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ABSLI Assured Savings Plan
Lump sum benefits- Spouse coverage option
- Yearly loyalty additions
How Does ABSLI Assured Savings Plan Work?
A software engineer and mother of two. She wants to save money to open her own cafe.
She purchased ABSLI Assured Savings Plan with a term of 16 years and a premium paying term of 8 years.
She chose to pay an annualised premium of ₹1,00,000 (exclusive of taxes). Her total premium paid for 8 years turns out to be ₹8,00,000.
After the end of her premium paying term, she receives loyalty additions of 12.25% per year on the total paid premium for the rest of the term.
She survives the policy term and receives ₹16.66 lakh, which was 110.2% of the guaranteed1 maturity benefit along with the accrued loyalty additions over 8 years.
A pharmacist hustling as a musician on the side.
He opted for the ABSLI Assured Savings Plan with a premium paying term of 8 years and a policy term of 16 years.
With an annualised premium of ₹1,00,000 (exclusive of taxes), Amar ends up paying a total of ₹8,00,000 lakh over the next 8 years.
After the end of the 8 years, he starts receiving a loyalty addition of 12.25% per year on the total paid premiums.
Unfortunately, in the 12th policy year, Amar passed away. His family receives a total of ₹16.42 lakh which was ₹12.5 lakh of sum assured on death and ₹3.92 lakh of accrued loyalty benefit over 4 years.
What's Included?
Cover your spouse under the same policy with 20% of your Sum Assured as their cover.
In case of your demise during the policy term, your nominees or legal heirs will receive a sum based on your plan option.
You will receive a guaranteed* maturity benefit and accrued loyalty addition on surviving the term.
You are eligible for an annual tax deduction of up to ₹1.5 lakh under section 80C.
Earn a percentage of the total premiums paid at the end of each policy year as a bonus.
Pick from multiple premium payment terms, policy terms and sum assured.
Get a loan against the policy under certain terms and conditions of ABSLI.
Enhance the coverage with 5 different rider3 options available.
What's Not Included?
In the case of suicide within 12 months, the nominee gets the higher of either the total premium paid to date or the surrender value on the date of death.
In the case of Joint Life Protection, the same applies to both, the primary and the secondary insured.
Add Riders for Extra Protection
Maximise your ABSLI Assured Savings Plan with cost-effective add-ons for comprehensive protection.
Get started with ABSLI Assured Savings Plan
How to buy?
- Evaluate your requirements and review the plan on the website.
- Check coverage and exclusions
- Select the variant that meets your needs and click“Buy Online”.
- Share your details, select coverage, term etc.
- Make the payment and enjoy your new plan
How to renew?
- Visit the policy renewal page on the website.
- Enter the policy number and your personal details.
- Check the renewal amount displayed.
- Make payment via preferred mode and relax.
- You will receive a confirmation email of the successful policy renewal
Check Your Eligibility
Before you invest in the plan, ensure you qualify and have the necessary documents.
Eligibility Criteria
- Entry Age 30 days to 65 years
- Maturity Age 18 years to 85 years
- Citizenship Indian citizen residing in India at the time of purchase
- Smoking habits Affect your premium
Documents Needed
- Proposal form
- Age proof
- Photo identity proof
- Address proof
- Medical report
- Income proof
- PAN/ Aadhaar card
Customer Satisfaction Stories
Hear from our customers what they have to say about their experience.
Due to seamless branch support and timely communication from ABSLI, my maturity payout process was quite smooth.
Aditya Birla Sun Life Insurance Customer
Haryana, India
Aditya Birla Sun Life Insurance Customer
Entire surrender process was quite smooth with timely documentation and payout. Great experience!
Aditya Birla Sun Life Insurance Customer
Gujarat, India
Aditya Birla Sun Life Insurance Customer
ABCD - One app for all your insurance needs
Secure yourself and your loved ones financially with life insurance. Buy online through the ABCD app and get instant coverage.
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Range of insurance policies to choose from -
Online premium payments
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Few clicks to buy the plan
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Table of Contents
What is a Savings Plan?
It is a type of life insurance that helps you save and grow your money over time along with providing you life cover.
In case of your death during the term, it ensures that your loved ones are financially secure by paying the sum assured as a lump sum or in regular instalments.
A savings plan is generally a very low-risk investment which is why it’s a great option for people with low risk-taking capacity.
What is the ABSLI Assured Savings Plan?
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The ABSLI Assured Savings Plan provides life insurance coverage with guaranteed* benefits.
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This plan ensures a lump sum payout at the end of the policy, and it also includes loyalty additions to help support your family financially in case of any unforeseen events.
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Enjoy lump sum benefits
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You can choose a spouse coverage option
How does the ABSLI Assured Savings Plan work?
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Buying
Choose the premium amount and term based on your needs.
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Paying
Pay premiums in one go or at regular intervals.
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Growing
Your savings grow over time through investments and interest.
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Claiming
In case of your death, your beneficiary raises a claim.
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Death benefit
They receive the payout as a lump sum or staggered over a period.
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Surviving
If you survive the term, receive the accumulated wealth
Who should buy the ABSLI Assured Savings Plan?
