Features of Income Assured Plan
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Receive monthly payouts starting after the premium paying term
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Guaranteed additions till maturity
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Short premium paying term of 5/7/10 years
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Tax Benefits2
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Assured Income Benefit
In the event the life insured survives to the end of premium paying term, we shall pay to you Assured Income every month till the end of the policy term at the rate of 8.0% of Sum Assured per annum. You can opt at inception to receive the Assured Income in either of the following ways:
Option A: Receive Assured Income on monthly basis till the end of the policy term; or
Option B: Accrue the Assured Income to receive it as a lump sum at the end of the policy term or on death. The accrued Assured Income till date, payable on death or maturity, will be increased to following percentage:-Policy Term
% of Accrued Assured Income
15, 17, 20
137.5%
22, 25
175%
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Guaranteed Additions1
Guaranteed Additions will be added to your policy at the beginning of each quarter after the completion of the premium payment term, until policy maturity date. The quarterly Guaranteed Addition rate will be 1/4th of the per annum rate.
1Provided all due premiums are paid. Please refer the product brochure for more details on this benefit.
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Death Benefit
In the unfortunate event of death of the life insured during the policy term, the death benefit payable to the nominee shall be sum assured plus guaranteed additions accrued till date. In addition, we will also pay the increased accrued assured income if opted for.
Please refer the product brochure for more details on this benefit
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Maturity Benefit
In the event the life insured survives to the end of the policy term, we shall pay to you Sum Assured plus Guaranteed Additions accrued to date. In addition, we will also pay the increased accrued Assured Income if opted for.
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Customisable Benefits
For added protection, ABSLI Income Assured Plan can be enhanced by following riders for a nominal extra cost:
- ABSLI Accidental Death and Disability Rider (UIN: 109B018V03)
- ABSLI Critical Illness Rider (UIN: 109B019VO3)
- ABSLI Surgical Care Rider (UIN: 109B015V03)
- ABSLI Hospital Care Rider (UIN: 109B016V03)
- ABSLI Waiver of Premium Rider (UIN: 109B017V03)
- ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V02)
You can opt for either ABSLI Accidental Death and Disability Rider or ABSLI Accidental Death Benefit Rider Plus and not both.
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Entry Age (age last birthday)
8– 60 years (subject to max attained age 75 at end of policy term)
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Premium Paying Term
5 years for 15 year policy term
7 years for 17, 22 year policy term
10 years for 20, 25 years policy term
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Minimum Premium Paying Term
Attained age at the end of Policy Term must be 18 years or more
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Maximum Premium Paying Term
Attained age at the end of Policy term must be 75 years or less
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Minimum Sum Assured
Rs.1,00,000
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Premium Frequency
Annual, Semi-annual, Quarterly, Monthly
Riders
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ABSLI Accidental Death and Disability Rider (UIN: 109B018V03)
Get additional protection for accident leading to death or disability at a nominal cost.
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ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V02)
Get additional protection for accident leading to death at a nominal cost.
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ABSLI Critical Illness Rider (UIN: 109B019V03)
Get benefit amount as a lumpsum upon diagnosis of any of the 4 specified critical illnesses.
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ABSLI Surgical Care Rider (UIN: 109B015V03)
Get lump sum benefit amount to cover surgical expenses
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ABSLI Hospital Care Rider (UIN: 109B016V03)
Get daily cash benefit, additional ICU benefit and lumpsum recuperating benefit upon hospitalization
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ABSLI Waiver of Premium Rider (UIN: 109B017V03)
All future premiums waived in case of permanent disability, death or 4 specified major illness
Income Assured Plan FAQs
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What is the assured benefit under this plan?
In the event the life insured survives to the end of the policy term, we shall pay to you Sum Assured plus Guaranteed Additions accrued to date. In addition, we will also pay the increased accrued Assured Income if opted for.
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Do I need to pay tax on the amount received in this plan?
As per extant tax laws, this plan offers tax benefits2 under Section 80C and Section 10(10D) of the Income Tax Act, 1961, subject to fulfillment of the other conditions of the respective sections prescribed therein.
2Tax benefits are subject to changes in tax laws. You are advised to consult your tax advisor for the same.
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What will be the amount I will receive if I invest 1000 per month?
Age, lifestyle habits, choice of profession, and existing health conditions are the factors on which your assured income plan premium depends.
- Age: When you are young and healthy, you need to pay less towards your insurance plan. Health insurance premiums increase with age as the body becomes vulnerable to various diseases.
- Pre-existing medical conditions: You might need to pay a higher premium because when you are suffering from any pre-existing medical condition, the insurer covers a greater risk on your behalf and hence, the charges are higher.
- Choice of profession: If you are involved in a high-risk job or are exposed to an environment where chances of injuries are pretty high, then you need to pay a higher premium towards your policy.
- Tobacco use: If you regularly consume tobacco in any form, your insurance premium shoots up by several notches.
- Location: If you reside in a location where climatic conditions are harsh with a cultural dislike to exercise, then your insurer may charge you more. Also, if your area of residence is in an accident-prone zone, you may end up paying higher premiums.
You are advised to consult your ABSLI Advisor for the premium.
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What is the death benefit for this policy?
In the unfortunate event of death of the life insured during the policy term, the death benefit payable to the nominee shall be sum assured plus guaranteed1 additions accrued till date. In addition, we will also pay the increased accrued Assured Income, if opted for.
1Provided all due premiums are paid -
What are Guaranteed Additions?
Guaranteed additions are calculated at a rate per every thousand of sum assured or your premium. They are added to the basic sum assured and are payable on admittance of claim. This benefit is allowed only for each year for which premiums are paid.
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1Provided all due premiums are paid
2Tax benefits are subject to changes in tax laws. You are advised to consult your tax advisor for the same.
Disclaimer:
This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a traditional non-participating savings plan. All terms and 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. For more details on risk factors, terms and conditions, please refer to the sales brochure before concluding the sale. The insurance cover for the life insured will commence on the policy issue date. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding the sales. Tax benefits are subject to changes in the tax laws. Aditya Birla Sun Life Insurance Company Limited Registered Office: One World Center,Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013. IRDAI reg no.109 CIN: U99999MH2000PLC128110 Call Centre: 1-800-270-7000 www.adityabirlasunlifeinsurance.com VER2/FEB/2020 UIN: 109N089V06
ADV/9/20-21/1045
