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How Does ABSLI Income Suraksha Plan work?

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.

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What is Aditya Birla Sun Life Insurance (ABSLI) Income Suraksha Plan?

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.

How does ABSLI Income Suraksha Plan work? 

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.

Policyholder Dies in 1st Year Policyholder Dies in 1st Year
Policyholder Dies 1 Year Before End of Policy Policyholder Dies 1 Year Before End of Policy

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What are the Features of ABSLI Income Suraksha Plan?

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.

How to Buy ABSLI Income Suraksha Plan From Policybazaar? 

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.

FAQs

  • Q: How does the ABSLI Income Suraksha Plan work?

    Ans: The ABSLI Income Suraksha Plan provides a monthly income to your family if you pass away during the policy term. You can choose between a fixed monthly payout or an increasing payout that grows by 5% annually to help with inflation.
  • Q: What is the ABSLI Income Suraksha Plan?

    Ans: The ABSLI Income Suraksha Plan is a term insurance policy for salaried individuals that ensures a steady monthly income for your family if something happens to you. It offers two options: Fixed Income Protection and Increasing Income Protection, which increases by 5% each year.
  • Q: What are the key features of the ABSLI Income Suraksha Plan?

    Ans: Key features include monthly income protection, options for fixed or increasing payouts, a substantial death benefit, a commutation benefit for lump sum payment, and potential tax benefits and discounts.
  • Q: How can I buy the ABSLI Income Suraksha Plan from Policybazaar?

    Ans: To buy the plan, visit Policybazaar’s website, select "Term Insurance," provide your personal and job details, choose the ABSLI Income Suraksha Plan from the options, and complete the payment process.
  • Q: What benefits does the ABSLI Income Suraksha Plan offer?

    Ans: Benefits include a steady monthly income for your family, flexible payout options, a high death benefit, the ability to receive a lump sum instead of monthly payments, and discounts on premiums.
  • Q: What is the salaried discount for male and female customers in the first year for the ABSLI Income Suraksha Plan?

    Ans: Males receive a 7% discount, and females receive a 9% discount in the first year for the ABSLI Income Suraksha Plan.
  • Q: How much is the income compounded annually in the Increasing Income Protection option in the ABSLI Income Suraksha Plan?

    Ans: The income increases by 5% per year in the ABSLI Income Suraksha Plan (for the Increasing Income Protection plan variant).
  • Q: What is the Claim Settlement Ratio (CSR) of Aditya Birla Sun Life Insurance?

    Ans: The CSR of Aditya Birla Sun Life Insurance for FY 2023-24 is 98.40%.
  • Q: What are the plan options available in the ABSLI Income Suraksha Plan?

    Ans:
    • Fixed Income Protection: Provides a fixed monthly income to the nominee.
    • Increasing Income Protection: Monthly income increases by 5% annually, up to 1.5 times the original amount.
  • Q: Which companies are part of the Aditya Birla Group?

    Ans:
    • Ultratech Cement
    • Pantaloons
    • Hindalco
    • Reebok
    • Van Heusen
    • Vi
    • Peter England

Super Income Suraksha

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



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