Aditya Birla Sun Life Insurance unveils Salaried Term Plan; details here
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:
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
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