1. Death Benefit

   In the unfortunate case of the death of the life insured, Aditya Birla Sun Life Investment Plan, will guarantee that the nominee gets the greater of:

   • Value of the fund at death.
   • Sum Assured (Less any partial withdrawals within the last two years).
   • 105% of all the premiums paid until the date of death, less any portion of the same withdrawn in the past two years.

2.  Maturity Benefit

   In the event that the life insured is alive until the end of the policy term, the policyholder will be given the Fund Value in the form of lump sum. The plan also provides a payback on the allocation and mortality costs to the policyholder, which enhances the benefit of the policy.

Riders Under ABSLI Param Suraksha

ABSLI Param Suraksha provides a number of optional riders that you might take to be highly insured:

• ABSLI Accidental Death Benefit Rider Plus: If the life assured dies due to an accident within 180 days of the incident, the nominee will receive the rider sum assured. In addition, all premiums paid after the date of the accident will be refunded.
• ABSLI Waiver of Premium Rider: This cover waives the further payment of premiums in the event that the life insured is completely disabled or on a critical illness, as long as the policy is maintained.
• ABSLI Comprehensive Critical Illness Rider: This rider can be added to your base policy and offers coverage for critical illnesses under three different variants. If the insured is diagnosed with any of the listed illnesses during the policy term, a lump sum benefit is paid out to provide immediate financial support.
• ABSLI Suraksha Term Rider: This rider provides an additional death benefit to the policyholder if the life insured is diagnosed with a terminal illness.

Exclusions Under the ABSLI Param Suraksha Plan

Suicide Clause: If the policyholder dies by suicide within 12 months from the date of policy commencement or the most recent revival, the nominee will receive the Fund Value as on the date the death is notified.

Please note that all charges, except the Fund Management Charges (FMC), that were waived due to the death will be added back to the Fund Value before the payout is made.