ABSLI Monthly Income Plan

ABSLI Monthly Income Plan is an insurance plan that helps plan superannuation goals by ensuring the payment of tax-free monthly income benefits. These benefits help the policyholder to meet his needs and also offer bonuses at the time of maturity. The plan also comes coupled with an inbuilt Accidental Death Benefit, which provides security to the insured person's entire family.

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

ABSLI Monthly Income Plan Details:

Parameters	Details
Policy Tenure	20 -37 years; based on Premium Pay Term, Deferment period & Income Benefit Period
Premium Paying Term	10 years/ 12 years
Premium Paying Mode	Yearly/ Half-Yearly/ Quarterly/ Monthly
Entry Age	For 10 years PPT: 18 years (Minimum) 55 years (Maximum) For 12 years PPT: 18 years (Minimum) 53 years (Maximum)
Maturity Age	80 years (Maximum)
Grace Period	30 days; 15 days for monthly
Sum Assured	Rs. 4,00,000 (Minimum) For the entry age group 51-55 years, Minimum Sum Assured: Rs. 6,00,000
Liquidity	Loans available once the policy acquires a Surrender Value.

Benefits of ABSLI Monthly Income Plan

Here is a rundown to the core benefits of ABSLI Monthly Income Plan:

Maturity Benefit: On the date of maturity, the policyholder shall receive bonuses accrued till the date of first due premium and terminal bonuses. The benefit would also include a terminal bonus if any. ABSLI Monthly Income Plan policy status would be considered terminated once the benefits are paid.

Death Benefit: If the policyholder dies before the commencement of the Income Benefit period, he/she shall receive a death benefit of 10 times the annualized ABSLI Monthly Income Plan premium or Sum assured, including total income benefit. However, suppose the insured person dies after the commencement of the Income Benefit period. In that case, he/she shall receive 10 times the annualized premium, or the Sum assured, including the outstanding income benefit.

Surrender Benefit: ABSLI Monthly Income Plan accrues a surrender benefit, which is payable only if the policy premiums have been paid for two full consecutive policy years. The Guaranteed Surrender Value will be dependent on the premium paying term and the policy surrender year.

Policy Loan Benefit: A policyholder can take a loan against ABSLI Monthly Income Plan only if the plan acquires a surrender value. The minimum amount of the loan should be Rs. 5,000, and the maximum amount should not be higher than 85% of the surrender value.

Tax Benefit: Under Section 80C, 80D, and 10(10D) of the Income Tax Act, 1961, a policyholder can avail of tax benefits on ABSLI Monthly Income Plan premium. Plus, the policy proceeds are subject to TDS as per Section 194DA of the same Act. Kindly consult a tax advisor to know more.

* Tax benefit is subject to changes in tax laws

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The Premiums for ABSLI Monthly Income Plan

The ABSLI Monthly Income Plan premium depends on various factors like policy buyer's current age, the chosen Sum assured, premium paying term, income benefit period as determined, income benefit option, deferment period, and chosen additional riders.

The policyholder can choose any premium paying mode such as yearly, half-yearly, quarterly, and monthly. The modal rebate for yearly mode is 3%, for half-yearly is 1.5%, and for quarterly/monthly mode is 0%.

One can easily calculate the future premiums that might need to be paid after the purchase of the policy on the ABSLI Monthly Income Plan calculator.

Additional Riders for ABSLI Monthly Income Plan

The additional riders available at an extra nominal cost under the online ABSLI Monthly Income Plan are as given below:

ABSLI Waiver of Premium Rider
ABSLI Critical Illness Rider

To know details, visit the official website or download the official brochure.

Eligibility for ABSLI Monthly Income Plan

To buy ABSLI Monthly Income Plan, the buyer needs to fulfil the given eligibility criteria:

For premium paying term of 10 years:
- The minimum entry age is 18 years.
- The maximum entry age is 55 years.
For premium paying term of 12 years:
- The minimum entry age is 18 years.
- The maximum entry is 53 years.

What are the Documents Required to Buy this Policy?

To buy ABSLI Monthly Income Plan, please consult an ABSLI Insurance Advisor, or visit the official website to apply for the plan. Consult the advisor to know more about the documents required.

How to Buy this Plan Online?

One can buy online ABSLI Monthly Income Plan on the official website of the insurer. The insurance seeker can choose various ways to buy the plan from the site. He/she can opt for assisted buying where a telecaller would help them through the buying procedure, or contact the insurer through email/WhatsApp, or locate the nearest branch.

Exclusions of ABSLI Monthly Income Plan

If the policyholder's death occurs due to suicide within a year of the policy's commencement/from the date of revival of the policy, then the insurer will pay back the total premiums paid till death, or the policy surrender value accrued till death, whichever is higher.

FAQ's

Q: Is there a free-look period available under the ABSLI Monthly Income Plan policy?

Ans: Yes, a free-look period of 15 days (30 days for electronic purchase) from the date of receipt of the policy is available under the policy during which the policyholder can return the policy to the insurer along with a written notice stating the reason for cancellation.
Q: What are the options available under the Income Benefit?

Ans: Income Benefit is available in two options; namely, Level Income Benefit, which offers 1% of the Sum assured every month fixed throughout Income Benefit; and Increasing Income Benefit, which offers 1% of the Sum Assured per month and an increase of 5% per annum during the period of Income Benefit.
Q: Is there any benefit on Accidental death?

Ans: Yes, if the insured person's expiry occurs due to accidental death, an additional benefit comprising the chosen Sum assured is payable in a lump sum to the nominee.
Q: What are the key features of this plan?

Ans: As per the ABSLI Monthly Income Plan reviews, the features offered by this plan are comprehensive financial protection for the family, monthly income benefit, deferment period to postpone monthly incomes, choices of Level and Increasing Income Benefits, Inbuilt benefit on Accidental Death, Riders, and Bonuses.
Q: Is the policy revival window available?

Ans: Yes, a revival window of five years from the date of the first due premium is provided to revive the policy.
Q: What is Reduced Paid-Up Benefit?

Ans: In case a policyholder discontinues the payment of ABSLI Monthly Income Plan premium after having paid premiums for two full consecutive policy years, the policy will not go void and shall continue on a Reduced Paid-Up basis.
Q: What is a Critical Illness Rider?

Ans: A Critical Illness Rider enhances the base policy. In ABSLI Monthly Income Plan, the rider offers 100% of the Sum assured against the survival of 30 days from the diagnosis of any of the four critical illnesses as mentioned by the insurer.

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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