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Aditya Birla Sun Life Insurance (ABSLI) Guaranteed Milestone Plan
Milestones Secured, Dreams Achieved
About ABSLI (Aditya Birla Sun Life Insurance) Guaranteed Milestone Plan
In life, it is a common aspiration for individuals to prioritize the well-being and happiness of their family members above all else. You put in tremendous effort, working diligently to earn a living that allows you to fulfil every dream and desire that your loved ones hold dear, no matter the obstacles you might face.
Given the unpredictable nature of today’s world, with economic uncertainties and unforeseen challenges, it becomes essential for you to take proactive steps to safeguard your family’s financial future and make certain that their dreams remain within reach and are protected for years to come. Ultimately, your commitment to their security and happiness drives you to make the best decisions possible for tier long-term welfare.
Presenting the ABSLI Guaranteed Milestone Plan, a thoughtful financial solution that acknowledges the significance of ensuring your family’s happiness and well-being, which is undoubtedly a top priority for you. This innovative plan is designed to support you in fulfilling your financial responsibilities and commitments, even in the unfortunate event of your absence. It aims to provide peace of mind and security, allowing you to focus on what truly matters - caring for and protecting your loved ones. By choosing this plan, you can rest assured that your family’s future is well-prepared and safeguarded.
Key Features of the ABSLI Guaranteed Milestone Plan
Here are some key features of the ABSLI Guaranteed Milestone plan -
- Benefits are fully secured and guaranteed to be paid upon death or at maturity.
- Guaranteed additions that enhance your corpus each year.
- Enjoy the option to include your spouse in your coverage with Joint Life Protection, available for an additional premium.
- The ability to select the policy term that best suits your needs.
- Enjoy the freedom to enrich your insurance coverage with tailored rider options by paying a nominal additional premium.
Eligibility Criteria of the ABSLI Guaranteed Milestone Plan
These criteria establish the essential minimum and maximum requirements for prospective policyholders, detailing the premium and policy terms associated with the ABSLI Guaranteed Milestone plan.
| Criteria | Details |
|---|---|
| Entry Age (Last Birthday) | 30 days to 60 years |
| Policy Term | 12, 14, 16, 18, 20, 22, 24, 26 years |
| Premium Paying Term (PPT) |
|
| Minimum Maturity Age | 18 years |
| Minimum Annualized Premium | ₹15,000 |
| Premium Modes | Annual, Semi-Annual, Quarterly, Monthly |
| Modal Loading | Annual: 0%, Semi-Annual: 2.00%, Quarterly: 3.00%, Monthly: 4.00% |
| Sum Assured | 15 times the annual premium |
| Minimum Sum Assured | ₹2,25,000 |
| Minimum Sum Assured on Maturity | ₹90,000 |
Additional Benefits and Details
These extra benefits significantly elevate the policy’s value, providing flexibility, financial security and opportunities for personalization.
- Fully Guaranteed Benefits: Both death and maturity benefits are fully guaranteed, ensuring your financial security.
- Guaranteed Additions: Guaranteed additions are annual enhancements designed to increase the policyholder’s savings steadily over time.
- Flexibility to Choose:
- You have the flexibility to choose the policy term and the premium payment method, allowing for a tailored experience that meets your unique requirements.
- The joint-life protection option enables policyholders to extend coverage to their spouses by paying an additional premium.
- Rider Options:
The policy provides an excellent opportunity to bolster your insurance coverage by adding riders, including -- ABSLI Accidental Death and Disability Rider
- ABSLI Critical Illness Rider
- ABSLI Surgical Care Rider
- ABSLI Hospital Care Rider
- ABSLI Waiver of Premium Rider
- ABSLI Accidental Death Benefit Rider Plus (Note: Riders are not available under Joint Life Protection)
- Reduced Paid-Up Benefits: Should you decide to discontinue paying premiums after two full years, your policy will automatically convert to a reduced paid-up policy. In this scenario, both the benefits and coverage will be recalibrated based on the premiums you have already paid.
- Loan Facility: This policy enables you to secure loans against their surrender value, with a minimum loan amount of 5,000 rupees and a maximum of up to 85% of the surrender value.
- Surrender Options: A policy becomes eligible for a surrender value after the premiums have been paid for a minimum of two full years. The policyholder is entitled to choose between the guaranteed surrender value or the special surrender value, whichever amount is greater.
- Revival Option: A lapsed policy can be reinstated within five years from the date of the first unpaid premium, provided that the outstanding dues and accrued interest are paid.
- Grace Period: A 30-day grace period (15 days for monthly plans) is offered for premium payments, allowing you to maintain your policy coverage during this time.
- Tax Benefits: Premium payments and benefits received may qualify for tax benefits under current tax regulations.
- Free-Look Period: The policy includes a generous free-look period of 15 days or 30 days for policies purchased through electronic or distance marketing. This allows policyholders to carefully review their policy and return it if they are not completely satisfied.
Documents Required to Buy ABSLI Guaranteed Milestone Plan
This table outlines the crucial documents required to acquire the ABSLI Guaranteed Milestone Plan -
| Document Type | Details |
|---|---|
| Application Form | To begin the purchasing process, you must submit a completed application form |
| Identity Proof | You may provide any of the following forms of identification:
|
| Address Proof | Accepted forms of identification include a Driver’s License, Voter ID, Passport or Aadhar Card |
| Passport-sized Photograph | A current passport-sized photograph is required for identification purposes |
| Income Proof (if applicable) | To determine eligibility, you may need to provide recent salary slips, bank statements or income tax returns |
| KYC Compliance Documents | To ensure compliance with regulations, additional documentation may be necessary for Know Your Customer (KYC) verification. |
Policy Details of ABSLI Guaranteed Milestone Plan
These are the core aspects of the ABSLI Guaranteed Milestone Plan as outlined in the brochure.
