What is ABSLI Income Suraksha Plan?
The ABSLI Income Suraksha Plan is a term plan specifically designed to provide financial protection to your family, ensuring peace of mind. This plan guarantees monthly income to your family in your absence, allowing them to maintain their lifestyle and pursue their dreams without financial worries.
Key Features
- Customization Options: Tailor your protection by choosing from two plan options.
- Inflation Protection: Safeguard your family against inflation with the Increasing Income Protection Option.
- Flexible Payment Terms: Choose between Limited or Regular Premium Payment Terms to suit your financial planning.
- Enhance Your Coverage: Add riders to your plan for additional protection, available at an extra premium.
Brochure | Leaflet | Policy Contract
Benefits of ABSLI Income Suraksha Plan
The ABSLI Income Suraksha Plan offers enhanced protection through riders that can be added during the policy term for a nominal extra cost. You can choose either the ABSLI Accidental Death and Disability Rider or the ABSLI Accidental Death Benefit Rider Plus. For more details, please refer to the rider brochures, consult your financial advisor, or visit our website.
Plan Options
When you purchase the ABSLI Income Suraksha Plan, you must choose one of the plan options at the inception of the policy. This choice is irreversible and will influence the premium payable. You’ll also need to select the monthly income, policy term, premium payment term, and mode of premium payment at the same time.
Check Your Eligibility
Type of Plan
A Non-Linked, Non-Participating, Life Individual Pure Risk Premium Plan
Coverage
Open to all individuals (Male | Female | Transgender)
Age of the Life Insured at Entry (age as on last birthday)
- Minimum: 21 years
- Maximum: 55 years
Maturity Age of the Life Insured (age as on last birthday)
- Minimum: 31 years
- Maximum: 70 years
Premium Payment Term (PPT) & Policy Term (PT)
- Limited Pay:
- PPT: 5, 7, 10, 12, 15, and 20 years
- Min PT: PPT + 5 years
- Max PT: 49 years
- Regular Pay:
- PPT: 10 years
Premium Payment Modes and Modal Factors
- Mode
- Annual: 0%
- Semi-annual: 4%
- Quarterly: 6%
- Monthly: 8%
Sum Assured
- Minimum: ₹25,00,000
- Maximum: ₹25,00,00,000 (subject to Board Approved Underwriting Policy)
Discount
- Male/Transgender: 7%
- Female: 9%
Note: The discount applies to the first-year premium only for individuals with an annual income of ₹5,00,000 or above.
How to Choose Your Plan?
ABSLI offers the flexibility to choose from the following two plan options based on your needs and requirements:
Step 1: Choose Your Plan Option
- Fixed Income Protection
- Increasing Income Protection
Step 2: Select the Monthly Income, Premium Payment Term, and Policy Term.
Note: Once selected, the plan option, monthly income, policy term, premium payment term, and mode of premium payment cannot be changed. The premium will vary based on the option chosen at inception.
How Does This Plan Work?
Use Case 1
Mr. Bhatt, a 35-year-old non-smoker, opts for the ABSLI Income Suraksha Plan. He selects Plan Option 1 – Fixed Income Protection, choosing a monthly income of ₹1,00,000. He also chooses a policy term of 30 years with a premium payment term of 30 years. Unfortunately, he passes away during the 15th policy year. His nominee is then paid a monthly income of ₹1,00,000 during the Income Payout Period, as illustrated below:
View Illustration
What’s Not Covered under ABSLI Income Suraksha Plan?
Suicide Exclusion
If the life insured dies by suicide within 12 months from the policy’s start date or revival date, the death benefit will not be payable. Instead, ABSLI will refund the premiums paid from the policy’s inception to the date of death or the unexpired risk premium value as on the date of death, whichever is higher, to the nominee or beneficiary, provided the policy is in force.
Note: Premiums refunded will exclude applicable taxes, which are collected separately as per prevailing tax rules.
How to Initiate a Claim?
Initiating a claim is easy and can be done in three quick steps, all online:
- Fill in basic details.
- Submit the claim intimation.
- Complete the document submission.
More About Claims
Frequently Asked Questions
What is ABSLI Income Suraksha Plan?
The ABSLI Income Suraksha Plan is a term plan designed to provide financial protection to your family, helping you live worry-free.
How can I buy this plan?
What is the classification for lives to be assured under this plan?
What are the differential premium rates offered under this plan?
Can I change the Plan Option anytime during the term?
For more detailed information, please consult the official documentation or customer support.