Aditya Birla Sun Life launches new insurance plan with flexibility to make unlimited withdrawals

Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), recently announced the launch of its new plan ‘ABSLI Assured Flexi Savings Plan’.

It offers fully guaranteed benefits and allows policyholders an instant access to their money by giving them the flexibility to make unlimited withdrawals from their policy, ABSLI said in a statement.

“ABSLI Assured FlexiSavings Plan is a fully guaranteed, non-linked non-participating life insurance plan. This plan provides annual Income to the policyholder that is accumulated for 10 years or 12 years till the end of the policy term. These annual incomes grow with a 5 percent Income Booster added every year to augment savings, provided it is not withdrawn,” it said.

Additionally, the plan provides flexibility to withdraw the accrued amount as and when needed, with no restrictions or charges on withdrawals. Moreover, the plan returns 110 percent of total premiums paid, back to the policyholder during policy maturity. It also offers a one-time loyalty addition on the accumulated amount under the policy, according to the release.

Commenting on the launch, Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance said, “Guaranteed tax-free returns with liquidity along with life cover, will enable customers to continue achieving their financial milestones in a break-free and stress-free manner”.

ABSLI Assured FlexiSaving Plan provides four benefits-

• Up to 105 percent of annual premium added every year (depending upon the premium payment term chosen by the policyholder)
• 5 percent Income booster annually which enhances the accrued amount further
• Up to 25 percent (depending on the premium payment term and policy term chosen by the policyholder) loyalty addition on the total accrued amount is added to the policy at the end of the policy term
• 110 percent of total premiums paid is additionally paid as maturity benefit in addition to the accrued amount under the policy

Source: CNBC TV18