Aditya Birla Sun Life Insurance launches

 Aditya Birla Sun Life Insurance launches 

Vision LifeIncome Plus,

a plan to suit customer’s money needs at all life stages

~ A customizable savings plan offering regular income
and additional bonus ~

Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), announced the launch of a hyper-flexible savings plan - ABSLI Vision LifeIncome Plus Plan that provides guaranteed regular income plus flexible bonus pay outs.

This non-linked participating individual plan has been designed to offer various plan options which can be tailor-made to perfectly suit customers’ unique financial needs across different life-stages. This savings plan provides a customer with the comfort of a guaranteed regular income for up to 30 years to help them achieve their evolving life goals while reaping the benefits of a comprehensive life insurance cover. Additionally, the plan also brings an upside through completely flexible bonus pay-outs which can be accumulated for wealth creation or withdrawn at the customer’s convenience for an instant access to their money.

ABSLI Vision LifeIncome Plus Plan offers tax-free guaranteed additional income for life, besides providing the benefit of liquidity or cash in hand whenever one requires funds.

Commenting on the launch, Mr. Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance, said, “Amid the uncertainty caused by the pandemic, ups and downs in the economy and the markets, saving sufficiently for the future —tomorrow or three decades from now — has become extremely crucial. Individuals today need plans which can be personalized to fit their unique needs at different life stages and can assure complete security of future financial goals. ABSLI Vision LifeIncome Plus Plan will cater to this immediate need of customers by maximizing their income and minimizing risk. This holistic solution will not only help individuals meet their short and long-term financial requirements, do legacy planning but will also offer bonus income to further increase wealth or build contingency fund.”

ABSLI Vision LifeIncome Plus Plan offers the following benefits, thereby providing enough flexibility to customize the product as per customer’s requirements:

·         Choice of 3 Benefit options: Flexibility to choose amongst three Benefit Options i.e. Short-Term Income, Long Term Income and Whole Life Income (Till Age 100 or Till Age 85) to cater to customers’ needs across all life stages.

o    Short Term Income - Guaranteed Monthly Income Payable for 10 years + Bonuses This can be an ideal solution for salaried individuals below 45 years, who can plan for secured income or early retirement.

o    Long Term Income - Guaranteed Annual Income Payable for 20, 25, 30 years + Bonuses. This can help individuals cater to specific milestones and build legacy.

o    Whole Life Income - Guaranteed Annual Income Payable for till Age 85 or Age 100 + Bonuses. This is an ideal plan for retirement and legacy planning.

 ·         Guaranteed Regular Income: A regular flow of guaranteed income for the customers’ chosen Benefit Pay-out Period to safeguard their savings

·         Flexible Bonus Payouts: Bonus declared in the form of ‘Paid Up Additions’, that can be accrued to build a wealth corpus or a contingency fund. The ‘Paid Up Additions’ can also be availed as cash pay-outs from first policy year onwards for instant liquidity needs. The plan shall also come with the additional flexibility to partially/fully withdraw the accrued Paid Up Additions anytime during the Policy Term.

 ·         Comprehensive Life Cover: The plan offers life insurance cover until age 100 years. This plan shall offer a lump-sum benefit to the nominee, in case of unfortunate death of the life insured anytime during the Policy Term. Additionally, on opting for the Short Term Income option, this customizable plan will offer an inbuilt policy continuance benefit, which shall waive off remaining premiums in case of the unfortunate death of the life insured and thereby safeguard the customer’s family’s future in his/her absence.

 ·         Customizable Benefits: Option to hyper-personalize this comprehensive plan by enhancing it with riders to suit customer’s requirements at a nominal cost.

Aditya Birla Sun Life Insurance presents DigiShield

Aditya Birla Sun Life Insurance presents DigiShield - First-of-Its-Kind Fully Customizable Term Plan

~A hyper-personalized plan to suit individual protection needs~

~Industry first offering of whole life cover with sum assured reduction option~

Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), announced a hyper-personalized term plan, ABSLI DigiShield Plan, to cater to the unique protection needs of customers. This single plan will offer multiple plan options, added benefits linked to life stages, joint life protection, critical illness cover and rider options to tailor-make a distinctive protection solution, offering a comprehensive financial safety net for the customers and their loved ones. 

People have various protection needs during different stages of their life and the hyper-flexibility offering of this plan helps to curate a protection strategy that aligns with their specific needs. Besides offering death benefit and acting as an income replacement tool, ABSLI DigiShield plan assists in comprehensive financial planning. 

Unlike traditional term plans, this plan allows a customer to enjoy its benefits during their lifetime through the survival benefit option. Further, it provides a unique flexibility to reduce the sum assured at a pre-defined retirement age, allowing customers to align their cover as per their outstanding liabilities and the life stage. This whole-life cover with sum assured reduction feature is a first-of-its kind in the life insurance industry which offers life coverage until age 100 years.

Along with these fully customizable offerings, this plan also provides various premium paying terms, policy tenures and death benefit pay-out options to satisfy unique customer requirements. This holistic plan mitigates liabilities, provides protection to loved ones, and supports retirement and legacy goals.

Commenting on the launch, Mr. Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance, said, “Recent uncertain times have generated a need for a resilient financial cover with customized offerings. 2021 would be the year of hyper-personalization and at ABSLI, we aim to offer solutions which evolve with changing needs and lifestyles of our customers. ABSLI’s DigiShield Plan is one of a kind offering that stands as testimony to our customer-centric ethos. Now, our new-age customer will be empowered to tailor make a comprehensive solution through the various personalization features and carve a protection policy which is a precise fit for self and family”.

