Aditya Birla Sun Life Insurance on February 27, 2023 announced the launch of a new life insurance savings plan named Aditya Birla Sun Life Insurance Nishchit Aayush Plan.
It is a non-linked and non-participating individual savings life insurance plan that has been designed to offer regular income starting from as early as end of the first policy month along with lump sum benefit at maturity.
According to the insurer, the plan offers benefits of immediate liquidity, multiple income variants, payout frequency, and choice of varied premium payment and policy terms to suit individual requirements.
“The Aditya Birla Sun Life Insurance Nishchit Aayush Plan integrates financial protection and wealth creation by empowering the policyholders to fulfil their immediate liquidity requirements without any risk. Policyholders will have maximum flexibility to customise their plans with a choice of income benefits, multiple income variants, premium payment terms, and policy terms and deferment periods, should they want to customise the plan,” the insurer said in a press statement.
According to the insurer the plan will allow the insured to receive guaranteed income from the end of first and/or second policy year along with a lump sum at maturity.
Policyholders will also have the option to choose among long-term income and whole-life income options. They can also customise their regular income requirements as per their goals. Policyholders will also have a choice of varied premium payment terms and policy terms, the insurer said in a statement.
Besides these, the policy offers the benefit of payout frequency, i.e., flexibility to receive income benefit in annual or semi-annual or quarterly or monthly frequency. Lastly, the policy has a comprehensive life cover available for up to 100 years.
The minimum entry ages are 30 days for long-term income option, and 30 years for whole life income option. The maximum entry age is 55 years. The minimum annualised premium is Rs. 30,000 Policyholders can choose from multiple premium payment term options ranging from six, eight, 10, and 12 years.
Kamlesh Rao, managing director and CEO, Aditya Birla Sun Life Insurance, said in a statement: “Aditya Birla Sun Life Insurance Nishchit Aayush Plan will enable our policyholders to leverage maximum flexibility and upfront liquidity in the form of a regular guaranteed income. Moreover, this plan will instil the idea of disciplined savings as it also provides lump-sum benefits and a regular source of income.”
He added: “The plan integrates the benefits of a guaranteed savings plan and desired agility, enabling the policyholders to achieve their goal of creating a secure future and a comfortable lifestyle for themselves and their loved ones.”
