Aditya Birla Sun Life Endowment Plans
Aditya Birla Sun Life Endowment Plans are dedicated insurance products that provide a unique combination of insurance coverage and savings. One of the major highlights is that these plans are meticulously designed to encourage regular savings over a per-determined period which ensures that you receive a substantial lump sum amount upon the policy’s maturity if you are still alive at that time. Furthermore, whether you want to support your child’s education, purchase a home, or want regular income in your retirement, this payout can significantly aid in achieving multiple financial objectives.
Endowment Plans by Aditya Birla Sun Life are structured to help you accumulate a guaranteed corpus dedicated to your financial goals. In addition to the savings component, these plans offer essential protection by providing a death benefit to your beneficiaries if the insured person passes away during the policy term. This dual advantage of savings and protection makes Aditya Birla Life Endowment Plans a reliable choice for securing your financial security.
What Are The Features and Benefits of Aditya Birla Sun Life Endowment Plans?
Let’s take a look at the features and benefits of Aditya Birla Sun Life Endowment Plans.
- Dual Advantage
One of the key features and benefits of Aditya Birla Sun Life Endowment Plans is that they offer the dual benefits of life insurance coverage and a savings instrument. It means you not only get financial protection for your family but also a lump sum payout to meet your financial objectives.
- Disciplined Savings
Another major feature and benefit of Aditya Birla Sun Life Endowment Plans is that they facilitate regular savings, which may help you build a corpus for your financial goals. Additionally, they provide insurance coverage which ensures that in the unfortunate event of the policyholder’s death, the family will receive a guaranteed death benefit and meet their financial needs.
- Maturity Benefit
Another major reason to consider endowment plans by Aditya Birla Sun Life Insurance is that once the policy’s term ends, the sum assured, along with any bonuses, can be used to fund major life goals such as education, retirement, home purchase, and more.
- Tax Benefits
It is the biggest benefit of choosing such plans that not only provide protection but also protect your money in the form of taxes. When you pay the premium for the endowment plan, you are eligible for tax benefits under current tax laws, which makes them an attractive financial instrument.
- Flexibility
There are many Aditya Birla Sun Life Endowment Plans that come with effective add-ons or riders for additional protection, such as critical illness or accident cover. This allows you to customize the plan according to your individual needs.
Top 9 Aditya Birla Sun Life Endowment Plans
Here is a list of the 9 Aditya Birla Sun Life Endowment Plans.
1. ABSLI Akshaya Plan
The Aditya Birla Sun Life Insurance Akshaya Plan is one of the most popular insurance plans. It offers a robust combination of life insurance coverage and a reliable source of income, ensuring the fulfilment of the family’s evolving needs. This plan is meticulously designed to provide financial security and stability, catering to both immediate and long-term financial requirements.
The life insurance component of the Akshaya Plan guarantees that your family is financially protected in case of unforeseen events. This offers peace of mind and ensures that your loved ones can maintain their standard of living.
| Parameters | Details |
| Minimum Entry Age | 30 Days |
| Maximum Entry Age | 55 Years |
| Minimum Annualized Premium | Rs. 24,000 |
| Maximum Annualized Premium | No limit |
Key Features and Benefits:
These are as follows:
- Two Benefit Option
This endowment plan by Aditya Birla Sun Life offers flexibility with two benefit options: Long-Term Income and Whole-Life Income. You can choose the one that suits your financial goals.
- Flexible Bonus Payout
With the Aditya Birla Sun Life Akshaya Plan, the policyholder will have the flexibility to receive a cash bonus (if declared) either immediately for liquidity or to accumulate it until policy maturity for long-term wealth creation.
- Flexible-Premium & Policy Term
Lastly, this plan provides a choice of multiple premium payment terms and policy durations, which allows you to customize the plan according to your financial situation and preferences.
2. ABSLI Vision MoneyBack Plus Plan
The ABSLI Vision MoneyBack Plus Plan is a money-back insurance plan designed to provide you with a regular income stream to meet your financial needs while offering robust life coverage against any unfortunate events. This plan ensures that you receive periodic payouts, which may help you manage ongoing expenses and achieve financial stability. Additionally, it provides comprehensive life insurance coverage, which offers immense peace of mind in the event of an unforeseen incident.
| Parameters | Details E |
| Entry Age (Minimum & Maximum) | 13-45 Years |
| Policy term | 20, 24, 25 Years |
| Premium Payment Term | 10 years for a 20-Year Policy Term
12 years for 24-25-Year Policy Term |
| Minimum sum assured | Rs. 1,00,000 |
| Premium frequency | Annual, semi-annual, quarterly, and monthly |
Key Features & Benefits:
These are as follows:
- Guaranteed Survival Benefit
With the ABSLI Vision MoneyBack Plus Plan, the life insured will receive a money-back payout as a percentage of the sum assured every 4th or 5th year, as chosen at the policy’s inception.
