Aditya Birla Sun Life Insurance Company Limited (ABSLI), the life insurance arm of Aditya Birla Capital, has introduced the “ABSLI Salaried Term Plan”. This tailored and cost-effective protection solution is specifically designed for salaried professionals. The plan, categorised as non-linked, non-participating, life individual, pure risk, and a premium plan, empowers salaried individuals to customise their protection plans based on their unique needs.
The ABSLI Salaried Term Plan provides policyholders with a variety of inclusive life cover options tailored to meet their diverse needs. In addition to the standard Life Cover option, policyholders have the flexibility to opt for a Life Cover with a Return of Premium (ROP) feature. With this option, policyholders can receive a refund of the total premiums paid upon survival (excluding GST, loadings, and other charges).
The key features of the plan include:
- Versatility: Choose from four life cover alternatives – Life Cover, Life Cover with Return of Premium, Fixed Income Cover, and Increasing Income Cover (with an Income Escalation Rate of either 5% or 10%).
- Initial year premium reduction: Receive a 7% discount, with an extra 2% discount extended to female policyholders.
- Extended protection duration: Secure long-term protection with a policy term that can stretch up to 49 years, reaching a maximum maturity age of 70 years.
- Additional protection with riders: Enhance your protection by selecting from a variety of rider options.
- Supplementary attributes: Shield your family from 42 specified critical illnesses through the benefits of Accelerated Critical Illness (ACI).
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Moreover, the “Fixed Income Cover” choice guarantees that the nominee receives a monthly income equivalent to 1.25% of the selected sum assured on the policy monthiversary following the insured individual’s demise within the chosen Income Benefit period, which can span 10, 15, or 20 years.
The “Enhanced Income Cover” feature in the ABSLI Salaried Term Plan provides comparable advantages, with the income rising annually by the selected Income Escalation Rate of either 5% or 10% per annum, calculated on a simple interest basis. This ensures that the nominee receives an income that keeps pace with inflation.
Commenting on the announcement, Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance, said, “By introducing the ABSLI Salaried Term Plan, we acknowledge the specific financial hurdles that salaried individuals encounter to meet their protection needs. This unique term plan reflects our commitment to delivering customized protection solutions to our customers and becoming a reliable partner in safeguarding the aspirations and financial future of salaried professionals in India.”
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The entry age ranges from a minimum of 21 to a maximum of 55 years, and the policy matures at the age of 70. Policyholders can choose from various premium payment term (PPT) options, including limited pay (5, 7, 10, 12, 15, and 20 Years) and regular pay. Additionally, for enhanced protection, policyholders have the flexibility to select from several rider options, such as the Accidental Death Benefit Rider Plus/ABSLI Accidental Death and Disability Rider, Critical Illness Rider, Hospital Care Rider, and Waiver of Premium Rider.
