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The Aditya Birla Sun Life Insurance (ABSLI) Income Suraksha Plan is a term insurance plan for salaried individuals that ensures financial protection for their families in case of their unfortunate demise. This plan promises monthly income to the families of the policyholders, helping them manage their finances without stress.
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It is very important that you understand how the ABSLI Income Suraksha Plan works before you buy it. Let’s discuss this in detail.
Term Plans
The Aditya Birla Sun Life Insurance (ABSLI) Income Suraksha Plan is a term insurance policy tailored specifically for salaried individuals. This plan guarantees that your family will receive a steady monthly income if something unfortunate happens to you during the policy term. This consistent income helps them manage their finances smoothly, providing financial stability during difficult times.
You have the flexibility to choose between two protection options with this plan. The Fixed Income Protection option provides a fixed monthly payout, while the Increasing Income Protection option offers a monthly amount that rises by 5% yearly. This annual increase leverages the power of compounding, ensuring that the income grows over time and helps your family cope with inflation. This term insurance plan’s flexibility and comprehensive coverage ensure that your family’s financial needs are adequately met throughout the policy term.
Here’s a detailed breakdown of how the ABSLI Income Suraksha Plan works:
Monthly Income Protection: The plan provides a steady monthly income to your family in case of your death during the policy term. You can choose between two options: Fixed Income Protection, which offers a fixed monthly payout, or Increasing Income Protection, where the payout grows by 5% annually to counteract inflation.
Flexible Coverage Options: You can select between two protection options—Fixed Income Protection for a constant monthly amount or Increasing Income Protection, which increases the amount by 5% annually. This allows you to tailor the plan to your financial needs and inflation expectations.
Sum Assured on Death: In the event of your death, the benefit payout is the highest of either 11 times the annual premium, 105% of total premiums paid, 120 times the monthly income, or the guaranteed death benefit amount. This ensures a substantial payout to your beneficiaries.
Commutation Benefit: After death, your nominee can receive a lump sum payment instead of monthly income. This lump sum is calculated using a discounted value of the remaining monthly payments, offering flexibility in utilising the benefit.
Tax Benefits and Discounts#: This life insurance plan provides potential tax benefits under the Income Tax Act 1961. Additionally, discounts are available—up to 11% for general and 13% for female customers, including a special online discount.
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Here are the key features of the Insurance Income Suraksha Plan offered by Aditya Birla Sun Life Insurance:
Offers financial security for your family in case of unexpected events like your sudden death.
Enjoy discounts up to 11%# on this plan: a 7% discount for salaried individuals in the first year and an additional 4% special online discount.
Female customers can enjoy a 13% discount# on this plan, which includes a 9% first-year discount (only for women) plus a 4% special online discount.
Choose from two plan options to customize your protection with this Aditya Birla Term Insurance plan:
Fixed Income Protection
Increasing Income Protection
Flexibility to choose either a Limited or Regular Premium Payment Term.
Option to add extra coverage with optional riders for additional protection.
*Note: Aditya Birla Sun Life Insurance Claim Settlement Ratio (CSR) for FY 2022-23 is 98.40%, and the solvency ratio is 1.78, thereby making it an ideal choice for customers to buy term plan.
The ABSLI Income Suraksha Plan is exclusively available to buy on Policybazaar’s platform.
Here are the steps to buy the Aditya Birla Sun Life Insurance Income Suraksha Plan from Policybazaar:
Step 1: Visit Policybazaar’s official website and click “Term Insurance.”
Step 2: Submit your details, such as your name, contact details, gender, and DoB.
Step 3: Submit information regarding your job type, yearly income, educational qualifications, and smoking/tobacco consumption habits.
Step 4: Choose Aditya Birla Sun Life Insurance Income Suraksha Plan from the available list of term insurance plans.
Step 5: Pay using your preferred mode to complete the process.
Note: You should also check the term life insurance benefits if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.
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