- Death Benefit
One of the biggest benefits is that in the unfortunate event of the life insured’s death during the policy term, the nominee will receive the sum assured on death along with accrued regular bonuses up to the date of death and a terminal bonus (if any).
- Maturity Benefit
If the life insured survives until the end of the policy term, they will receive all accrued bonuses up to that date, including a terminal bonus (if any). Once the maturity benefit is paid, the policy will be terminated.
3. ABSLI Vision LifeSecure Plan
The ABSLI Vision LifeSecure Plan provides long-term financial security for you and your family. With its flexible policy terms, this plan allows you to enjoy life protection up to age 100, which ensures that your loved ones are protected for an extended period. Additionally, it provides steady growth of your savings over time which may help you build a solid financial foundation for the future.
| Parameters | Details |
| Entry Age (Minimum & Maximum) | 30 days – 60 years |
| Policy Term | 15 to 35 Years |
| Premium Payment Term | Regular Pay |
| Minimum Sum Assured | Rs. 2,00,000 |
| Minimum Premium | Rs. 12,000 p.a. |
Key Features & Benefits:
- Maturity Benefit
One of the major highlights of the plan is that if the policyholder survives until the end of the policy, then they will get the sum assured along with accrued bonuses and a Terminal Bonus (if Applicable).
- Death Benefit
Another major striking point is that in the event of the insured’s death, the nominee receives the sum assured on death along with accrued bonuses up to the date of death and any terminal bonus. If the life insured survives until the policy term, the insurance cover continues until age 100. If the insured survives to age 100 or passes away during the period, the sum assured on death will be paid.
- Customizable Benefits
When it comes to enhancing protection, the ABSLI Vision LifeSecure Plan offers the option to add the following riders for additional riders at a nominal extra cost. These include ABSLI Critical Illness Rider (UIN: 109B019V03), ABSLI Accidental Death and Disability Rider (UIN: 109B018V03), ABSLI Hospital Care Rider (UIN: 109B016V03), ABSLI Surgical Care Rider (UIN: 109B015V03), ABSLI Waiver of Premium Rider (UIN: 109B017V03), and ABSLI Accidental Death Benefit Rider (UIN: 109B023V02).
4. ABSLI Income Assured Plan
The ABSLI Income Assured Plan is designed to address evolving financial needs at different stages of life by offering guaranteed returns, which provide stability and assurance even in the face of life’s uncertainties. This plan ensures that you can confidently plan for the future and know that your financial goals will be supported with consistent returns, regardless of market fluctuations or unforeseen events.
| Parameters | Details |
| Entry Age (Minimum & Maximum) | 8-60 Years |
| Minimum Premium Payment Term | 18 Years or More |
| Maximum Premium Payment Term | 75 years or less |
| Minimum Sum Assured | Rs. 1,00, 000 |
| Premium Frequency | Annual, Semi-annual, Quarterly, Monthly |
Key Features and Benefits:
These are as follows:
- Assured Income Benefit
One of the biggest features and benefits of the plan is that if the life insured survives until the end of the premium payment term, the ABSLI Income Assured Plan is guaranteed to pay you a Monthly Assured Income till the end of the policy term.
- Guaranteed Additions
Another major benefit is that the plan provides guaranteed additions which are added to your policy quarterly after the premium payment term is completed and continue till the maturity date. These additions can significantly enhance the policy’s value, with the quarterly rate being 1/4th of the annual rate.
- Death Benefit
Furthermore, another major highlight of the plan is that if anything happens to the insured person, then the nominee will receive the sum assured along with guaranteed additions accrued up to the date of death.
5. ABSLI Jeevan Bachat Plan
The ABSLI Jeevan Bachat Plan from Aditya Birla Sun Life Insurance enhances your savings by providing guaranteed returns and life cover equivalent to 10 times your annualized premium. This plan also offers tax benefits, making it a comprehensive financial solution for securing your future while maximising your savings.
| Parameters | Details |
| Entry Age (Minimum & Maximum) | 1-55 Years |
| Minimum Maturity Age | 18 Years |
| Maximum Maturity Age | 65 Years |
| Premium Mode | Minimum: Single Pay- Rs. 25,000 Maximum: Rs. 10,00,000 |
| Premium Mode | Single, Annual, Semi-Annual, Quarterly, & Monthly |
Key Features & Benefits:
These are as follows:
- Death Benefit
One of the plan’s key features and benefits is that it provides a death benefit to the nominee if the insured person passes away. Once the death benefit is paid, the policy terminates.
