Why Buy ABSLI Assured FlexiSavings Plan?
The ABSLI Assured FlexiSavings Plan provides life cover protection combined with guaranteed annual income and added benefits. It’s designed for those seeking a flexible savings plan with the added advantage of unlimited withdrawals for emergencies.
Key Features
- Guaranteed Annual Income: Receive guaranteed income benefits after the completion of the deferred period.
- Income Booster: Enjoy an annual income booster of 5% of the accrued amount.
- Benefit Options: Choose between:
- Income Only Benefit
- Income Benefit with Return of Premium
- Loyalty Additions: Additional loyalty additions to enhance your savings.
- 10% Additional Benefit: Get a 10% extra benefit on the total premiums paid.
Benefits
- Annual Income: Provides a steady income stream after the deferred period.
- Flexibility: Unlimited withdrawals to meet emergency expenses.
- Income Booster: Enhances the accrued amount with an annual booster.
- Additional Benefits: 10% extra on premiums and loyalty additions further increase your financial gain.
Eligibility and Specifications
- Type of Plan: Non-linked, non-participating individual life insurance plan.
- Coverage: Available for all individuals (Male, Female, Transgender).
- Entry Age:
- 4 years for a 26-year policy term
- 6 years for a 22-year policy term
- 8 years for a 20-year policy term
- 11 years for 15 & 17-year policy terms
- Maturity Age: 18 to 86 years
- Premium Paying Term: Options of 5, 8, 10, or 12 years.
- Deferred Period: 2 years after the completion of the Premium Paying Term.
- Policy Term:
- 15 & 17 years for a 5-year PPT
- 20 years for an 8-year PPT
- 22 years for a 10-year PPT
- 26 years for a 12-year PPT
- Payment Modes: Annual, semi-annual, quarterly, and monthly (with modal loadings).
- Minimum Annualized Premium: Rs. 50,000 p.a.
- Maximum Annualized Premium: No limit (subject to underwriting policy).
- Minimum Sum Assured: Rs. 5,50,000
Example Use Case
Mr. Sharma, aged 35 years:
- Invests Rs. 1 lakh annually with a 12-year premium payment term and a 26-year policy term.
- Receives an annual income accrual of 105% of the annualized premium, with an income booster of 5% p.a. on the accrued amount.
- Total premium paid in 12 years = Rs. 12 lakhs.
- At the end of the policy term, Mr. Sharma will receive:
- Guaranteed Income Benefit of Rs. 35,13,579
- Enhanced Return of Premium Paid of Rs. 13,20,000
- Loyalty Additions of Rs. 4,38,716
What’s Not Covered
- Suicide Exclusion: If the life insured dies by suicide within 12 months from the start or revival of the policy, the policy will terminate. The company will pay the higher of:
- Surrender Value or
- Total premiums paid plus any additional amounts paid (excluding taxes), if the policy has acquired a surrender value.
The ABSLI Assured FlexiSavings Plan is ideal for those seeking guaranteed returns with the flexibility to manage their savings and income effectively.