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Launch Date UIN Status
5/11/2018 109N106V02 Active

About Aditya Birla Sun Life Insurance Guaranteed Milestone

The Aditya Birla Sun Life Insurance Guaranteed Milestone plan is a non-participating life insurance plan. The plan is designed to financially help you during important events of your life – be it your child’s education or marriage or even in the unfortunate event of your untimely demise. This plan provides the opportunity to choose your premium amount, policy term, and death benefit options. The plan provides guaranteed death benefits + guaranteed maturity benefits + tax benefits + additional riders to add value to your policy cover. 

Let’s understand this plan in brief before getting into its details:

Modes of Payment

  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly

Claim Settlement Ratio of the Insurer

94.69%

USPs of the Policy
  • Guaranteed maturity and death benefits
  • Guaranteed additions to boost your corpus year on year
  • Flexibility to also cover your spouse by choosing the joint life protection option
  • Flexibility to choose the premium amount and policy term
  • Flexibility to enhance your insurance cover with appropriate rider options
  • Tax benefits

Illustration

If a 35-year-old male purchases this plan at INR 50,000 premium (yearly mode) for a policy term of 20 years and premium paying term of 10 years, the policyholder stands to receive sum assured of INR 7,50,000 and maturity sum assured of INR 5,00,000.

At the 20th policy year, s/he will receive 
cumulative guaranteed additions of INR 6,42,000 
                        + 
Maturity sum assured of 5,00,000 
                        = 
Total maturity benefits of INR 11,42,000

If the policyholder passes away during the 20th policy year, the beneficiary will receive INR 11,42,000 as death benefits.

How Does the Plan Work?

Firstly, the individual has to decide the policy term. The individual can choose a policy term of 12, 14, 16, 18, 20, 22, 24, or 26 years. The individual then decides the premium amount to be paid during the premium-paying term. The sum assured will be 15 times the annual premium amount the individual commits to pay in a policy year.

Now, let’s understand the various benefits offered with this plan.

Death Benefits
Here are the death benefits attached with the Aditya Birla Sun Life Insurance Guaranteed Milestone plan:
 
  • For Single Life
    In case of the unfortunate death of the policyholder during the policy term, the death benefit will be the highest of:
  1. Sum assured (15 x annual premium)
  2. 105% of the total premiums paid as on the date of death 
  3. Maturity sum assured

On acceptance of the death claim, the insurance company shall pay immediately the first annual installments along with the excess amount, if any, of maturity sum assured + accrued guaranteed additions over the sum assured.

In case the nominee would like to get a lump sum payment instead of the annual installments, the insurance company will pay the discounted value of the outstanding annual installments as a lump sum.

In cases where the event of death of the policyholder takes place prior to risk commencement date, only the premiums paid to date (excluding applicable taxes) shall be payable as the death benefits.

 
  • For Joint Life
    Under this option, two lives (the primary life insured and the secondary life insured) are covered under the same policy and jointly own the policy. The sum assured applicable for your spouse shall be equal to 20% of your applicable sum assured. You can opt for this at the inception of the policy, subject to the attained age of primary life insured and secondary life insured is less than or equal to 50 years. No rider can be opted under this option and this option cannot be discontinued except due to the unfortunate demise of either of the lives that are insured.
 
Let’s now explore the three different scenarios arising out of this:
 
  • In cases where the unfortunate death of the primary life insured occurs prior to the secondary life insured:
  1. Death benefit shall be paid in annual installments to the spouse (secondary life insured) and the same can be opted as lump sum payment as explained earlier.
  2. Secondary life insured will become the sole policyholder and receive the maturity benefit.
  3. Life cover for the secondary life insured will continue without any future premiums to be paid.
  4. If the death of the secondary life insured also occurs during the policy term, the applicable death benefit shall be paid to the nominee as a lump sum. On maturity date, the maturity benefit shall be paid to the nominee.

 

  • In cases where the unfortunate death of the secondary life insured occurs prior to the primary life insured:
  1. Applicable death benefit shall be paid immediately to the primary life insured as a lump sum.
  2. Primary life insured will become the sole policyholder. Policy will continue with all benefits (including the insurance cover on primary life insured) with premiums to be paid when due. Maturity benefit shall be paid to the primary life insured on the maturity date.
  3. If the death of the primary life insured also occurs during the policy term, the applicable death benefit shall be paid to the nominee in annual installments and the same can be opted as lump sum payment as explained earlier. On maturity date, the maturity benefit shall be paid to the nominee.

 

  • In cases where the unfortunate death of both the primary and secondary life insured occur together:
  1. Applicable death benefit for the respective lives insured shall be paid to the nominee – annual installments for the death benefit of primary life insured and lump sum for the death benefit of secondary life insured respectively.
  2. Policy will continue without any future premiums to be paid, and on maturity, the maturity benefits shall be paid to the nominee.

 

Maturity Benefits

On survival till the end of the policy term and all due premiums being paid, the maturity benefits payable are: maturity sum assured + accrued guaranteed additions. Once these are paid, the policy gets terminated.

Guaranteed Additions

Guaranteed additions will accrue on monthly basis to the policy on each policy month till maturity (provided all due premiums have been paid) and shall be payable in event of death of life insured or policy maturity whichever is earlier. Guaranteed additions per annum shall be determined based on the premium amount you commit to pay, premium band, sum assured, the entry age of the life insured, whether the joint life protection option has been chosen, and the policy term chosen.

In case the joint life protection option has been chosen, the guaranteed additions shall accrue on the sum assured applicable for the primary life insured and shall be payable on policy maturity.

Riders

The ABSLI Guaranteed Milestone plan offers the following riders:
  1. ABSLI Accidental Death and Disability
  2. ABSLI Critical Illness
  3. ABSLI Surgical Care
  4. ABSLI Hospital Care
  5.  ABSLI Waiver of Premium
  6.  ABSLI Accidental Death Benefit Rider Plus
Note: Riders are not available for the joint life protection option.

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Why Should You Buy This Plan?

Besides the benefits mentioned earlier, here are other reasons to opt for the ABSLI Guaranteed Milestone plan:
 
  • Tax Benefits: As per extant tax laws, this plan offers tax benefits under Section 80(C), 80(D), and 10(10D) of the Income Tax Act, 1961, subject to the fulfillment of the other conditions of the respective sections prescribed therein.
  • Free-look Period: The individual is advised to go through the policy thoroughly. If s/he finds any objections to the terms and conditions of the policy, s/he can cancel the policy within 15 days (free-look period) by giving a signed written notice to the insurance company stating the reasons for objection of the policy. The individual will be entitled to a refund of the premium paid, excluding few charges like stamp duty charges.
  • Grace Period: The plan provides a grace period of 30 days for yearly, half-yearly, and quarterly modes and 15 days for monthly mode from the due date of unpaid premium. If the premium is not paid within the grace period, the policy will get lapsed.
  • Policy Revival: The policy can be revived within 2 years from the last unpaid premium date by paying all outstanding premiums together with interest. Upon revival, your benefits shall be restored to their full value.

Who Should Buy This Plan?

The minimum entry age to buy this plan is 30 days, whereas the maximum entry age is 60 years.

The ABSLI Guaranteed Milestone plan proves to be an ideal plan because it accommodates your requirements for a comfortable today by asking for limited premiums and helps you fulfil your responsibilities even in your absence by offering high protection cover along with additional benefits.

Claim Process

Know Claim Process of Aditya Birla Sun life Income Assured plan 

Claim Process

Company Overview

Aditya Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known Indian conglomerate and Sun Life Financial Inc, one of the leading international financial services organisations from Canada.

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