For the salaried class, ensuring long-term financial security for their family in their absence is a major concern.
To address this, Aditya Birla Sun Life Insurance Company Limited, in partnership with Policybazaar, has introduced a new term insurance plan called the “ABSLI Income Protection Policy.”
This plan is designed to provide a regular monthly income to the policyholder’s family if they are no longer around.
It features income protection benefits specifically tailored for salaried individuals.
Plan Options
The ABSLI Income Protection Policy offers two main options:
Fixed Income Protection Plan: If the life insured passes away, this option provides a fixed monthly amount to the nominee.
Extended Income Protection: This option adjusts the monthly income according to inflation.
The income increases by 5% each year, meaning that the amount fixed when you buy the plan will grow at a compounded rate of 5% annually.
This ensures that the monthly income will eventually be 1.5 times the original amount.
Key Features of the Plan
Inflation-Adjusted Income: From the start of the policy, your income will increase by 5% each year due to inflation adjustment.
This means your income will grow over time, providing greater financial security.
Guaranteed Payouts: If the policyholder passes away at the end of the policy term, the family will receive a guaranteed income for at least 10 years.
Special Discounts: The plan includes a 7% discount in the first year for salaried customers, with an additional 2% discount for women.
Kamlesh Rao, MD & CEO of ABSLI, highlights that this plan not only offers insurance but also ensures income protection for salaried individuals.
Sarbveer Singh, Joint Group CEO of PB Fintech, adds that this term plan will provide affordable and robust financial security for those without insurance in India.
