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About Aditya Birla Sun Life Insurance Vision LifeSecure Plan

The Aditya Birla Sun Life Insurance (ABSLI) Vision LifeSecure plan is a traditional participating whole life insurance plan. The plan provides long-term financial security for you and your family. With the flexibility to decide your policy term, the policyholder can enjoy life protection up to the age of 100 years along with steady growth in savings. Moreover, the plan provides maturity benefits, tax benefits, and additional protection through optional riders.

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

96.38%

USPs of the Policy

  • Whole life cover till age 100
  • Enhanced savings with regular bonuses throughout the policy term, starting from the 1st policy year
  • Flexibility to choose the policy term
  • Additional protection with rider options
  • Tax benefits

Illustration

Policyholder age at entry: 35 years
Sum assured on maturity: Rs 5,00,000

Policy term: 25 years

Premium-payment term: 25 years

Premium to be paid: Rs 25,094 (yearly mode)

 

  • On maturity, the policyholder receives total maturity benefits ranging from Rs 5,87,500 (@4% p.a.) to Rs 12,25,000 (@8% p.a.)
  • In case of the unfortunate death of the policyholder during the 25th policy year, the nominee will receive guaranteed death benefits of Rs 5,00,000 and non-guaranteed benefits ranging from Rs 87,500 (@ 4% p.a.) to Rs 7,25,500 (@8% p.a.)
 

How Does the Plan Work?

The individual has to choose the sum assured. For your reference, the sum assured is banded as follows:

Sum Assured Band

Sum Assured

Band 1

Rs 2,00,000 to 3,99,999

Band 2

Rs 4,00,000 to 5,99,999

Band 3

Rs 6,00,000 to 7,99,999

Band 4

Rs 8,00,000+

The individual then has to choose the policy term from between 15 and 35 years. The premium paying term is regular pay. On the survival of the policyholder throughout the policy term, s/he will receive the maturity benefits. At the event of the unfortunate death of the policyholder during the policy term, the beneficiary will be paid the death benefit.

Now, let’s understand the further actions of this plan with the help of various benefits offered.

Maturity Benefits

If the policyholder survives till the date of maturity and all the premiums are paid, the following maturity benefits will be paid:

  • Sum assured
  • Accrued regular bonuses
  • Terminal bonus, if any

Note that the policy continues even after the maturity benefit is paid.

Death Benefits

In case of the unfortunate death of the policyholder during the policy term, the following death benefits will be paid to the beneficiary:

  • Guaranteed death benefit (the higher of the sum assured or 10 times the annual premium)
  • Accrued regular bonuses as on date of death
  • Terminal bonus, if any

In cases where the death of the policyholder takes place prior to the risk commencement date, only the basic premiums paid to date will be paid as the death benefits. If the policyholder survives to the end of the policy term, the insurance cover will continue till the policyholder turns 100 years of age. In case of death during this period or survival to age 100, the guaranteed death benefit shall be payable.

 

Riders

The Aditya Birla Sun Life Insurance (ABSLI) Vision LifeSecure Plan offers the following riders:

  • ABSLI Accidental Death and Disability rider
  • ABSLI Critical Illness rider
  • ABSLI Surgical Care rider
  • ABSLI Hospital Care rider
  • ABSLI Waiver of Premium rider
  • ABSLI Accidental Death Benefit Plus rider

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Bonus History

Company Name : Birla Sun Life Insurance

Plan Name : BSLI Vision LifeSecure Plan

BonusYear RevBonus MaxPPT MinPPT
2015-16 4.4% 19 15
2015-16 5% 29 20
2015-16 5.4% 34 30
2015-16 5.6% 35
2016-17 4.1% 19 15
2016-17 4.7% 29 20
2016-17 5.1% 34 30
2016-17 5.3% 35
2014-15 4.4% 19 15
2014-15 5% 29 20
2014-15 5.4% 34 30
2014-15 5.6% 35
2017-18 4.1% 19 15
2017-18 4.7% 29 20
2017-18 5.1% 34 30
2017-18 5.3% 35

Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.

Why Should I Buy This Plan?

Besides the benefits mentioned earlier, here are some other features of the Aditya Birla Sun Life Insurance (ABSLI) Vision LifeSecure plan:

  • Tax Benefits: Tax benefits can be availed under Section 80(C) and Section 10(10D) of the Income Tax Act, 1961
  • Sum Assured Rebate: For higher sum assured, the plan offers rebates (discounts) on the premium paid, as follows:

Sum Assured Band

Premium Rebate per Rs 1000 Sum Assured

Band 1

Nil

Band 2

2.00

Band 3

3.00

Band 4

3.75

  • Loan Benefits: The policyholder has the flexibility to avail a loan against his/her policy in case of financial emergencies once the plan has acquired a surrender value.

Who Should Buy This Plan?

The eligibility criteria to purchase this plan is 30 days minimum age at entry and 60 years maximum age at entry. The Aditya Birla Sun Life Insurance (ABSLI) Vision LifeSecure plan proves to be an ideal plan because it accommodates your requirements for a comfortable today by asking for limited premiums, helps you fulfil your responsibilities, and helps even in your absence by offering high protection cover along with additional benefits.

Company Overview

Aditya Birla Sun Life Insurance Company Limited (ABSLI) 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 organizations from Canada.

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