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Aditya Birla Sun Life Insurance (ABSLI) Income Suraksha Plan is a comprehensive term insurance plan specifically designed for salaried individuals to provide financial protection to their families in the unfortunate event of their demise. The ABSLI Income Suraksha Plan offers a promise of monthly income to your family in your absence that helps them live their life without any financial stress.
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Let’s understand the Aditya Birla Sun Life Insurance Income Suraksha Plan in detail.
Here are some of the key reasons why you should choose Aditya Birla Sun Life Insurance:
| Aditya Birla Life Insurance Highlights | |
| ABSLI Claim Settlement Ratio (CSR) | 98.40% (FY 2023-24) |
| ABSLI Solvency Ratio | 1.78 (FY 2023-24) |
| ABSLI AUM | ~ 4.63 Lakh Crore |
| ABSLI Agents and Partners | 2 Lakh |
| ABSLI Customer Reach | 85 Million across 28 Countries |
It is a non-linked, non-participating individual life pure risk premium plan. Here are the features of the Income Suraksha Plan offered by Aditya Birla Sun Life Insurance:
Provides financial security for your family in case of future uncertainties.
Get up to 11%* discount with this plan, i.e., 7% first year discount for salaried customers + 4% special online discount.
Choose between 2 plan options and customize your protection:
Fixed Income Protection
Increasing Income Protection.
Increase your income protection with the Increasing Income Protection Option to potect your family from inflation
Flexibility to select either Limited or Regular Premium Payment Term.
Add extra coverage with optional riders to cover additional risks by paying additional premiums.
*Note: Females can enjoy 13% discount on this plan, i.e. 9% first year discount for females + 4% special online discount
Here is the eligibility criteria for buying Aditya Birla Sun Life Insurance Income Suraksha Plan:
| Parameters | Minimum | Maximum |
| Entry Age | 21 years | 55 years |
| Maturity Age | 31 years | 70 years |
| Sum Assured | Rs. 25 Lakhs | Rs. 25 Crores |
| Premium Payment Mode | Monthly, Quarterly, Half-yearly, Yearly | |
| Premium Payment Term | Limited Pay: 5, 7, 10, 12, 15 and 20 years Regular Pay: Same as Policy Term |
|
| Policy Term | For Limited Pay: PPT + 5 years For Regular Pay: 10 years |
49 years |
| Modal Factors | Annual: 0% Half-Yearly: 4% Quarterly: 6% Monthly: 8% |
|
| Monthly Income | Minimum: Rs. 20,833.33 | |
| Discounts | For Males & Transgenders: 7% For Females: 9% For Salaried Individuals: 4% Online Discount |
|
There are 2 plan options/variants to choose from in Aditya Birla Sun Life Insurance Income Suraksha Plan:
Fixed Income Protection
Increasing Income Protection
In case of death of the life assured anytime during the policy term, nominee will be paid monthly income chosen atr inception till Policy term i.e., min 10 years.
For example:
Mr. Rajeev, a 30-year-old, non-smoker man, chooses the Fixed Income Protection plan option with a monthly income of Rs. 1 Lakh, a policy term of 30 years, and pays premiums for 30 years. If Mr. Rajeev dies during the 15th year, his nominee will receive Rs. 1 Lakh every month for the rest of the Income Payout Period.
In case of the life assured’s death, the nominee will be paid the applicable monthly income and that income will continue to increase by 5% per annum compounded annually. The income growth is capped at 1.5 times the original monthly amount and continues throughout the Income Payout Period.
Compounding starts from the day of issuing the policy.
For example:
Mr. Kamal, a 35-year-old non-smoker, selects a plan with a starting monthly income of Rs. 1 Lakh, a policy term of 30 years. If Mr. Kamal dies in the 5th year, his beneficiary will receive a starting monthly income of Rs. 1,21,550, which will increase at 5% per annum, and compounded annually until it is 1.5 times the Monthly Income chosen at inception.
Here are the benefits of Aditya Birla Sun Life Insurance Income Suraksha Plan:
Death Benefit: In case of life assured’s unforeseen death during the policy term, death benefit will be paid to the nominee as per the option on the plan chosen:
For Fixed Income Protection: If the life assured unfortunately dies during the policy term, the nominee will receive monthly payments equal to the chosen Monthly Income. Any excess amount over the "absolute amount assured to be paid on death" is paid as a lump sum immediately.
For Increasing Income Protection: If the life assured unfortunately dies during the policy term, the nominee receives monthly payments that increase by 5% annually, up to 1.5 times the original Monthly Income. The payment continues throughout the Income Payout Period.
Sum Assured on Death: The sum assured on death of this term insurance plan is highest of:
11 times the Annualized Premium
105% of Total Premiums Paid
Sum Assured (120 times the Monthly Income)
Absolute amount assured to be paid on death
You can buy the ABSLI Income Suraksha Plan at just Rs. 812/month* from Policybazaar.
*Premium price for a 33-year-old non-smoking man, earning salary of more than Rs. 25 Lakhs, opting for 30 years policy term
Commutation Benefit: After the life assured’s unfortunate death, the nominee can choose a lump sum payment instead of monthly income in this Aditya Birla Sun Life Term Insurance plan, calculated using a discounted value based on a 9.55% discount rate or another approved rate.
Tax Benefit: In this life insurance plan, tax benefits are available under the Income-tax Act, 1961, subject to specified conditions.
