ABSLI Monthly Income Plan

PROTECTING your life goals is now more flexible.

ABSLI Monthly Income Plan offers assured monthly income to take care of your recurring needs and bonuses at maturity, thereby protecting your life goals.

Key Features

  • Financial protection for the family
  • Monthly Income Benefit for your recurring needs
  • Inbuilt Accidental Death Benefit
  • Bonuses to augment your savings

What things to consider while buying this plan?

  • Choose your Sum Assured and Policy Term

    You have the option of choosing your Sum Assured at the inception of your monthly income insurance plan. You have the flexibility to choose the Premium Payment Term, Deferment Period as well as your Income Benefit Period from a variety of options to suit your needs. Your policy term will be the sum of your premium payment term, deferment period and income benefit period.
  • Choose your Income Benefit Option

    You have the option to choose one of the Income Benefit Options at policy inception.

    • Level Income Benefit; and
    • Increasing Income Benefit
  • Enhance Your Protection through Riders*

    You have the option to enhance your protection by opting for ABSLI Waiver of Premium Rider which waives off future premiums in case of occurrence of Critical Illness & Total and Permanent Disability. You can also opt for ABSLI Critical Illness Rider separately to enhance your coverage on diagnosis of specified Critical Illnesses.

    *Please refer the rider brochure for further details.
    Your premium will vary depending on the above choices.

  • Income Benefit

    After completion of the Deferment Period, you shall start receiving monthly income benefit in advance as a percentage of the sum assured over the Income Benefit Period as per the option chosen at inception.

  • Death Benefit

    In case of the life insured’s unfortunate demise during the policy term, adeath benefit will be paid to your nominee. Please refer the product brochure for detailed description on this benefit.

  • Accidental Death Benefit

    In the event of death of a Life Insured due to an accident, additional benefit equal to the Sum Assured chosen will be paid immediately in lump sum to the nominee as an Accidental Death Benefit.

  • Maturity Benefit

    In the event the Life Insured survives to the end of the policy term,

    the maturity benefit will be:

    • Attached bonuses1 accrued till maturity date plus
    • Terminal bonus1 (if any)

    The policy shall be terminated once the maturity benefit is paid.

    1 Some benefits are guaranteed and some benefits are variable with bonuses based on the future performance of the participating business and economic conditions.

  • Customisable Benefits

    For added protection, you can enhance your insurance coverage during

    the policy term by adding following riders for a nominal extra cost.

    ABSLI Waiver of Premium Rider (UIN: 109B017V03)

    ABSLI Critical Illness Rider (UIN: 109B019V03)

    For more details on the above mentioned benefits, please refer to the product brochure.

  • Entry Age (age last birthday)

    18 years - 55 years (For Premium Paying Term of 10 years)

    18 years - 53 years (For Premium Paying Term of 12 years)

    (subject to maximum maturity age of 80 years)

  • Premium Paying Term

    10 | 12 years

  • Deferment Period

    Deferment Period shall start after the completion of PPT

    0 | 5 | 10 years

  • Income Benefit Period

    Income Benefit Period shall start after the completion of Deferment Period

    10 | 15 | 20 years

  • Income Benefit Option

    Level | Increasing

  • Policy Term

    Minimum 20 years | Maximum- 37 years

    Policy Term = Premium Payment Term + Deferment Period + Income Benefit Period

  • Minimum Sum Assured

    Rs. 4,00,000*

  • Premium Frequency

    Annual | Semi-annual | Quarterly | Monthly


    For entry ages between 51 to 55 years the minimum Sum Assured will be Rs. 6,00,000.

    Risk commences from first policy anniversary.

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Riders

  • ABSLI Waiver of Premium Rider (UIN: 109B017V03)

    All future premiums waived in case of permanent disability, death or 4 specified major illness

  • ABSLI Critical Illness Rider (UIN : 109B019VO3)

    Get benefit amount as a lumpsum upon diagnosis of any of the 4 specified critical illnesses.

FAQs

  • What is the main benefit of this plan?

    The main benefit of the ABSLI Monthly Income Plan is the income benefit.

    After completion of the Deferment Period, you shall start receiving monthly income benefit in advance as a percentage of the sum assured over the Income Benefit Period as per the option chosen at inception.

    Also, there is an inbuilt Accidental Death Benefit offered in this plan. In the event of death of the Life Insured due to an accident, additional benefit equal to the Sum Assured chosen will be paid immediately in lump sum to the nominee as an Accidental Death Benefit.

  • How much income is assured and on what basis?

    You may choose one of the following Income Benefit Option at the inception of this monthly income policy:

    • Level Income Benefit - Under this option, the income benefit paid will be 1% of the Sum Assured per month and will remain fixed throughout the Income Benefit Period (IBP).
    • Increasing Income Benefit - Under this option, the income benefit paid will start at 1% of the Sum Assured per month and then such amount of income benefit will increase at 5% per annum simple, every 12 months during the Income Benefit Period (IBP).
  • Is the receivable income taxable?

    As per extant tax laws, tax benefits may be eligible under Section 80C, 80(D) and Section 10(10D) of the Income Tax Act, 1961, subject to fulfillment of the other conditions of the respective sections prescribed therein. Tax laws are subject to amendments from time to time.

    As per the current provision of Section 194DA of the Act; the policy proceeds are subject to TDS if conditions prescribed under Section 10(10D) are not met.

    You are advised to consult your tax advisor for applicability of tax benefits on premiums paid and benefits received.

  • Can I increase my monthly receivable income afterwards?

    No, Income Benefit Option- Level or Increasing Income Benefit needs to be chosen at inception.

  • Can I make a lump sum premium payment for this plan?

    The premium paying term is 10/12 years. You can choose between annual, semi-annual, quarterly & monthly modes for making premium payment.

  • What is Annualized Premium?

    *Annualized Premium shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

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Disclaimer:

This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a participating non-linked life insurance plan. All terms & conditions are guaranteed throughout the policy term, except for the bonuses which would be declared at the end of each financial year. Some benefits are guaranteed and some benefits are variable with bonuses based on the future performance of the participating business and economic conditions.. Goods and Service Tax (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 sub-standard lives, smokers or people having hazardous occupations etc. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. Tax benefits are subject to changes in the tax laws. For more details and clarification call your ABSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true. Aditya Birla Sun Life Insurance Company Limited Reg. Office: One World Center Tower 1, 16th Floor, Jupiter Mill Compound, 841 Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. IRDAI Reg No. 109 Call Centre: 1-800-270-7000 www.adityabirlasunlifeinsurance.com CIN: U99999MH2000PLC128110 UIN: 109N122V02

ADV/9/20-21/1153

Need help with life insurance?

+91
I agree to the Terms of Usage and Privacy Policy and authorize Aditya Birla Sun Life Insurance Company Limited and its associates to call/SMS/Email/WhatsApp me.

Thank you for your details. We will reach out to you shortly.

1800-270-7000 or reach out to us on this number.

Thank you for your details. Currently we are facing issue in our system.

1800-270-7000 or reach out to us on this number.