- Guaranteed Benefits:
- Guaranteed benefits upon death or at maturity.
- Guaranteed additions accumulate annually, enhancing your total wealth each year.
- Joint Life Protection: Includes the option to cover a spouse by paying an additional premium for enhanced security.
- Premium Payment:
- Select from a policy durations of 12, 14, 16, 18, 20, 22, 24, or 26 years.
- Premium payment terms are determined by the selected policy duration, which can range from 6 to 12 years.
- Modal premium options: Annual, Semi-Annual, Quarterly, and Monthly.
- Death Benefit (Single Life):
- Sum Assured on Death will be the highest of:
- Absolute amount on death.
- 105% of total premiums paid up to the death date.
- 10 times the annualized premium.
- Payments to the nominee are distributed in 10 equal annual instalments.
- Sum Assured on Death will be the highest of:
- Death Benefit (Joint Life):
- Upon the passing of the primary life insured, the spouse is entitled to receive death benefits either as a lump sum or in instalments.
- The policy remains in effect for the spouse without the need for any additional premium payments.
- Maturity Benefit: Upon reaching maturity, the policyholder will receive the Sum Assured in addition to any Guaranteed Additions that have accrued over the policy term.
- Premium Bands:
- Minimum annualized premium: ₹15,000.
- Premium bands are determined by the frequency of payments, whether they are made annually, semi-annually, quarterly or monthly.
- Policy Loans: Once your policy accumulates a surrender value, you can access a loan facility. The minimum loan amount is 5,000 rupees, with the option to borrow up to 85% of the surrender value.
- Surrender Value:
- Policies gain a surrender value once premiums have been paid for a minimum of 2 years.
- The surrender value is determined by taking the greater amount between the Guaranteed Surrender Value and the Special Surrender Value.
- Revival and Grace Period: Policyholders have the opportunity to reinstate lapsed policies within a five-year window by settling overdue premiums along with accrued interest,
- Riders (Optional):
- ABSLI Accidental Death and Disability Rider
- ABSLI Critical Illness Rider
- ABSLI Surgical Care Rider
- ABSLI Hospital Care Rider
- ABSLI Waiver of Premium Rider
- Tax Benefits: You may qualify for certain tax benefits s per the current tax law.
- Exclusions: The suicide exclusion is applicable for 12 months following the commencement or revival of the policy.
How to File ABSLI Guaranteed Milestone Plan Claim?
This table offers a detailed guide on filing a claim with Aditya Birla Life Insurance, outlining the necessary steps, required documents and methods for submission.
| Online Claim Process | Offline Claim Process |
|---|---|
1. Claim Intimation
| 1. Download and Fill Out Forms
|
2. Claim Processing
| 2. Gather Required Documents
|
3. Claim Decision
| 3. Submit Your Claim
Claims Grievance Redressal Committee
|
Key Inclusions and Exclusions of the Plan
This table highlights the essential inclusions and exclusions outlined in the ABSLI Guaranteed Milestone plan brochure.
What's Included
- Non-linked, non-participating life insurance policy
- The sum assured on death will be the greater of the absolute amount, 105% of the total premiums paid or 10 times the annualized premium
- Interest accumulates monthly and is payable upon death or maturity
- The total amount guaranteed upon maturity, along with the accumulated guaranteed additions
- Includes coverage for both primary and secondary lives
- If premiums are paid for a minimum of 2 years, the policy remains in effect with benefits reduced in proportion to the premiums contributed
- Choose from annual, semi-annual, quarterly or monthly payment options
- You can obtain a loan of the surrender value once your policy has accumulated enough surrender value
- In the unfortunate event of a suicide within 12 months, the payout will be greater than either the surrender value or the total premiums paid (excluding taxes)
- You have 15 days to review and cancel your policy or 30 days if it is an electronic policy or one sold under distance marketing guidelines
What's Not Included
- N/A
- If death occurs before the start of the risk period, only the premiums paid will be refunded, excluding any taxes
- Once the policy transitions to reduced paid-up status, no new guarantee additions will be made
- N/A
- Riders for joint life protection cannot be obtained and this option can only be discontinued upon the death of one of the insured individuals
- Guaranteed additions remain intact but no new decisions will accrue. Meanwhile, riders will terminate under Reduced Paud-up status
- N/A
- The policy is considered terminated if the outstanding loan reaches or surpasses the surrender value without any repayment mode
- The full death benefit is not payable if the policyholder commits suicide within 12 months of the policy’s inception or revival
- N/A
ABSLI Assured Guaranteed Milestone Plan Contact Details
| Contact Method | Details |
|---|---|
Call | |
| Toll-free within India | 1800 270 7000 |
| Availability | Daily, 10 am - 7 pm |
| General Queries | care.lifeinsurance@adityabirlacapital.com |
| NRI Customers | absli.nrihelpdesk@adityabirlacapital.com |
Registration | |
| Missed Call | +91 7676690033 |
| SMS for Registration | Send 'OPTIN' to 567679 from your registered mobile number |
| WhatsApp Contact | Save +91 8828800040 as 'ABSLI Contact' and say 'Hi' to start a conversation |
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