ABSLI Monthly Income Plan

Thus this plan offers a host of flexible benefits –

• Comprehensive financial protection for your family depending on your choice of Sum Assured
• Monthly Income Benefit to take care of your recurring needs
• Option to postpone your monthly incomes by choosing a Deferment Period to suit your requirements.
• Choice of Level and Increasing Income Benefit Options to suit your needs
• Inbuilt Accidental Death Benefit
• Option to increase your protection through Riders
• Bonuses to augment your savings

Your premium is dependent on your current age and the Sum Assured, premium paying term, deferment period, income benefit period, income benefit option and riders chosen by you.

You may choose to pay your premium annually, semi-annually, quarterly or monthly. The modal rebates are given below

Regular bonus (if any) – Aditya Birla Sun Life Insurance (ABSLI) will declare compound reversionary bonuses at the end of each financial year and will be added to your policy on its policy anniversary. Bonuses once attached to the policy are guaranteed to be payable, at the end of Income Benefit Period, in case of maturity or death,. In case of Death, interim bonus may also be payable. In case of surrender, the surrender value of the attached bonuses will be payable. The regular bonus rate declared by ABSLI may vary and will depend on the actual experience regarding various factors and the prevailing economic conditions. Future bonuses are however not guaranteed and will depend upon the future profits of the participating business.

Choose your Sum Assured and Policy Term

You have the option of choosing your Sum Assured at inception. 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 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 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.

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.

You may choose one of the following Income Benefit Option at inception:

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  after every 12 months during the Income Benefit Period (IBP).

The factors applicable to the sum assured to calculate the monthly income benefits are given as under:

 (Increasing Income Benefit Table)

You may choose to receive the Income Benefit annually rather than monthly, at any policy anniversary on or after the commencement of the Income Benefit Period or on any death anniversary. Such annual income benefit will be payable at the beginning of each policy year during the Income Benefit Period. The annual income benefit will be the discounted value of the monthly incomes payable during the year. The rate will be determined using an interest rate which is simple average of 10 year G Sec rate (annualised) prevailing on each calendar month end date for past 12 months. Currently the interest rate worked out is 8.02% for financial year 2018-19

In the event of death of Life Insured before the commencement of Income Benefit Period the Death Benefit will be the highest of:

1. 10 times the annualized premium; OR
2. Maturity Sum Assured; OR
3. Sum Assured + Total Income Benefit

Where Sum Assured is the absolute amount assured to be  paid immediately on death and the Total Income Benefit is an undiscounted total absolute amount of income benefit payable during the income benefit period. The Income benefit due will commence for the fixed Income Benefit Period from the date of death.

PLUS

4. Bonuses will continue to accrue on full Sum Assured till the end of the Income Benefit Period and total bonuses including Terminal Bonus (if any) will be paid at the end of Income Benefit Period.

In the event of death of Life Insured on or after commencement of the Income Benefit Period the Death Benefit will be the highest of:

1.   10 times the annualized premium; OR
2. Maturity Sum Assured; OR
3. Sum Assured + Outstanding Income Benefit

Where Sum Assured is the absolute amount assured to be paid immediately on death and the outstanding Income Benefit is an undiscounted absolute amount of outstanding income which will continue to be paid for the remaining Income Benefit Period.

PLUS

4. Bonuses will continue to accrue on full Sum Assured till the end of the Income Benefit Period and total bonuses including Terminal Bonus (if any) will be paid at the end of Income Benefit Period.

The Death Benefit payable shall never be less than 105% of total premiums paid till the date of death excluding GST, premiums paid towards additional riders or underwriting extra.

 ⁽¹⁾ Maturity Sum Assured in this plan is nil

Option  to increase your life cover on occurrence of each of the events without undergoing any fresh medical examination. This feature is available only for lives accepted at standard premium rates  at inception of the policy, the policy is a regular pay policy where no rider benefit has been claimed and also the attained age of life insured is less than or equal to 50 years when  exercising this option.

This option has to be exercised within six months of relevant event. Future premiums shall be considered at the premium rate as applicable on the age at inception of the policy. Future premiums shall be increased in proportion of the increase in the sum assured to the sum assured at inception of the policy and will be reflected from the subsequent policy anniversary. The details of Enhanced Lifestage Protection are mentioned below:

You can choose to reduce the sum assured in future to the extent of sum assured increased under the Enhanced Lifestage Protection option. The reduction in sum assured will be effective from the policy anniversary falling immediately after the date of notification and the premium will be decreased at the same time. Any increase in sum assured due to your first marriage, birth of first child or second child under this option, may be subsequently reduced subject to the written request. The premium shall be decreased by the same amount as the premium was increased while exercising the Enhanced Life stage Protection option.

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

In the event the Life Insured survives to the end of the policy term, the maturity benefit will be:

• Attached  bonuses accrued till maturity date; plus
• Terminal bonus (if any)

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

ABSLI Waiver of Premium Rider (UIN: 109B017V02):

In case of the following conditions:

• Policyholder becomes completely disabled due to an illness or accident
• Policyholder is diagnosed with any of the specified critical illnesses
• Death of the policyholder (only if other than the Life Insured)

ABSLI will waive off all the future due premiums and all the other benefits will remain unaffected. This benefit is applicable only once during the entire premium paying term.

ABSLI Critical Illness Rider (UIN: 109B019V03):

If you are diagnosed to be suffering from any of the 4 specified Critical Illnesses, ABSLI will pay 100% of the rider sum assured on survival of 30 days following the date of confirmed diagnosis. This rider cover will be available only up to the expiry of the premium paying term of the policy.

Disclaimer –

HDFC Bank Ltd. is a corporate agent of Aditya Birla Sun Life Insurance Company under IRDAI Registration No: CA0010 and does not underwrite the risk or act as an insurer. 

Registered Address: HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Lower Parel, Mumbai, Maharashtra 400013. Participation by the Bank’s clients in the insurance products is purely on a voluntary basis. 

This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-linked participating insurance plan. All terms & conditions are guaranteed throughout the policy term. 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 substandard lives, smokers or people having hazardous occupations etc. The insurance cover for the life insured will commence on the policy issue date. For further details please refer to the policy contract. Tax benefits are subject to changes in the tax laws. For more details on risk factors, terms and conditions
please read the sales brochure carefully before concluding the sales. Aditya Birla Sun Life Insurance Company Limited (Formerly Birla Sun Life Insurance Company Limited) Registered Office: One Indiabulls Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. IRDAI reg no.109 CIN: U99999MH2000PLC128110 UIN: 109N122V01

The Trade Logo "Aditya Birla Capital" Displayed Above Is Owned By ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) And Used By ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the License.

IRDAI hereby clarifies to the public that IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call and number.