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In the ABSLI Income Suraksha Plan, nominees receive a regular monthly income if the policyholder passes away during the policy term. They can choose between two payout options: Fixed Income Protection, which provides a stable, predetermined amount each month, or Increasing Income Protection, where the monthly payout increases by 5% annually.
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This structured approach ensures that your loved ones receive consistent financial support to cover their everyday expenses and maintain their quality of life, adapting to their needs over time. Let’s understand in detail in this article.
Term Plans
The Aditya Birla Sun Life Insurance (ABSLI) Income Suraksha Plan is a pure protection (term insurance) plan which has been specifically designed for salaried individuals. It ensures your family receives a steady monthly income if you unfortunately die during the policy term.
You can choose between two plan options, i.e. the Fixed Income Protection option, which gives a definite amount each month, or the Increasing Income Protection option, where the amount increases up by 5% each year, thereby using the power of compounding. This way, the money keeps growing annually and helps your family deal with inflation. This term insurance plan offered by Aditya Birla Sun Life Insurance is flexible and offers comprehensive coverage ensuring your loved ones’ financial needs are met over time.
Here is a detailed explanation of how income/payout is provided to the nominees in the Income Suraksha Plan by Aditya Birla Sun Life Insurance after the death of the policyholder:
The ABSLI Income Suraksha Plan ensures that nominees receive structured financial support after the policyholder's death, providing them with essential income to maintain their lifestyle. This plan offers two distinct payout options to cater to the varying needs of families.
Plan Options: There are two plan options available in this term plan that determines the monthly income/payout:
Fixed Income Protection: This option guarantees a consistent monthly payout, helping cover essential living expenses like rent, groceries, and bills.
Increasing Income Protection: Under this option, the monthly payout increases by 5% each year, helping to counteract inflation and ensuring that the family's purchasing power grows over time.
Seamless Payment Process:
The Monthly Income/Payout are directly transferred to the nominees' bank accounts, ensuring they have timely access to funds without delays.
Financial Stability and Peace of Mind:
The structured income stream provides reassurance, allowing families to focus on emotional recovery rather than financial stress.
Long-term Planning:
With reliable monthly income, families can effectively plan for education, healthcare, and other important financial needs, ensuring comprehensive support.
In summary, this Aditya Birla Term Insurance (Income Suraksha Plan) is designed to provide nominees with consistent financial assistance in the form of monthly income, helping them navigate life's challenges with greater confidence and security.
*Note: You can choose your preferred payout option in traditional term insurance plans, as per your nominee’s needs.
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ABSLI Income Suraksha Plan is exclusively available on Policybazaar now. Here’s why you should consider buying the ABSLI Income Suraksha Plan from Policybazaar:
Affordable Premium Rates: Policybazaar offers some of the best prices for this and all other term or life insurance plans, making it very cost-effective for the customers.
Extra Discounts: You can also get extra discounts and benefits that are not available elsewhere.
Easy Comparison: You can easily compare among 15+ best term plans and features in one place to find what suits you best.
Simple Online Process: Buying the plan is easy and can be done online without any paperwork.
Helpful Support: Policybazaar’s customer support is there to help you with any questions or issues. You can always contact Policybazaar’s insurance advisors to get all your queries and doubts solved.
Smooth Claims: If you need to make a claim, Policybazaar will help make the process as smooth as possible. You can always avail of Policybazaar’s Dedicated Claim Assistance Program to ensure hassle-free claim settlement.
Here are the steps to buy the Aditya Birla Sun Life Insurance Income Suraksha Plan from Policybazaar:
Step 1: Go to Policybazaar’s website and click on “Term Insurance.”
Step 2: Enter your details like name, contact info, gender, and date of birth.
Step 3: Provide information about your job, income, education, and tobacco habits.
Step 4: Select the Aditya Birla Sun Life Insurance Income Suraksha Plan from the list of options.
Step 5: Make the payment using your preferred method to finish the process.
Note: You should also check the term 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.
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