Mumbai : Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), today announced the launch of its new plan ABSLI Assured FlexiSavings 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. The flexibility to make unlimited withdrawals is hitherto unseen in the insurance market- making it a market differentiator for this product. Besides life cover, it aims to provide guaranteed benefits to provision for future goals while empowering customers with liquidity at hand, to fulfil short term goals or unplanned money needs. ABSLI Assured FlexiSavings Plan is a fully guaranteed, non-linked non-participating life insurance plan. This plan provides annual Income to the policyholder which is accumulated for 10 years or 12 years till the end of the policy term. These annual incomes grow with a 5% Income Booster added every year to augment savings, provided it is not withdrawn. Additionally, the specialty of this plan is that it provides flexibility to withdraw the accrued amount as and when needed, with no restrictions or charges on withdrawals. Moreover, the plan returns 110% 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. Commenting on the launch, Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance said, During unprecedented times, most people become risk averse, while enhancing their liquidity provisioning. This results in customers taking a conservative approach, which leaves them with limited options of saving and growing their hard-earned money. ABSLIs Assured FlexiSavings Plan aims at locking in the benefit of long-term guaranteed returns while unlocking the flexibility of withdrawals or liquidity, as and when required. 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- Plan at a glanceEntry Age Minimum: 4 YearsMaximum: 60 Years
Age at Maturity
86 years
Minimum Premium
Rs. 50,000 p.a.
Max No Limit
1. Upto 105% of annual premium added every year (depending upon the premium payment term chosen by the policyholder)
2. 5% Income booster annually which enhances the accrued amount further
3. Upto 25% (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
4. 110% of total premiums paid is additionally paid as maturity benefit in addition to the accrued amount under the policy
ABSLI Assured FlexiSaving Plan is designed for customers who are looking for guaranteed wealth and ease of liquidity, while protecting their loved ones during the time of uncertainties. Besides offering guaranteed returns and an instant access to money, it also provides protection with a comprehensive life cover across the policy term, additional riders and a variety of Premium Payment Terms.
About Aditya Birla Sun Life Insurance, an Aditya Birla Capital Company
Aditya Birla Sun Life Insurance Company Limited (ABSLI), is a life insurance subsidiary of Aditya Birla Capital Ltd (ABCL). ABSLI was incorporated on August 4th, 2000 and commenced operations on January 17th, 2001. ABSLI is a 51:49 a joint venture between the Aditya Birla Group and Sun Life Financial Inc., a leading international financial services organization in Canada.
Formerly known as Birla Sun Life Insurance Company Limited, ABSLI is one of Indias leading life insurance companies offering a range of products across the customers life cycle, including children future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans and Unit Linked Insurance Plans (ULIPs).
As of 30th June 2020, total AUM of ABSLI Stood at Rs. 447,466 million. ABSLI recorded a gross premium income of Rs. 16,896 million in Q1 FY 2020-21 and registering a y-o-y growth of 34% in Gross Premium with Individual Business FYP at Rs 3,275 Mn. ABSLI is currently ranked 7th in Individual Business (Individual FYP adjusted for 10% single premium) (Source: IRDAI reported Financials). ABSLI has a nation-wide distribution presence through 397 branches, 8 bancassurance partners, 6 distribution channels, over 82,000 direct selling agents, other Corporate Agents and Brokers and through its website. The company has over 13,000 employees and more than 17 lac active customers.
About Aditya Birla Capital
Aditya Birla Capital Limited (ABCL) is the holding company for the financial services businesses of the Aditya Birla Group.
ABCLs subsidiaries have a strong presence across Protecting, Investing and Financing solutions, ABCL is a universal financial solutions group catering to diverse needs of its customers across their life stages. Powered by more than 21,000 employees, the subsidiaries of ABCL have a nationwide reach with 850+ branches and more than 2,00,000 agents / channel partners and several bank partners.
As of June 30th, 2020, Aditya Birla Capital Limited manages aggregate assets under management around Rs.2,750 billion, has a consolidated lending book of over Rs. 580 billion, and an active customer base of over 20 million, through its subsidiaries and joint ventures.
Aditya Birla Capital Limited is a part of the Aditya Birla Group, a US$ 48.3 billion Indian multinational, in the league of Fortune 500. Anchored by an extraordinary force of over 120,000 employees, belonging to 42 nationalities, the Aditya Birla Group operates in 36 countries across the globe
About Sun Life Financial Inc, Canada
Sun Life Financial is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life Financial has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30th, 2020, Sun Life Financial had total assets under management of CAD 1,122 billion. For more information Please visit www.sunlife.com. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. www.sunlife.com