*Note: Aditya Birla Sun Life Insurance Claim Settlement Ratio (CSR) for the financial year 2022-23 is 98.40% and the solvency ratio is 1.78, which makes it the ideal choice for buying term insurance plans.
Here are some additional term insurance riders that you can add to your base plan and enhance its coverage or investment opportunities:
ABSLI Accidental Death and Disability Rider: Provides an additional lump sum amount equal to 100% of the Rider Sum Assured if the policyholder dies or becomes disabled due to an accident.
ABSLI Critical Illness Rider: Offers a lump sum payment if the policyholder survives 30 days after being diagnosed with a specified critical illness.
ABSLI Surgical Care Rider: Provides a lump sum benefit if the policyholder is hospitalized for at least 24 hours for necessary surgery in India.
ABSLI Hospital Care Rider: Gives a lump sum benefit if the policyholder is hospitalized for at least 24 hours for any medically necessary surgery in India.
ABSLI Accidental Death Benefit Rider Plus: Adds a lump sum payment equal to 100% of the Rider Sum Assured if the policyholder dies due to an accident. Also refunds rider premiums paid after the accident, with interest, along with the death benefit.
ABSLI Waiver of Premium: Waives all future premiums for the base plan and riders if the policyholder is diagnosed with a critical illness or disability.
Here are the policy details of Aditya Birla Sun Life Insurance Income Suraksha Plan:
Policy Surrender: You can surrender the policy anytime after it has acquired a Surrender Value.
No Unexpired Risk Premium Value is payable for Regular Pay policies.
For Limited Pay policies, the Unexpired Risk Premium Value is available if all premiums have been paid.
Premium Discontinuance:
Before Surrender Value: If premiums are not paid during the Grace Period, the policy will lapse, and all benefits, including insurance cover, will cease. The policy can be revived within 5 years from the due date of the first unpaid premium.
After Surrender Value: If premiums are not paid during the Grace Period, the Unexpired Risk Premium Value is payable for Limited Pay policies.
Policy Revival: The policy can be revived within 5 years from the due date of the first unpaid premium by:
Paying all outstanding premiums with interest and/or late fees.
Providing satisfactory proof of the policyholder’s insurability.
Revival will take effect only after approval based on underwriting guidelines and written communication.
Survival Benefit: No survival benefit is payable under this policy.
Maturity Benefit: No maturity benefit is payable under this policy.
Free-Look Period: You can return the policy within 30 days of receipt if you disagree with the terms. The premium will be refunded minus any proportionate risk premium, medical examination expenses, and stamp duty charges.
Grace Period: You have 15 days for monthly premiums and 30 days for other payment modes to pay the overdue premium without penalty. Coverage continues during this period, but any unpaid premiums will be deducted from the death benefit if a claim arises.
Goods and Services Tax (GST): GST will be charged extra as per current tax laws.
Policy Termination: The term plan will terminate in case of the following events:
The settlement date of the death benefit
The payment date of the surrender benefit
If the plan has not attained un-expired risk premium value, the date on which the revival time ends.
The matirity date of the plan
The date when free look cancellation request is received
Tax Benefits: You may receive tax benefits on premiums and benefits, subject to prevailing tax laws. Consult a tax advisor for details.
Nomination and Assignment: Allowed as per Section 39 of the Insurance Act, 1938, as amended.
Prohibition of Rebates: Section 41 of the Insurance Act, 1938, prohibits offering or accepting rebates not specified in the insurer's published materials.
Fraud and Misstatement: Under Section 45, a policy cannot be challenged for misstatement after three years, except in cases of fraud.
The only exclusion in Aditya Birla Sun Life Insurance Income Suraksha Plan is mentioned below:
Suicide Exclusion
If the policyholder dies by suicide within 12 months of the policy start date or its revival, the Death Benefit will not be paid. Instead, Aditya Birla Sun Life Insurance will refund the premiums paid from the start of the policy until the date of death or the Unexpired Risk Premium Value, whichever is higher, to the nominee or beneficiary, provided the policy is active.
ABSLI Income Suraksha plan is exclusively available at Policybazaar, offering low premium rates and a wide range of benefits. Here are the steps to buy Aditya Birla Sun Life Insurance Income Suraksha Plan from Policybazaar:
Step 1: Visit the official Policybazaar website and click on “Term Insurance.”
Step 2: Submit basic details, like your name, contact details, gender, and date of birth.
Step 3: Submit information regarding your job type, yearly income, educational qualifications, and smoking/tobacco consumption habits.
Step 4: Choose Aditya Birla Sun Life Insurance Income Suraksha Plan from the available list of term insurance plans.
Step 5: Pay using your preferred mode to complete the process.
You can easily contact Aditya Birla Sun Life Insurance Customer Care here:
Call at Toll Free Number 1800 270 7000
Mail at care[dot]lifeinsurance@adityabirlacapital[dot]com
You can contact the below mentioned helpline numbers:
To Buy New Policy:
To buy a new term plan, call Policybazaar's helpline at 1800-208-8787.
For Help Regarding Existing Booking:
To get assistance regarding existing book, call Policybazaar’s helpline at 1800-258-5970.
Claim Assistance Helpline:
For claim support, call Policybazaar's helpline at 1800-258-5881.
Manage your claims conveniently by logging into 'My Account' on the Policybazaar website.
Policybazaar App:
Download the Policybazaar app for prompt customer support. You can address any insurance-related questions directly through the app.
*Note: You can contact Policybazaar Insurance Advisor for any insurance-related help/guidance or to clear doubts/confusion.
†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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