Aditya Birla Sun Life Insurance Launches ‘Nishchit Laabh Plan’ With Option To Select Benefits 

Aditya Birla Sun Life Insurance (ABSLI) on Wednesday launched the ‘ABSLI Nishchit Laabh Plan’, a non-linked, non-participating individual life insurance savings plan offering guaranteed returns and flexibility in choosing the benefits. 
It offers policyholders the option to choose from different withdrawal options, such as endowment, income with lump-sum, and money-back, at the start of the policy. So, policyholders can align the policy with their life objectives to get the best results.
In a press release, the company said the plan offers guaranteed returns, flexibility, and financial protection. Commenting on the product, Kamlesh Rao, MD and CEO of ABSLI, said, “ABSLI Nishchit Laabh Plan will empower our policyholders to customise their plan according to their needs. Along with guaranteed benefits, policyholders will receive increased returns through loyalty addition.” Rao added that the product addresses the evolving needs of its customers. 
The Nishchit Laabh Plan is available with a policy term of 20 years to 42 years. As per the company, this long-term plan would help build a decent corpus and loyalty additions on maturity.  
The policyholder can choose from different policy terms (PT) according to their requirement. For example, under the endowment or money-back option, they can choose from 8 years, 10 years, and 12 years premium payment terms, with a policy duration of 20 and 25 years.  
In the case of income with a lump sum option, the policy payment terms will be the same, but the income term will be 20 years and 30 years, a tad higher than the other two benefit options.   
Key Features Of The Policy: 
Benefits Options: The policy offers three options to choose from, endowment, money-back, and income with lump-sum. Note that the benefit options, once selected at the time of policy inception, cannot be changed later and based on the chosen option, the premium will be determined. 
Guaranteed Returns: Policyholders can get guaranteed income for 20 years or 30 years if they choose income with lump-sum. 
Loyalty Bonus: Loyalty additions will depend on the benefit option the policyholders choose. These will be given to the policyholder at the time of maturity. 
Customisation: Policyholders can choose the premium-paying, policy term, and benefit options and customise the policy to meet their specific requirements. 
Besides this, the plan offers guaranteed lump-sum benefits at maturity and life cover for the policy term.  
One can buy the policy at a minimum annualised premium of Rs 15,000 and a maximum annualised premium of Rs 1 lakh. The minimum age to avail of the plan is 30 days, and the maximum is 60 years. The policy covers all individuals (male, female, transgender).