ABSLI Assured FlexiSavings Plan
Guaranteed returns plan with unlimited withdrawals
Guaranteed returns plan with unlimited withdrawals
Guaranteed¹ Annual Income
Income Boosters of 5%
Give ₹500004 for 5 years and Get ₹4.88 lakhs
Why buy ABSLI Assured FlexiSavings Plan?
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Guaranteed1 Annual Income benefits after the completion of deferred period5.
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Income Booster of 5% of the accrued amount each year.
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Flexibility to choose between 2 benefit options: a) Income only benefit b) Income benefit with Return of Premium
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Loyalty Additions
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Enjoy a 10% additional benefit on total premiums paid.
Benefits of ABSLI Assured FlexiSavings Plan
ABSLI Assured FlexSavings Plan provides you benefit of annual income along with the flexibility of unlimited withdrawals.
Survival Benefit
The policyholder gets many benefits after surviving the policy term provided all premiums are paid and the policy is in force. The policy gives you annual income accrued at the beginning of each year after the completion of the deferred period. The plan offers income booster of 5% of the accrued amount after the completion of the deferred period. You also get loyalty additions as a percentage of accrued amount at the end of the policy term. Read the policy brochure for more details.
Maturity Benefit
The maturity benefit is a combination of the accrued amount, the loyalty addition, and the enhanced return of premium. It is payable at the end of the policy term.
Death Benefit
The nominee will receive the death benefit as a lump sum amount if the life insured passes away during the policy term. This pay-out includes the sum assured on death, plus the accrued amount (if any). Read the policy brochure for more details.
Tax Benefit
Get tax benefit2 under Section 80 C of Income Tax Act, 1961. The tax benefits are subject to changes in tax laws. Consult your financial advisor for the same.
Guaranteed Returns Plan is incomplete without riders
Riders make your plan better for life
ABSLI Accidental Death Benefit Rider Plus
UIN: 109B023V02
This rider provides 100% of Rider Sum Assured as an additional lump sum amount in case of death due to accident of Life Insured. Additionally, the rider premiums collected aſter the date of Accident till date of death, shall be refunded with interest, along with death benefit payable. This rider is only applicable for a Life Insured aged 18 years & above and the rider Policy Term cannot exceed the base Policy Term.
Download Brochure
ABSLI Critical Illness Rider
UIN: 109B019V03
This rider provides lump sum on survival of 30 days from the date of diagnosis of any of the specified critical illnesses. This rider is only applicable for a Life Insured aged 18 years and above and the rider Policy Term cannot exceed the base Policy Term.
ABSLI Hospital Care Rider
UIN: 109B016V03
This rider provides daily cash benefit in case of hospitalization for a minimum period of 24 hours for medically necessary treatment of any Illness or Injury payable from the first day for the duration of hospitalization. This rider is only applicable for a Life Insured aged 18 years and above and the rider Policy Term cannot exceed the base Policy Term.
ABSLI Surgical Care Rider
UIN: 109B015V03
This rider provides lump sum benefit in case of hospitalization for a minimum period of 24 hours for undergoing medically necessary surgery in India. This rider is only applicable for a Life Insured aged 18 years and above and the rider Policy Term cannot exceed the base Policy Term.
ABSLI Waiver of Premium Rider
UIN: 109B017V03
This rider waives off all future premiums of the base plan and the attached riders throughout the rest of the premium payment in case of diagnosis of Critical Illness, Disability or Death (only if Life Insured is a minor i.e., below 18 years of age and is different from the Policyholder).
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Particulars |
Minimum |
Maximum |
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Type of Plan |
A non-linked, non-participating, individual life insurance plan. |
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Coverage |
All Individuals (Male|Female|Transgender) |
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Entry Age of the Life Insured |
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60 years |
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Maturity Age of the Life Insured |
18 years |
86 years |
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Premium Paying Term |
5years|8 years|10 years|12 years |
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Deferred Period |
2 years after completion of PPT |
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Policy Term (PT) |
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Payment Mode |
Annual, semi-annual, quarterly, and monthly modal loading is applicable as per the rates given below:
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Minimum Annualized Premium |
Rs.50,000 p.a. |
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Maximum Annualised Premium |
No Limit (subject to board approved underwriting policy) |
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Minimum Sum Assured |
Rs.5,50,000/- |
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How does ABSLI Assured FlexiSavings Plan Work?
