ABSLI Vision LifeIncome Plus Plan

The income benefit pays regular income to the policyholder on maturity of the policy. The benefit is paid to the family after the policyholder passes away.

At inception, you will have the following bonus utilization options available:

Paid Up Additions (PUA): Bonuses in the form of Paid Up Additions (if any), will accumulate under the policy from the end of the 1st policy year and onwards.

Cash Value of Paid Up Additions (PUA): You can opt to take a Cash Value of Paid Up Additions (if any), which will be payable to you every year from the end of the 1st policy year and onwards.

ABSLI Vision LifeIncome Plus Plan provides the following options:

Choice of 3 Benefit Options: The plan gives you flexibility to choose from three Benefit Options I.e. Short-Term Income, Long Term Income and Whole Life Income (Till Age 100 or Till Age 85) to cater to your family’s needs across all life stages.

*Guaranteed Regular Income: A regular flow of *guaranteed income for the number of years you choose.

Cash-in-hand even while paying premiums: Complete flexibility to receive paid-up additions in cash from the end of the first policy year onwards – for immediate liquidity. You can also accumulate the bonus as paid-up additions and withdraw when you need it.

Life cover up to a maximum of age 100: Get covered for life with a life insurance cover that lasts until your 100th birthday.

Waiver of Premiums: Inbuilt benefit^ that waives off your future premiums in case of an eventuality, to ensure your family’s future remains secure even in your absence.

Customizable Benefits: Increase your insurance cover through riders, which are available at a nominal extra cost.

^Available with ‘Short Term Income’ Option only

*Provided all due premiums are paid and the policy is in force

You choose a life insurance plan like ABSLI Vision LifeIncome Plus Plan with an income benefit if you are the sole earner in the family, if you have more than one dependents, if you have loan EMIs to pay, and if you want to sustain the standard of living.

ABSLI Vision LifeIncome Plus plan gives you options for regular income as well as render financial protection for the family. You need a savings plan like ABSLI Vision LifeIncome Plus Plan if you have a vision to manage expenses that will fall due in the future. Money is never sufficient and hence planning for it becomes a must.

Yes, there are plan options available under the ABSLI Vision LifeIncome Plus Plan. These benefits once chosen cannot be changed throughout the policy term. At policy inception, you will have the option to choose from the below mentioned Benefit Options:

Short Term Income – Get *Guaranteed Income after Premium Payment Term for 10 years

Long Term Income – Get *Guaranteed Income after Premium Payment Term for 20, 25 or 30 years

Whole Life Income – Get *Guaranteed Income after Premium Payment Term till Age 100 or till Age 85 years (subject to max 30 years)

*Provided all due premiums are paid and the policy is in force

The minimum premium available under this plan is Rs. 50,000 per annum.

The Maximum maturity under ABSLI Vision LifeIncome Plus is

Yes, provided there is no non-disclosure on the COVID Questionnaire. Please ensure that the COVID questionnaire is filled.

In case the Life Insured, minor or major, dies due to suicide within 12 months from the Risk Commencement Date or date of revival of the policy, the policy shall immediately terminate, and Company shall pay the following to the Nominee

1. Where the Policy has acquired the Surrender Value, higher of Surrender Value or (Sum of all Premiums paid plus underwriting extra premiums paid plus loadings for modal premiums paid excluding applicable taxes) till date of death.
2. Where the Policy hasn’t acquired the surrender value, sum of all premiums paid plus underwriting extra premiums plus loadings for modal premiums paid excluding applicable taxes) till date of death.

As per extant tax laws, this plan offers tax benefits under Section 80C, 80D (for specific rider premium) and Section 10(10D) of the Income Tax Act, 1961, subject to fulfilment of the other conditions of the respective sections prescribed therein. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by policyholder. It is advisable to seek independent tax advice.

Anyone meeting the following criteria is eligible for this plan

30 days to 60 years for Short Term Income Option

30 days to 55 years for Long Term Income Option .