Aditya Birla Sun Life Insurance Company Limited (ABSLI), the life insurance subsidiary of Aditya Birla Capital, has announced the launch of ‘ABSLI Salaried Term Plan’ – a customised and budget-friendly protection solution for salaried professionals. It is a Non-Linked, Non-Participating, Life Individual, Pure Risk, Premium Plan, that offers salaried professionals the freedom to design plans, as per their individual protection needs.
ABSLI Salaried Term Plan offers a range of comprehensive life cover options to suit the diverse needs of policyholders. Apart from the conventional Life Cover option, policyholder can choose a Life Cover with Return of Premium (ROP) option that allows them to receive the total premiums paid on survival. (Excluding GST, Loadings, and other charges).
Furthermore, the Fixed Income Cover option ensures that the nominee receives a monthly income equal to 1.25% of the chosen Sum Assured on policy monthiversary on or after death during the selected Income Benefit Period, which can be 10, 15, or 20 years.
The Increasing Income Cover option in the Aditya Birla Sun Life Insurance Salaried Term Plan offers similar benefits, but the income increases annually, based on the chosen Income Escalation Rate of either 5% or 10% per annum on a simple interest basis. This enables the nominee to be a recipient of income that’s consistent 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 insurance plan reflects our commitment to delivering customized protection solution to our customers and becoming a reliable partner in safeguarding the aspirations and financial future of salaried professionals in India.”
ABSLI Salaried Term Plan provides a long-term comprehensive protection with policy term spanning up to 49 years. Further, the minimum & maximum entry age is 21 to 55 years, respectively, with a maximum maturity age of 70 years.
The policyholders will have the option to choose between multiple PPT (Premium Payment Term) options i.e., Limited Pay (5, 7, 10, 12, 15 and 20 Years) & Regular Pay. For added protection, policyholders will have the option to choose between several rider options i.e., Accidental Death Benefit Rider Plus/ ABSLI Accidental Death and Disability Rider, Critical Illness Rider, Hospital Care Rider & Waiver of Premium Rider.