- Accidental Death Benefit
If the life insured passes away due to an accident during the policy term, the plan offers an additional Accidental Death Benefit to the nominee in addition to the regular death benefit. It is important to note that this benefit does not apply to minors until they reach 18 years of age.
- Maturity Benefit
Another striking aspect of the plan is that once it matures, a lumpsum maturity benefit is paid out to the policyholder (If they survive till the policy term).
6. ABSLI Monthly Income Plan
The ABSLI Monthly Income Plan is designed to provide you with a steady and assured monthly income, ensuring that your recurring financial needs are met without disruption. This plan not only offers regular income but also includes bonuses upon maturity, which can enhance the total benefits received. Furthermore, the plan protects your life goals, whether they involve sustaining your lifestyle, supporting family expenses, or achieving long-term aspirations.
| Parameters | Details |
| Entry Age | Minimum- 18 Years- 55 Years (For a Premium Paying Term of 10 Years) 18 Years-53 Years (For a Premium Paying Term of 12 Years) |
| Premium Paying Term | 10 | 12 years |
| Policy Term | Minimum 20 years Maximum- 37 years |
| Minimum Sum Assured | Rs. 4,00,000 |
Key Features & Benefits:
These are as follows:
- Income Benefit
One of the key benefits of the plan is that the plan provides you with a monthly income benefit in advance. This income is a percentage of the sum assured and is paid out over the Income Benefit Period, as chosen at the inception of the policy.
- Death Benefit
Another major reason to consider the plan is that it offers a death benefit to your nominee in case the insured person passes away.
- Accident Death Benefit
One of the plan’s highlights is that it provides an additional accidental death benefit. This benefit equals the sum assured chosen and is paid immediately to the nominee as a lump sum, offering financial support during challenging times.
7. ABSLI Vision LifeIncome Plus Plan
The Aditya Birla Sun Life Vision LifeIncome Plus Plan is a comprehensive insurance solution that provides life protection along with guaranteed regular income and bonus payouts. This plan is designed to protect you until the age of 100 years which offers a combination of financial security and steady income throughout your life. It ensures that you and your loved ones are covered against uncertainties while providing a reliable source of income to meet your current financial needs.
| Parameters | Details |
| Entry Age | Minimum- 30 Days Maximum Short Term Income- 60 Years Long Term Income- 55 Years Whole Life Income- 55 Years |
| Minimum Annualized Premium | Rs. 50,000 |
| Maximum Annualized Premium | No Limit |
| Premium Payment Frequency & Frequency Loadings | Annual, Semi-Annual, Quarterly, and Monthly |
Key Features & Benefits:
These are as follows:
- Maturity Benefit
One of the plan’s major benefits is that if the policyholder survives until the end of the policy period, all the premiums have been paid, and the policy is in force, the maturity benefit is paid out.
- Death Benefit
If the policyholder dies, the nominee will receive the sum assured. Additionally, depending on the chosen option, the policy may provide either a Policy continuation Benefit or a Terminal Bonus and accrued paid-up additions.
- Tax Benefit
Another major highlight of the plan is that it provides tax benefits on all the premiums paid, subject to changes in laws.
8. ABSLI Vision Endowment Plus Plan
The Aditya Birla Sun Life Insurance Vision Endowment Plus plan is a robust choice for securing a safe and financially sound future for your family. One of the major highlights of the plan is that it combines the assurance of returning the premium paid along with accrued bonuses upon maturity which means that your investment grows while providing essential financial security for your loved ones. The plan offers the best of both by fostering savings and protecting your family’s financial well-being.
| Parameters | Details |
| Entry Age | 30 Days or 60 Years |
| Policy Term | 10-40 Years |
| Premium Paying Term | 7, 10, 15, 20 years I Regular Pay |
| Minimum Sum Assured | Rs. 1,00,000 |
| Premium Frequency | Annual, Semi-Annual, Quarterly, & Monthly |
Key Features & Benefits:
These are as follows:
- Growth in Your Savings
One of the biggest benefits of the plan is that it significantly enhances your savings through accrued regular bonuses, which may help you build a substantial corpus over time.
- Safety of Your Loved Ones
Another major benefit of the plan is that it provides comprehensive protection to the family. You can enhance this protection by selecting death benefit Option A or B, which ensures that your loved ones are protected in case of an unfortunate event.
- Flexible-Premium Payment Options
With the plan, you will have the flexibility to choose your premium payment frequency- annually, semi-annually, or monthly based on your convenience and financial planning preferences.
9. ABSLI Vision LifeIncome Plan
The ABSLI Vision LifeIncome Plan is specifically designed for individuals seeking secure savings and aiming for a steady income until age 100. The plan is crafted to meet these objectives by combining the benefits of savings, guaranteed income throughout life, and robust financial security. Furthermore, it offers a reliable solution to support long-term financial goals while protecting against uncertainties which makes it suitable for those prioritizing stability and protection in their financial planning.
| Parameters | Details |
| Entry Age | 30-60 Days |
| Policy term | Whole Life to Age 100 |
| Premium Paying Term | 8, 10, 12, 15 to 40 Years |
| Minimum/Maximum | The attained age after the PPT (Premium Payment Term) is 18 or more.
