Pune: Aditya Birla Sun Life Insurance (ABSLI), the life insurance arm of the Aditya Birla Capital Limited (ABCL), a significant non-bank financial services company, has launched the ABSLI Income Shield Plan, a first of its kind non-linked non-participating term insurance plan. Expanding the company’s footprint in the protection segment, Income Shield is designed to cater to a unique protection need of the customer. Where mostly financial planning revolves around key milestones pertaining to one’s family, the critical aspect of survival in case of loss of monthly income arising due to the death of the earning member is often taken for granted or ignored. ABSLI Income Shield Plan offers salary/monthly income replacement in case of the unfortunate untimely demise of the customer.
Speaking on the launch, Pankaj Razdan, MD and CEO, Aditya Birla Sun Life Insurance said, “We at Aditya Birla Sun Life Insurance are focused on providing holistic protection solutions to our customers. Rising prices and various uncertainties pose a threat to the financial stability of an earning individual’s family post his demise. In order to ensure that the family does not face financial instability due to the loss of the individual’s monthly income owing to untimely death, we have launched Income Shield, a traditional protection plant at provides one’s dependents with a regular monthly income and ensure that their life goes on even after the loved one is no more.”
Income Shield aims to provide the policyholder’s family with a regular monthly income for a specified period to ensure that they maintain the same standard of living as is till they recover from the loss of their loved one. In the event of death of the life insured during the policy term, monthly income depending on the chosen plan option will be paid to the nominee over the Income Benefit Term. The first payout will be made on the acceptance of the death claim and subsequent monthly payouts will be made on each policy month anniversary throughout the Income Benefit Term. In this plan, the policyholder also has an option to choose their income benefit payout tenure basis which the company will devise a need based protection solution for its customers. This plan is ideal for the salaried masses that are dependent on the monthly income for day to day expenses.
Keeping in mind the needs of the increasing women workforce, ABSLI Income Shield Plan also offers benefit exclusively for women – EVA benefit. The benefit ensures freedom from paying premiums for a year in case the female life insured delivers a baby during the policy term. At that stage the top priority for a mother is to bond with the new born without worrying about financial obligations. This benefit will be offered under all plan options and the life insured (if females) can avail of this benefit only once during the policy term.
Limited Pay – 6 | 10 Years
Maximum – No Limit
ABSLI Income Shield Plan is offered to customers through the below four options:
Additionally on diagnosis of a Critical Illness^ or diagnosis of Total Permanent Disability^ whichever is earlier, the future premiums will be waived off and the policy will continue till the end of policy term
Additionally on diagnosis of a Critical Illness or diagnosis of Total Permanent Disability whichever is earlier, the future premiums will be waived off and the policy will continue till the end of policy term
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