Savings Plan

Why Should You Invest in a Savings Plan?

There are four main reasons to consider investing in a good savings plan:

• Get a Fixed Payout to Fund Future Financial Goals: A savings plan is an effective tool for systematically saving towards future expenses. It guarantees a predetermined payout, ensuring that you receive the agreed amount without any risk.
• You Want a Low-Risk Investment Option: Savings plans are considered zero-risk investments. Unlike equity or debt funds, their payouts do not fluctuate with market conditions. If you prefer a safe way to save and get your money back for a specific need, savings plans are ideal.
• Protect the Financial Future of Your Loved Ones: Compared to merely saving in a bank account, savings plans offer life insurance coverage. This means your family’s financial security is safeguarded while you focus on saving for specific goals.
• Get a Guaranteed Side Income with Money Back Plans: Moneyback plans, a type of savings plan, provide passive income to meet various life requirements.

Types of Goals That You Can Cover with a Savings Plan

A savings plan is a reliable, low-risk financial tool that helps build a corpus for different life goals:

• Short-Term Goals: These include plans that require funding within a few years, such as purchasing furniture, making a down payment for a house, going on a foreign trip, buying a laptop for your child, or an anniversary gift. Short-term goals generally need smaller amounts and are achieved within a few years.
• Long-Term Goals: These involve larger expenses that need several years of planning and saving, like funding your child’s higher education, organizing a destination wedding, creating a retirement fund, or leaving a legacy for your children. Long-term goals typically span several decades and require disciplined saving over time.

Our Savings Plans

• ABSLI Assured FlexiSavings Plan
• ABSLI Nishchit Aayush Plan
• ABSLI Assured Income Plus
  • Guaranteed income
  • Lump sum benefit at policy maturity, in addition to income
  • Life cover across the policy term
  • Example: Get ₹34.27 lakhs², Pay ₹10K/month for 10 years
• ABSLI Assured Savings Plan
  • Life insurance cover with guaranteed benefits
  • Receive loyalty additions
  • Guaranteed returns
  • Comprehensive life cover
  • Cover spouse in the same policy
  • Example: Get ₹5.72 lakhs³, Pay ₹5,000/month for 6 years

How Does a Savings Plan Work?

To purchase a savings plan, provide details about your health, lifestyle habits, and income. Choose the life cover amount and policy duration that suit your needs. After evaluating your application, a premium amount and maturity value are fixed. As long as premiums are paid on time, you can benefit from the savings plan.

Types of payouts include:

• Maturity Benefit: Paid at the end of the policy term, as fixed at the time of purchase.
• Death Benefit: Paid to your family in case of your death during the policy term, equal to the sum assured chosen at purchase.
• Guaranteed Additional Benefits and Bonuses: Some plans offer variable loyalty bonuses added to the saved amount and given at maturity.

Once either the maturity or death benefit is paid, the policy is closed.

Benefits of Investing in a Savings Plan

Savings plans are popular financial tools for several reasons:

• The Discipline of Regular Saving: Savings plans help build a habit of saving towards a goal, which is beneficial for future investments.
• Zero Risk, Guaranteed² Return: These plans come with no risk as they are not affected by market volatility, ensuring you get your money back.
• Guaranteed² Additions and Bonuses: In addition to the saved amount, you receive assured additions and loyalty bonuses at policy maturity.
• Short-Term & Long-Term Goal Planning: Effective for both short-term and long-term goals.
• High Liquidity: Allows for withdrawals after a few years, unlike many other long-term investment plans.
• Loan Based on the Policy: Loans can be taken against the savings plan without additional collateral.
• Life Cover: Provides financial protection for your family in your absence.
• Riders¹: Optional add-ons like critical illness or accidental death benefits can be included for enhanced coverage.

What are the Riders for Savings Plans?

Riders¹ are additional benefits that enhance a primary savings or insurance policy. They come at an extra cost but offer increased protection and security. Common riders include:

• Accidental Death & Disability Rider
• Accidental Death Rider Plus
• Critical Illness Rider

Why Choose the ABSLI Savings Plan?

• 14 Types of Plans: Offers a wide range of plans and features, including ABSLI Assured Income Plus, ABSLI Secure Plus Plan, and Assured Savings Plan.
• 3 Optional Riders¹: Choose from ABSLI accidental death & disability rider, ABSLI accidental death rider plus, and ABSLI critical illness rider for enhanced coverage.
• Guaranteed² Bonuses: In addition to the fixed maturity value, receive guaranteed loyalty bonuses.
• Flexible Premium Payment: Options include monthly, quarterly, half-yearly, or annual payments.
• Life Cover for Your Spouse: Option for joint-life protection under the same plan.

7 Things to Keep in Mind While Buying a Savings Plan

• Start Early: Lower premiums and early habit formation.
• Compare Different Plans: Evaluate 14 available plans to find the best fit for your goals.
• Choose the Right Policy Term: Align the policy term with your financial goals, possibly with a financial advisor’s help.
• Comfortable Premium: Ensure premiums are affordable throughout the policy term.
• Know Your Premium Payment Commitment: Understand the financial commitment required for the entire policy term.
• Know About the Lock-In Periods: Be aware of the long-term commitment and lock-in periods.
• Understand the Possible Returns: Consult a financial advisor to understand potential returns clearly.

The ABSLI Promise

Combining the legacy of the 165+ year old Fortune 500 Aditya Birla Group with the global innovation leadership of Sun Life Insurance, Aditya Birla Sun Life Insurance offers credibility, reliability, and trust. We have served over 18 lakh families and continue to deliver a variety of life insurance plans.

• High Claim Settlement Ratio: 98.08%³ for 2021-22, reflecting our commitment to protecting your best interests.
• Quick, Online Purchase: Simplified online process for purchasing insurance from the comfort of your home.
• Seamless Claims Process: 3-step online claim settlement with a short turnaround time of 5.7 days³.
• Affordable Premiums: Low premiums for accessible family protection.
• Dedicated Customer Support: Access to over 79k direct selling agents and 363 offices nationwide, plus 24/7 customer service.

Assistance to Buy Endowment Plans Online

Looking for assistance or need help with your existing policy? Call us at our toll-free number for quick response:

• 1800 270 7000

FAQs

How to Save Tax Using Saving Insurance Plans?

Savings insurance plans, like those offered by ABSLI, offer tax benefits* under the Indian Income Tax Act. Premiums paid may be eligible for tax deduction under Section 80C, up to ₹1.5 lakh per annum. Maturity and death benefits are generally tax-free under Section 10(10D)**, provided certain conditions are met. This makes them a viable option for tax-saving and long-term financial planning.