The ABSLI Assured Savings Plan, offered by Aditya Birla Sun Life Insurance, is a non-linked, non-participating individual savings life insurance policy designed to provide financial security through guaranteed returns, life cover, and tax benefits. This plan is ideal for individuals seeking a disciplined approach to savings while ensuring their family's financial protection.
? Key Features of ABSLI Assured Savings Plan
1. Guaranteed Maturity Benefit
Policyholders receive a lump sum payout at the end of the policy term, ensuring financial support for future milestones. This benefit is guaranteed, providing peace of mind regarding the accumulation of savings.
2. Loyalty Additions
To enhance the maturity corpus, the plan offers loyalty additions, which are added to the policy at regular intervals. These additions boost the overall benefit payable at maturity, rewarding long-term policyholders.
3. Comprehensive Life Cover
The plan provides life insurance coverage, ensuring financial protection for your loved ones in case of an unfortunate event. This feature combines the benefits of savings and insurance, offering dual advantages.
4. Joint Life Protection Option
Policyholders have the flexibility to include their spouse under the same policy, offering joint life protection. This feature ensures that both partners are financially safeguarded, enhancing family security.
5. Flexible Premium Payment Terms
The plan offers various premium payment terms, allowing policyholders to choose a schedule that aligns with their financial capabilities and goals.
? ABSLI Assured Savings Plan Benefits
Dual Advantage: Combines life insurance coverage with guaranteed savings, ensuring both protection and financial growth.
Financial Security: Provides a lump sum benefit at maturity, aiding in achieving life goals such as children's education, marriage, or retirement planning.
Tax Benefits: Premiums paid qualify for tax deductions under Section 80C of the Income Tax Act, 1961, up to ₹1.5 lakh per annum.
Enhanced Returns: Loyalty additions increase the maturity benefit, providing higher returns on the premiums paid.
? ABSLI Assured Savings Plan Tax Benefits
Under the Income Tax Act, 1961, the ABSLI Assured Savings Plan offers the following tax advantages:
Section 80C: Premiums paid are eligible for tax deductions up to ₹1.5 lakh per financial year.
Section 10(10D): The maturity benefits received are tax-free, provided the sum assured is at least 10 times the annual premium.
These tax benefits make the plan an attractive option for individuals looking to save on taxes while securing their financial future.
? ABSLI Assured Savings Plan Surrender Value Calculator
Understanding the surrender value is crucial if you decide to exit the policy before its maturity. The surrender value is the amount payable to the policyholder upon surrendering the policy, which may include:
Guaranteed Surrender Value (GSV): A fixed percentage of the premiums paid, excluding the first year's premium.
Special Surrender Value (SSV): A higher value determined by the insurer, considering factors like policy duration and economic conditions.
To calculate the surrender value, you can use online tools or consult with your insurance advisor. It's advisable to evaluate the financial implications before deciding to surrender the policy.
? Comparison Table: ABSLI Assured Savings Plan vs. Other Plans
| Feature | ABSLI Assured Savings Plan | ABSLI Assured Income Plus | Aditya Birla Guaranteed Income Plan |
|---|---|---|---|
| Guaranteed Maturity Benefit | ✅ Yes | ✅ Yes | ✅ Yes |
| Life Insurance Cover | ✅ Yes | ✅ Yes | ✅ Yes |
| Tax Benefits | ✅ Under Section 80C & 10(10D) | ✅ Under Section 80C & 10(10D) | ✅ Under Section 80C & 10(10D) |
| Loyalty Additions | ✅ Yes | ❌ No | ❌ No |
| Joint Life Protection Option | ✅ Yes | ✅ Yes | ✅ Yes |
| Flexibility in Premium Payment | ✅ Yes | ✅ Yes | ✅ Yes |
❓ Frequently Asked Questions (FAQs)
Q1: What is the minimum age to purchase the ABSLI Assured Savings Plan?
The minimum age at entry is 30 days for a single life policy and 18 years for a joint life policy.
Q2: Can I add riders to enhance my coverage?
Yes, you can opt for additional riders such as accidental death benefit and hospital care rider to enhance your policy coverage.
Q3: Is there a grace period for premium payment?
Yes, a grace period is provided for premium payments, ensuring that your policy remains in force even if the premium is paid after the due date.
Q4: Can I take a loan against my policy?
Yes, you can avail of a loan against the surrender value of your policy, subject to the insurer's terms and conditions.
Q5: What happens if I miss a premium payment?
If a premium is missed, the policy may lapse. However, you can revive the policy within a specified period by paying the due premiums along with interest.
? Conclusion
The ABSLI Assured Savings Plan is a comprehensive financial product that combines the benefits of life insurance with guaranteed savings. It offers financial security, tax advantages, and flexibility, making it an excellent choice for individuals seeking to secure their family's future while achieving their financial goals.