Young professionals
The power of compounding can help you build wealth over time, creating a strong financial foundation.
Couples
Milestones such as children’s education, marriage, buying a house etc. are much easier to fulfil with a savings plan.
Risk-Averse Investors
Savings plans are generally low-risk investments that provide relatively stable returns.
Tax savers
This plan offers tax benefits^ on premium payments and payouts as well under the Indian Income Tax Act, 1961.
What are the premium payment options?
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Single Pay
You pay the entire premium amount for the policy upfront in one lump sum payment. It is quite convenient, as you do not have to make any further premium payments.
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Limited Pay
Premiums for a set number of years (typically 5, 7, 10, 12, 15, or 20). Once this period ends, you need not pay premiums, but your policy remains in force until the maturity date.
What are the payout options?
Lump Sum Maturity Payout
You will receive the Guaranteed1 Maturity Benefit plus Accrued Loyalty Additions at the end of the policy term, provided all due premiums have been paid.
Lump Sum Death Benefit
Upon the death of the policyholder within the policy term, a lump sum Death Benefit is paid along with Accrued Loyalty Additions to the nominee(s)/legal heir(s).
Annual/Monthly Staggered Death Benefit
The beneficiary of the Death Benefit has the option to receive the payout in annual/monthly instalments over 5 years from the death date.
What are the key advantages of investing in ABSLI Assured Savings Plan?
Disciplined saving
Savings plans provide a structured approach to saving money by setting aside a predetermined amount of money regularly. This can help you develop a habit of saving and avoid the temptation to overspend.
Long-term growth
It offers the potential to grow your money over the long term through compounding. This means that your earnings are reinvested to grow even more.
Financial security
It can help you achieve financial security and achieve your financial goals, such as saving for retirement, purchasing a home, or funding your child's education.
Flexibility
It lets you choose how much to save, how long to invest, and how you want to receive the money.
Low risk
Savings plans are generally considered safe investment options
FAQs on ABSLI Assured Savings Plan
Joint Life Protection is an optional feature where both the Primary Life Insured and the Secondary Life Insured, typically a spouse, are covered under the same policy. The sum assured for the Secondary Life Insured is usually 20% of the sum assured for the Primary Life Insured.
For Limited Pay Policies, in case you do not pay the premium by the premium due date, you will be given a Grace Period of 30 days (15 days for monthly mode) from the date of first unpaid premium to pay the due premiums under the policy. During Grace period, the policy is considered to be in-force with the risk cover, as per the terms and conditions of the policy.
You will have the right to return your policy to us within 15 days (30 days in case of electronic policies and the policies issued under the provisions of IRDAI Guidelines on Distance Marketing of Insurance products) from the date of receipt of the policy, in case you are not satisfied with the terms & conditions of your policy. We will refund the premium paid once we receive your written notice of cancellation (along with reasons thereof) together with the original policy document. We may reduce the amount of the refund by proportionate risk premium for the period of cover and expenses incurred by us on medical examination, if any, and stamp duty charges while issuing your policy in accordance to IRDAI (Protection of Policyholders Interest) Regulations, 2017.
Yes, GST will be extra and levied as per the tax laws.
Yes, you can acquire a loan against the ABSLI Assured Savings Plan once the policy has reached Surrender Value. The minimum policy loan can be ₹5,000 and the maximum can be 80% of the then applicable Surrender Value minus any outstanding policy loan balance as of that date.
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*Provided all due premiums are paid.
**There are exclusions attached to the rider. Please refer to the rider brochure before concluding the sale.
This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a Non-Linked Non-Participating Individual Savings Life Insurance Plan. 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. All policy benefits are subject to policy being In-force. 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 Insurance Advisor or visit our website and see how we can help in making your dreams come true. UIN: 109N134V08
ADITYA BIRLA CAPITAL DIGITAL LIMITED is a corporate agent of Aditya Birla Sun Life Insurance Company under IRDAI Registration No: CA0871 and does not underwrite the risk or act as an insurer. Registered Address: 18th Floor, One World Center, Tower 1, Jupiter Mills Compound,841 Senapati Bapat Marg, Elphinstone Road Delisle Road, Mumbai Maharashtra 400013. Participation by the ABCD’s clients in the insurance products is purely on a voluntary basis.
The Trade Logo “Aditya Birla Capital” Displayed Above Is Owned By ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) And Used By ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the License. For policies issued on minor life, the date of commencement of risk shall be the date of commencement of the policy. Where a policy is issued on a minor life, the policy will vest after attainment of majority of the Life Insured. Where the Life Insured (whether major or minor) and Proposer/Policyholder is different, on the death of the Proposer/Policyholder, his legal heirs, in accordance with the existing succession laws, will be considered as new Proposer/Policyholder. Tax benefits are subject to changes in the tax laws.
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. Registered Office: One World Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. IRDAI Reg No.109 | Toll Free No. 1-800-270-7000 | Website: https://lifeinsurance.adityabirlacapital.com | CIN: U99999MH2000PLC128110 | UIN:109N108V11| ADV/3/23-24/3924
BEWARE OF SPURIOUS / FRAUD PHONE CALLS!
IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.