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Aditya Birla Sun Life Insurance (ABSLI) is the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), has announced the launch of a hyper-flexible savings plan on 19 May. The new ABSLI Vision LifeIncome Plus Plan will provide guaranteed regular income plus flexible bonus payouts to policyholders.
According to the ABSLI press release, this non-linked participating individual plan will offer various plan options which can be tailor-made to suit customers’ unique financial needs across different life-stages. This savings plan provides a customer with a guaranteed regular income for up to 30 years to help them achieve their evolving life goals while reaping the benefits of a comprehensive life insurance cover. Additionally, the plan also brings an upside through completely flexible bonus pay-outs which can be accumulated for wealth creation or withdrawn at the customer’s convenience for instant access to their money.
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Flexibility to choose amongst three benefit options i.e. Short-Term Income, Long Term Income and Whole Life Income (till age 100 or till Age 85) to cater to customers’ needs across all life stages.
the case of a short-term income option, guaranteed monthly income will be payable for 10 years plus bonuses. In the case of a long-term income option, guaranteed annual income will be payable for 20, 25, 30 years plus bonuses. While in the case of a whole life income option, guaranteed annual income will be payable for till age 85 or age 100 plus bonuses.
The plan offers life insurance cover until age 100 years. This plan shall offer a lump-sum benefit to the nominee, in case of unfortunate death of the life insured anytime during the policy term. Additionally, on opting for the short-term income option, this customizable plan will offer an inbuilt policy continuance benefit, which shall waive off remaining premiums in case of the unfortunate death of the life insured and thereby safeguard the customer’s family’s future in his/her absence.
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Aditya Birla Sun Life Insurance (ABSLI)-View Detailed Analysis
