Aditya Birla Sun Life Insurance (ABSLI) has announced the launch of a non-linked non-participating individual savings life insurance plan named ABSLI Nishchit Aayush Plan that provides guaranteed regular income and lump sum benefits.
"The beauty of the construct is that you can guaranteed income. Guaranteed income is the USP of this plan apart from other benefits," said Kamlesh Rao, MD & CEO of Aditya Birla Sun Life Insurance, underscoring that ABSLI Nishchit Aayush Plan provides the flexibility to customize one's regular income requirements as per one's financial goals.
The plan gives the flexibility to an investor to choose to receive income benefits in annual or semi-annual or quarterly or monthly frequency.
One can start getting income payouts immediately, i.e. at the first monthly anniversary (monthly mode) or from the first or second policy anniversary till the end of the policy term.
Moreover, one can choose level income with lumpsum benefit or level income with enhanced lump sum benefit or increasing income with lumpsum benefit. The minimum sum assured under this plan is ₹3 lakh while the minimum annualized premium is ₹30,000.
The plan also offers the flexibility to add the following riders to enhance the risk coverage during the policy term:
1. ABSLI Accidental Death Benefit Rider Plus
2. ABSLI Critical Illness Rider
3. ABSLI Surgical Care Rider
4. ABSLI Hospital Care Rider
5. ABSLI Waiver of Premium
These riders provide cover independent of each other and are optional covers.
The life insurance space is expected to grow rapidly in the coming years. As per media reports, the life insurance space may see a growth of more than 6% in 2022 and more than 7% in the next year 2023.
Industry observers see Covid as one of the primary reasons which have boosted the sector.
As Mint reported earlier, quoting data from the Life Insurance Council, the new business premium income of India's life insurance companies increased by 15.3% to ₹24,916.58 crore in October 2022.