Learn with an example.
- Mr. Sharma, aged 35 years invests Rs.1 lakh in ABSLI Assured FlexiSavings Plan. He opted for a 12 years premium payment term and a 26 years policy term.
- Income Booster is 5% p.a. on Accrued Amount. Under the plan, annual income accrual is 105% of Annualised Premium.
- The total premium paid in 12 years is equal to Rs.12 lakhs.
- After surviving the policy term Mr. Sharma will receive a Guaranteed Income Benefit of Rs.35,13,579/-. The amount is deduced from Accrued Amount (Rs.17,54,863/- made of Annual Income + Income Booster)+ Enhanced Return of Premium Paid which is Rs.13,20,000/-.Apart from this, the policy also earns Loyalty Additions 25% of Accrued Amount Rs.4,38,716/-.
- Mr. Sharma, aged 35 years invests Rs.1 lakh in ABSLI Assured FlexiSavings Plan. He opted for a 12 years premium payment term and a 26 years policy term.
- Income Booster under the insurance policy is 5% p.a. on Accrued Amount. Annual income accrual is 105% of Annualised Premium.
- Mr. Sharma died in the 6th policy year. After his death, his nominee will receive the death benefit.
- Total premium paid for 6 years is Rs.6 lakhs. But the nominee will get the sum assured on death which is Rs.13,50,000/- and the policy will terminate.
- Mr. Sharma, aged 35 years invests Rs.1 lakh in ABSLI Assured FlexiSavings Plan. He opted for a 12 years premium payment term and a 26 years policy term.
- The Income Booster is 5% p.a. on Accrued Amount. Annual income accrual is 105% of Annualized Premium.
- Mr. Sharma died in the 20th year of the policy, in this case, the nominee will receive death benefit as the total sum assured on death plus accrued amount till the date of death.
- Total death benefit is equal to Rs.25,14,201/-.
Sure of buying a guaranteed returns plan?
You are on the right path.
What's not Covered in Assured FlexiSavings Plan?
We do not cover you for these risks:
— If the Life Insured, whether minor or major, dies by suicide within 12 months of the effective date when the policy starts or the policy is revived, the policy shall terminate immediately. In such cases, the Company shall pay: Higher of Surrender Value or (total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums paid excluding applicable taxes) in case the policy has acquired a surrender value; or Total premiums Paid plus underwriting extra premiums paid plus loadings for modal premiums paid excluding applicable taxes in case the policy has not acquired a surrender value.
How to initiate Claim?
3 quick steps, everything online.
- Fill basic details
- Claim intimation
- Document submission
Assured FlexiSavings Plan FAQs
We have got you answered here for the ABSLI Assured FlexiSavings Plan
The Assured Flexi Savings Plan from ABSLI is a life insurance policy that provides you the guaranteed returns to help achieve your financial goals and the flexibility to access your corpus through unlimited withdrawals.
Yes, death due to Covid-19³ is covered under ABSLI Assured FlexiSavings Plan. The death benefit will be payable to the nominee of the policyholder as mentioned in the policy at the inception.
You can use flexible withdrawals or guaranteed incomes under ABSLI Assured FlexiSavings Plan to pay your child’s fees, family vacation, repay loans, etc
This life insurance savings plan allows you to choose among different premium-payment and policy terms. Select from any of the following options:
- Premium payment term of 5 years with a policy term of 15 & 17 years
- Premium payment term of 8 years with a policy term of 20 years
- Premium payment term of 10 years with a policy term of 22 years
- Premium payment term of 12 years with a policy term of 26 years
If you lose the original policy document, the policyholder or the claimant will have to provide the Indemnity Bond for loss of Policy document executed on Rs. 200 stamp paper duly notarized. For more details, you can visit here.
The maturity benefit of this savings insurance plan is a combination of the accrued amount, the loyalty addition, and the enhanced return of premium. It is payable when the policy term ends, provided that all premium installments have been cleared.
Under the ABSLI Assured FlexiSavings Insurance plan, you get various survival benefits as guaranteed income. These are payable after completion of the deferred period, provided that all premium installments have been paid. The survival benefits include the following:
- Annual Income: Annual Income accrues as a percentage of the annualised premium at the beginning of each year after completion of the deferred period. However, the percentage rates vary based on the premium payment term and the life insured’s age at policy inception.