On the other hand, the attained age after the PPT is 75 or less. |
Key Features & Benefits:
These are as follows:
- Income for Life
One of the key features and benefits of the plan is that it provides a steady income for life, which provides 5% of the sum assured in bonuses every year after the premium payment term.
- Safety for Your Loved Ones
Another major benefit of the plan is that it offers comprehensive financial protection for your family with whole-life coverage up to age 100.
- Rider Option
Another major highlight of the plan is that the policyholder will have the option to enhance insurance coverage during the policy term by adding riders.
How does Aditya Birla Sun Life Endowment Plan Function?
Let’s take an example to understand!
Mr. Mohit Sharma, a resident of Delhi and senior IT head at Cognizant has decided to choose the ABSLI Akshaya Plan with the “Long-Term Income Benefit” option. He commits to paying an annual premium of Rs. 100,000 for 10 years and chooses to receive annual cash bonus payouts throughout the 30-year policy term. If Mr Sharma survives the policy term, then he shall receive a total cash bonus of Rs. 11, 19, 456 compounded at 8% per annum and Rs. 5,26,608 compounded at 4% per annum. At age 65, he will also receive the sum assured of Rs. 13, 80, 000 along with any terminal bonus, which is projected to be Rs. 13, 80, 000 at 8% per annum and Rs. 11, 70, 240 compounded at 4% per annum.
How To Buy Aditya Birla Sun Life Endowment Plan?
If you are planning to buy Aditya Birla Sun Life Endowment Plan, you will need to follow the steps listed below.
- In the first step, you will need to visit the official website of Aditya Birla Sun Life Insurance.
- After that, you must click on “All Insurance” and then on “Endowment Plans.” Hover over it, and you will find a range of plans on the right side.
- Then, select the plan you need to buy. For example, if you click on ABSLI Akshaya Plan, the plan page will open. On the right-hand side, you will see a box asking you to enter your name and phone number.
- Once you enter the details, click on the “Get a Callback” button. The company’s representatives will then call you to discuss purchasing the plan.
Things to Consider Before Buying an Aditya Birla Sun Life Endowment Plan
Here is a list of things to consider before buying an Aditya Birla Sun Life Insurance Endowment Plan.
- Financial Objectives
One of the first things that you may need to consider is that you should define your long-term financial goals. Remember that endowment plans are ideal for objectives that are a decade or more ahead, such as saving for children’s education.
- Risk Appetite
Another major factor to consider while buying ABSLI endowment plans is that you should consider your risk tolerance level. There is no denying that these plans are generally low-risk investments and offer unmatched stability and guaranteed returns. If you, however, are seeking higher returns, then you may need to explore other options.
- Check the Policy Terms & Conditions
Before you make a call, ensure you review the terms and conditions of the policy. Make sure you understand the details about the maturity benefits, death benefits, and other aspects payable to the nominees.
- Premium Affordability
When you are considering the endowment plans by Aditya Birla Endowment Plans, you should ensure that the premium amount comfortably fits into your budget. It’s important to maintain regular premium payments to keep the policy in force, as missing payments could lead to policy lapse and loss of benefits.
- Riders/Add-Ons
Last but not least, when you’re looking to buy the Aditya Birla Endowment plan, you should explore additional coverage options available with the plan. Remember that riders such as critical illness or disability cover can provide extra protection against unforeseen circumstances which can enhance the overall security of your financial plan.
Frequently Asked Questions
Listed below are the frequently asked questions related to the Aditya Birla Sun Life Endowment Plans. Let’s discuss them in detail!
In general, when the policyholder pays the premium for their endowment policy, it may qualify for tax deductions under Section 80CC of the Income Tax Act.
If you are applying for an endowment plan from Aditya Birla Sun Life Insurance, you will need to provide a multitude of documents for identification, including ID proof, residence proof, signatures, income proof, medical reports, and more.
Yes, investing in an Aditya Birla Sun Life Insurance endowment plan offers several advantages as an investment scheme. Furthermore, it provides financial security, helps mitigate risks, and allows for the accumulation of a lump sum of savings over time.
Yes, withdrawals from an endowment policy are usually possible under specific conditions, but it’s important to note that they may result in reduced returns after the withdrawal.
Yes! Under the ABSLI Akshaya plan, policyholders will have the flexibility to defer the declared cash bonus and accumulate it as Accumulated Cash Bonuses, which offers greater control over their returns.
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