Aditya Birla Sun Life Insurance (ABSLI) and Policybazaar have jointly launched a new life insurance plan called ‘Income Suraksha Plan’. The plan offers a guaranteed monthly income for life in the “unfortunate event” of the policyholder’s death, the company said.
Main features:
Ensure a stable income for your family in your absence.
Choice between Fixed Income Protection or Growing Income Protection, depending on needs.
Flexibility in selecting premium payment terms and improving coverage with additional options.
The Growing Income Protection option offers a 5 percent annual increase in monthly income, capped at 1.5 times the initial amount.
Up to 9 percent one-time discount on first year premium.
Eligibility
Entry age: 21 to 55 years
Age of maturity: 31 to 70
Plan options:
Fixed Income Protection – Provides a fixed monthly income to your nominee for the term of the chosen policy.
Example: If a 35-year-old non-smoker opts for a policy with a monthly income of Rs 1,00,000 and dies in the 15th year of the policy, the nominee will receive Rs 1,00,000 per month for the remainder of the policy term.
Growing Income Protection: Provides a growing monthly income, starting in the fifth year of the policy, with an annual increase of 5 percent, payable up to 1.5 times the initial amount.
Example: If a 35-year-old non-smoker opts for this plan with a monthly income of Rs 1,00,000 and dies in the fifth policy year, the nominee starts receiving Rs 1,21,550 monthly, increasing annually up to Rs 1,50,000.
Benefits
In the event of the death of the insured, the nominee receives a monthly income based on the chosen plan option.
Option for the nominee to receive a lump sum instead of monthly payments.
Riders
Additional insurance includes accidental death and disability, critical illness, surgical care, hospital care and waiver of premium in case of critical illness or disability.
Premium payment methods
Flexible options are available to pay premiums annually, semi-annually, quarterly or monthly.
Exclusions
Suicide Clause: In the event of death by suicide within 12 months, only the premiums paid or the value of the unexpired risk premium will be refunded, whichever is higher.
First published: August 30, 2024 | 18:18 IS
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