- Income Booster: This boosts your accrued amount by 5% at the end of each year. The income booster is applicable only after completion of the deferred period.
- Loyalty Addition: This is added to your accrued amount once you have cleared all premiums due. The loyalty addition is a percentage of the accrued amount, but the rate varies based on the annualised premium and the premium payment term.
- Enhanced Return of Premiums (ERoP): At the end of the Policy Term, the Total Premiums Paid by you is payable along with the Accrued Amount and Loyalty Addition, if any. This amount is further enhanced by 10% if all due premiums under your policy have been paid.
If the policyholder passes away during the policy period, the death benefit is paid to the nominee as a lump sum. The pay-out includes the sum assured on death, plus the accrued amount (if any). Here, the sum assured on death is the higher of:
- 10 times the Annualised Premium,
- 150% of Total Premiums paid till the date of death, or
- the Sum Assured
You can withdraw only up to the total accrued amount under this non-participating life insurance policy. However, you can make partial or full withdrawals at any time throughout the policy term.
An early start will give your investment corpus more time to grow. The minimum entry age for this non-linked insurance plan is just 11 years when you choose a policy term of 15 & 17 years.
This plan provides tax benefits² u/s 80C & 10 (10D) of the Income Tax Act, 1961.
² Tax Benefits are subject to changes in the tax laws. Please consult your tax advisor for the same.
² Tax Benefits are subject to changes in the tax laws. Please consult your tax advisor for the same.
Your policy could lapse or get discontinued if you miss the premium due date and then fail to pay the premium within the grace period. In such cases, you could face the following outcomes:
Discontinuance of premium payment before policy acquires a surrender value:
In this case, your insurance cover ceases and no benefits are payable. However, you can revive the policy within five years from the due date of the unpaid premium.
Discontinuance of premium payment after policy acquires a surrender value:
The savings insurance plan becomes a reduced paid-up (RPU) policy from the due date of unpaid premium. This affects the benefits payable to you. The RPU sum assured and RPU annual income are now calculated as the sum assured and the annual income, respectively, multiplied by the RPU factor. Here, the RPU factor is the ratio of:
Discontinuance of premium payment before policy acquires a surrender value:
In this case, your insurance cover ceases and no benefits are payable. However, you can revive the policy within five years from the due date of the unpaid premium.
Discontinuance of premium payment after policy acquires a surrender value:
The savings insurance plan becomes a reduced paid-up (RPU) policy from the due date of unpaid premium. This affects the benefits payable to you. The RPU sum assured and RPU annual income are now calculated as the sum assured and the annual income, respectively, multiplied by the RPU factor. Here, the RPU factor is the ratio of:
- The number of premium instalments paid to date, and
- The total number of premium instalments originally due for the policy term.
- 10 times the annualised premium, reduced in the same proportion as the RPU sum assured to the sum assured
- 150% of the total premiums paid up to the date of death, or
- the RPU sum assured
- If the life insured survives till the end of the deferred period, the RPU annual income and income booster is added to the accrued amount. The accrued amount is paid out at the end of the policy term along with total premiums paid.
- At any time after the deferred period ends, the policyholder can make part or full withdrawals from the accrued amount or collect the RPU annual income when it becomes due.
- No loyalty addition is payable on RPU policies.
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Disclaimer
1 Provided all due premiums are paid.
2 Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
3 Our life insurance policies cover COVID -19 claims under life insurance claims, subject to applicable terms & conditions of policy contract and extant regulatory framework.
4 ABSLI Assured FlexiSavings Plan, healthy male, age 21 years, premium paying term 5 years, policy term 15 years, Annual Premium Rs.50,000 (Rs.2,50,000/-), Get Rs.2,75,000 as enhanced Return of premium on maturity, Get Rs.42,613 as loyalty additions, Income Booster 5%.
5Deferred period is the time from when a person has become unable to work until the time that the benefit begins to be paid.
This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). A non-linked non-participating individual life insurance savings plan. All terms & conditions are guaranteed throughout the policy term. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. The insurance cover for the life insured (including minors) will commence on the policy issue date. For further details, please refer to the policy contract. Tax benefits are subject to changes in the tax laws. For more details and clarification call your ABSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true. UIN: 109N126V03 ADV/6/22-23/476
