Aditya Birla Sun life Income Assured plan

About Aditya Birla Sun life Income Assured plan 

• Aditya Birla Sun life Income Assured plan is a simple endowment plan that offers assured income and guaranteed additions
• Primary objective of this plan is investments with zero risk returns
• Aditya Birla Sun life Income Assured plan offers fixed policy term (15 or 17 or 20 or 22 or 25) years)
• Premium paying term is less than fixed policy term
• This plan offers regular payout option of assured income
• Guaranteed additions are paid each quarter after the end of premium paying term till maturity
• Extra additional benefits provided in form of 6 rider options

How does Aditya Birla Sun life Income Assured plan work?

Under this plan, an individual decides a premium paying term i.e. 5 or 7 or 10 years for a fixed policy term (15 or 17 or 20 or 22 or 25). After all premiums have been paid throughout the premium paying term, the insurer pays an Assured Income till the end of the policy term at the rate of 8.0% of Sum Assured per annum. The individual can choose 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 earlier death. The accrued assured income payable on maturity will be as per the policy term selected;

• 15 or 17 or 20 years policy term, then 130% of accrued assured income is paid
• 22 or 25 years policy term, then 150 % of accrued assured income is paid.

Even guaranteed additions are accrued every quarter after the end of premium paying term till maturity. The Guaranteed Additions are a percentage of Sum Assured per annum depending on premium paying term:

After the policy term is over, on maturity the individual receives sum assured, accrued guaranteed additions and accrued assured income, if opted for.  In-case of unfortunate death of the individual during the policy term, then the nominee receives a lumpsum called as death benefit.  Death benefit consists of death sum assured, guaranteed additions and accrued assured income, if opted for. The death sum assured consists of higher value selected from:

• Basic Sum assured
• 10 times the annual premium
• 105% of all the premium paid till death

Let us understand this by help of an example,

Consider,

Person’s age: 35 years
Policy term: 20 years
Premium paying term: 10 years

35 year old person chooses 20 year policy term to pay an annual premium of Rs. 76,640 for 10 years of premium paying term, for Rs 5 lakh sum assured. Since, he opts for assured income lumpsum payout, so he gets approximately Rs 10 lakhs as maturity benefit. This maturity lump sum consists of sum assured, accrued guaranteed additions and accrued assured income.

In case on death of the individual during the policy term, his nominee receives Rs. 5 lakhs and guaranteed additions.

Why should you buy Birla Sun life Income Assured Plan?

• This plan takes care of liquidity needs
• High Life cover ratio means higher bonus amounts.
• It acts as an extra source of income
• Premiums paid are tax exempt under section 80C and maturity amount is tax free under section 10(10D)

Who should buy Birla Sun life Income Assured Plan?

• An individual who is looking out for a low risk investment that pays good bonus
• People planning for specific life goals like (big house, world trip, daughter’s marriage etc.)
• Eligibility Criteria:

Riders & Add On

The following rider is available under this plan:

• ABSLI Accidental Death and Disability Rider: In-case of accidental death of the insured, nominee receives the chosen Rider Sum Assured up to a maximum of Rs. 50, 00,000/-. In the event of disability due to an accident, the insured receives a fixed percentage of the Rider Sum Assured, depending on the type of injury.
• ABSLI Critical Illness Rider: On diagnosis of any of the four illnesses - Heart Attack, Cancer, Major Organ Transplant and Stroke, the policyholder receives upto 100% of the Rider Sum Assured.
• ABSLI Surgical Care Rider: Under this rider an insured will be paid a lumpsum amount to cover expenses of hospitalisation due to a surgery
• ABSLI Hospital Care Rider:  If the insured is hospitalised for treatment, he receives Daily Cash Benefit to take care of the expenses. For treatments in an Intensive Care Unit the insured will gets an Enhanced Daily Cash Benefit. Also, additional lumpsum benefit is provided to cover the recuperation expenses, in case the insured is hospitalised for more than seven days for the same disease.
• ABSLI Waiver of Premium: Under this rider an insured’s all future premiums of the base plan and the attached riders will be paid by ABSLI and all policy benefits will continue.  This is because he is unable to pay the policy premiums due to a disability, critical illness or an untimely demise.
• ABSLI Accidental Death Benefit Rider Plus: This rider offers additional financial security to the insured’s family in the event of untimely accidental death, at a nominal cost.

Claim Process

Know Claim Process of Aditya Birla Sun life Income Assured plan 

Claim Process