Aditya Birla Sun Life Insurance (ABSLI), the arm of Aditya Birla Capital Limited (ABCL) on January 24, 2019, launched a ABSLI Monthly Income Plan to take care of one’s recurring expenses. The plan aims to provide regular monthly income until maturity to meet one’s future financial requirements. It is a non-linked plan, which provides monthly income of 1 per cent of sum assured up to maturity date after the premium payment is over. This plan comes with two options, first is Level Income Benefit, where one can avail a fixed income benefit of 1 per cent of the sum assured per month.
The second option which is increasing income benefit provides policyholder a fixed income benefit of 1 per cent of the sum assured per month with an additional benefit of increasing the income by 5 per cent per annum after twelve months. That said, one also has the option to receive the income benefit annually rather than monthly, at any policy anniversary or after the commencement of the Income Benefit Period. Further with the deferment option customers can plan their finances as per their life’s milestones. This product suits for those who are looking for a regular monthly income post/early retirement or even a source of second income for many.
The plan also offers death benefit in case of unfortunate death of the life insured. In such scenario the plan provides the base sum assured as lump sum and starts paying the monthly income immediately. In addition to that the plan also comes with an in-built accidental death benefit where an additional sum assured over and above the base sum assured will be paid in lump sum besides initiating the monthly payouts, in the event of death of the life insured owing to an accident. Thus, providing double sum assured to the nominee in case of an accidental death along with the monthly income benefit. In addition to that bonuses accrued during the policy term would also be paid at the end of the policy term.
Pankaj Razdan, MD & CEO, Aditya Birla Sun Life Insurance and Deputy CE, Aditya Birla Capital at the launch of the product said: “Life after retirement has emerged as one of the biggest uncertainties of people today. Besides, there are many- especially the Gen Z- who aspires to retire early and follow their passion. To help such people fulfill their aspirations and dreams financially, we have launched this product which would assist people at different stages from youth to retirement. Additionally, the accidental death benefit will provide complete financial security to the policyholder’s loved ones.”