 Unique benefits offered by the DigiShield plan:

·         Sum assured reduction option with whole life cover – This option offers life coverage until age 100 years and also allows the customer to reduce the sum assured by 50% or 25% at a pre-determined retirement age. This unique flexibility allows customers to choose high sum assured in their earning years and reduce their life cover during their retirement years. It makes the offering ideal for salaried customers or people who have to manage their liabilities effectively. 

·         Survival income on attaining Age 60 years - This option provides monthly income to the customer on attaining Age 60 years and takes care of retirement income needs. Life cover continues throughout the policy term and the nominee is paid lumpsum benefit of sum assured, less survival benefits paid, in case of any unfortunate event. This option ensures need for life protection & retirement income is taken care under one plan.

·         Income Benefit option – This option provides support to the dependent members of the  customer in his/her absence by replacing the lost income with a 1.25% of Sum Assured as fixed monthly income or increasing monthly income at 5% (simple) per annum for a period of 10/15/20 years, as chosen by the customer at inception of the policy.

·         Level cover option – The nominee is paid the absolute amount equal to the sum assured on death, in lump sum.

• Customize the plan based on your needs: DigiShield plan offers 10 plan options with a variety of benefits to suit every individual’s requirements. Some of the options that one can select from are:

·         Type of cover (level & reducing)

·         Tenure of the policy (To Age 85 & Whole Life)

·         Premium payment term (Single, Limited & Regular)

·         Death benefit pay-outs (Lump sum, Monthly income and Lump sum plus Monthly income)

• Accelerated Critical Illness (ACI) benefit: Secured protection against 42 critical illnesses by opting for the Accelerated Critical Illness (ACI) Benefit option with additional premium payment.

• Cover for your spouse: Now one can cover their partner’s life under the same plan by availing of the Joint Life Protection option.

• Multiple rider benefits: A comprehensive protection plan can be created by opting for additional protection through multiple riders by paying additional premiums.

• Enhance protection cover without medical: One can avail flexibility to increase the cover amount on specific events like marriage, childbirth or on availing house without undergoing fresh medical or underwriting, just by intimating us on any of these events.

Aditya Birla Sun Life Insurance launches ABSLI Assured Income Plus

 Aditya Birla Sun Life Insurance launches ABSLI Assured Income Plus

A plan that offers 'Guaranteed Long Term Income’

 

 

 Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), today announced the launch of its new plan ABSLI Assured Income Plus. ABSLI Assured Income Plus offers guaranteed monthly income to fulfil monetary requirements of an individual and their family’s recurring needs for up to 30 years while building a financial safety net. 

 

This non-linked, non-participating individual savings plan offers several options providing enough flexibility to customize the product as per one’s requirements. It comes with two-income benefit options and allows the flexibility of three premium paying term options of 6, 8, and 12 years. While, the Income Only Benefit option (first in the industry) enables customers to fulfill their income needs, the Income Benefit with Return of Premium option helps in creating a legacy for the loved ones, in addition to recurring income. One may opt to receive the benefits annually, semi-annually, quarterly, or monthly for a period of 20, 25 or 30 long years, according to an individual's financial milestones. It also offers flexibility to commute all future incomes and Return of Premium, if any, as lumpsum, to address an untimely monetary need. Additionally, the plan gives enhanced risk coverage with a comprehensive rider suite at a nominal cost.

 

Commenting on the launch, MD & CEO of Aditya Birla Sun Life Insurance, Kamlesh Rao, said, “ABSLI Assured Income Plus is a robust insurance policy aiming to offer guaranteed regular income that can cater to the customer's short and long-term financial requirements. It is designed specifically for customers who are looking for an additional/alternate source of guaranteed long-term income. Besides these, the policy also offers a comprehensive life cover across the policy term. The goal of this product is to assist people to upgrade their lifestyle and fulfill their financial aspirations without compromise through a guaranteed inflow of recurring income stream”.

 

ABSLI Assured Income Plus also offers Sum Assured in a lump-sum to the nominee, in case of unfortunate death of the Life Insured anytime during the Policy Term. Moreover, The Nominee will have the flexibility to receive the amount of Death Benefit in Annual/ Monthly instalments instead of a lump-sum, over a period of 10 years.

 

Plan at a glance:

Entry Age	Min: 11 years for Policy Term of 7 years 9 years for Policy Term of 9 years 5 years for Policy Term of 13 years Max: 60 years
Premium Paying Term	6 years | 8 years | 12 years
Premium Payment Term (PPT), Policy Term (PT) and Benefit Payout Period	Premium Payment Term (PPT) Policy Term (PT): PPT + 1 year Benefit Payout Period* 6 years 7 years 20, 25, 30 years 8 years 9 years 20, 25, 30 years 12 years 13 years 20, 25 years *The Benefit Payout Period commences after the end of the Policy Term, during which the Survival Benefit is payable to the Policyholder. It is chosen at policy inception and cannot be changed thereafter.
Minimum Premium	Rs. 50,000
Minimum Sum Assured	Rs. 5,50,000
Benefit Payout Frequency	Annual | Semi-Annual | Quarterly | Monthly