Protect your family's life with guaranteed income savings life insurance policy
Do you dream of having a life where you are not worried about financial conditions? You are not alone in the race chasing your dreams and making your own capacity for savings. But does that really help in the long run? The amount of money you save can be too much for you, but that will not be enough.
You can save money in abundance only if you start investing a bit in a guaranteed income plan. These are available in insurance policies that provide you with a life cover for a definite period and offer you monetary benefits.
If you wish to live a less hassled life after retirement or after a few years, you must have accumulated savings. This bulk of money can be of great help, especially when you retire and the family necessities are haunting you.
Let us now explore what is a savings plan and why one must have it?What is a savings life insurance plan?
A savings life insurance plan is a financial product that makes savings a discipline of your life. After investing over some time, you are eligible to get steady returns for your financial goals in life. These policies are also helpful for your dependent family members in case of your untimely demise.
Saving is an incredibly vital activity, just like eating your meals, exercising, sleeping, and other life activities. However, if you fail to save or make plans, be assured that you will be leaving your family to face the vagaries of life. For sure, you would not want this to happen.
This is why putting the money in suitable investment tools is crucial until it gives you a security net. Hence, you must consider buying a savings insurance plan as it fits the need to fulfil security and savings simultaneously. Though choosing the plan depends on your risk absorption capacity, not having any because of low paying capacity is a failure.
Savings plans in India are for wealth creation that pays you back when you need plenty of money. The contention here is there is a wide variety of products available, and hence it is difficult to pick one. Moreover, not all plans can meet your benchmarks of returns, death benefits, coverage, and other factors.
Amongst different varieties of products, a guaranteed income plan ensures you enough security after retirement. In addition, most companies provide the option to customize the product.
Let us explore what are guaranteed income plans in detail.Important things to consider when buying a savings insurance plan
When it is about money, you cannot just throw it away.
Savings is not just a matter of choice but is the demand of time. Keeping a sum of money aside every month is not going to help. If this is clear, you should invest in the right savings plan. And before you move to select a savings plan, these are things you must consider.
Keep continual monitoring of your portfolio: After investing in the savings plan, you must keep checking the returns you receive.
Savings is an art of calculation and speculation. You can compute the returns and consider which you can buy a savings plan. Well, investments are always made to get guaranteed returns of income. So let us explore more options about it.What is a guaranteed income plan?
"Guaranteed" indicates an assurance of receiving something in return. These plans keep your returns free from market influences. This implies that:
The number of years for which you have to pay the premium may look daunting to you. However, keeping your family protected is your prime motive for which you will take pains to pay the premium amount.
By now, you must have understood what purpose a guaranteed income plan solves. Now further, you can see how Aditya Birla Sun Life Insurance's (ABSLI's) Guaranteed Income Plan resolves your concern for a guaranteed income.ABSLI Secure Plus Plan: Guaranteed Income Plan from Aditya Birla Sun Life Insurance
Our company offers a simple to understand and affordable plan that you can think of to invest in. The motive of the company is to help you protect your dreams with an assured income. Here is how the plan works:Ways in which you can protect you and your family with a guaranteed income savings life insurance plan
If you buy ABSLI Secure Plus Plan, these are the benefits you will get:
If you cannot pay the premium for an entire two years, the policy will lapse.How does ABSLI Secure Plus Plan Work?
Ishita, a 36 years old female chose option B under ABSLI secure plus plan for a Sum Assured of Rs.15 lac. She wanted a guaranteed income with the plan. She found out the best combination for herself. Ishita decided to buy a savings plan with a policy term of 10 years and a premium paying term of 10 years. Ishita was working with an MNC at a good salary package. She decided to pay the premium annually. Let us now see how the plan works under Option A.Policy Year End Annualized Premium Premium Paid Guaranteed Income Death Benefit Income Benefit 1 100000 100000 1500000 2 100000 200000 1500000 3 100000 300000 1500000 4 100000 400000 1500000 5 100000 500000 1500000 215000 6 100000 600000 1500000 7 100000 700000 1500000 8 100000 800000 1500000 9 100000 900000 1500000 10 100000 1000000 1500000 215000
You now know how the plan will pay you. After discussing with Ishita one of her senior colleagues Mansi thought of saving the money. Mansi realized that she was late but then she wanted to start as soon as possible. Ishita explained the key features of the guaranteed income plan to her:
After detailing Mansi about the prime benefits, Ishita asked Mansi to check whether she was eligible to take the policy or not.
Let us now see what is the eligibility criteria to buy the ABSLI Secure Plus Plan.Eligibility Criteria for ABSLI Secure Plus Plan
Entry Age 4 years to 50 years Maturity Age 64 years maximum Minimum Premium Rs.50,000 per annum for annual mode.
Rs.36,000 for monthly mode.Sum Assured It depends on the entry age as well as the premium amount you want to pay. Minimum Sum Assured Rs.5,22,000 Premium Mode Only Monthly or Yearly.
Guaranteed Income Savings Plan is a mind pleasing product for those who want life cover for their dependents and yet put money in savings without risks. For these people, guaranteed income plays a vital role in their life. Conclusion
A guaranteed income plan assures you of high relevance especially when you retire. It helps you manage the significant expenses of the family. Investment and savings is the game of every household. The guaranteed income plans are non-participating traditional insurance plans that help you manage untimely and unexpected expenses. If you are unsure of which method you should choose for savings, you must consult a representative.
More Information on Guaranteed Income Savings Life Insurance Policy
Q. What is the guaranteed maturity benefit I stand to gain under the ABSLI Secure Plus Plan?
Answer: Under the guaranteed maturity benefit of ABSLI secure plus plan, you get help in these formats:
Option A: 100% to 600% of annualized premium up to 6 years at the end of each year.
Option B: 215% of annualized premium at the end of each year for 8 years, 10 years, or 12 years.
Q. Can I change how the maturity benefits are paid out under the ABSLI SecurePlus Plan?
Answer: Yes, you can choose the commuted value if you survive the entire term of the policy. The commuted value is the total lump sum benefit you choose to receive at the end of the policy.
Q. What happens in case of the life assured's untimely demise during the ABSLI SecurePlus Plan policy term?
Answer: If the policyholder dies untimely, the nominee will get the death benefit. They will receive the total sum assured chosen under the policy. But the condition remains that the premium is paid for the complete policy term. If that has not happened, then the nominee is eligible for reduced benefits when the premium was paid continuously for a minimum of two years. If the policyholder does not reimburse the premium for two years, the policy will lapse, and the nominee will not receive any benefit.
Q. Are there any riders available in the ABSLI Secure Plus Plan policy?
Answer: Yes, there are a total of 4 policy riders available under the ABSLI Secure Plus Plan. These are:
ABSLI Critical Illness Rider (UIN: 109B019V03)
ABSLI Surgical Care Rider (UIN: 109B015V03)
ABSLI Hospital Care Rider (UIN: 109B016V03)
ABSLI Waiver of Premium Rider (UIN: 109B017V03)