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Financial security is increasingly vital for parents and senior citizens, particularly in a world where health-related uncertainties can arise unexpectedly. Term insurance, especially plans like the Aditya Birla Sun Life Insurance (ABSLI) Income Suraksha Plan, offers a dependable way to protect your loved ones' financial future.
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This article explores how term insurance plan can provide consistent monthly income, enabling seniors and parents to focus on enjoying their golden years and nurturing their families with peace of mind.
Term Plans
As you think about the well-being of your parents in their senior years, ensuring their financial protection becomes crucial. Unforeseen events like health issues or your sudden death can create significant stress, and that’s where term insurance plays a vital role. Buying a term insurance policy can provide your parents with the financial support they need, allowing them to navigate challenges without added worry. This decision not only safeguards their comfort but also gives you peace of mind, knowing they are protected during stressful phases of life.
Term insurance offers significant benefits by providing essential financial security for your 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 you to customize their term insurance policies to their unique financial goals.
You can also add the family protect rider for a single or both parents together with your Bajaj Allianz Term Insurance plan to make sure your parents are secured financially after your death.
Young customers can buy term plan for their parents 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.
You 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. This plan is very effective since it guarantees that your parents will receive a steady monthly income if you unfortunately die during the policy term. This term plan also supports and helps your parents in managing their finances without additional stress. If there are senior citizens in the family who are your dependents, they can also look after themselves with the death benefit of this term insurance plan.
You can choose between two plan options:
Fixed Income Protection: This plan option provides a consistent monthly payout.
Increasing Income Protection: This plan 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 people with parents and citizens:
Monthly Income Protection: If you unfortunately pass away during the policy term, your parents will receive a steady monthly income.
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 (parents or senior citizens in the family) 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 term insurance 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 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.
As you consider buying a term plan like the ABSLI Income Suraksha Plan, you’re taking an important step to secure your parents’ future during their senior years. By providing a reliable income, you can ensure they have the financial support they need, allowing them to enjoy their golden years with confidence and peace of mind, free from the worries of life's uncertainties.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
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For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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