Launch Date | UIN | Status |
5/11/2018 | 109N106V02 | Active |
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 |
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Claim Settlement Ratio of the Insurer |
94.69% |
USPs of the Policy |
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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 If the policyholder passes away during the 20th policy year, the beneficiary will receive INR 11,42,000 as death benefits. |
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.
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.
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.
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.
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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