Aditya Birla Sun Life Insurance launches ABSLI Assured Income Plus!
A plan that offers ‘Guaranteed Long Term Income’
Mumbai, December 7, 2020: 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 fulfil 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 fulfil 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 |
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| Premium Paying Term | 6 years | 8 years | 12 years | ||||||||||||
| Premium Payment Term (PPT), Policy Term (PT) and Benefit Payout Period |
*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. |
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| Minimum Premium | Rs. 50,000 | ||||||||||||
| Minimum Sum Assured | Rs. 5,50,000 | ||||||||||||
| Benefit Payout Frequency | Annual | Semi-Annual | Quarterly | Monthly |
About Aditya Birla Sun Life Insurance, an Aditya Birla Capital Company
Aditya Birla Sun Life Insurance Company Limited (ABSLI), is a life insurance subsidiary of Aditya Birla Capital Ltd (ABCL). ABSLI was incorporated on August 4th, 2000 and commenced operations on January 17th, 2001. ABSLI is a 51:49 a joint venture between the Aditya Birla Group and Sun Life Financial Inc., a leading international financial services organization in Canada.
ABSLI is one of India’s leading life insurance companies offering a range of products across the customer’s life cycle, including children future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans and Unit Linked Insurance Plans (“ULIPs”).
As of September 2020, total AUM of ABSLI Stood at Rs. 468,967 million. ABSLI recorded a gross premium income of Rs. 39,833 million in H1 FY 2020-21 and registering a y-o-y growth of 29% in Gross Premium with Individual Business FYP at Rs 7,910 Mn. ABSLI is currently ranked 7th in Individual Business (Individual FYP adjusted for 10% single premium) (Source: IRDAI reported Financials). ABSLI has a nation-wide distribution presence through 370+ branches, 8 bancassurance partners, 6 distribution channels, over 82,000 direct selling agents, other Corporate Agents and Brokers and through its website. The company has over 13,000 employees and more than 17 lac active customers.
About Aditya Birla Capital
Aditya Birla Capital Limited (ABCL) is the holding company for the financial services businesses of the Aditya Birla Group.
ABCL’s subsidiaries have a strong presence across Protecting, Investing and Financing solutions, ABCL is a universal financial solutions group catering to diverse needs of its customers across their life stages. Powered by more than 21,000 employees, the subsidiaries of ABCL have a nationwide reach with 800+ branches and more than 2,00,000 agents / channel partners and several bank partners.
As of September 30th, 2020, Aditya Birla Capital Limited manages aggregate assets under management around Rs. 3000 billion, has a consolidated lending book of over Rs. 575 billion, and an active customer base of over 20 million, through its subsidiaries and joint ventures.
Aditya Birla Capital Limited is a part of the Aditya Birla Group, a US$ 48.3 billion Indian multinational, in the league of Fortune 500. Anchored by an extraordinary force of over 120,000 employees, belonging to 42 nationalities, the Aditya Birla Group operates in 36 countries across the globe.
About Sun Life Financial Inc, Canada
Sun Life Financial is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life Financial has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30th, 2020, Sun Life Financial had total assets under management of CAD 1,186 billion. For more information please visit www.sunlife.com. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
