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Financial security is more crucial today than ever in current times, especially for families relying on a single income. Term insurance, particularly plans like the Aditya Birla Sun Life Insurance (ABSLI) Income Suraksha Plan, serves as a reliable solution to safeguard your family’s future for the long run.
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This article explores how this plan can provide regular support in the form of monthly income, allowing adults and people with families to focus on financial security.
Term Plans
Adults often stress about how to keep their families financially protected during unforeseen events, such as disease or death. That is when term insurance comes as a superhero and provides the families of adults with the ease of maintaining a comfortable life even when they’re grieving the death of the policyholder.
Term insurance offers significant benefits for adults by providing essential financial security for their families in the event of an unexpected circumstance. Here are some of the benefits of term insurance:
Term insurance plans, with affordable premiums, ensure that loved ones receive a guaranteed payout, helping them maintain their lifestyle and cover ongoing expenses.
The flexibility to customize coverage amount and policy term allows adults to customize their term insurance policies to their unique financial goals.
Young adults can buy term plan at much lower premiums than older individuals. You can easily buy a 1 crore term insurance plan at just Rs.478/month and lock your first premium for the entire policy term.
Adults can also enjoy tax benefits with their term and life insurance plans under applicable sections of the ITA 1961.
*Note: Women can buy term insurance for women plans at 20% lower premiums than male customers.
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The Aditya Birla Sun Life Insurance (ABSLI) Income Suraksha Plan is a term insurance plan specially designed for salaried individuals. It is a very effective plan for adults with families since it guarantees that your dependents/family will receive a steady monthly income if you die during the policy term. This plan supports and helps your family manage their finances without additional stress.
You can choose between two options:
Fixed Income Protection: This option provides a consistent monthly payout.
Increasing Income Protection: This option increases monthly by 5% each year to help keep up with rising inflation.
This plan also comes with one-time discounts, i.e. men can save up to 11% on premiums with a 7% first-year discount and an additional 4% online purchase discount. Meanwhile, female customers enjoy an exclusive 13% discount, which includes a 9% first-year discount and a 4% online discount.
Here’s how the Income Suraksha Plan offered by Aditya Birla Sun Life Insurance works for adults:
Monthly Income Protection: If you unfortunately pass away during the policy term, your family will receive a steady monthly income. You can select either the Fixed or Increasing Income Protection option based on your and your family’s specific needs.
Flexible Coverage Options: You can customize the Aditya Birla term insurance plan to suit your family's financial situation and rising inflation.
Sum Assured on Death: Your beneficiaries will receive the highest of these amounts:
11 times the annual premium
105% of total premiums paid
120 times the monthly income
The guaranteed death benefit amount
Commutation Benefit: Nominees can receive a lump sum payment instead of monthly income, giving them flexibility in managing the funds. This lump sum is calculated using a discounted value of the remaining monthly payments, offering flexibility in utilising the benefit.
Tax Benefits and Discounts: This plan may offer term insurance tax benefits under the Income Tax Act 1961. Plus, one-time discounts are available—up to 11% for male and transgender customers and 13% for female customers, including a special online discount.
The ABSLI Income Suraksha Plan is available exclusively on Policybazaar’s platform.
Here are the steps for adults to buy the Aditya Birla Sun Life Insurance Income Suraksha Plan from Policybazaar:
Step 1: Visit Policybazaar’s official website and click “Term Insurance.”
Step 2: Submit your details, such as your name, contact details, gender, and DoB.
Step 3: Submit information regarding your job type, yearly income, educational qualifications, and smoking/tobacco consumption habits.
Step 4: Choose the Aditya Birla Sun Life Insurance Income Suraksha Plan from the list of term insurance plans available.
Step 5: Pay the first premium using your preferred mode to complete the process and buy the plan.
Salaried adults or people with families can buy term plan like the ABSLI Income Suraksha Plan, which secures their family’s future during their absence. By securing a reliable income for their loved ones, adults can confidently fight against life's uncertainties.
†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. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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