Bhubaneswar: Aditya Birla Sun Life Insurance (ABSLI), the life insurance arm of Aditya Birla Capital Limited (ABCL), has launched ABSLI Monthly Income Plan, which will provide regular monthly income until maturity to meet one’s future financial requirements.
ABSLI Monthly Income Plan is a non-linked plan providing comprehensive saving solution to help people fulfill their and their family’s growing needs by planning ahead of time for a financially secured future. It offers monthly income of 1% of sum assured up to maturity date after the premium payment is over. Also it has options to defer an individual’s monthly income to maintain one’s standard of living and offering financial stability as required. This income benefit comes with two options, namely, Level Income Benefit, where one can avail a fixed income benefit of 1% of the sum assured per month and Increasing Income Benefit, where the policyholder can avail a fixed income benefit of 1% of the sum assured per month with an additional benefit of increasing the income by 5% per annum after every twelve months. One 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. The deferment option in the plan enables customers to plan their finances as per their life’s milestones, thereby providing the best for one’s family in the years to come. This product can be beneficial for those who want a regular monthly income post/early retirement or a source of second income for many.
The ABSLI Monthly Income plan offers death benefit, where in case of unfortunate death of the life insured, it pays the base sum assured as lump sum and starts paying the monthly income immediately. The plan also has an in-built accidental death benefit where an additional sum assured over and above the base sum assured will be paid in lump sum besides initiating the monthly payouts, in the event of death of the life insured owing to an accident. Thus providing double sum assured to the nominee in case of an accidental death along with the monthly income benefit.
All the bonuses accrued during the policy term are paid at the end of the policy term.
Speaking at the launch, Anil kumar Singh, Chief Actuarial Officer, Aditya Birla Sun Life Insurance said, “People today are increasingly worried about life after retirement, which has also emerged as one of the biggest uncertainties for people in tier II cities. Besides, there are many who aspire to retire early and follow their passion. To help such people fulfill their aspirations and dreams financially, we have launched ABSLI Monthly Income plan which would assist people at different stages from youth to retirement. Additionally the accidental death benefit will provide complete financial security to the policyholder’s loved ones. We believe our product will allow an individual to enjoy one’s life to the fullest since the regular flow of income will fulfill the monthly monetary needs of the policyholder and his/her family members.”
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