Aditya Birla & Policybazaar launch lifetime family income protection plan

A notable features of the Income Protection Plan is its inflation-adjusted income

Aditya Birla Sun Life Insurance (ABSLI) and Policybazaar have jointly launched a new term insurance plan called ‘Income Suraksha Plan’. The plan provides a guaranteed monthly income for life in the "unfortunate event" of the policyholder's death, said the company.

 

Key features:

 

Ensures a steady income for your family in your absence.

 

Choice between Fixed Income Protection or Increasing Income Protection, based on needs.

 

Flexibility in selecting premium payment terms and enhancing coverage with rider options.

 

The Increasing Income Protection option offers a 5 per cent annual increment in the monthly income, capped at 1.5 times the initial amount.

 

Up to 9 per cent one-time discount on the first-year premium.

 

Eligibility

 

Age at entry: 21 to 55 years

 

Maturity age: 31 to 70

 

Plan options:

 

Fixed Income Protection: Provides a fixed monthly income to your nominee for the chosen policy term.

 

Example: If a 35-year-old non-smoker opts for a policy with a Rs 1,00,000 monthly income and dies in the 15th policy year, the nominee receives Rs 1,00,000 monthly for the remainder of the policy term.

 

Increasing Income Protection: Offers an increasing monthly income, starting from the fifth policy year, with a 5 per cent annual increment, payable up to 1.5 times the initial amount.

 

Example: If a 35-year-old non-smoker opts for this plan with a Rs 1,00,000 monthly income and passes away in the 5th policy year, the nominee starts receiving Rs 1,21,550 monthly, increasing annually until it reaches Rs 1,50,000.

 

Benefits

 

In case of the policyholder's death, the nominee receives monthly income based on the chosen plan option.

 

Option for the nominee to receive a lump sum instead of monthly payouts.

 

Riders

 

Riders include accidental death and disability, critical illness, surgical care, hospital care, and waiver of premium in case of critical illness or disability.

 

Premium payment modes

 

Flexible options are available for paying premiums annually, semi-annually, quarterly, or monthly.

 

Exclusions

 

Suicide clause: In case of death due to suicide within 12 months, only the premiums paid or the unexpired risk premium value, whichever is higher, will be refunded.