The Birla Income Suraksha Plan offers a financial safety net for your family, ensuring they receive a steady income even after your death.
This plan guarantees either a fixed amount or an inflation-adjusted income for your dependents until the policy matures. It is designed to provide long-term financial stability and peace of mind.
How the Plan Works
For instance, if you are 30 years old with an annual income of ₹10 lakh and purchase a term plan until age 70 (for 40 years), your family will receive a minimum annual amount of ₹10 lakh if you pass away in the first year.
Fixed Income Calculation: Fixed amount=Minimum amount×Years till maturity after death\text{Fixed amount} = \text{Minimum amount} \times \text{Years till maturity after death} Rs 10,00,000×(70−30)=Rs 4,00,00,000\text{Rs 10,00,000} \times (70 – 30) = \text{Rs 4,00,00,000}
Guaranteed Payments: Payments to family members are guaranteed for at least 10 years, even if death occurs just before the policy’s expiration. Minimum amount×10=Fixed amount\text{Minimum amount} \times 10 = \text{Fixed amount} Rs 10,00,000×10=Rs 1,00,00,000\text{Rs 10,00,000} \times 10 = \text{Rs 1,00,00,000}
Key Benefits of the Plan
Guaranteed Minimum Payments: Even if you pass away just before the policy ends, your family will receive the minimum amount for the next 10 years, with payments available both monthly and annually.
Inflation Adjustment: The plan offers an option to adjust income according to inflation, increasing by 5% annually, potentially reaching up to 1.5 times the original amount.
Tax Benefits: Like a term plan, the payments from this plan are tax-free.
Cost-Effective: This plan provides significant benefits at a cost comparable to a standard term plan. For example, a premium of ₹1.2 crore can secure a payout of ₹4 crore.
Discounts: There is a 7% discount for salary-class customers in the first year, an additional 2% discount for female customers, and a lifetime 4% discount for online purchases.
Sarbvir Singh, Joint Group CEO of PB Fintech, highlights that this plan addresses the challenge of balancing immediate financial needs with long-term security.
The collaboration with Aditya Birla Sun Life Insurance aims to make term insurance more accessible and beneficial for families.
