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ABSLI Income Suraksha Plan

ABSLI Income Suraksha Plan is a term plan designed to provide financial protection to your family and help you live worry free.. This term plan comes with a promise of monthly incomes to your family in your absence that helps them live the life of their dreams without financial worries. Read More

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FEATURES

2 two plan options

Increasing Income Protection Option

Opt for Limited or Regular Premium Payment Term

Enhance your insurance with appropriate rider options, on payment of additional premium

Enhance your insurance with appropriate rider options, on payment of additional premium

PLAN OPTIONS/VARIANTS

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    Plan Option:
     

    • Option 1: Fixed Income Protection
      Under this option on death of the Life Insured, the nominee will be paid the Monthly Income chosen at inception during the Income Payout Period. 
    • Option 2: Increasing Income Protection
      Under this plan option, the Monthly Income chosen at inception will increase at 5% p.a., compounded annually. On death of Life Insured, the nominee will be paid the then applicable monthly income, and such income will continue to increase at every policy anniversary. The monthly income payable will be capped to 1.5 times the Monthly Income chosen at inception. The monthly income will be payable throughout the Income Payout Period.

ELIGIBILITY

Eligibility

Click on Know More for Eligibility

Know More

Documentation

• ID Proof – Not required if purchased through IDFC FIRST Bank

• Address Proof – Not required if purchased through IDFC FIRST Bank

• Age Proof – Not required if purchased through IDFC FIRST Bank

• Recent Photograph

• Income Proof

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Disclaimer

This Policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-linked non-participating individual life pure risk premium plan. All terms & conditions are guaranteed throughout the Policy Term. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc.

Tax benefits are subject to changes in the tax laws. For more details and clarification call your bank relationship manager and see how we can help in making your dreams come true.

Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.Read More

IDFC FIRST Bank Ltd. is a corporate agent of Aditya Birla Sun Life Insurance Company under IRDAI Registration No:CA0106 and does not underwrite the risk or act as an insurer. Registered Address: IDFC FIRST Bank KRM Tower, 7th Floor, No. 1, Harrington Road, Chetpet, Chennai - 600031, Tamil Nadu, India Participation by the Bank’s clients in the insurance products is purely on a voluntary basis.

“The Trade Logo “Aditya Birla Capital” Displayed Above Is Owned By ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (TrademarkOwner) And Used By ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the License.” We”, “Us”, “Our” or “the Company” or “ABSLI” means Aditya Birla Sun Life Insurance Company Limited. “You” or “Your” means the Policyholder. For other terms and conditions, request your Agent Advisor or intermediaries from us, please contact us on the below mentioned address and numbers. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. Aditya Birla Sun Life Insurance Company Limited Registered Office: One World Centre,Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013. 1-800-270-7000 Website:https://lifeinsurance.adityabirlacapital.com /IRDAI Reg No.109
CIN: U99999MH2000PLC128110
UIN: 109N146V01
ADV/8/24-25/1345

BEWARE OF SPURIOUS / FRAUD PHONE CALLS!
IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint. Read Less

FREQUENTLY ASKED QUESTIONS

What is ABSLI Income Suraksha Plan?

The ABSLI Income Suraksha Plan is a plan designed to provide financial protection to your family and help you live worry free.

How can I buy this plan?

This plan is available on the Leap application platform through sales channel’s intervention as well as on website.

What is the classification for lives to be assured under this plan?

Depending upon the smoking status of the life insured, he/she will be classified as Non-Smoker or Smoker. The proposed life insured will be classified as Non-Smoker, if he/she has not consumed tobacco products in the last 12 months. This includes any nicotine products like cigarette, cigars, chewable tobacco or any other classified stimulants.

What are the differential premium rates offered under this plan?

This plan offers preferential premium rates for all Female lives. Also, Policyholder get discounted premium rates for non – smoker status. 

Can I change the Plan Option anytime during the term?

No, Plan Option once chosen at inception; cannot be changed anytime during the Policy Term.

Can I commute the Income payouts during Income Benefit period?

At any time after the death of the life insured, if the nominee would subsequently like to get a lump sum instead of the income payouts, a discounted value of the outstanding income instalments shall be paid as a lump sum.  The discounted value shall be calculated using a discount rate of 9.55% p.a., or such other rate as determined by ABSLI (subject to prior approval from IRDAI) from time to time, taking into account the expected future economic environment at the time. 

Lumpsum Amount=Commutation Factor x Monthly Income chosen at Inception

The Commutation Factor will depend on the Plan Option, Income Payout Frequency, Policy Term and the outstanding Income Payout Period. The outstanding Income Payout Period is calculated as number of whole months from the date of commutation to the end of the Income Payout Period.

Can I attach riders, any time during the Policy Term?

Yes, Riders can be attached any time during tenure of the policy subject to: 

- minimum outstanding term of 5 years on date of attachment of rider and 

- Board approved underwriting policy.

Do I have a loan facility under this plan?

No, there is no loan facility against this policy. 

Can I avail of tax benefits under this plan? What are the benefits available?

As per extant tax laws, this plan offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, subject to fulfillment of the other conditions of the respective sections prescribed therein. Tax benefits are subject to changes in tax laws. You are advised to consult your tax advisor for details.

What application form is required for ABSLI Income Suraksha Plan?

Common Application Form – Major (E app) for ABSLI Income Suraksha Plan needs to be filled.

Can this plan be given to NRIs?

Yes, this plan can be offered to NRIs provided the client is residing in the standard residency country. 

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